Q. I am looking to buy a house and want to apply for a home loan for 10-years tenure. Please advise me whether I should choose to go in for fixed rate interest or floating rate, at this point of time?
Answer: Interest rates on home loans are headed lower (This might stop now as inflation is under check), it might make sense to opt for floating rate option.
However, to enable us advise you better, we will need to know the rates at which fixed and floating rate loans are being availed by you (will vary with amounts).
Shweta, Certified Financial Planner