When taking a loan against property, one of the most important decisions you'll face is choosing between a fixed or variable interest rate. The type of loan against property interest rate you select can significantly impact your monthly payments and overall financial planning. Let’s explore both options and understand which might be better for you.

Understanding Fixed Interest Rates

A fixed interest rate remains constant throughout the loan tenure. If you choose a fixed rate for your loan against property, you agree to pay the same interest rate, regardless of market fluctuations. This means your Equated Monthly Instalments (EMIs) will stay the same throughout the loan period.

Advantages of Fixed Interest Rates

Stability and Predictability: Since the rate doesn’t change, you can plan your finances with certainty.
Shield from Market Volatility: Fixed rates protect borrowers from rising interest rates during economic changes.
Disadvantages of Fixed Interest Rates

Higher Initial Rates: Fixed rates are generally higher than variable rates at the beginning.
Limited Savings: If market rates drop, you won’t benefit from lower interest rates.

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