New Delhi [India], January 13 (ANI/ATK): With rising costs, different financial institutions have increased the interest rate on home loans. This can turn out to be an additional burden on your finances and lead to disruption of your monthly budget. This can lead your family to compromise on their current lifestyle. There are several factors affecting housing loan interest rates. You should be aware of them to devise a perfect strategy for reducing these rates effectively. Keep reading to know these factors in detail. Factors Affecting Home Loan Interest Rates Below are some factors that can have a prominent impact on housing loan interest rates: - Type of interest rate: There are different types of interest rates that financial institutions offer. This includes fixed, floating and hybrid interest rates. For fixed type, the rates remain constant throughout. For the floating type, the rates fluctuate with changes in the credit market. Hybrid type is usually a mixture of fixed and floati
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Get latest articles and stories on Latest News at LatestLY. Hours after RBI s move to increase repo rate by 35 basis points, a number of lenders, including Bank of India and HDFC Bank, on Wednesday hiked their benchmark lending rates, a move that would result in increase in EMI. Latest News | Banks Follow RBI s Signal; Hike Lending Rates.