Aavas Housing Finance Home Loan vs LIC HFL Home Loan

Feature Comparison

When selecting between Aavas Housing Finance and LIC HFL 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, LIC HFL provides rates of 8.00% - 10.75%, which might result in greater savings over the duration of the loan.

Aavas Housing Finance extends loan tenures up to Max 30 years, which is perfect for borrowers who prefer smaller monthly payments. Conversely, LIC HFL 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.

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, LIC HFL limits the loan amount to Upto 5cr, making it ideal for buyers looking at more affordable housing options.

Processing fees are another important consideration. Aavas Housing Finance charges a flat fee of Up to 2% + GST, whereas LIC HFL levies a fee of Rs 0.25% of the loan amount + GST. 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 LIC HFL will help you make a well-informed choice tailored to your financial goals.