Depending on the financing rate, a home credit is of three types, fixed-rate, floating rate and hybrid.
The fixed interest rate remains the same throughout the loan tenure, resulting in a fixed home loan EMI
Known as the variable rate of interest, relative to current market lending rates; And thus, they can change the tenure of the loan
Hybrid rate home loans are similar to fixed-rate and floating-rate home loans
It should be noted that low-interest rates usually come with strict eligibility conditions
Your credit score is a numerical representation of your credit history
While assessing your home loan eligibility, lenders also consider your income, employment pattern and your employer profile.
The loan amount you want to borrow can also affect the rate at which you get the housing loan.
Home loan interest rates also differ according to the type of home loan
Some lenders offer women borrowers a home loan interest rate discount of typically 0.05%.