Home Loan Comparison
Cholamandalam Home Loan vs Mahindra Housing Finance Home Loan
Introduction
When it comes to home loans, Cholamandalam and Mahindra Housing Finance are two top contenders. This comparison will highlight their key features, such as interest rates, repayment plans, and any unique perks, making it easier for you to choose the right loan for your situation.
Bank Highlights
Cholamandalam Home Loan
- Minimum Documentation
- Personalised Doorstep Service
- Fast track approval process
- Balance Transfer with better interest rates
Mahindra Housing Finance Home Loan
- Simple documentation
- Smaller EMIs
- Quick sanction & disbursements
- Pleasant & hassle free experience
- Flexible policy
- Extensive Branch Network
Disclaimer
The interest rates, maximum tenures, and other charges are subject to change, and it's advisable to check with our experts for the most current information.
Home Loan Calculations
Cholamandalam vs Mahindra Housing Finance Calculations
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Feature Comparison
Rate of Interest
When evaluating home loan options from Cholamandalam and Mahindra Housing Finance, interest rates play a pivotal role. Cholamandalam offers competitive rates of 9.00%-15.00%, which is beneficial for minimizing monthly payments. Conversely, Mahindra Housing Finance provides rates of 9.30% - 11.80%, potentially leading to greater savings over the loan period.
Loan Tenure
Cholamandalam offers loan tenures extending to Max 30 years, making it suitable for those who prefer lower monthly installments. In comparison, Mahindra Housing Finance allows loan tenures up to Max 25 years, appealing to borrowers who aim to settle their loans faster.
Maximum Loan Amount
Regarding the maximum loan amount, Cholamandalam permits loans up to Upto 5cr, ideal for purchasing premium real estate. Mahindra Housing Finance restricts the maximum loan to Upto 1.5 Cr, which is more appropriate for buyers looking at moderately priced properties.
Processing Fees
Processing fees are an important cost factor. Cholamandalam charges a fixed fee of Up to Rs 5,000 (including GST), while Mahindra Housing Finance levies a fee of 1% + Taxes. These fees should be factored into your overall loan cost calculations.
Conclusion
Finalizing your decision on a home loan requires a detailed examination of vital factors like interest rates, borrower eligibility, loan tenures, maximum borrowing limits, and processing costs. Evaluating these elements in the home loan products from Cholamandalam and Mahindra Housing Finance will enable you to choose the most suitable loan for your financial situation.
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