Home Loan Comparison
ICICI Bank Home Loan vs IIFL Home Loan vs L&T Housing Finance Home Loan vs Dhanlaxmi Bank Home Loan
Introduction
Finding the right home loan can make a significant difference in your home-buying experience. Let's compare the offerings from ICICI Bank, IIFL, L&T Housing Finance, and Dhanlaxmi Bank, focusing on their interest rates, loan terms, and additional benefits. This comparison will help you choose the loan that best fits your needs.
Bank Highlights
ICICI Bank Home Loan
- Generous Loan Amount
- Flexible Tenure
- No Foreclosure Charges
- Minimal Documentation
- Instant Provisional Sanction
IIFL Home Loan
- Customized repayment solutions
- All round assistance
- No prepayment charges
- Door step services
- Minimal documentation
L&T Housing Finance Home Loan
- Digitized Process
- Dedicated Relationship Manager
- Lowest Down Payment
- Flexibility Tailored for You.
- Easy top up loans in future.
Dhanlaxmi Bank Home Loan
- Fast track approval process
- Balance Transfer facility
- Flexibility Tailored for You
- Dedicated Customer Support
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
ICICI Bank vs IIFL vs L&T Housing Finance vs Dhanlaxmi Bank Calculations
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Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When exploring home loan options among ICICI Bank, IIFL, L&T Housing Finance, and Dhanlaxmi Bank, the interest rate is a pivotal factor. ICICI Bank offers rates of 8.50% - 10.00%, making it appealing for those who prefer lower monthly instalments. IIFL provides rates of 8.75% - 10.5%, which might lead to considerable savings over the loan's duration. L&T Housing Finance presents rates of 8.65%- 11.00%, potentially offering the most economical choice based on your financial goals. Dhanlaxmi Bank offers rates of 8.60%-11.00%, which could be the best fit for cost-conscious borrowers.
Loan Tenure
The length of the loan term can significantly affect your repayment schedule. ICICI Bank offers a maximum tenure of Max 30 Years, ideal for borrowers seeking to minimise their monthly payments. IIFL allows for a tenure of up to Max 30 years, striking a balance between the loan period and total interest paid. L&T Housing Finance provides a tenure of Max 25 years., suitable for those who aim to repay their loan sooner. Dhanlaxmi Bank extends tenures up to Max 30 years, offering flexibility for different repayment goals.
Maximum Loan Amount
Your required loan amount is crucial in selecting the right bank. ICICI Bank extends loans up to Upto 5cr, suitable for purchasing high-end properties. IIFL offers a maximum amount of Upto 5cr, catering to mid-range investments. L&T Housing Finance provides loans up to Upto 10 Cr, perfect for smaller property acquisitions. Dhanlaxmi Bank offers maximum loans of Upto 10 cr, accommodating a variety of property values.
Processing Fees
Initial costs like processing fees can impact your loan's overall affordability. ICICI Bank charges 0.50% of the loan amount, which could influence your starting expenses. IIFL imposes Up to 1.75% of the loan amount, L&T Housing Finance sets its fee at Up to 3% of sanctioned amount, and Dhanlaxmi Bank requires 1.00% of the loan amount. Comparing these fees is essential to understand the overall expenses involved.
Conclusion
Making a wise choice between the home loans from ICICI Bank, IIFL, L&T Housing Finance, and Dhanlaxmi Bank involves a careful look at their specific terms. Focus on comparing interest rates, eligibility requirements, loan durations, the highest loan amounts available, and processing fees to select the loan that best suits your financial situation.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.