What is the difference between a fixed-rate and an adjustable-rate home loan?
In a fixed-rate home loan, the interest rate remains constant throughout the loan tenure. This provides stability and allows you to plan your finances accordingly. On the other hand, an adjustable-rate home loan has an interest rate that may fluctuate periodically based on market conditions, potentially affecting your monthly payments.
What is the interest rate on a home loan?
The interest rate on a home loan depends on various factors, such as the lender, loan amount, loan tenure, and prevailing market conditions. Interest rates can be fixed or adjustable. It's advisable to compare rates from different lenders and consider their terms and conditions before finalizing a loan.
Can I prepay my home loan?
Many home loans allow prepayment, which means you can repay the loan amount before the designated tenure. Prepayment options may vary among lenders, and some loans may have prepayment penalties or charges. It's advisable to check with your lender about their prepayment policies.