Carried away by the lucrative deals and offers by banks about home loan rates? But not sure what to opt for? What ever be the decision, you need to be keen about is, what home loan is going to affect your fiances, and by what rate. The optimal choice will be the one that will make you more accountable to lower EMIs and mid term loan tenures. But from the available schemes in the market, we bring to you the best deals :
Fixed Interest Rate :
Usually these schemes are not generally feasible because most banks fix the rates which is significantly higher than the prevailing rate and moreover, most banks have stopped offering these schemes because since the loan amount is provided at fixed rates and which are not generally changed during them loan tenure.
Floating Interest Rate :
Borrowers who have the eligibility in easy liquidity of finances can go ahead with this scheme. The floating rates are decided based on the market conditions, which is linked to the banks internal interest rates.
Hybrid schemes :
The scheme which involves both the features of fixed and floating rates are called hybrid schemes. Under this scheme, the borrower’s are provided various options, which becomes slightly confusing for the borrower to decide which option he has to opt for. But borrower’s who can start paying the EMIs immediately can opt for those schemes which offer fixed rate loans during the initial years of the debt.
Plan wisely and decide carefully as to what can be an appropriate option for you.