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Home Loans: Fixed or Floating Rate | A Reason to Smile

1. Home loan seekers have a reason to cheer as banking experts are of the opinion that interest rates in the home loan segment could fall to as little as 7% by March-April and same is attributable to RBI's recent projection that inflation would be down to below 3% by March.

2. Even if one is struck with a high paying private bank than a one time shift to a PSU bank can save a lot for an individual. Recently SBI has announced first year rate on new loans @8 Percent and thus if one is paying 12% and shifts to 8%, the net savings in one year would be almost Rs 0.75 lakh. A shift accrues a penalty of 1.25-1.5% and thus it would be prudent to  wait for a few weeks before one undertakes the exercise of switching an operator.

3. However all those with pvt banks need not lose heart as they will also have to toe the line of RBI and sooner or later they will also join the bandwagon with the PSU banks. As an advice wait for a few months before locking in any home loan as home loans have to be made cheaper to give the impetus to the economy. Thus give some time before deciding on floating rate or fixed rate.
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