Bank Of India Home Loan vs IIFL Home Loan

Feature Comparison

When deciding between Bank Of India and IIFL for your home loan, the interest rates are a vital consideration. Bank Of India offers rates of 8.40% - 11%, which is advantageous for borrowers looking to reduce their monthly financial commitments. On the other hand, IIFL provides rates of 8.75% - 10.5%, potentially resulting in greater savings over the duration of the loan.

Bank Of India extends loan tenures up to Max 30 Years, making it an excellent choice for those who prefer spreading their repayments over a longer period. Conversely, IIFL offers loan tenures of up to Max 30 years, appealing to borrowers who aim to pay off their loan more quickly and minimize total interest costs.

In terms of the maximum loan amount, Bank Of India allows borrowing up to Upto 5cr, suitable for purchasing high-value or luxury properties. Meanwhile, IIFL caps the loan amount at Upto 5cr, ideal for those investing in more moderately priced homes.

Processing fees are an essential factor to consider. Bank Of India charges a fixed processing fee of 0.25% of the loan amount + GST upto Rs 20,000, whereas IIFL imposes a fee of Up to 1.75% of the loan amount. It's important to account for these fees when calculating the overall cost of your home loan.

Conclusion

In summary, to find a home loan that fits your financial plans, it's vital to assess significant factors like the interest rate, eligibility criteria, loan duration, maximum borrowing capacity, and any processing fees. By analyzing these critical elements between Bank Of India and IIFL, you can make a choice that aligns with your financial objectives.