Bank Of India Home Loan vs Aadhar Housing Finance Ltd. Home Loan vs South Indian Bank Home Loan vs Federal Bank Home Loan

Feature Comparison

Choosing between Bank Of India, Aadhar Housing Finance Ltd., South Indian Bank, and Federal Bank for a home loan requires careful consideration of their interest rates. Bank Of India offers rates of 7.85% - 10.75%, attractive for minimising monthly payments. Aadhar Housing Finance Ltd. provides rates of 8.75-10.5%, which may result in significant long-term savings. South Indian Bank's rates of 8.70% to 11.70% potentially offer the lowest total interest over the life of the loan. Federal Bank offers rates of 8.80%-11.00%, which could be the most competitive option for your financial situation.

The loan tenure affects both your monthly budget and the total interest paid. Bank Of India offers a tenure up to Max 30 Years, suitable for those who prefer extended repayment periods. Aadhar Housing Finance Ltd. allows a maximum tenure of Max 30 years, providing a middle ground option. South Indian Bank offers a tenure of Max 30 years, ideal for borrowers who wish to clear their debt more quickly. Federal Bank provides tenures up to Max 30 years, catering to different repayment strategies.

Consider the maximum loan amounts when selecting a bank. Bank Of India provides up to Upto 5cr, making it ideal for premium property purchases. Aadhar Housing Finance Ltd. offers loans up to Upto 5cr, fitting for moderate investments. South Indian Bank allows a maximum of Upto 15cr, perfect for smaller-scale property buying. Federal Bank extends loans up to Upto 15cr, accommodating a wide range of property investments.

Processing fees can add to your initial loan costs. Bank Of India's processing fee is 0.25% of the loan amount + GST upto Rs 20,000, which should be accounted for in your budget. Aadhar Housing Finance Ltd. charges Up to Rs.3500 Plus Applicable GST, while South Indian Bank sets its processing fee at 0.50% of the loan amount, with a minimum amount of Rs.10000.00. Federal Bank requires Low processing fees, impacting your upfront expenses. Evaluating these fees helps in understanding the overall cost of your loan.

Conclusion

By thoroughly assessing the critical aspects of home loans—such as interest rates, eligibility conditions, loan tenures, maximum loan amounts, and processing fees—from Bank Of India, Aadhar Housing Finance Ltd., South Indian Bank, and Federal Bank, you can confidently choose the option that meets your financial needs and supports your journey to owning a home.