Interest rate are one of the most important factors while taking the Home Loan. The Banks and NBFCs offer home loans in fix floating and mix rate packages. Fix rate come with specific interest rate for the entire tenure of the loan while floating rate are link to MCLR or PLR , which means that they can change during the tenure. Mix rate offer a fix rate for a specific period and floating rate thereafter. Therefore choose wisely, as they will determine your monthly EMI and overall interest amount you pay to the bank.
These loans are provided to the eligible customers who are seeking to purchase flat or property for the first time.