Banks and other lenders charge equal interest rates on both home loans and property loans. However, the home loan interest rates are a few percentage points lower than the land loan interest rates. Plot loans are generally riskier and thus priced higher than home loans, where banks have a promise that, if necessary, they can sell and recover losses quickly.
A home is one of the biggest financial commitments that sponges out a good chunk of your income every month.
A home loan exceeds 30 years and the principal loan amount can be in crores too.
For a home loan, the most interesting and important thing is the rate of interest.
Since the loan is long-term and a high rate of interest becomes a burden for somewhat around 20 years.
So, one needs to choose the right type of home loan interest rate and use an interest calculator to compare and choose the right deal.
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