Home Loan Comparison
Equitas Small Finance Bank Home Loan vs IDFC First Bank Home Loan
Introduction
Looking to buy a home? Let's compare Equitas Small Finance Bank Home Loan and IDFC First Bank Home Loan. We'll break down their interest rates, repayment options, and any special features they offer to help you decide which bank is right for your needs.
Bank Highlights
Equitas Small Finance Bank Home Loan
- Enjoy affordable EMI
- Get speedy approvals
- Pay at your convenience with flexible repayments
- Get loan of up to ₹300 Lakhs
IDFC First Bank Home Loan
- Minimal documentation, tailor-made loans
- Up to 100% top-up at the same rate as balance transfers
- Enhanced eligibility for salaried & self-employed customers
- Digital process for availing loans up to ₹10 crore and tenure up to 30 years
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
Equitas Small Finance Bank vs IDFC First Bank Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When comparing home loan options between Equitas Small Finance Bank and IDFC First Bank, it's essential to evaluate key factors to find the best fit for your financial situation. Equitas Small Finance Bank offers an attractive interest rate of 11.00% - 14.00%, which is beneficial for those looking to minimise their monthly payments. In contrast, IDFC First Bank provides rates of 8.85% - 14%, potentially leading to more significant savings over the life of the loan.
Loan Tenure
Equitas Small Finance Bank presents a flexible loan tenure of up to Max 20 years, ideal for borrowers who prefer lower monthly obligations. Conversely, IDFC First Bank offers loan tenures extending to Max 30 Years, which may appeal to those who aim to repay their loan faster and reduce the total interest paid.
Maximum Loan Amount
When it comes to the maximum loan amount, Equitas Small Finance Bank allows borrowing up to Upto 3cr, making it suitable for purchasing high-value properties or premium real estate. On the other hand, IDFC First Bank caps the loan amount at Upto 5 Cr, which is ideal for more modest home investments.
Processing Fees
Additionally, processing fees play a crucial role in the initial costs of your home loan. Equitas Small Finance Bank charges a processing fee of Up to 2% on the sanctioned home loan, whereas IDFC First Bank sets its fee of Up to 3% of loan amount. It's important to factor in these fees when calculating the overall cost of your loan.
Conclusion
To choose a home loan that aligns with your financial objectives, it's crucial to evaluate key factors such as interest rates, eligibility criteria, loan tenure, maximum loan amounts, and processing fees. By thoroughly comparing these aspects of the home loan products offered by Equitas Small Finance Bank and IDFC First Bank, you can make an informed decision that best suits your needs.
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