Home Loan Comparison
HDFC Home Loan vs Bajaj Finance Home Loan vs Karur Vyasya Bank Home Loan vs LIC HFL Home Loan
Introduction
Buying a home is a major milestone, and finding the right loan is key. Let's explore what HDFC, Bajaj Finance, Karur Vyasya Bank, and LIC HFL offer in terms of interest rates, loan terms, and special benefits. By comparing their features, you can make an informed decision that fits your financial situation.
Bank Highlights
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
Bajaj Finance Home Loan
- Low-Interest Rates
- Approval in 48 Hours
- No Foreclosure Fee for individuals
- Hassle Free Application
Karur Vyasya Bank Home Loan
- Easy documentation
- No prepayment charges
- Fast Approval
- Easy Takeover
LIC HFL Home Loan
- Online Home loan sanction facility
- Quick sanction and low EMI
- Takeover or balance transfer of existing Home Loans Possible
- No Pre-Payment Penalty
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
HDFC vs Bajaj Finance vs Karur Vyasya Bank vs LIC HFL Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When selecting a home loan among HDFC, Bajaj Finance, Karur Vyasya Bank, and LIC HFL, 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, Karur Vyasya Bank has rates of 9.00% - 11.50%, suitable for borrowers seeking flexibility. LIC HFL offers rates of 8.50% - 10.75%, ideal for those prioritizing competitive initial rates.
Loan Tenure
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. Karur Vyasya Bank offers up to Max 30 Years, perfect for borrowers aiming for quicker loan settlement. LIC HFL provides loan tenures up to Max 30 Years, offering additional flexibility for repayment plans.
Maximum Loan Amount
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. Karur Vyasya Bank provides up to Upto 5cr, fitting for modest real estate ventures. LIC HFL offers loans up to Upto 5cr, accommodating a wide range of property values.
Processing Fees
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, Karur Vyasya Bank requires Upto Rs. 7,500/- + GST, and LIC HFL sets its fee at Rs 0.25% of the loan amount + GST. 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, Karur Vyasya Bank, and LIC HFL.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.