As we mentioned elsewhere, “fixed rate” home loans are offered by banks when the interest rates are at peak or near peak and these offers dry up when interest rates come down. India Infoline, ICICI and HDFC banks have now introduced dual rate home loans and more lenders are likely to join the “rat(e) race”… Continue Reading
Deciding how much home loan you should avail depends on how much EMI you can afford to pay for the next few years. So how much EMI can you really afford? There are certain financial as well as personal aspects that you have to consider to determine this. Although we are discussing all these points… Continue Reading
Although EMI stands for Equated Monthly Installments, it does not mean that it will never change. When availing the loan, you estimate your EMI by taking into account a fixed loan amount with fixed rate of interest for a fixed loan tenure. However situation can change over time and many factors could alter your EMI… Continue Reading
When calculating EMI, another significant factor to consider, apart from the type of interest (i.e., fixed vs. floating rate), is the length of home loan tenure. Loan tenure means the length of time that will be taken by the borrower to repay the loan along with the interest. Generally, a home loan tenure may be… Continue Reading
When availing a home loan (mortgage), among the many decisions to make, the hardest is probably deciding the type of interest rate that you should choose. First let us learn about the different types of interest rates offered by the financial institutions: Fixed rate of interest: In this case the rate of interest payable remains… Continue Reading