Home Loan Comparison
Aavas Housing Finance Home Loan vs IDFC First Bank Home Loan
Introduction
Choosing the right home loan is essential for your financial future. In this comparison between Aavas Housing Finance Home Loan and IDFC First Bank Home Loan, we'll explore their loan terms, eligibility criteria, and customer support to help you make an informed decision.
Bank Highlights
Aavas Housing Finance Home Loan
- Wide Range of Eligible Properties
- Integrated Branch Network
- Loan Amount Flexibility
- Flexible Tenure Options
IDFC First Bank Home Loan
- Minimal documentation, tailor-made loans
- Up to 100% top-up at the same rate as balance transfers
- Enhanced eligibility for salaried & self-employed customers
- Digital process for availing loans up to ₹10 crore and tenure up to 30 years
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
Aavas Housing Finance vs IDFC First Bank Calculations
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Feature Comparison
Rate of Interest
When selecting between Aavas Housing Finance and IDFC First Bank for your home loan, evaluating the interest rates is crucial. Aavas Housing Finance offers rates of 8.50-10.5%, making it an attractive choice for those aiming to keep their monthly instalments low. On the other hand, IDFC First Bank provides rates of 8.85% - 14%, which might result in greater savings over the duration of the loan.
Loan Tenure
Aavas Housing Finance extends loan tenures up to Max 30 years, which is perfect for borrowers who prefer smaller monthly payments. Conversely, IDFC First Bank allows loan periods of up to Max 30 Years, catering to individuals who wish to pay off their loan more quickly and reduce the total interest burden.
Maximum Loan Amount
In terms of the maximum loan amount, Aavas Housing Finance permits loans up to Upto 3cr, suitable for purchasing luxury or high-value properties. Meanwhile, IDFC First Bank limits the loan amount to Upto 5 Cr, making it ideal for buyers looking at more affordable housing options.
Processing Fees
Processing fees are another important consideration. Aavas Housing Finance charges a flat fee of Up to 2% + GST, whereas IDFC First Bank levies a fee of Up to 3% of loan amount. These fees should be taken into account when calculating the overall cost of your home loan.
Conclusion
Selecting the right home loan involves careful consideration of important elements like interest rates, qualification requirements, loan durations, maximum loan limits, and any associated processing charges. Reviewing these factors in the offerings from Aavas Housing Finance and IDFC First Bank will help you make a well-informed choice tailored to your financial goals.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.