HDFC Home Loan vs IIFL Home Loan vs Union Bank Of India Home Loan vs HSBC Home Loan

Feature Comparison

When selecting a home loan among HDFC, IIFL, Union Bank Of India, and HSBC, it's essential to assess the interest rates. HDFC offers rates of 8.75% - 9.65%, making it attractive for lower monthly instalments. IIFL provides rates of 8.75% - 10.5%, potentially yielding better long-term benefits. Meanwhile, Union Bank Of India has rates of 8.50%-10.75%, suitable for borrowers seeking flexibility. HSBC offers rates of 8.75%-11.00%, ideal for those prioritizing competitive initial rates.

HDFC extends loan tenures up to Max 30 Years, ideal for minimising monthly financial strain. IIFL allows up to Max 30 years, catering to those who prefer a balanced repayment period. Union Bank Of India offers up to Max 30 years, perfect for borrowers aiming for quicker loan settlement. HSBC provides loan tenures up to Max 25 years, offering additional flexibility for repayment plans.

For maximum loan amounts, HDFC supports up to 6cr - 10cr, ideal for high-value property purchases. IIFL caps at Upto 5cr, suitable for standard investments. Union Bank Of India provides up to Upto 5cr, fitting for modest real estate ventures. HSBC offers loans up to Upto 60 crore, 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, IIFL imposes Up to 1.75% of the loan amount, Union Bank Of India requires 0.50% of the loan amount subject to a maximum of Rs. 15000 plus GST, and HSBC sets its fee at 1% of the loan amount sanctioned or INR10,000, whichever is higher. 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, IIFL, Union Bank Of India, and HSBC.