Choosing the right kind of interest rate can be extremely baffling while shopping for a home loan. Only a single question comes into mind â?? Should I choose â??fixedâ?? or â??floatingâ?? rates of interest?
Interest rates on home loans have been fluctuating since the last 6 years. For that reason, a consumer cannot be sure of any trend to narrow down on the best loan. In March 2000, the rate was about 14% which started falling steeply.
The interest rate on home loans fell to 7% and it soared to a high of around 10% (floating rate of interest) in January 2007. It is believed to be the most dramatic hike. Floating rate of interest, as it name signifies, can be either increased or decreased, which is clearly mentioned in a home loan agreement.
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July 29th, 2010 | 
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