• The interest on a home loan is the amount charged by the lender to the borrower for the money given.
• The rate of interest represents a percentage of the outstanding principal amount.
• The interest component of any loan becomes a decisive factor. It helps in choosing the most cost-effective loan.
• The interest rates help you calculate your EMIs. So, you can calculate the tenure within which you can easily pay off your loan.
• A higher rate of interest means a higher cost of debt.
• Compare the rates offered by different institutions before taking a home loan.
• You must also consider the nature of loan interest.
• There are two types of interest rates: fixed interest rate and flexible interest rate.
• Fixed interest rates do not change over the tenure.
• Flexible interest rates change with a change in the base rate.
• But, these rates are lower than fixed interest rates.
Online Home Loan application form and get easy approval and we shall take care of the rest. For the offline loan application, you can simply visit any of our branch, call or SMS to know more.
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