Before fulfilling your dream of buying a house, it is very important to understand the home loan interest rates. Know the advantages and disadvantages of floating and fixed rates.
In fixed rate EMI remains constant, while floating rate varies according to the market. Choose the right option as per your need and budget.
Credit score, income, loan tenure, and RBI policies play a vital role in deciding the home loan interest rate.
Bank of India has the lowest rate of 8.35%. Other banks like SBI, HDFC, and Axis Bank have rates starting from 8.50%.
Maintain a high credit score, avail offers, and get a loan at a lower interest rate by paying a higher down payment.
Compare interest rates, loan tenure, EMI, and processing fees. Make sure the EMI fits your budget.