Impact of Interest Rate on Home Loan
Posted on October 22nd, 2019
- The interest rate varies from lender to lender. It is always advisable to choose a suitable lender that offers a low-interest rate. It is because even a slight change in the rate can save a lot of your money.
- With high-interest rate, your EMI will also rise. So make sure you always check your EMI with the help of a house loan EMI calculator. That way you can get an almost accurate figure of the EMI.
- Any home loan taken to purchase a house in a metro city will always have a comparatively high rate of interest.
- Home loan interest rate changes with the change in the repo rate levied by the RBI. Banks can offer a lower interest rate if the repo rate is lowers. Also, borrowers may switch their lender to a new one if they are unable to carry the burden of a high rate of interest.