Free Float
Find the best floating rate for home loan
Home loan is available at fixed rate or floating rate of interest. Fixed rate gives the security of fixed monthly payment, it doesn’t change with fluctuation in the market. This means the rate would be fixed for the specified period. However, floating rate fluctuates according to the prevailing market rate of interest. There is a risk of paying more interest in case the market rate goes up.
The advantage of floating rate home loan is that always cheaper than fixed rate home loan. It may be 2% to 7%. If case the floating rate increase, it will be for a few period.
The banks are not transparent for floating rate home loans. Additionally, the interest rate for floating rate home loans have increased significantly over the last few months. Searching for better floating rate in the market is always beneficial to get best deal on loan.
There are various home loan providers in the market to offer home loans at floating rates. Increasing competition makes home loan borrower relaxing against higher floating rates. Now, the most of lenders comes up with special home loan schemes and rates. It’s easy to deal with it.
Another important thing is that to take a view on processing fees of home loans. The processing fees varies by the lenders and is the ranges between 0.25% and 1%. The low processing fee helps to save more on home loan.
Internet is one of the best medium to get the all information about all home loan products available in the market. The free loan comparison portal offers to compare home loan products from leading financial institutions.
If you are planning to take a floating rate home loan, here are rates suggested of some leading lenders.
State Bank of India-9.75% to 10.5%
HDFC Bank-8.25%
LIC Housing Finance-9.75%
ICICI Bank-8.25%
HSBC Bank-9% to 14%
Punjab National Bank-9.25% to 9.75%
About the Author
Habibulla Antule is a financial advisor and consultant and have provided his expertise to many financial institutions for loans and insurance
Gunsmith – Free float the gun barrel on a rifle
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