Things you need to know about interest rates on home loans
Buying a home is always a lifetime investment and an expensive affair as you pay a hefty amount over the span of 20-25 years. With the emergence of home loans, it has become relatively easy for middle and upper-middle class people to finance your dream abode. When you take a loan from bank or finance companies, obviously home loan interest rates is the crux component to decide the principal amount and the monthly installment that you can afford. To decide which home loan interest rate is suitable requires a lot of understanding on the subject and mostly need a good opinion from the financial experts. Although they are there to suggest you what's suitable based on your financial strength, here's a quick guide on the subject of interest rates: Fixed Interest Rates : As the name suggest, fixed home loan interest rates are uniform across the tenure irrespective of market conditions. Floating Interest Rates : Floating rates depend on the market conditions and it will