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Articles By sumit kumar
Which Home Loan Interest Rate Is Better, Fixed Or Floating?
Submitted as: General
Choosing between fixed and floating home loan interest rates is a crucial financial decision for homebuyers. Fixed interest rates offer stability with unchanged EMIs throughout the loan tenure, ideal for conservative borrowers who value predictability. However, they typically cost 1.5-2% more than floating rates. Floating rates start lower and adjust with market conditions, potentially saving money when rates fall but requiring budget flexibility. Most Indian borrowers prefer floating rates for their lower initial costs and no prepayment penalties. The best choice depends on your risk appetite, income stability, and market outlook. Consider hybrid options that combine both benefits, starting with fixed rates before switching to floating. Remember, you can switch between options during your loan tenure for a nominal fee. Whether you choose fixed or floating, compare multiple lenders and understand all terms before committing to ensure your home loan aligns with your long-term financial goals.(read
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Category : Education
