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<p><a href="https://canarabank.com/housing-loan"><strong>Home loan interest rates</strong></a> play a crucial role in determining the overall cost of your loan. Lower interest rates mean lower monthly payments and reduce the total amount paid over the loan’s term. Rates are influenced by factors such as the economy, borrower’s credit score, and loan tenure. Fixed-rate loans offer stability with consistent monthly payments, while variable-rate loans can fluctuate over time. By comparing rates from various lenders and understanding the current market trends, borrowers can secure a favorable rate. Staying informed on rate changes is essential for making well-informed, cost-effective home financing decisions.