Equitas Small Finance Bank Home Loan vs Kotak Mahindra Home Loan

Feature Comparison

When comparing home loan options between Equitas Small Finance Bank and Kotak Mahindra, 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, Kotak Mahindra provides rates of 8.75% - 9.85%, potentially leading to more significant savings over the life of the loan.

Equitas Small Finance Bank presents a flexible loan tenure of up to Max 20 years, ideal for borrowers who prefer lower monthly obligations. Conversely, Kotak Mahindra 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.

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, Kotak Mahindra caps the loan amount at Upto 5cr, which is ideal for more modest home investments.

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 Kotak Mahindra sets its fee of 0.5% - 1.00% of the 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 Kotak Mahindra, you can make an informed decision that best suits your needs.