Home Loan Comparison
IDBI Bank Home Loan vs Equitas Small Finance Bank Home Loan
Introduction
Looking to buy a home? Let's compare IDBI Bank Home Loan and Equitas Small Finance Bank Home Loan. We'll break down their interest rates, repayment options, and any special features they offer to help you decide which bank is right for your needs.
Bank Highlights
IDBI Bank Home Loan
- Quick Processing
- Top up facility up to 100%
- Power-Packed customized Features to suit your Home Loan requirements.
- Flexible Loan Repayment Options
- Most experienced personnel for smooth and easy loan processing.
- Already approved projects for convenience of Home Loan buyers
Equitas Small Finance Bank Home Loan
- Enjoy affordable EMI
- Get speedy approvals
- Pay at your convenience with flexible repayments
- Get loan of up to ₹300 Lakhs
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
IDBI Bank vs Equitas Small Finance Bank Calculations
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Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When comparing home loan options between IDBI Bank and Equitas Small Finance Bank, it's essential to evaluate key factors to find the best fit for your financial situation. IDBI Bank offers an attractive interest rate of 8.45% - 10%, which is beneficial for those looking to minimise their monthly payments. In contrast, Equitas Small Finance Bank provides rates of 11.00% - 14.00%, potentially leading to more significant savings over the life of the loan.
Loan Tenure
IDBI Bank presents a flexible loan tenure of up to Max 30 Years, ideal for borrowers who prefer lower monthly obligations. Conversely, Equitas Small Finance Bank offers loan tenures extending to Max 20 years, which may appeal to those who aim to repay their loan faster and reduce the total interest paid.
Maximum Loan Amount
When it comes to the maximum loan amount, IDBI Bank allows borrowing up to 5cr - 10cr, making it suitable for purchasing high-value properties or premium real estate. On the other hand, Equitas Small Finance Bank caps the loan amount at Upto 3cr, which is ideal for more modest home investments.
Processing Fees
Additionally, processing fees play a crucial role in the initial costs of your home loan. IDBI Bank charges a processing fee of 0.50% of loan amount (Plus applicable taxes), whereas Equitas Small Finance Bank sets its fee of Up to 2% on the sanctioned home loan. It's important to factor in these fees when calculating the overall cost of your loan.
Conclusion
To choose a home loan that aligns with your financial objectives, it's crucial to evaluate key factors such as interest rates, eligibility criteria, loan tenure, maximum loan amounts, and processing fees. By thoroughly comparing these aspects of the home loan products offered by IDBI Bank and Equitas Small Finance Bank, you can make an informed decision that best suits your needs.
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