Tips-3 Getting a good Home Loan Interest Rate priority
The State Bank of India Home Loan scheme (popularly called the 8% scheme) is
very good scheme but surely costs much more than 8% except in the first year.
The success of this scheme has ensured that other banks also offer what bankers
call 'teaser rate schemes a low initial rate but a higher rate after the first
couple of years. Please evaluate the impact on overall cost of such rate
changes over the entire loan tenure (typically 20 years). Our interest rate
comparison tool gives you the average rate as well as the initial rate to help
you understand them better.
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