For instance, the home loan interest for the tenure of 20 years is higher than that for 15 years. If you are looking for the cheapest home loan rates, check right here on the IDFC FIRST Bank website.
Home loans with a longer tenure have a higher interest rate than those with a shorter term. You can use IDFC FIRST Bank’s home loan EMI calculator to know the best tenure for your home loan.
Location of the Assets
The property based in a prime lay using first places have a higher selling worthy of as compared to one in this new borders of the area. Therefore, banking institutions give loans towards the possessions, having highest selling well worth, from the a lowered interest rate, and for the down resale worth they costs higher interest.