Bank Of Baroda Home Loan vs LIC HFL Home Loan vs Jana Small Finance Bank Home Loan vs Grihum Housing Finance Home Loan

Feature Comparison

When evaluating home loans from Bank Of Baroda, LIC HFL, Jana Small Finance Bank, and Grihum Housing Finance, interest rates are a key consideration. Bank Of Baroda offers rates of 8.00% - 10.90%, potentially lowering your monthly repayments. LIC HFL provides rates of 8.00% - 10.75%, which could lead to greater savings over the life of the loan. Jana Small Finance Bank presents rates of 9.75% - 11.00%, possibly offering the most favourable terms for your needs. Grihum Housing Finance offers rates of 9.00% - 17.25%, 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. LIC HFL provides a tenure of Max 30 Years, ideal for borrowers aiming to repay their loan sooner. Jana Small Finance Bank allows for a maximum tenure of Max 30 years, offering flexibility based on your financial plans. Grihum Housing Finance 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. LIC HFL offers a maximum of Upto 5cr, aligning with moderate investment properties. Jana Small Finance Bank approves loans up to Upto 3 Cr, catering to a diverse range of property values. Grihum Housing Finance 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. LIC HFL imposes Rs 0.25% of the loan amount + GST, impacting your upfront expenses. Jana Small Finance Bank sets its fee at 0.5%-2% of the loan amount + GST applicable, while Grihum Housing Finance requires 0.50% of your sanctioned loan amount. 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, LIC HFL, Jana Small Finance Bank, and Grihum Housing Finance, you can choose the option that best fits your needs and helps you achieve your homeownership goals.