What to choose between fixed and floating interest rates?- Property Hotline
July 8, 2016
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4:39Now PlayingWhat to choose between fixed and floating interest rates?- Property Hotline
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as posted by the channelBe Un Confused
Expert: Harshil Mehta, CEO of DHFL.
Question: I want to take a home loan of Rs25 lakh. I have received sanctions from Indiabulls Finance and Axis Bank. I also have an ETF sanction from PNB. PNB has agreed to give me 100% loan on the agreement value at a fixed rate of 9.50%. Axis Bank has agreed to give 90% loan amount at a floating rate of 9.45%. What should I choose?
Answer: There are various aspects of it. If you want the higher loan amount then you can go with PNB. In the macro environment today, interest rates are coming down so in this scenario, go with the fixed interest rate. In a fixed rate loan, prepayment chargers are applicable. In a floating Interest Rate there is no prepayment penalty. So considering this point you can make a decision.
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