NEWS & ADVICE : HOME LOANS
If the interest rate is same, how do you pick a home loan?
By Joseph Samson
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Be Alert: The actual cost of your home loan depends on the evaluation of interest rate charged by the bank. There are annual rests and monthly rests in the calculation of interest. The annual rest brings about a change in the interest rate on an annual basis. With the payment for the loan being made on a monthly basis, it will be beneficial for the borrow if the rests are calculated on a monthly basis as it will bring down the interest on a reducing capital and one can enjoy the immediate benefits. Hence it is advisable to be clear on your home loan agreement and establish on the mode of your interest rate.

As home loan is not a one time decision the above mentioned points can be helpful to a borrower who is on its way of falling into a hole dug by the misleading methods of some lenders.

 


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