Lot of people will be wondering , whether to go for fixed rate interest or floating rate for a Home loan. In the below article we will try and help sort the difference between two and which one is the best suited in the present scenario. So what is fixed rate and floating rate? Fixed Rate : A Fixed rate home loan , is a loan where in theoretically the rate of interest on home loan is fixed for entire tenure of the loan. But in most cases in Indian banks its fixed for a period of 3 to 5 years and readjusted with PLR after that. One Floating Rate : In floating rate the interest rate on loan keep on changing as per the Prime Lending Rate (PLR), where in if the PLR increases the floating rate also increases at the same time. But if the PLR decreases the interest rate on the loan also decreases. So, Which loan to go for? floating rate or fixed rate? Well the answer lies in two things: 1) Tenure of the Loan ...