Home Loan Comparison
Bajaj Finance Home Loan vs IDFC First Bank Home Loan vs Union Bank Of India Home Loan
Introduction
Choosing the right home loan can be overwhelming with so many options available. In this comparison, we'll look at home loans from Bajaj Finance, IDFC First Bank, and Union Bank Of India. All three banks offer loans to both salaried and self-employed individuals and cover various property types. The best loan for you depends on your personal needs and circumstances. Let's explore what each bank has to offer to help you make an informed decision.
Bank Highlights
Bajaj Finance Home Loan
- Low-Interest Rates
- Approval in 48 Hours
- No Foreclosure Fee for individuals
- Hassle Free Application
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
Union Bank Of India Home Loan
- Zero processing charges
- Attractive interest rates
- Dedicated Customer Support
- Fast Approval and Disbursement
- Flexible Policies
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
Bajaj Finance vs IDFC First Bank vs Union Bank Of India Calculations
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Feature Comparison
Rate of Interest
When evaluating home loan options from Bajaj Finance, IDFC First Bank, and Union Bank Of India, consider their interest rates carefully. Bajaj Finance offers rates of 7.99% - 15.00%, which can lead to lower monthly payments. IDFC First Bank provides rates of 8.85% - 14%, potentially offering better savings over the life of the loan. Union Bank Of India has rates of 7.35%-10.75%, suitable for borrowers needing adaptable financing terms.
Loan Tenure
Bajaj Finance provides loan tenures up to Max 40 Years, ideal for reducing monthly financial commitments. IDFC First Bank offers loan durations up to Max 30 Years, balancing repayment terms with financial flexibility. Union Bank Of India allows loan periods up to Max 30 years, perfect for those aiming to repay their loans more swiftly.
Maximum Loan Amount
In terms of maximum loan amounts, Bajaj Finance offers up to Upto 5cr, making it ideal for purchasing luxury properties. IDFC First Bank caps loans at Upto 5 Cr, suitable for standard home investments. Union Bank Of India provides loans up to Upto 5cr, catering to more modest real estate purchases.
Processing Fees
Processing fees are an important consideration. Bajaj Finance charges Up to 4% of the loan amount, IDFC First Bank imposes Up to 3% of loan amount, and Union Bank Of India sets its fee at 0.50% of the loan amount subject to a maximum of Rs. 15000 plus GST. These fees should be factored into your initial loan costs to determine the most economical option.
Conclusion
Making the right choice among the home loans offered by Bajaj Finance, IDFC First Bank, and Union Bank Of India involves a detailed evaluation of several critical factors. By thoroughly assessing interest rates, eligibility requirements, loan tenures, maximum loan amounts, and processing fees, you can select a loan that best aligns with your financial goals and facilitates a smooth path to homeownership.
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