Home Loan Comparison
HDFC Home Loan vs ICICI Bank Home Loan vs Punjab National Bank Home Loan vs Federal Bank Home Loan
Introduction
Buying a home is a major milestone, and finding the right loan is key. Let's explore what HDFC, ICICI Bank, Punjab National Bank, and Federal Bank 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
ICICI Bank Home Loan
- Generous Loan Amount
- Flexible Tenure
- No Foreclosure Charges
- Minimal Documentation
- Instant Provisional Sanction
Punjab National Bank Home Loan
- Flexibility in Documentation
- High Tenure Loan
- Fund upto 90% of Property Value
- Great Offerings for Loan Against Property
- Quick Sanction and Disbursement
- Customised Eligibility as per Income
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 ICICI Bank vs Punjab National Bank vs Federal Bank Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When selecting a home loan among HDFC, ICICI Bank, Punjab National Bank, 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. ICICI Bank provides rates of 8.75% - 10.00%, potentially yielding better long-term benefits. Meanwhile, Punjab National Bank has rates of 8.50% - 11.05%, suitable for borrowers seeking flexibility. Federal Bank offers rates of 8.80%-11.00%, ideal for those prioritizing competitive initial rates.
Loan Tenure
HDFC extends loan tenures up to Max 30 Years, ideal for minimising monthly financial strain. ICICI Bank allows up to Max 30 Years, catering to those who prefer a balanced repayment period. Punjab National Bank offers up to Max 30 Years, perfect for borrowers aiming for quicker loan settlement. Federal Bank 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. ICICI Bank caps at Upto 5cr, suitable for standard investments. Punjab National Bank provides up to Upto 5cr, fitting for modest real estate ventures. Federal Bank offers loans up to Upto 15cr, 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, ICICI Bank imposes 0.50% of the loan amount, Punjab National Bank requires up to 1% for Home Loan, and Federal Bank sets its fee at 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, ICICI Bank, Punjab National Bank, and Federal Bank.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.