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Home loan Interest Rates

After the approval of the loan, you need to choose whether you want to take a fixed rate home loan or a floating rate loan. This is a critical decision that can affect your payments over the tenure of the loan.

In a floating rate loan, the interest rate on the loan depends on a benchmark rate fixed by the home loan lender. This benchmark rate varies as per the market. This change can happen as frequently as once in three or six months. You must choose a floating rate loan, if you are anticipating the interest rates to decrease in the future.
However, even within these categories of floating and fixed rate loans there are terms which differentiate one loan from another. Below are a set of key questions that you must ask your lender to know these differences, and then make an informed choice thereafter.