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10 Year floating home loan rates

Buying a home is a tough decision. Most of the time, we have to resort to a home loan to make our dream come true because we don’t always have the money to buy it. The interest rate is one important factor that should be taken into consideration. You can either go for a fixed home loan rate or a floating home loan rate. If you want to go for a 10-year floating rate home loan, then you should have a strong idea about the 10 year floating home loan rates.

About 10 year floating home loan rates

There are two types of interest rates that banks and HFCs (Housing Finance Companies) offer – fixed and floating interest rate. A home loan with a fixed interest rate denotes that the interest rate will remain constant throughout the whole duration of the loan. This essentially suggests that you don’t gain from it, even though the interest rates go down in the market. On the other hand, the floating rate of interest varies in line with the prevailing market lending rates. Floating interest rates might vary from one lender to another and typically range from around 9% to approximately 10%. You need to pay off the loan by way of EMIs (Equated Monthly Instalments). Hence, if the loan term is more extensive, you will need to pay more in terms of interest rate however your monthly payment will be less. Typically, the maximum repayment term of home loans in India is 15 years. Nevertheless, some lenders are offering a repayment term of 20 years or over. Most recently ICICI Bank has come up with a 30 year loan. You should remember that the longer the loan term, the more you need to pay in terms of interest so your borrowing cost becomes higher. Hence it is better that you go for a shorter loan term of 10 years. You can also choose a floating interest rate since you can take advantage of the dropping market rates. If you think that you can manage the higher monthly payments of a 10 year floating rate home loan, then you can go for it with confidence. Whether a loan term is suitable for you or not depends on your income and repayment capacity. Majority of banks and housing finance companies in India necessitate that you pay off the loan before you retire from your job or service. To make a knowledgeable decision in the home buying process, you should have an understanding of the 10 year floating home loan rates.

Listed below are the 10 year floating home loan rates offered by various reputed banks in India:

Product Name Effective Interest Rate EMI No. of EMIs Processing Fee
IDBI Home Loan 8.75% Rs. 25,065 120 1%
BOB Home Loan 8.75% Rs. 25,065 120 0.5%
HDFC Home loan 9.00% Rs. 25,335 120 1%
PNB Home Loan 9.00% Rs. 25,335 120 0.5%
Canara Bank Home Loan 9.00% Rs. 25,335 120 0.5%
Oriental Bank of Commerce Home Loan 9.00% Rs. 25,335 120 0.5%
SBI Home Loan 9.50% Rs. 25,880 120 0.25%

For your convenience, the loan amount has been assumed as Rs. 20 lakhs.

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