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What is floating rate of interest for home loan?

Sathya Iyer asked:

I have taken a home loan from LIC for 14 Lacs in 2008 @ 10.75% interst. What should i do to shift my loan to current rate of interest which is around 9.75%?.As per floating interest rate, should it not be changed and result in lower EMI?
Asked on: 2012-08-21 18:40:39

3 Comments

  1. Floating rate itself means interest rate will change in your case as the rate is changed by LIC. It is opposite to Fixed rate of interest.

  2. RAJIV K says:

    The home loans are generally Floaitng rate. plz refer ur terms n conditions and get in touch with ur RM.

    If ROI has lowered, ur EMI might as well.

  3. hardhik says:

    yes it should. see let me giv u an example if i take a loan for 100 rs at 10% intrest if tomm’s intrest rate is 9% it will change. dialy rates change on the maturity of a month watever interst rate is there on that particular day it assings to u simple

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