Home Loan
This query is : Resolved
Sathiya Narayanan
(Querist)
13 January 2011
In case of Home Loan,
1)There are two interest rate namely fixed & floating interest...
What's the difference between two...
2)what is meant by base rate in this?
(This base rate differs from bank to bank) and is this will vary in future...
1)There are two interest rate namely fixed & floating interest...
What's the difference between two...
2)what is meant by base rate in this?
(This base rate differs from bank to bank) and is this will vary in future...
CA PARAS BAFNA
(Expert)
13 January 2011
When you opt for fixed interest rate it means the rate will remain fix and it will not change on change in base rate of interest of the bank. However, in floating rate , rates will vary accordingly.
Sathiya Narayanan
(Querist)
14 January 2011
Thank U Sir...
Then what is meant by BASE Rate?
Then what is meant by BASE Rate?
CA PARAS BAFNA
(Expert)
14 January 2011
Base Rate is a rate calculated on the basis of fourmula by considering cost of funds and various costs to the bank. It may vary from bank to bank.
Sathiya Narayanan
(Querist)
14 January 2011
Thanks a lot for your reply...
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