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What is the Rate of Interest for a Home Loan?

What is the Rate of Interest for a Home Loan?

• 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.

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