{"id":588,"date":"2021-06-19T02:17:40","date_gmt":"2021-06-19T02:17:40","guid":{"rendered":"https:\/\/www.loanfasttrack.com\/blog\/?p=588"},"modified":"2022-07-26T08:14:14","modified_gmt":"2022-07-26T08:14:14","slug":"fixed-vs-floating-home-loan-interest-rates","status":"publish","type":"post","link":"https:\/\/www.loanfasttrack.com\/blog\/blog\/mortgage-loan\/fixed-vs-floating-home-loan-interest-rates\/","title":{"rendered":"Fixed Vs Floating Home Loan Interest Rates"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.switchme.in\/blog\/wp-content\/uploads\/2014\/10\/blog-pic-3.png\" alt=\"Fixed Vs Floating Home Loan Interest Rates\" \/><\/figure>\n\n\n\n<p>Making\nyour dream come true by purchasing a house of your own is now easy by availing\nof a home loan from the lender Banks\/NBFCs\/HFCs. Although getting a home loan\nis easy, what is more complex is choosing between the <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/3-popular-home-loan-schemes-of-the-top-mortgage-lenders\/\"><strong>best home loan schemes of the top lenders<\/strong><\/a>. You must select the best\ndepending upon the financial convenience that you expect from your loan. Many\nfactors influence your selection such as loan tenure,\n<a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/fixed-obligation-to-income-ratio\/\"><strong>FOIR<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/13-important-things-to-remember-before-prepaying-your-home-loan\/\"><strong>LTV<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/must-know-all-costs-in-home-loan\/\"><strong>processing charges<\/strong><\/a>, loan foreclosures, <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/cibil-and-its-significance-in-home-loan\/\"><strong>CIBIL scores<\/strong><\/a>, etc. Given the long-term tenure for\nthe housing loan, home loan interest rate is one such vital factor to be\nconsidered while you <a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"><strong>apply for a home loan<\/strong><\/a>. The interest rates in home loans are\nbroadly categorized into two types. (i) Fixed Interest Rates &amp; (ii)\nFloating Interest Rates. You must wisely select between the two according to\nyour financial needs &amp; preferences. The decision to choose between the floating\nrate and fixed rate has always been challenging for home loan borrowers. We\ntherefore, have highlighted below some of the pointers that would help you to\nmake the best decision.&nbsp; <\/p>\n\n\n\n<p>Here\nis everything you need to know about floating rate vs fixed rate in a <a href=\"https:\/\/www.loanfasttrack.com\/home-loan.html\"><strong>home loan<\/strong><\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Fixed Home Loan Interest Rates<\/strong><\/h2>\n\n\n\n<p>In a\nfixed rate the interest rates remain fixed for the loan tenure and hence in\nhouse loan fixed interest rates, the interest rate remains fixed irrespective\nof the market fluctuations. The fixed interest rates are always higher by 1%-2%\nand attract a prepayment penalty of 2%-4% on the outstanding loan amount. The\nlow fixed rate <a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"><strong>home loan<\/strong><\/a> usually comes with a lock-in period\nof 2, 3, or 10 years depending on your home loan tenure during which you cannot\n<a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>balance transfer your home loan<\/strong><\/a> to a new lender. (Also read\non <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-refinancing-in-india-things-to-know-before-applying-for-refinancing\/\"><strong>home loan refinancing in India<\/strong><\/a>) The lender reserves the\nright to reset your home loan at any point of time. At times you get a fixed\ninterest rate that is applicable only for a few years post which it\nautomatically converts into a floating interest rate loan.&nbsp; <\/p>\n\n\n\n<p>Taking\ninto consideration the fixed nature of the interest rates, it makes sense to\nlock yourself on the best-fixed interest rates if you expect the interest rates\nto increase in the future. However, you may shift your home loan from fixed to\nfloating home loan interest rates and vice-a-versa any time during the tenure\nof your loan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Benefits Of Fixed Interest Rate<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Home Loan With Fixed Rate Of\nInterest offers protection against volatile conditions.<\/li><li>Fixed rate home loans are\nmore suitable for a shorter duration (3-10 years) since markets are more\npredictable in the short run. <\/li><li>In a home loan on fixed rate\nof interest, you know well in advance how much will be your monthly outgo on\ninstallments for the tenure. This helps in the proper planning and budgeting of\nyour finances.<\/li><li>Best fixed interest rate home\nloans are suitable for those who wish to have certainty &amp; flexibility in\ntheir EMIs.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\n  <a href=\"https:\/\/www.loanfasttrack.com\/home-loan.html\"><strong>Apply\n  For Cheapest Fixed Rate Home Loan<\/strong><\/a><strong><\/strong>\n  <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Disadvantages Of Fixed Interest Rates<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>With a housing loan fixed\nrate, you cannot enjoy the benefits of lower interest rates of home loans. <\/li><li>Fixed rate home loan rates\nare costlier. Home loan at fixed interest rates in Mumbai are 1%-2% higher in\ncomparison to floating rate of interest home loans.<\/li><li>You pay a prepayment penalty\nof up-to 4% even if you have bagged the best fixed home loan rate. <\/li><\/ul>\n\n\n\n<p>(<strong>Also Read: <\/strong><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/13-important-things-to-remember-before-prepaying-your-home-loan\/\"><strong>13 Important Things To Remember Before Prepaying Your Home\nLoan<\/strong><\/a><strong>)<\/strong><strong><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You cannot <a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>switch your home loan<\/strong><\/a> to a new lender. <\/li><\/ul>\n\n\n\n<p>(Also read entire <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-balance-transfer-lowest-rate-for-6-95p-a\/\"><strong>FAQs on home loan switch<\/strong><\/a>)<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The total interest payable in\nthe long run till the loan tenure is much higher. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Home Loan Fixed Rate Comparison Of\nThe Top Lenders<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\n  ICICI\n  home loan fixed interest rate\n  <\/td><td>\n  7.80% p.a. &#8211; 9% p.a.\n  <\/td><\/tr><tr><td>\n  HDFC\n  fixed rate home loan\n  <\/td><td>\n  7.50% pa. &#8211; 9% p.a.\n  <\/td><\/tr><tr><td>\n  Canara Bank home loan fixed interest rate\n  <\/td><td>\n  Not available \n  <\/td><\/tr><tr><td>\n  Axis Bank home loan fixed interest rate\n  <\/td><td>\n  9% p.a. &#8211; 10% p.a.\n  <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Floating Home Loan Interest Rates<\/strong><\/h2>\n\n\n\n<p>Floating\nrate home loans are the opposite of fixed interest home loans. A floating home\nloan means the interest rate fluctuates with market fluctuations led by the\nrepo rate of the Reserve Bank of India.&nbsp;\nAs the interest rates in the economy move up or down, the current\nfloating rate of housing loans will also move up or down accordingly. Hence,\nthey are also termed as fluctuating home loan interest rates or adjustable\nrates, or variable interest rates. <\/p>\n\n\n\n<p>The\nfloating interest rates are linked to the external benchmark rate i.e., the\nRepo rate. Since the repo rate is the rate at which RBI lends money to the\nbanks &amp; is decided by the RBI, it is termed as an external rate. Hence any\nchange in the repo rate also brings changes in the adjustable rate home loans\nof the banks. The interest rate under external benchmarks is adjusted\nperiodically (quarterly, half-yearly, or annually) depending on the terms and\nconditions of your loan. However, the banks are free to decide the spread over\nthe external benchmarks and hence you could experience a difference in the\nhousing loan floating interest rates of the various banks. Current floating\ninterest rates in Mumbai for home loan starts from 6.70% p.a. onwards. Whenever\na variable interest rate will change either your loan tenure or the per month\ninstallment will change. (Also read,<a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/why-home-loan-interest-rates-of-nbfcs-higher-than-banks\/\"><strong> why home loan interest rates of NBFCs higher than banks<\/strong><\/a>)<\/p>\n\n\n\n<p>It\nmakes sense to opt for adjustable rate rates in Mumbai if you expect the rates\nto either remain constant or fall over a period of time. The floating housing\nloan interest rates are suitable for those who have fewer market insights and\nthus want to stick to the market rates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Best Variable Interest Rate Of The\nTop Lenders<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\n  <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/why-apply-home-loan-with-icici-bank-by-loanfasttrack\/\"><strong>ICICI\n  Bank Home Loan Floating Interest Rate<\/strong><\/a>\n  <\/td><td>\n  6.80% p.a. &#8211; 7% p.a.\n  <\/td><\/tr><tr><td>\n  <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/why-choose-hdfc-ltd-home-loan\/\"><strong>HDFC\n  Home Loan Floating Interest Rate<\/strong><\/a>\n  <\/td><td>\n  6.75% p.a. &#8211; 7.40% p.a. \n  <\/td><\/tr><tr><td>\n  <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/canara-bank-home-loan\/\"><strong>Canara\n  Bank Home Loan Floating Interest Rate<\/strong><\/a>\n  <\/td><td>\n  6.90% p.a. &#8211; 8.90% p.a.\n  <\/td><\/tr><tr><td>\n  <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/axis-bank-home-loan\/\"><strong>Axis Bank Home Loan Floating Interest Rate<\/strong><\/a><strong><\/strong>\n  <\/td><td>\n  6.90% p.a. &#8211; 9% p.a.\n  <\/td><\/tr><tr><td>\n  <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/sbi-home-loan\/\"><strong>Floating Interest Rate SBI Home Loan<\/strong><\/a><strong><\/strong>\n  <\/td><td>\n  6.95% p.a. &#8211; 10.95% p.a.\n  <\/td><\/tr><tr><td>\n  <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/home-loan-comparison-chart-of-leading-banks\/\"><strong>Click\n  to get the complete chart on interest rates for a home loan <\/strong><\/a><strong><\/strong>\n  <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Advantages Of Floating Home Loan\nInterest Rates<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Floating home loan rates are\nrelatively cost-effective in the long run when compared to the fixed rates.<\/li><li>There is no prepayment\npenalty on variable interest rate home loans.<\/li><\/ul>\n\n\n\n<p>(<strong>Also Read: <\/strong><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/noc-for-home-loan-closure\/\"><strong>NOC For Home Loan Closure<\/strong><\/a><strong>)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You save on the total\ninterest payable to the lender in the long run. Calculate how much you save\nwith the help of a <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-balance-transfer-lowest-rate-for-6-95p-a\/\"><strong>home loan calculator.<\/strong><\/a><\/li><li>You can anytime transfer your\nhome loan to a new lender with lowest fixed interest rates or lowest floating\nhome loan interest rates. <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/benefits-of-home-loan-transfer\/\"><strong>Click to read more on the benefits of home loan transfer<\/strong><\/a>.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Disadvantages of Floating Home Loan\nInterest Rates<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>The rate fluctuations are\nunpredictable especially in the long run and hence the monthly installments\nvary throughout the tenure of the loan.<\/li><li>When the base rate increases\nlenders also charge you high rates which means an increased <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/what-is-home-loan-emi\/\"><strong>EMI<\/strong><\/a> burden.<\/li><li>Due to uneven monthly\noutgoing, monthly financial planning becomes very difficult. <\/li><li>Variable rates are not\nsuitable for those who wish to have certainty &amp; flexibility in their EMIs.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Difference Between Fixed And Floating\nRate Of Interest<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\n  <strong>Fixed Vs Floating Interest Rates<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>Fixed Rate For Home Loan<\/strong>\n  <\/td><td>\n  <strong>Floating Rate For Home Loan<\/strong>\n  <\/td><\/tr><tr><td>\n  Interest rates remain fixed throughout the\n  tenure or for a specific period.\n  <\/td><td>\n  Interest rates fluctuate with the changes in\n  the base rate.\n  <\/td><\/tr><tr><td>\n  Interest rates are usually 1%-2% higher than\n  the floating rate.\n  <\/td><td>\n  Interest rates are lower than the fixed\n  interest rates.\n  <\/td><\/tr><tr><td>\n  A penalty of up-to 4% for prepaying a fixed\n  interest rate home loan.\n  <\/td><td>\n  No prepayment penalty for floating home loan\n  interest rates.\n  <\/td><\/tr><tr><td>\n  Anytime convert to the floating interest\n  rate with a conversion cost. \n  <\/td><td>\n  Anytime convert to fixed interest rate\n  without any cost.\n  <\/td><\/tr><tr><td>\n  Comes with a lock-in period of 2, 3, or 10\n  years or as per the loan tenure.\n  <\/td><td>\n  No lock-in period for floating interest rate\n  home loans.\n  <\/td><\/tr><tr><td>\n  A <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-transfer-details\/\"><strong>home\n  loan balance transfer<\/strong><\/a> is not possible.\n  <\/td><td>\n  A home loan balance transfer is possible.\n  <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Remember:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Lenders are more comfortable\noffering a lower interest rate on floating home loans, than offering the lowest\nfixed interest rate home loan, because when interest rates increase, they can\nalso increase your rate. <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/know-how-to-deal-with-the-increasing-interest-rates-of-housing-loans\/\"><strong>Click to know how to deal with the increasing interest\nrates of housing loans<\/strong><\/a><strong>.<\/strong><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>It is crucial to carefully\nread the agreement to know the exact terms and conditions of your loan for\ninterest rates, interest rate reset period, <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/13-important-things-to-remember-before-prepaying-your-home-loan\/\"><strong>pre &amp; part repayment<\/strong><\/a> charges, etc. <strong>(Also Read: <\/strong><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/10-common-home-loan-mistakes\/\"><strong>10 Common Home Loan Mistakes<\/strong><\/a><strong>)<\/strong><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Higher interest rates mean\nlow <a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/what-do-you-mean-by-loan-eligibility-in-home-loan\/\"><strong>home loan eligibility<\/strong><\/a> and vice-a-versa.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Before taking a decision, you\nshould compare &amp; evaluate the home loans from the lenders based on the\nvarious parameters set forth. <\/li><\/ul>\n\n\n\n<p>(<strong>Also Read: <\/strong><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/10-important-home-loan-tips\/\"><strong>10 Important Home Loan Tips<\/strong><\/a><strong>)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>To avail the best fixed home loans &amp; lowest\ninterest rate on floating home loans get in touch with us today.<\/li><\/ul>\n\n\n\n<p><strong>Contact\nLoanfasttrack:<\/strong><strong> <\/strong><\/p>\n\n\n\n<p><strong>Website\n&#8211;<\/strong><strong> <\/strong><a href=\"http:\/\/www.loanfasttrack.com\"><strong><em>www.loanfasttrack.com<\/em><\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p><strong>Email\n&#8211; <\/strong><a href=\"mailto:info@loanfasttrack.com\"><strong><em>info@loanfasttrack.com<\/em><\/strong><\/a><strong><\/strong><\/p>\n\n\n\n<p><strong>Tel\n&#8211;<\/strong><strong> <\/strong><strong><em>9321020476<\/em><\/strong><strong><\/strong><\/p>\n\n\n\n<p>By, <\/p>\n\n\n\n<p>Loanfasttrack<\/p>\n\n\n\n<p><a href=\"http:\/\/www.loanfasttrack.com\"><strong>Loanfasttrack<\/strong><\/a> is a Mumbai-based loan provider\ncompany since 2015 offering loan services in Mumbai on&#8211; <a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"><strong>housing loan in\nMumbai<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>mortgage loan in\nMumbai<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/personal-loan\/apply-online-now.html\"><strong>personal loan in\nMumbai<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/personal-loan\/apply-online-now.html\">,<\/a><a href=\"https:\/\/www.loanfasttrack.com\/business-loan\/apply-online-now.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/business-loan.html\"><strong>unsecured business loans<\/strong><\/a>,<strong> <\/strong><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>home loan transfer<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"><strong>top-up loans<\/strong><\/a>, <a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>loan transfers<\/strong><\/a> and apply for a <a href=\"https:\/\/www.loanfasttrack.com\/business-loan\/apply-online-now.html\"><strong>business loan in\nMumbai<\/strong><\/a>. Loanfasttrack is a direct sales associate with leading banks namely,\nICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.<\/p>\n\n\n\n<p>Loanfasttrack\u2019s\nspecialized services include providing:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The<a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/best-banks-for-housing-loan-in-india\/\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/best-banks-for-housing-loan-in-india\/\"><strong>best bank for home\n<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/best-banks-for-housing-loan-in-india\/\"><strong>loan<\/strong><\/a><strong>.<\/strong><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/best-banks-for-mortgage-loan-in-india\/\"><strong>Best Banks For Mortgage Loan In India<\/strong><\/a><\/li><li>Assured low-interest rates\nfor<a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/mortgage-loan\/apply-online-now.html\"><strong>loan against\nproperty in Mumbai<\/strong><\/a>.<\/li><li>Lowest<a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"><strong>home loan rates in\nMumbai<\/strong><\/a><strong>.<\/strong><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/personal-loan\/apply-online-now.html\"><strong>Instant loan in\nMumbai<\/strong><\/a><strong> <\/strong>&amp;<a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"><strong>home loan in Mumbai<\/strong><\/a><a href=\"https:\/\/www.loanfasttrack.com\/home-loan\/apply-online-now.html\"><strong>.<\/strong><\/a><\/li><li>Instant <a href=\"https:\/\/www.loanfasttrack.com\/personal-loan\/apply-online-now.html\"><strong>personal loan in Mumbai<\/strong><\/a> &amp;<a href=\"https:\/\/www.loanfasttrack.com\/business-loan\/apply-online-now.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/business-loan\/apply-online-now.html\"><strong>business loan in\nMumbai<\/strong><\/a><\/li><li>Low-cost<a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"> <\/a><a href=\"https:\/\/www.loanfasttrack.com\/balance-transfers.html\"><strong>home loan balance\ntransfer<\/strong><\/a>.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>FAQs<\/strong><\/h2>\n\n\n\n<p><strong>Q. Which is better floating or fixed\ninterest rate?<\/strong><\/p>\n\n\n\n<p><strong>Ans: <\/strong>If certainty and security are prime\nconsiderations, a fixed rate home loan will be the best option, and if saving\non the total interest payable in the long run is the prime consideration, a\nfloating rate home loan will be the best option.<\/p>\n\n\n\n<p><strong>Q. What is the difference between\nfloating and fixed interest rates?<\/strong><\/p>\n\n\n\n<p><strong>Ans: <\/strong>Please refer to the above table for\nthe difference between fixed interest rate and floating interest rate.<\/p>\n\n\n\n<p><strong>Q. How much is the HDFC home loan\nfixed interest rate &amp; HDFC home loan floating rate?<\/strong><\/p>\n\n\n\n<p><strong>Ans: <\/strong>HDFC Bank home loan fixed interest\nrate is available at 7.50% p.a. which is fixed for 2 years &amp; HDFC floating\nhome loan interest rates starts from 6.75% p.a. onwards. HDFC also offers a\nconcession on the interest rates for women applicants. <\/p>\n\n\n\n<p><strong>Also Read: <\/strong><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/housing-loan-benefits-for-women-borrower-in-india\/\"><strong>Housing Loan Benefits For Women Borrower In India<\/strong><\/a><strong>.<\/strong><\/p>\n\n\n\n<p><strong>Q. What are the charges for prepaying\nHDFC floating rate home loans?<\/strong><\/p>\n\n\n\n<p><strong>Ans: <\/strong>There are no pre &amp; part payment\ncharges forHDFC home loan floating\nrate loans.<\/p>\n\n\n\n<p><strong>Also Read: <\/strong><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/10-easy-ways-to-know-how-to-repay-home-loan-faster\/\"><strong>10 Easy Ways To Know How To Repay Home Loan Faster<\/strong><\/a><strong>.<\/strong><strong><\/strong><\/p>\n\n\n\n<p><strong>Q. I have an ICICI fixed rate home\nloan. Can I transfer to ICICI floating rate home loan?<\/strong><\/p>\n\n\n\n<p><strong>Ans: <\/strong>Yes, you can anytime shift your fixed\nrate home loan to ICICI Bank floating rate home loan and vice-a-versa with a\nnominal cost of the conversion fees.<\/p>\n\n\n\n<p><strong>Also Read: <\/strong><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/why-apply-home-loan-with-icici-bank-by-loanfasttrack\/\"><strong>Why Apply Home Loan With ICICI Bank<\/strong><\/a><strong>.<\/strong><\/p>\n\n\n\n<p><strong>Q. When are ICICI home loan floating\ninterest rates reviewed?<\/strong><\/p>\n\n\n\n<p><strong>Ans: <\/strong>ICICI Bank home loan rates are\nreviewed periodically every quarter.<\/p>\n\n\n\n<p><strong>Q. Name the popular lenders who offer\nboth the fixed rate and variable rate of interest for home loans?<\/strong><\/p>\n\n\n\n<p><strong>Ans: <\/strong>Some popular Banks\/NBFCs\/HFCs that\noffers competitive rates for both fixed and variable interest rates for the\nhome loan includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/why-choose-icici-bank-home-loans\/\"><strong>ICICI Bank<\/strong><\/a><strong><\/strong><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/why-choose-hdfc-ltd-home-loan\/\"><strong>HDFC Ltd.<\/strong><\/a><strong><\/strong><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/canara-bank-home-loan\/\"><strong>Canara Bank<\/strong><\/a><strong><\/strong><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/sbi-home-loan\/\"><strong>SBI<\/strong><\/a><strong><\/strong><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/axis-bank-home-loan\/\"><strong>Axis Bank<\/strong><\/a><strong><\/strong><\/li><\/ul>\n\n\n\n<p><strong>Additional Read:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/how-to-read-home-loan-sanction-letter-of-bank\/\"><strong>How To Read Home Loan Sanction Letter Of Bank.<\/strong><\/a><strong><\/strong><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/home-loan-sanction-v-s-home-loan-disbursement\/\"><strong>Home Loan Sanction v\/s Home Loan Disbursement<\/strong><\/a><strong>.<\/strong><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/3-best-home-loan-top-up-loans-in-india\/\"><strong>3 Best Home Loan Top Up Loans In India<\/strong><\/a><strong>.<\/strong><strong><\/strong><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/online-vs-offline-home-loan\/\"><strong>Online Vs Offline Home Loan \u2013 Which One Is Better?<\/strong><\/a><strong><\/strong><\/li><li><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/income-tax-benefits-on-home-loan\/\"><strong>Income Tax Benefits On Home Loan<\/strong><\/a><strong>.<\/strong><\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/how-to-apply-for-home-loan-with-bad-cibil-score-by-loanfasttrack\/\"><strong>How To Apply For Home Loan With A Bad CIBIL Score<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Making your dream come true by purchasing a house of your own is now easy by availing of a home loan from the lender Banks\/NBFCs\/HFCs. Although getting a home loan is easy, what is more complex is choosing between the best home loan schemes of the top lenders. You must select the best depending upon &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,57,329,4],"tags":[1356,1355,317,1361,1362,1390,1391,1389,1415,1360,1368,1373,1374,1366,197,1407,181,1408,182,248,1352,1392,1375,1410,1412,1008,1411,1413,1349,1337,1321,1325,1338,1334,1363,1336,1376,174,1364,1380,1382,1329,1359,1315,1369,1372,1328,1326,1332,1365,1341,99,1313,1339,1323,1330,1342,1343,1409,1393,1358,1318,1320,1345,1347,1348,1354,1353,1346,1340,1322,1319,1335,1396,1400,1398,1395,1312,1399,1397,1311,1401,5,1381,1403,1402,1370,1333,1317,11,187,1404,1378,9,1379,1377,1367,1327,1350,1331,1175,1384,1385,1416,1386,1388,1387,1383,1037,1371,1036,1357,1405,1406,1394,1310,1309,1414,1344,1351,1324,1314,1316],"class_list":["post-588","post","type-post","status-publish","format-standard","hentry","category-finance","category-home-loan","category-lease-rental-discounting","category-mortgage-loan","tag-adjustable-mortgage-rate","tag-adjustable-rate-home-loan","tag-adjustable-rate-mortgages","tag-advantage-of-fixed-interest-rate","tag-advantages-of-floating-home-loan-interest-rates","tag-axis-bank-floating-home-loan-rates","tag-axis-bank-home-loan-fixed-interest-rate","tag-axis-bank-home-loan-floating-interest-rate","tag-axis-bank-home-loan-interest-rates","tag-benefits-of-fixed-interest-rate","tag-best-fixed-home-loan-rate","tag-best-fixed-home-loans","tag-best-fixed-interest-rate-home-loan","tag-best-fixed-interest-rates","tag-best-home-loan-for-nri-in-india","tag-best-home-loan-rates-in-india","tag-best-home-loan-rates-in-mumbai","tag-best-house-loan-interest-rate","tag-best-housing-loan-rates-in-mumbai","tag-best-mortgage-loan-interest-rates","tag-best-variable-interest-rate","tag-canara-bank-home-loan-fixed-interest-rate","tag-cheapest-fixed-rate-home-loan","tag-cheapest-home-loan-in-mumbai","tag-cheapest-home-loan-interest-rate-in-india","tag-cheapest-home-loan-interest-rates","tag-cheapest-home-loan-rates","tag-cheapest-housing-loan-interest-rate","tag-current-floating-rate","tag-difference-between-fixed-and-floating-rate-of-interest","tag-difference-between-fixed-rate-and-floating-rate","tag-difference-between-floating-and-fixed-home","tag-difference-between-floating-and-fixed-interest-rate","tag-difference-between-floating-rate-and-fixed-rate-home-loan","tag-disadvantages-of-fixed-interest-rates","tag-fixed-floating-interest-rates","tag-fixed-and-variable-interest-rates","tag-fixed-home-loan-interest-rate","tag-fixed-home-loan-interest-rates","tag-fixed-interest-home-loans","tag-fixed-interest-rates-in-mumbai","tag-fixed-or-floating-home-loan-which-one-is-better","tag-fixed-or-floating-interest-rate-which-is-better-for-home-loan","tag-fixed-or-floating-interest-rate-which-is-better-for-home-loan-quora","tag-fixed-rate-for-home-loan","tag-fixed-rate-home-loan-rates","tag-fixed-rate-loan-vs-floating-rate-loan","tag-fixed-rate-or-floating-rate-which-is-better","tag-fixed-rate-vs-floating-rate-mortgage","tag-fixed-rates-home-loans","tag-fixed-vs-floating-home-loan","tag-fixed-vs-floating-home-loan-interest-rates","tag-fixed-vs-floating-interest-rate","tag-fixed-vs-floating-interest-rates","tag-fixed-vs-floating-mortgage","tag-fixed-vs-floating-rate-mortgage","tag-floating-home-loan-interest-rates","tag-floating-home-loan-rate","tag-floating-interest-rate-home-loan-calculator","tag-floating-interest-rate-sbi-home-loan","tag-floating-interest-rates-in-mumbai","tag-floating-or-fixed-home-loan","tag-floating-or-fixed-home-loan-which-is-better","tag-floating-rate-for-home","tag-floating-rate-for-home-loan","tag-floating-rate-home-loan","tag-floating-rate-home-loan-meaning","tag-floating-rate-home-loan-means","tag-floating-rate-of-interest-home-loan","tag-floating-rate-vs-fixed-rate","tag-floating-rate-vs-fixed-rate-home-loan","tag-floating-vs-fixed-interest-rate-home-loan","tag-floating-vs-fixed-mortgage-rates","tag-hdfc-bank-home-loan-fixed-interest-rate","tag-hdfc-fixed-rate-home-loan","tag-hdfc-floating-home-loan-interest-rate","tag-hdfc-floating-rate-home-loan","tag-hdfc-home-loan-fixed-interest-rate","tag-hdfc-home-loan-floating-interest-rate","tag-hdfc-home-loan-floating-rate","tag-hdfc-home-loan-interest-rate-fixed-or-floating","tag-hdfc-housing-finance-fd-rates","tag-home-loan","tag-home-loan-at-fixed-interest-rate","tag-home-loan-comparison-india","tag-home-loan-comparison-rate","tag-home-loan-fixed-rate-comparison","tag-home-loan-floating-rate-vs-fixed-rate","tag-home-loan-floating-vs-fixed","tag-home-loan-in-mumbai","tag-home-loan-interest-rate-for-nri-in-india","tag-home-loan-interest-rates-comparison-india","tag-home-loan-on-fixed-rate-of-interest","tag-home-loan-transfer","tag-home-loan-with-fixed-rate-of-interest","tag-house-loan-fixed-interest-rates","tag-housing-loan-fixed-rate","tag-housing-loan-fixed-rate-vs-floating-rate","tag-housing-loan-floating-interest-rates","tag-housing-loan-floating-vs-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