Finance > Insurance > Home InsuranceJuggling figures to budget the EMI for home loan? Posted by shradhamahadik in Finance on October 9th Cheap Authentic MLB Jerseys , 2017
The EMI you repay against the home loan amount is a whole unit of principal amount, interest rate and the loan term. With the ever rising property prices, lowering interest rates people prefer to take a home loan and pay monthly EMIs over monthly rents, nowadays. But the lowering interest rate and longer tenures cannot be the only thing for hooking with a home loan for quite a long exhaustive period of time. Before getting a home loan try to understand the importance of an interest rate in your loan tenure. There are three kinds of housing loan interest rates: fixed Cheap MLB Jerseys , floating and combination of fixed & floating rates. Most of the financers insist upon the combination of fixed & floating, but it’s better to choose your own interest rate from the available depending on your financial profile and convenience.
The housing loan interest rates play a vital role in reducing or increasing the interest cost. Before selecting know the benefits and drawbacks of each home loans interest rates.
Fixed rate of interest: the interest rate is fixed for the whole loan tenure; it may rise a bit in case of dire market condition. Some of the benefits are:
The rate doesn’t fluctuate depending on the market condition and government policies.Suitable for risk averse persons who prefer stability over money.It’s suitable for good budgeters with fixed monthly repayment schedule.
The drawbacks of fixed loan of interest are:
It is higher than the floating rate of interest.It is no benefitted with reduced rate of interest.Borrowers have to pay the same amount of interest cost which may be higher than floating rate.
Floating rate of interest: this interest rate is adjustable in nature and fluctuates depending on the market condition and government policies. Some benefits are:
It’s is lower than fixed rate of interest and reduces the interest cost.It decreases more when the market condition prospers.It helps in savings for future, in case the rate climbs up.
The drawbacks of floating rate of interest are:
Monthly installments fluctuate owing the fluctuating rates.Interest rate may rise and even cross the fixed rate in case the financial health of the market degrades.No stability in monthly budget & not suitable for risk averse & budget friendly people.The combination may increase the interest cost.
Combination of fixed & floating rate: in this rate of interest the rate is fixed for a committed period of time, and then it switches to floating rate of interest. Some benefits are:
It helps the borrower with a fixed budget initially Cheap Jerseys From China , when they are not ready for fluctuations.After the committed period, when the rate switches to floating rate they pay lower EMIs compared to the earlier installments.They can save money for future installments.
The drawbacks of this interest rate are:
The interest rate may rise if the market rates are higher during the switch over.Adjusting with the fluctuations may be problematic with fixed source of income in case the rate increases.
All these juggling figures may be tamed and help you to set a monthly budget with a online EMI calculator and get you a suitable home loan tailoring the interest rate depending on your affordability and financial profile. All the rates are combination of advantages & disadvantages, in order to enjoy some benefits you have to adjust with the drawbacks.
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