Axis Bank Home Loan vs Mahindra Housing Finance Home Loan

Feature Comparison

When comparing home loans from Axis Bank and Mahindra Housing Finance, the interest rates are a key consideration. Axis Bank provides rates of 8.75% - 10.30%, appealing to those who want to keep their monthly payments low. In contrast, Mahindra Housing Finance offers rates of 9.30% - 11.80%, which might result in more significant savings over the life of the loan.

Axis Bank extends loan tenures up to Max 30 Years, ideal for borrowers seeking lower monthly commitments. On the other hand, Mahindra Housing Finance offers tenures up to Max 25 years, which can help reduce the total interest paid by shortening the repayment period.

Axis Bank allows a maximum loan amount of Upto 5cr, making it suitable for purchasing high-value or luxury properties. Mahindra Housing Finance limits the loan amount to Upto 1.5 Cr, catering to those interested in more affordable housing options.

Processing fees differ between the two banks. Axis Bank charges a fee of 1% of the loan amount + GST or a minimum of Rs 10,000, whereas Mahindra Housing Finance imposes a fee of 1% + Taxes. It's important to include these fees when assessing the overall cost of your home loan.

Conclusion

To make an educated choice that supports your financial aspirations, it's important to consider essential components such as interest rates, eligibility guidelines, loan durations, maximum loan amounts, and processing fees. By analyzing these aspects of the home loans offered by Axis Bank and Mahindra Housing Finance, you can select the option that aligns best with your objectives.