To get the best deals on a mortgage loan, it’s vital to research and compare the interest rates because they tend to change after a set period. So read this article to get updated information on 2023 mortgage rates to make the best decision by opting for a fixed or floating interest rate.

Why compare mortgage loan rates?

Shopping multiple quotes from multiple lenders allows you to get the lowest possible mortgage loan rates. For instance, you can save up to INR 25000 a year, or INR 735000, over a 30-year mortgage. Nevertheless, since no two lenders are the same, comparing the loan offers lets you know in detail about every offer, rate, and term, helping you make the right decision. Also, compare the additional costs, APRs, and other loan terms from the financial institution.

Mortgage interest rate 2023

Unlike home loan interest rates, mortgage loan rates are higher and constantly change depending on various factors. In January 2023, the mortgage rates were proposed to start from 9.00% onwards with partial or complete pre-payments to reduce the loan term (either 15 or 20 years) or EMI. However, it differs across NBFCs based on your profile, income, the need for the loan amount, tenure, credit score and history, and additional factors.

Conclusion

So, it’s time to begin the search and apply for a mortgage loan suiting your budget and goals.

Just go to the lender’s website to get all the related information, apply in just a few simple steps and get your loan approved.

Must Read: Tips to Get the Best Mortgage Loan Possible