You can opt for either floating rate loan or fixed rate loan. Floating rate loan would change during the tenure of the loan repayment, it may increase or decrease based on the market fluctuations.  In case of fixed rate loan the interest rate are higher and would remain the same regardless of the existing market conditions.

"Most banks reserve the right to change even the fixed rate at their discretion under various conditions and it may not be possible for the clients to verify this," says Vipul Patel, director, Home Loan Advisors; as reported by Business Today.

 In case during the term of loan you move to a new house then you can apply for the home loan portability. Here you will be asked to pay a nominal loan transfer fee. By paying the transfer fee you can actually save over the establishment fee which is paid for applying for a new loan and the exit fee which is paid for the exiting before the completion of the loan tenure.

A Processing fee will be charged in case you switch your home to a new bank or opt for a lower rate in your existing bank. The SBI existing borrowers can take advantage of the new rates only after paying a conversion fee of 1 percent of the outstanding loan. Some banks also levy a fixed processing fee of 5,000-10,000. Then there are hidden charges like legal fees which you need to watch out for as reported by ET bureau.

In the upcoming months it is expected that banks would offer special interest rate for loan, so wait until the opportunity arrives and then shop the best deal.