Home Loan Comparison
HDFC Home Loan vs SBI Home Loan vs Kotak Mahindra Home Loan vs Axis Bank Home Loan
Introduction
Buying a home is a major milestone, and finding the right loan is key. Let's explore what HDFC, SBI, Kotak Mahindra, and Axis 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
SBI Home Loan
- Low Processing charges. No hidden costs.
- No Prepayment penalties
- Home loan also available as an overdraft.
- Interest Calculation on Daily Reducing Balance
- Wide Product Range
Kotak Mahindra Home Loan
- Attractive Interest Rates
- Minimal Documentation
- 50% off on processing fees for all digital applications
- Customizable Tenure
Axis Bank Home Loan
- Competitive Interest Rates
- Hassle Free Loan Balance Transfer
- No Prepayment Charges
- Transparent Processing
- Flexible Tenure
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 SBI vs Kotak Mahindra vs Axis Bank Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When selecting a home loan among HDFC, SBI, Kotak Mahindra, and Axis Bank, it's essential to assess the interest rates. HDFC offers rates of 8.75% - 9.65%, making it attractive for lower monthly instalments. SBI provides rates of 8.00% - 9.70%, potentially yielding better long-term benefits. Meanwhile, Kotak Mahindra has rates of 8.75% - 9.85%, suitable for borrowers seeking flexibility. Axis Bank offers rates of 8.75% - 10.30%, ideal for those prioritizing competitive initial rates.
Loan Tenure
HDFC extends loan tenures up to Max 30 Years, ideal for minimising monthly financial strain. SBI allows up to Max 30 Years, catering to those who prefer a balanced repayment period. Kotak Mahindra offers up to Max 30 Years, perfect for borrowers aiming for quicker loan settlement. Axis 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. SBI caps at Upto 5cr, suitable for standard investments. Kotak Mahindra provides up to Upto 5cr, fitting for modest real estate ventures. Axis Bank 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, SBI imposes 0.35% of the loan amount, Kotak Mahindra requires 0.5% - 1.00% of the loan amount, and Axis Bank sets its fee at 1% of the loan amount + GST or a minimum of Rs 10,000. 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, SBI, Kotak Mahindra, and Axis Bank.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.