Most Common Problems Home Loan Borrowers Face
4. Problems regarding interest rates
Which is the best in case of home loans a fixed rate or floating rate interest? This confusion is faced by almost every home loan borrower. Even after deciding much on a particular loan regime, sometimes the home loan terms and condition fine prints can create mess in your interest rates. For example, even if you have opted for fixed rate home loan and the bank has promised you a rate which you feel is good, the catch is in the fine prints which authorizes the bank to vary this fixed rate every 2 years, things can go worse with your fixed rate interest. Similarly, even if the bank rejects the benefits of lowered interest rates in floating interest rate regime, it will be of a little value. In order to avoid such situation you should do a thorough study of the terms and conditions of home loan carefully and clear your doubts by asking the bank about such things and also you can ask your bank for some historic floating rate changes.
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