Have You Considered a Hybrid Home Loan Yet?

By | September 4, 2015

Finding the right home is of utmost importance, as you balance your work commute time and social life. When you’re looking at a great home that matches all your priorities, a HYBRID loan might just be the right way to go.

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Never heard of HYBRID Loans!

It’s pretty simple. A HYBRID Loan is a combination of two loans, partly fixed and partly floating. While it is always difficult to choose between whether you want to take a loan at a fixed rate of interest or floating, a HYBRID solves your problem right away. A blend of both!

But… Is it a good choice for ME?

Consider this. When you’re not sure about fluctuating interest rates and prefer a less stressful loan option, a HYBRID makes it all easy. You’ll get a fixed rate of interest for a certain duration, and the remaining amount would carry a floating rate of interest.

Ok… where do I start?

To begin with, different banks have varying approval processes – it is always advisable to consult your relationship manager regarding the details. In addition, take your time to go through the documents and rule out any doubt that may surface.

How flexible is flexible?

If the interest rates hike up, you can foreclose the floating component, with or without any pre-payment fees. In the case of interest rates sloping down, you could foreclose the fixed rate of interest.

Insider Tip: There are banks who allow conversion of your fixed portion to floating and vice versa depending on whether the interest rates are going up or down, with an additional fee.

So if you have a keen eye for the changing interest rates on a regular basis, a HYBRID Loan gives you your peace of mind, and your perfect HOME!

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