Bank Of India Home Loan vs Punjab National Bank Home Loan vs Aadhar Housing Finance Ltd. Home Loan vs Mahindra Housing Finance Home Loan

Feature Comparison

Choosing between Bank Of India, Punjab National Bank, Aadhar Housing Finance Ltd., and Mahindra Housing Finance 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. Punjab National Bank provides rates of 8.50% - 11.05%, which may result in significant long-term savings. Aadhar Housing Finance Ltd.'s rates of 9.49% - 10.5% potentially offer the lowest total interest over the life of the loan. Mahindra Housing Finance offers rates of 9.30% - 11.80%, 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. Punjab National Bank allows a maximum tenure of Max 30 Years, providing a middle ground option. Aadhar Housing Finance Ltd. offers a tenure of Max 30 years, ideal for borrowers who wish to clear their debt more quickly. Mahindra Housing Finance provides tenures up to Max 25 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. Punjab National Bank offers loans up to Upto 5cr, fitting for moderate investments. Aadhar Housing Finance Ltd. allows a maximum of Upto 5cr, perfect for smaller-scale property buying. Mahindra Housing Finance extends loans up to Upto 1.5 Cr, 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. Punjab National Bank charges up to 1% for Home Loan, while Aadhar Housing Finance Ltd. sets its processing fee at Up to Rs.3500 Plus Applicable GST. Mahindra Housing Finance requires 1% + Taxes, 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, Punjab National Bank, Aadhar Housing Finance Ltd., and Mahindra Housing Finance, you can confidently choose the option that meets your financial needs and supports your journey to owning a home.