Home Loan Comparison
Federal Bank Home Loan vs Grihum Housing Finance Home Loan vs RBL Bank Home Loan
Introduction
Buying a home is a big decision, and choosing the right loan is just as important. We'll compare home loans from Federal Bank, Grihum Housing Finance, and RBL Bank to make your choice easier. These banks cater to different employment statuses and cover all kinds of properties. Your personal situation will guide the best option. Let's explore each one to find the perfect fit for you.
Bank Highlights
Federal Bank Home Loan
- Repayment holiday up to 36 months.
- Optional funding for life insurance
- No pre closure charges
- Maximum funding for your dream house -85% of the project cost.
- Easy top up loans in future.
Grihum Housing Finance Home Loan
- Comprehensive Solutions for Every Dream House
- Affordability at its Core
- Financial Freedom, Simplified
- Flexibility Tailored for You.
- Easy top up loans in future.
RBL Bank Home Loan
- Housing Loans of up to INR 15 Crores
- Attractive interest rates
- Tax benefits up to 3.5 lakhs*
- Flexibility Tailored for You.
- Easy top up loans in future.
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
Federal Bank vs Grihum Housing Finance vs RBL Bank Calculations
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Feature Comparison
Rate of Interest
Choosing between Federal Bank, Grihum Housing Finance, and RBL Bank for a home loan requires careful consideration of their interest rates. Federal Bank offers rates of 8.80%-11.00%, attractive for minimising monthly payments. Grihum Housing Finance provides rates of 9.30% - 17.25%, which may result in significant long-term savings. RBL Bank's rates of 9.00%-11.00% potentially offer the lowest total interest over the life of the loan.
Loan Tenure
The loan tenure affects both your monthly budget and the total interest paid. Federal Bank offers a tenure up to Max 30 years, suitable for those who prefer extended repayment periods. Grihum Housing Finance allows a maximum tenure of Max 30 years, providing a middle ground option. RBL Bank offers a tenure of Max 30 years, ideal for borrowers who wish to clear their debt more quickly.
Maximum Loan Amount
Consider the maximum loan amounts when selecting a bank. Federal Bank provides up to Upto 15cr, making it ideal for premium property purchases. Grihum Housing Finance offers loans up to Upto 5cr, fitting for moderate investments. RBL Bank allows a maximum of Upto 15 Cr, perfect for smaller-scale property buying.
Processing Fees
Processing fees can add to your initial loan costs. Federal Bank's processing fee is Low processing fees, which should be accounted for in your budget. Grihum Housing Finance charges a fee of 0.50% of your sanctioned loan amount, while RBL Bank sets its processing fee at Up to 1.5% of the loan amount or up to Rs 15,000. 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 Federal Bank, Grihum Housing Finance, and RBL Bank, you can confidently choose the option that meets your financial needs and supports your journey to owning a home.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.