Bank Of India Home Loan vs Equitas Small Finance Bank Home Loan vs South Indian Bank Home Loan vs DCB Bank Home Loan

Feature Comparison

Choosing between Bank Of India, Equitas Small Finance Bank, South Indian Bank, and DCB 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. Equitas Small Finance Bank provides rates of 11.00% - 14.00%, 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. DCB Bank offers rates of 9.75%-14.50%, 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. Equitas Small Finance Bank allows a maximum tenure of Max 20 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. DCB Bank provides tenures up to Max 20 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. Equitas Small Finance Bank offers loans up to Upto 3cr, fitting for moderate investments. South Indian Bank allows a maximum of Upto 15cr, perfect for smaller-scale property buying. DCB Bank extends loans up to Upto 5cr, 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. Equitas Small Finance Bank charges Up to 2% on the sanctioned home loan, while South Indian Bank sets its processing fee at 0.50% of the loan amount, with a minimum amount of Rs.10000.00. DCB Bank requires Upto 2% or ₹ 5,000 (whichever is higher) Processing fee as applicable of sanction limit, 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, Equitas Small Finance Bank, South Indian Bank, and DCB Bank, you can confidently choose the option that meets your financial needs and supports your journey to owning a home.