1.Home Loan
1.Fixed rate based
Fixed home loan interest rate is one where the rate does not fluctuate with changes in market forces.
2.Floting rate based
A floating interest rate implies that the rate of interest is subject to revision every quarter.
3.Hebrid home Loan
Hybrid home loans are a combination of fixed and floating interest rates,
other Important things
a. A home loan is a secured loan that is obtained to purchase a property by offering it as collateral.
b. A home loan comprises both principal repayment and interest payments. Tax deductions can be availed under both these categories under Section 80C and Section 24(b) of the Income Tax Act respectively.
