The inflation rate that is predominant in the economy
results in the increase of home loan interest rates and there are no signs of inflation mellowing down. Though
various measures are being taken by the Reserve Bank of India to control
inflation but there is hardly any improvement on the situation.
While Reserve Bank of India is taking measures to bring the
inflation under control and results will soon start coming but a defined
time frame cannot be given. Besides, higher home
loan interest rates are not good for the economy. To conclude, it makes a
good sense to opt for a floating rate while taking a home loan.
Having your own home is every person’s dream. But with
property price mounting and home loan
interest rates shooting up, owning a home becomes difficult.
Summary: Banks
offer different types of home loan
interest rates like fixed rate that remains same throughout the loan period but floating rate of interest fluctuate
on basis of the finance market.
