Consult

Question & Ans.

What is the difference between fixed and variable interest rate?

A fixed interest rate loan is one where your interest rate is locked in (i.e. fixed) for a certain period.

A variable interest rate loan is one where interest rate changes with change in the RPLR/BPLR whenever reviewed by the financial institution.

Do I get Tax Benefits on the Home Loan?
What is NACH E-mandate?
Is it mandatory to have a Co-applicant?

It is mandatory as well as advisable to have a co-applicant. Having a co-applicant may increase your eligibility, if co-applicant generates income, and your chances of getting the home loan sanctioned. Moreover, co-owner(s) of your property has to be co-applicant(s), but co-applicant(s) need not be co-owner(s).