When talking about personal finance, it is safe to say that 'it depends' on several factors. However, before you start evaluating these options, you may want to consult a lender and find out the current interest rates, depending upon your credit score and other eligibility criteria.
Once you have an opinion from the lenders, it might be useful to consider that mortgage rates are hovering close to their historic lows, providing an excellent opportunity to lower your EMI.
One of the benefits of fixed interest rates is that you know exactly how much money you have to put apart for the payments. If your current payments are under 35% of your monthly income along with a scope to lower them further with current interest rates, it makes sense to choose a fixed interest rate.
On the contrary, variable interest rates do not come with that guarantee and if the interest rates are to go higher in the next couple of years, you can expect to make higher payments on your existing loan.
I would suggest you to consult a financial expert before making a decision.
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