Interest rates play a vital role in any economy by influencing monetary policy, investment, inflation, and unemployment. Interest rates are normally expressed in terms of percentage over the period of one year. It also refers to the charge the borrower has to pay for the amount he has taken on loan, or the amount a lender receives as a return for the money he has lent to the borrower. To put it simply, the interest is that additional amount that you have to pay in addition to the actual loan amount. This is basically the service charge of the lender.
Securing a loan such as a home loan in the current economic situation is not too difficult. But searching for the best loan is certainly a matter of great confusion. If you are not up to date or informed about the market, striking the best loan deal will be like beating around the bush, especially in a market where huge numbers of lenders are wooing the customers with an equally wide product range which they all claim to be the best and the cheapest.
Being the borrower your goal is to secure the maximum amount of loan for the lowest possible monthly repayment. The most important aspect that you should keep in mind, as...
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