Home Loan Interest Rate

1. Fixed Interest Rate

The rate stays the same for the whole loan period. Your EMIs will not change, so it is good if you want steady payments.

2. Floating Interest Rate

The rate changes based on the market. Your EMIs may go up or down, but you can save money if interest rates fall.

3. Hybrid Interest Rate

This starts with a fixed rate for a few years, then changes to a floating rate. It gives a mix of stability and flexibility.

1. Credit Score

A higher credit score (usually 750 and above) reflects good financial discipline and may help you secure a lower interest rate.

2. Loan Amount and Tenure

The amount you borrow and your chosen repayment tenure can influence your rate. Generally, shorter tenures attract lower rates.

3. Type of Employment

Salaried applicants, especially those working with reputed organizations, may get better rates compared to self-employed individuals due to income predictability.

4. Income Level

A stable and higher income improves repayment capacity, making you eligible for more competitive interest rates.

5. Property Type and Location

The value, location, and condition of the property play a role in determining risk levels for the lender, impacting the interest rate.