A floating interest rate is a variable rate of interest that changes as per the lending rate. It carries two components, the base rate and the floating element. When you avail a Loan Against Property at floating rates of interest, a change in the base rate due to market fluctuations will subsequently change the actual lending rate.
Bajaj Finserv offers Loan Against Property at a competitive floating interest rates, which makes financing your big-ticket expenses affordable. Check out the attractive Loan Against Property interest rates available for both self-employed and salaried individuals before applying.
Floating Mortgage Loan interest rates are beneficial due to several reasons. Check them out below.
Advantages of Floating Interest Rates:
a) Lower Than Fixed Interest Rates
Floating rates of interest are usually lower than fixed interest rates by up to 1% to 2%. Thus, on availing Property Loan at a floating rate of interest, even if the rates rise by a small margin, the possibility remains that it will be lower than the fixed interest rate.
Additional Read: Fixed or Floating Interest Rates?
b) Beneficial During Falling Market Rates
Availing a loan during the times of falling market rates can benefit you significantly. With attractive rates from Bajaj Finserv, you can avail a Property Loan at the best lending rates in the market.
c) Option To Part-Prepay Or Foreclose At Nil Charges
Bajaj Finserv offers the option to part-prepay or foreclose the loan account at any time before the tenor ends. Individuals availing a Loan Against Property can go for this option against nil charges if they avail the credit at floating Property Loan interest rates.
d) Chances Of Unexpected Gains Despite A Risk Element
Despite a risk element involved, a floating rate of interest can be beneficial as a decrease in market rates can bring you unexpected benefits in the form of reduced interest payable.
Avail a Loan Against Property at floating interest rates from Bajaj Finserv and make the most of these benefits. Use a Loan Against Property EMI calculator to estimate the total interest payable on your loan and plan your finances better.
