Owning a home is one of the biggest dreams of the average Indian--and, many of us have to go for a home loan for this. Home loan is a long-term commitment and it is very crucial to understand the various interest-rate options that are available in the market, which will save you a lot of money.
In general we have two options--fixedand floating-interest rate home loans. “Choosing between the two is one of the biggest challenges that you may face while buying a house. Both of them have their own pros and cons and have to be chosen carefully after estimating their long-term impact. That is because the difference in payments of each of the option will have a huge impact on your overall personal finances,“ Rahul Parikh, head of Aditya Birla Money MyUniverse, says.
It is clear that only a fixed-interest loan maintains the same interest rate throughout the repayment tenure. But in most cases, banks may revise the fixed-interest rate in line with market movements.
On the other hand, interest rates on floating-interest loans are calculated as per the dominant lending conditions in the country and are bound to go up or down depending on several economic factors. The innate uncertainty of floating-interest rates makes these instruments difficult to account for while chalking out the road map for your current and future finances.
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MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.
Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.
Contact
501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23
E-mail: mchithane@gmail.com
MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.
Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.
Contact
501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23
E-mail: mchithane@gmail.com
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