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Should we opt for a loan from PFU or private sector bank?- Property Hotline
Posted
September 30, 2016
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17
September 30, 2016
17
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5:07Now PlayingExpert: Kartik Jhaveri, Founder and Director of Transcend Consulting (India) Private Limited.
Question: I want to take a home loan of Rs 15 lakhs for 15 years. Should I opt for fixed or floating interest rate? Also, should I opt for a loan from a PFU bank or a private sector bank?
Answer: There is no difference between PFU bank or private sector bank when it comes to taking loan, things which will matter will be product offering and interest rate. You should opt for floating rate because interest rate changes as the market rate changes. In the fixed rate the interest rate remains fixed for entire loan tenure. But also when rates will increase, fixed rate option will turn out to be good. That’s why while choosing a lender you should look things like interest rate, initial expenses, pre-payment period and prepayment charges.
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