A plan for home loan is needed to determine how much you could afford to borrow, the length of the loan, and how to select a loan that charges competitive interest rates.
The interest rate on a loan is the cost of borrowing money, and it is determined by a number of factors. The most important factor is the prime rate, which is the rate banks charge their most creditworthy customers.
Interest rates can have a big impact on the cost of borrowing money. For example, a loan with a 5% interest rate will cost $5,000 more to repay than a loan with a 4% interest rate. Therefore, it's important to shop around for the best interest rate when you're looking for a loan.
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