ING Vysya bank has started two years ago and has developed so fast in only 2 years only. They are really helping people in making their dream homes. The best thing in this is that they are not under the government and hence they really have great concession offers. Some people have common misconceptions that private banks do not work for the people’s benefits instead they see only their benefits. This is not true. Instead private banks have more open offers as compared to the government banks. They have fewer formalities and hence it takes much lesser time to get a loan from private banks as compared to the government banks.
ING Vysya Home Loan Interest Rate
The borrower himself decided the amount of loan he wants to borrow and depending on the terms and conditions the request of the loan is passed. The amount of money should not exceed the amount as stated in the schedule. You can either get a loan for constructing the property, extending the property or upgrading the property.
There are two types of interest rates offered by the bank. It depends upon the borrower what type of interest they want to adopt. The details of the two types of interest rates are given below in brief.
- Fixed rate of interest: It is always specified in the schedule about all the terms and conditions of the fixed rate of interest and prevailing on the date of the agreement. In this type, the rate of interest is fixed at the starting of the loan and then it s subjected to change that is it can be increased or decreased when there are exceptional changes in the money market conditions or the international market which is linked directly or indirectly to the bank. The bank is having all the rights to change the interest rates in the case of emergency or some other circumstances. It is therefore necessary to clarify before taking the loan about all the terms and conditions of the bank otherwise it can create a problem afterwards.
2. Variable/ Floating Interest Rate: the fixed rate of interest is only for a fixed interval of time. After the time interval is expired the rate of interest is variable or we can call it as floating interest rate. This type of interest is applicable after the effective date of the agreement and till the lifetime of the loan. The lender must read the guidelines that are issued time to time by the bank to be in touch with the latest changes made in the schedule. But the spread does not change. It remains as it was at the time of borrowing the loan. The interests are computed a the monthly rests depending upon the balance of the loan at the beginning of the month in the whole year of 365 days.
