Home buyers looking for a fixed or a floating rate home loan usually compare banks and lenders to find the best interest rates. This is important because even a small difference in the interest rate can have a significant impact on the total interest paid over the entire loan tenure. A home loan equated monthly installment (EMI) is the monthly payment made by the borrower towards repaying both the principal and interest on the loan.
A small change in interest rate can impact the EMI outgo hugely, so home loan borrowers should make sure to check the latest interest rate offered by various banks.
