Home Loan Comparison
Bank Of India Home Loan vs IIFL
Introduction
Our comparison of Bank Of India Home Loan Home Loan and IIFL Home Loan reveals initial similarities: both are available to a diverse range of applicants and accommodate every property type. However, determining the right choice depends on who will use the home loan. Consider this as we proceed to examine each option in detail.
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 Home Loan vs IIFL Calculations
| Compare Home Loans |  |  |
|---|---|---|
| Loan Amount | ₹ 50,00,000 | ₹ 50,00,000 |
| Loan Tenure | 20 years | 20 years |
| Rate of Interest | 8.30% - 11% | 8.75% - 10.5% |
| Monthly EMI | ₹ 42,760 - ₹ 51,609 | ₹ 44,185 - ₹ 49,918 |
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When deciding between Bank Of India Home Loan Home Loan and IIFL Home Loan, it’s crucial to consider what each offers. Bank Of India Home Loan’s competitive interest rate of 8.30% - 11% is great for those who want to reduce their monthly payments, while IIFL’s 8.75% - 10.5% could be advantageous for long-term savers
Loan Tenure
With Bank Of India Home Loan Home Loan, enjoy the flexibility of stretching your loan payments up to Max 30 Years Years, perfect for those who need a longer period. On the other hand, IIFL Home Loan provides a shorter maximum tenure of up to Max 30 years Years, catering to those who wish to settle their loans quickly.
Maximum Loan Amount
With Bank Of India Home Loan Home Loan, you can secure up to Upto 5cr for purchasing upscale properties. IIFL Home Loan offers up to Upto 5cr, making it a good option for moderate real estate investments
Processing Fees
Finally, consider the processing fees, as they affect your initial expenses. Bank Of India Home Loan Home Loan imposes a fee of 0.25% of the loan amount + GST upto Rs 20,000, while IIFL Home Loan applies a fee of Up to 1.75% of the loan amount, potentially impacting your upfront loan costs.
Conclusion
Review the comprehensive details—interest rate, eligibility, loan duration, maximum loan value, and processing fees—of Bank Of India Home Loan Home Loan and IIFL Home Loan to make a knowledgeable decision that fits your financial strategy
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