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Author: admin | Category: Auto Rate Calculator | Date: 10.02.2016

Broadly speaking, there are two types of home loan interest rates available in the market – Fixed interest rates and Floating interest rates. These days fixed interest home loans are not encouraged by Banks & Home Financial Institutions. As the name suggests, fixed home loan interest means that your interest will be fixed and so you will have to pay the same amount of monthly instalments through the entire period of the loan.
The benefit of such loans is that because the interest rate is fixed, even if the market pressures push the interest rates to higher levels, the borrower pays the same predefined amount to the lender. The major drawback of fixed home loan interest is that it is usually 1-2.5% more than the floating home loan interest rate. Secondly, if at any time the interest rates of the market decrease, the fixed home loan interest rate remains (surprise surprise!) fixed.
Another important concern is whether the interest is truly fixed or is fixed only for a few years.

The wise thing to do is to analyse the market and if the prediction indicates that interest rates will go up, then go for a home loan with a fixed interest rate; if not, go for a floating interest rate which brings us to the next section! Fixed is always better, at least you are aware that how much installment you have to pay at the end of month, there are no fluctuations in your monthly installment. About UsVakil Housing Development Corporation is one of the leading developers of Residential Townships in Bangalore, that aims to create international quality living spaces at affordable rates. Because the repaying of it all will take several years therefore it is very necessary that you research your options well and weigh the advantages and disadvantages. Even in rare cases where it is available, the fixed interest is limited to first 2 to 3 years only. This feature brings in predictability and certainty into the loan repayment and hence fixed rate is ideal for those who are strict planners.
You should ascertain this with the lender before signing any papers.There are many home loans in the market masquerading as “fixed” when they actually are set to change after every few years.

There have been incidents that when the floating rate hiked the borrowers’ EMIs went so high that their entire planned budget broke down. Here is an interesting fact! More than 90% of the borrowers choose floating interest rates as they think that will save them more money!
During the early months, the instalments go on to clear the interest amount and in the later months the principal is served. And by the way, although the floating rates may go beyond the fixed rates but that won’t happen for the entire tenure of loan but for some period.
The interest rates will surely fall off over a long period of time and hence will bring in a lot of savings when compared to the fixed rates.

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