HDFC Home Loan vs Bajaj Finance Home Loan vs Bank Of India Home Loan vs IIFL Home Loan

Feature Comparison

When selecting a home loan among HDFC, Bajaj Finance, Bank Of India, and IIFL, it's essential to assess the interest rates. HDFC offers rates of 8.75% - 9.65%, making it attractive for lower monthly instalments. Bajaj Finance provides rates of 8.50% - 15.00%, potentially yielding better long-term benefits. Meanwhile, Bank Of India has rates of 7.85% - 10.75%, suitable for borrowers seeking flexibility. IIFL offers rates of 8.75% - 10.5%, ideal for those prioritizing competitive initial rates.

HDFC extends loan tenures up to Max 30 Years, ideal for minimising monthly financial strain. Bajaj Finance allows up to Max 40 Years, catering to those who prefer a balanced repayment period. Bank Of India offers up to Max 30 Years, perfect for borrowers aiming for quicker loan settlement. IIFL provides loan tenures up to Max 30 years, offering additional flexibility for repayment plans.

For maximum loan amounts, HDFC supports up to 6cr - 10cr, ideal for high-value property purchases. Bajaj Finance caps at Upto 5cr, suitable for standard investments. Bank Of India provides up to Upto 5cr, fitting for modest real estate ventures. IIFL offers loans up to Upto 5cr, accommodating a wide range of property values.

Processing fees vary across banks. HDFC charges Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher, Bajaj Finance imposes Up to 4% of the loan amount, Bank Of India requires 0.25% of the loan amount + GST upto Rs 20,000, and IIFL sets its fee at Up to 1.75% of the loan amount. It's crucial to factor these fees into your initial loan costs.

Conclusion

To make an informed decision that aligns with your financial goals, carefully consider these crucial factors—interest rates, eligibility criteria, loan tenure, maximum loan amount, and processing fees—of the home loan products from HDFC, Bajaj Finance, Bank Of India, and IIFL.