Home Loan Comparison
HDFC Home Loan vs Kotak Mahindra Bank Home Loan
Introduction
So as we start comparing these two home loans we have some basic guide for both of them. First, both home loans, HDFC Home Loan & Kotak Mahindra Bank Home Loan offer loans to Salaried & Self employed applicants. Second, we know that both banks provides to every property type. And finally, any comparison is ultimately futile without considering the use case. Who is buying the home loan? You, your family, your parents? That's something you'll need to answer before using this guide. So with that introduction out of the way, we can get to comparing the home loans.
Disclaimer
The interest rates, maximum tenures, and other charges are subject to change, and it's advisable to check with our experst for the most current information.
Home Loan Calculations
HDFC Home Loan vs Kotak Mahindra Bank Home Loan Calculations
Compare Home Loans | ||
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Loan Amount | ₹ 50,00,000 | ₹ 50,00,000 |
Loan Tenure | 20 years | 20 years |
Rate of Interest | 8.50% - 9.40% | 8.70% - 9.85% |
Monthly EMI | ₹ 43,391 - ₹ 46,280 | ₹ 44,026 - ₹ 47,755 |
Calculator
Home Loan EMI Calculator
Your Amortization details(Yearly/Monthly)
Feature Comparison
Rate of Interest
When comparing the home loan options between HDFC Home Loan and Kotak Mahindra Bank Home Loan, several key factors help you make the best choice for your financial needs. HDFC Home Loan offers a competitive rate of interest at 8.50% - 9.40%, which might be more appealing if you're looking for lower monthly repayments. On the other hand, Kotak Mahindra Bank Home Loan stands out with its 8.70% - 9.85%, which is potentially beneficial for long-term savings.
Loan Tenure
In terms of loan tenure, HDFC Home Loan allows for flexibility up to Max 30 Years, ideal for those who prefer spreading out payments over a longer period. Conversely, Kotak Mahindra Bank Home Loan offers a tenure of up to Max 30 Years, which might suit you if you're looking to pay off the loan sooner.
Maximum Loan Amount
The maximum loan amount is another critical consideration. HDFC Home Loan offers 6cr - 10cr, making it a viable option for purchasing high-value properties. Kotak Mahindra Bank Home Loan, with a maximum loan offer of Upto 5cr, could be better suited for those looking at a moderate investment.
Processing Fees
Lastly, processing fees can impact your upfront costs. HDFC Home Loan charges a fee of Rs 3000 + GST, whereas Kotak Mahindra Bank Home Loan has set its fees at 0.1% - 0.5% of the loan amount + GST. This difference could influence your initial loan cost.
Conclusion
By examining these factors—the interest rate, eligibility, loan tenure, maximum loan amount, and processing fees—you can better understand the home loan offerings from HDFC Home Loan and Kotak Mahindra Bank Home Loan, making an informed decision that aligns with your financial goals.