Home Loan Comparison
HDFC Home Loan vs Bank Of Baroda Home Loan vs Federal Bank Home Loan
Introduction
Looking for the right home loan can be tough with so many choices out there. In this guide, we'll compare home loans from HDFC, Bank Of Baroda, and Federal Bank. All three banks offer loans to both salaried and self-employed people and cover different types of properties. But the best option for you depends on your personal needs and financial situation. Let's look at what each bank has to offer so you can make the best choice.
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
Bank Of Baroda Home Loan
- Max savings under Baroda Max Savings Home loan.
- Concession for Women Borrowers- 0.05%
- Nil Processing fee
- Easy Takeover without income documents.
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.
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 Bank Of Baroda vs Federal Bank Calculations
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Feature Comparison
Rate of Interest
When selecting a home loan among HDFC, Bank Of Baroda, and Federal Bank, it's essential to assess the interest rates. HDFC offers rates of 8.75% - 9.65%, making it attractive for lower monthly instalments. Bank Of Baroda provides rates of 8.40% - 10.90%, potentially yielding better long-term benefits. Meanwhile, Federal Bank has rates of 8.80%-11.00%, suitable for borrowers seeking flexibility.
Loan Tenure
HDFC extends loan tenures up to Max 30 Years, ideal for minimising monthly financial strain. Bank Of Baroda allows up to Max 30 Years, catering to those who prefer a balanced repayment period. Federal Bank offers up to Max 30 years, perfect for borrowers aiming for quicker loan settlement.
Maximum Loan Amount
For maximum loan amounts, HDFC supports up to 6cr - 10cr, ideal for high-value property purchases. Bank Of Baroda caps at Upto 20cr, suitable for standard investments. Federal Bank provides up to Upto 15cr, fitting for modest real estate ventures.
Processing Fees
Processing fees vary across banks. HDFC charges Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher, Bank Of Baroda imposes NIL, and Federal Bank requires Low processing fees. 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, Bank Of Baroda, and Federal Bank.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.