Home Loan Comparison
Federal Bank Home Loan vs HDFC Home Loan
Introduction
Finding a home loan that suits your needs is easier when you know your options. Let's examine Federal Bank and HDFC, comparing their mortgage rates, loan conditions, and extra features to help you choose the right bank for your home financing journey.
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.
HDFC Home Loan
- Great Customer Service
- Process is Simple and Online
- Certain Restrictions on Online Prepayments
- Competitive Interest Rates
- Multi Branch Banking
- Non Salaried Cases Take Time
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 HDFC Calculations
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Feature Comparison
Rate of Interest
When deciding between Federal Bank and HDFC for your home loan, the interest rates are a vital consideration. Federal Bank offers rates of 8.80%-11.00%, which is advantageous for borrowers looking to reduce their monthly financial commitments. On the other hand, HDFC provides rates of 8.75% - 9.65%, potentially resulting in greater savings over the duration of the loan.
Loan Tenure
Federal Bank extends loan tenures up to Max 30 years, making it an excellent choice for those who prefer spreading their repayments over a longer period. Conversely, HDFC offers loan tenures of up to Max 30 Years, appealing to borrowers who aim to pay off their loan more quickly and minimize total interest costs.
Maximum Loan Amount
In terms of the maximum loan amount, Federal Bank allows borrowing up to Upto 15cr, suitable for purchasing high-value or luxury properties. Meanwhile, HDFC caps the loan amount at 6cr - 10cr, ideal for those investing in more moderately priced homes.
Processing Fees
Processing fees are an essential factor to consider. Federal Bank charges a fixed processing fee of Low processing fees, whereas HDFC imposes a fee of Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher. It's important to account for these fees when calculating the overall cost of your home loan.
Conclusion
In summary, to find a home loan that fits your financial plans, it's vital to assess significant factors like the interest rate, eligibility criteria, loan duration, maximum borrowing capacity, and any processing fees. By analyzing these critical elements between Federal Bank and HDFC, you can make a choice that aligns with your financial objectives.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.