If you are living having a perception that home loans come only in two flavors-fixed or floating, its time for you to wake up to the reality. Keeping pace with global developments and within a race to remain ahead inside the fiercely competitive home loan market, banks and Housing Finance Companies (HFC,s) have come up with revolutionary schemes, which give lots of selections to a brand new home loan borrower. So, if you are worried about having a home loan, read on; the banks may have something specific for you. Get a lot more information and facts about calmortgagerates.com

Fixed rate or floating? Why not each The classic dilemma to go for any fixed loan or perhaps a floating loan has perplexed the typical home loan borrower given that ages. Volumes have been written over the advantage one has over the other and this has only added to the confusion. Taking advantage in the situation, banks have started a home loan scheme, which offers the flexibility to pick out a home loan with each the floating and fixed rate of interest selections. A borrower can opt for a component of his home loan to be charged at a fixed price of interest and the rest at floating prices and vice versa.

Tempted by the current fixed interest rates? Decide on Clever fix The unprecedented rise in floating rate home loans in current years has prompted many borrowers to rethink their technique in favour of your fixed rate home loans. When you are also one of these, who wants to take advantage of the reasonably low fixed rates, but agrees with all the universal opinion that floating rates are finest over a extended time frame, you are able to select a special style of home loan, which charges the fixed rates of interest for any specified period (say 3 years) and floating rate thereafter. Aptly referred to as smart fix by some banks, this home loan scheme allows you to possess the most effective of both.

Require a larger home? Go to get a short term bridging loan Should you be dissatisfied with your existing home for any reason what so ever, and desperately want a bigger or greater house, but don't need to sell your existing house prior to you move into the new one, a brief term bridging loan might be the ideal resolution. This loan fills the crucial gap and offers an interim arrangement of finances in between the sale of your old house and buy of your new property. These loans could be repaid in easy installments or by a lump sum payments following you sell the old house.

Can't afford large EMI's now but can do it in future? Decide on step-up repayment Off late the banks and hfc's have awaken to the reality that revenue levels of folks rise as their career progresses and this improves their repayment capacity over a period of time. Therefore, they've decided to offer, what is referred to as a home loan with step-up repayment facility. This specific home loan scheme offers the facility to repair the EMIs at a lower level in the course of initial stages on the home loan and increase with tenure. Some banks even waive the principal repayment element of EMI for the initial period. So, when you are a young skilled or have spent handful of years within a job and may convince your lender with a visible career development, a home loan with step-up repayment facility may be the panacea.

Can afford massive EMI's now but not later? Choose step-down repayment Take into account a predicament, exactly where a couple has taken a joint home loan and one of them is set to retire in couple of years. This can create a difficult predicament, in terms of the home loan repayment, because the repayment capacity of one of your borrowers will decline immediately after his retirement. A home loan having a step- down repayment program can go a extended way keeping troubles at bay in such a situation. The couple can pick out to repay higher EMI's through the initial stages of home loan, when each of them are earning and when one of them retires, the burden of EMI's could be lessened so that the repayment schedule is still maintained diligently.