Bank Of India Home Loan vs LIC HFL Home Loan vs Union Bank Of India Home Loan

Feature Comparison

Choosing between Bank Of India, LIC HFL, and Union Bank Of India for a home loan requires careful consideration of their interest rates. Bank Of India offers rates of 7.85% - 11%, attractive for minimising monthly payments. LIC HFL provides rates of 8.00% - 10.75%, which may result in significant long-term savings. Union Bank Of India's rates of 7.35%-10.75% potentially offer the lowest total interest over the life of the loan.

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. LIC HFL allows a maximum tenure of Max 30 Years, providing a middle ground option. Union Bank Of India offers a tenure of Max 30 years, ideal for borrowers who wish to clear their debt more quickly.

Consider the maximum loan amounts when selecting a bank. Bank Of India provides up to Upto 5cr, making it ideal for premium property purchases. LIC HFL offers loans up to Upto 5cr, fitting for moderate investments. Union Bank Of India allows a maximum of Upto 5cr, perfect for smaller-scale property buying.

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. LIC HFL charges a fee of Rs 0.25% of the loan amount + GST, while Union Bank Of India sets its processing fee at 0.50% of the loan amount subject to a maximum of Rs. 15000 plus GST. 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, LIC HFL, and Union Bank Of India, you can confidently choose the option that meets your financial needs and supports your journey to owning a home.