A crystal ball would be helpful!

Fixed interest rate home loans
Allows the repayment in fixed equal monthly installments over the entire period of the loan. The interest rate is fixed and doesn't change with market fluctuations. During the early part of loan, the majority of monthly payments are used to service the interest and the principal is served in the later parts of loan tenure.

Benefits of fixed rate home loans
Even if the market pressures push the interest rates to high levels, the borrower pays a fixed Equated Monthly Installment (EMI). A fixed rate home loan is excellent for those who are good at budgeting and want a fixed monthly repayment schedule, which is easy to budget and doesn't fluctuate. Fixed rate home loans bring a sense of certainty and security.

Drawbacks of fixed rate home loans
The major drawback it is usually 1 - 2.5% more than the floating rate home loan. Also, if for any reason the interest rate decreases, the fixed rate home loan does not and the borrower has to repay the same amount every time. Another area of concern is whether the fixed rate home loan is 'truly fixed' or fixed for just few years. This has to be ascertained while taking the home loan. Experts agree that fixed rates are a better option if the economic scenario promises a rise in interest rates in near future.

Floating rate home loan
The prime lending rate is used as a basis for the floating rate, with the agreement stating that the interest rate charged to the borrower is the prime interest rate plus a certain spread. So, if the base rate varies the floating interest rate also varies.

Benefits of floating interest rate home loan
The biggest benefit is that they are at least 1%-2% cheaper than fixed interest rates. Even if the floating rate goes over the fixed rate, it will be for some period of the loan not for the entire tenure. The interest rates will likely fall over a long period and thus a floating interest rate can bring a lot of savings.

Drawbacks of floating interest rate home loan
The drawback with floating interest rate is the uneven nature of monthly installments. This makes it difficult to budget with floating interest rate home loans.

3 Reasons to Consider a Floating Interest Rate for Your Mortgage Loan –

1. You Expect Rates to Fall
If interest rates have been dropping, floating your rate makes sense, depending on how long you have to lock the rate in. Markets of any kind have a tendency to trend when the rate starts to move in one direction. This is not always the case, but it does often happen. If the rate falls, you can either contact your lender and lock the rate, or let it float. If the rate begins to rise, you will have to decide whether to let it continue floating, or to lock it in at a higher rate.

It is important to be aware of the payment implications of letting your interest rate float. If rates increase to the point where your monthly payment is no longer affordable, you will not be able to borrow the amount you originally needed. Lenders have strict debt to income debt ratios so be sure you do not float yourself out of a loan.

2. You Want a Larger Loan
If you need a larger loan, but the rate is too high for you to afford the extra monthly payment, letting the rate float might be the right decision. This is applicable if you have already received an approval from your lender for a specific loan amount. In that approval, the lender tells you the maximum payment you qualify for under their guidelines. If the rate drops, your payment becomes less than the maximum amount your lender approved. This means you can increase your loan amount, until your loan payment is back to the maximum amount your lender approved. Make sure you inform the lender of your reason for floating the interest rate. They need to be aware of the added sum you want to borrow, because the principal cannot exceed their loan-to-value guidelines or you will be unable to get the extra amount you wanted.

3. You Will Pay the Loan Off Early
If you only intend on having the loan for a short period of time, floating your interest rate can make sense. For example, you are selling some assets, and you have not yet received the proceeds from the sale. Once you receive the proceeds, you will pay the loan off early. If for some reason the sale of your assets falls through, you may want to consider locking in your rate right away, since the reason you had for floating the rate is no longer applicable.

Conclusion
When it comes choosing between the two, a majority of home loan borrowers choose a floating interest rate home loan. Ideally the borrower should compare home loans for various parameters and understand every single detail about it. If certainty and security are prime considerations, a fixed rate home loan will be the best, however, it won't come without the premium on interest rates.