Home Loan Comparison
Bank Of India Home Loan vs IIFL Home Loan vs Jana Small Finance Bank Home Loan vs Federal Bank Home Loan
Introduction
Making an informed decision on your home loan is essential. We'll evaluate the home loan products from Bank Of India, IIFL, Jana Small Finance Bank, and Federal Bank, comparing their interest rates, flexibility, and customer support. This guide will help you identify which bank provides the most suitable loan for your home purchase.
Bank Highlights
Bank Of India Home Loan
- Low Interest Rates
- No Hidden Charges
- Minimal Documentation
- Apply Online
- Finish up the process in 15 minutes
IIFL Home Loan
- Customized repayment solutions
- All round assistance
- No prepayment charges
- Door step services
- Minimal documentation
Jana Small Finance Bank Home Loan
- Lower EMI Options
- Transparent Terms and Conditions
- Dedicated Customer Support
- Fast Approval and Disbursement
- Flexible Policies
Federal Bank Home Loan
- Repayment holiday up to 36 months.
- Optional funding for life insurance
- No pre closure charges
- Maximum funding for your dream house -85% of the project cost.
- Easy top up loans in future.
Disclaimer
The interest rates, maximum tenures, and other charges are subject to change, and it's advisable to check with our experts for the most current information.
Home Loan Calculations
Bank Of India vs IIFL vs Jana Small Finance Bank vs Federal Bank Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
Choosing between Bank Of India, IIFL, Jana Small Finance 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. IIFL provides rates of 8.75% - 10.5%, which may result in significant long-term savings. Jana Small Finance Bank's rates of 9.75% - 11.00% 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.
Loan Tenure
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. IIFL allows a maximum tenure of Max 30 years, providing a middle ground option. Jana Small Finance 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.
Maximum Loan Amount
Consider the maximum loan amounts when selecting a bank. Bank Of India provides up to Upto 5cr, making it ideal for premium property purchases. IIFL offers loans up to Upto 5cr, fitting for moderate investments. Jana Small Finance Bank allows a maximum of Upto 3 Cr, perfect for smaller-scale property buying. Federal Bank extends loans up to Upto 15cr, accommodating a wide range of property investments.
Processing Fees
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. IIFL charges Up to 1.75% of the loan amount, while Jana Small Finance Bank sets its processing fee at 0.5%-2% of the loan amount + GST applicable. 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, IIFL, Jana Small Finance Bank, and Federal Bank, you can confidently choose the option that meets your financial needs and supports your journey to owning a home.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.