Nine factors can affect your home loan interest rates
Posted by Anurag Mishra on August 17th, 2017
When you take a home loan for purchasing your house, you repay the loan amount along with the interest cost on the loan amount. Though the interest rates are the lowest in the home loan history, but it varies from one financer to another. On many occasions this percentage becomes the deciding factor for the borrowers in choosing their home loan and the lending institution. Speaking about the lowering interest rates, the experts say that it would come down further owing to the changing market conditions and government policies, so that buying home would be for one & all. Despite of zooming property prices, potential homebuyers are coming forward and taking the home loans with low interest rates to buy the home they wished for.
The hdfc home loans interest rates in today’s market vary between 8.4-9.5% and this variation is due to varying schemes and conditions of the financers. Basically there are two types of interest rates: floating or adjustable and fixed rates. The floating rates keep on fluctuating depending on the market condition, government policies and the prime lending rate of the financers. Whereas the fixed rate is constant throughout the debt term, it is not affected by the market condition or the government policies. Some financers offer truly fixed or semi-fixed interests, it is the combination of fixed & floating rates. For a fixed period of the loan term the rate is fixed, after the committed period the rate automatically converts into floating rate of interest.
Though the RBI norms & government can set a minimum percentage, but the home loan interest rates are determined some factors like:
The aforesaid nine factors can determine the HDFC HOME LOANS INTEREST RATES you pay on your home loan. If you are looking forward for purchasing a home with house loan, then dive into the venture when you are thoroughly prepared with the basic nitty-gritties of the home loan. Your beforehand planning can help to take an informed decision. A tip, never fix your lender without comparing at least three to four RBI authorized lenders in the market.
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About the AuthorAnurag Mishra
Joined: December 13th, 2016
Articles Posted: 108
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