Bank Of Baroda Home Loan vs Equitas Small Finance Bank Home Loan vs Mahindra Housing Finance Home Loan vs Cholamandalam Home Loan

Feature Comparison

When evaluating home loans from Bank Of Baroda, Equitas Small Finance Bank, Mahindra Housing Finance, and Cholamandalam, interest rates are a key consideration. Bank Of Baroda offers rates of 8.00% - 10.90%, potentially lowering your monthly repayments. Equitas Small Finance Bank provides rates of 11.00% - 14.00%, which could lead to greater savings over the life of the loan. Mahindra Housing Finance presents rates of 9.30% - 11.80%, possibly offering the most favourable terms for your needs. Cholamandalam offers rates of 9.00%-15.00%, which might be the most competitive option.

Loan tenure impacts the repayment timeline. Bank Of Baroda offers a tenure of up to Max 30 Years, perfect for those preferring extended periods to ease monthly payments. Equitas Small Finance Bank provides a tenure of Max 20 years, ideal for borrowers aiming to repay their loan sooner. Mahindra Housing Finance allows for a maximum tenure of Max 25 years, offering flexibility based on your financial plans. Cholamandalam offers tenures up to Max 30 years, accommodating different repayment preferences.

The maximum loan amount determines the value of the property you can purchase. Bank Of Baroda provides loans up to Upto 20cr, suitable for luxury properties. Equitas Small Finance Bank offers a maximum of Upto 3cr, aligning with moderate investment properties. Mahindra Housing Finance approves loans up to Upto 1.5 Cr, catering to a diverse range of property values. Cholamandalam extends maximum loans of Upto 5cr, supporting various real estate investments.

Processing fees can affect your overall loan cost. Bank Of Baroda charges NIL, which should be considered in your initial budget. Equitas Small Finance Bank imposes Up to 2% on the sanctioned home loan, impacting your upfront expenses. Mahindra Housing Finance sets its fee at 1% + Taxes, while Cholamandalam requires Up to Rs 5,000 (including GST). These fees should be included in your cost calculations.

Conclusion

Selecting the right home loan is crucial for your financial future. By comparing the interest rates, eligibility criteria, loan tenures, maximum loan amounts, and processing fees offered by Bank Of Baroda, Equitas Small Finance Bank, Mahindra Housing Finance, and Cholamandalam, you can choose the option that best fits your needs and helps you achieve your homeownership goals.