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Home Loan Comparison

IIFL Home Loan vs Cholamandalam Home Loan vs Can Fin Home Loan

IIFL
Cholamandalam
Can Fin

Introduction

Finding the perfect home loan doesn't have to be complicated. We're here to compare the home loan offerings from IIFL, Cholamandalam, and Can Fin. These banks cater to different employment types and property categories. Your ideal choice will hinge on your specific situation. Let's dive into the details of each to see which one fits you best.

Basic InfoIIFLCholamandalamCan Fin
 
 
 
 
Interest Rate
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8.75% - 10.5%
9.00%-15.00%
9.35% - 14.25%
Loan TenureMax 30 years
Max 30 years
Max 30 years
LTV80% - 90%
80% - 90%
80% - 90%
Max Loan AmountUpto 5cr
Upto 5cr
Upto 10 cr
EligibilityIIFLCholamandalamCan Fin
 
 
 
 
AgeSalaried/ Self Employed : 18-75 years
Salaried : 21 years - 65 years
Self Employed : 21 years - 65 years
Salaried : 18 years - 70 years
Self Employed : 18 years - 70 years
ProfessionSalaried/Self Employed
Salaried/Self Employed
Salaried/ Self Employed
IncomeMetro Cities : 20,000/Month & Above
Other Cities : 15,000/Month & Above
Metro Cities : 20,000/Month & Above
Other Cities : 15,000/Month & Above
Metro Cities : 20,000/Month & Above
Other Cities : 15,000/Month & Above
NationalityResident Indian/ NRI
Resident Indian/ NRI
Resident Indian/ NRI
Fees & ChargesIIFLCholamandalamCan Fin
 
 
 
 
Processing FeesUp to 1.75% of the loan amount
Up to Rs 5,000 (including GST)
1.00% of the loan amount
Other ChargesLate Payment Charges- 18% per annum on the overdue loan amount
Penal Charges:
– In case of delay in the payment of installments: 36% per annum on the unpaid amount
– For other event(s) of default: 24% per annum on the amounts outstanding.
Penal Charges: 2% p.a. + applicable GST
Properties supportedIIFLCholamandalamCan Fin
 
 
 
 
Plot Purchase
Independent Building
Apartment
Resale Property
New Construction
Features & OfferingsIIFLCholamandalamCan Fin
 
 
 
 
Home Loan
Plot Cum Construction Loan
Balance Transfer
Overdraft FacilityNO
NO
Top Up Facility
Other OfferingsLoan Against Property, Secured Business Loan, Home Loan for Uniformed Sevices, NRI Home Loan
Loan Agianst Property
Affordable Home Loan, Composite Home Loan

Bank Highlights

IIFL Home Loan

  • Customized repayment solutions
  • All round assistance
  • No prepayment charges
  • Door step services
  • Minimal documentation

Cholamandalam Home Loan

  • Minimum Documentation
  • Personalised Doorstep Service
  • Fast track approval process
  • Balance Transfer with better interest rates

Can Fin 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.

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Home Loan Calculations

IIFL vs Cholamandalam vs Can Fin Calculations

₹50,00,000
20 Years
Compare Home LoansIIFLCholamandalamCan Fin
 
 
 
 
Loan Amount₹ 50,00,000₹ 50,00,000₹ 50,00,000
Loan Tenure20 years20 years20 years
Rate of Interest8.75% - 10.5%9.00%-15.00%9.35% - 14.25%
Monthly EMI₹ 44,185 -
₹ 49,918
₹ 44,986 -
₹ NaN
₹ 46,117 -
₹ 63,085
Calculator

Home Loan EMI Calculator

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Loan AmountInterest Amount
Monthly EMI
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Loan Amount
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Interest Amount
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Loan Amount

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Interest Amount

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Total Payable

₹ 0

Monthly EMI

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Your Amortization details(Yearly/Monthly)

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Feature Comparison

1

Rate of Interest

When comparing home loan offerings from IIFL, Cholamandalam, and Can Fin, interest rates are a key consideration. IIFL provides rates of 8.75% - 10.5%, which can lead to lower monthly payments. Cholamandalam offers rates of 9.00%-15.00%, potentially resulting in greater long-term savings. Can Fin has interest rates of 9.35% - 14.25%, offering flexibility for different financial strategies.

2

Loan Tenure

IIFL offers loan tenures up to Max 30 years, ideal for reducing monthly financial commitments. Cholamandalam provides loan periods up to Max 30 years, catering to those who prefer a balanced repayment schedule. Can Fin allows loan tenures up to Max 30 years, perfect for borrowers aiming to repay their loans more quickly.

3

Maximum Loan Amount

For the maximum loan amount, IIFL extends up to Upto 5cr, making it suitable for purchasing premium properties. Cholamandalam caps loans at Upto 5cr, fitting for standard home investments. Can Fin offers loans up to Upto 10 cr, catering to more modest real estate purchases.

4

Processing Fees

Processing fees differ across banks. IIFL charges Up to 1.75% of the loan amount, Cholamandalam imposes Up to Rs 5,000 (including GST), and Can Fin sets its fee at 1.00% of the loan amount. These fees should be factored into your initial loan costs to determine the most cost-effective option.


Conclusion

To find the most suitable home loan among IIFL, Cholamandalam, and Can Fin, it's crucial to examine the specific features each bank offers. By evaluating factors such as interest rates, eligibility conditions, loan durations, maximum borrowing amounts, and processing fees, you can make an informed decision that aligns with your financial plans and helps you achieve your dream of owning a home.

Confused About Home Loans? We’re Here to HELP!

Get detailed answers to the most frequently asked questions, tailored for your peace of mind.

How to compare housing loans?

What is the EMI for a 20 lakh home loan?

What is the minimum cibil score for home loan?

How to increase CIBIL score fast?

Can I take 2 home loans?

How can I lower my interest rate on my home loan?

Which bank gives a 100% home loan in India?

What does Credit Dharma do?

How does Credit Dharma get the best home loans for me?

Are the services offered by Credit Dharma free?

How to compare housing loans?
When comparing housing loans, evaluate interest rates, repayment terms, associated fees, and eligibility criteria to find the best fit for your financial situation.
What is the EMI for a 20 lakh home loan?
What is the minimum cibil score for home loan?
How to increase CIBIL score fast?
Can I take 2 home loans?
How can I lower my interest rate on my home loan?
Which bank gives a 100% home loan in India?
What does Credit Dharma do?
How does Credit Dharma get the best home loans for me?
Are the services offered by Credit Dharma free?

Other IIFL Home Loan Comparison

  • Kotak Mahindra vs IIFL

  • HDFC vs IIFL

  • SBI vs IIFL

  • Bajaj Finance vs IIFL

Other Cholamandalam Home Loan Comparison

  • Kotak Mahindra vs Cholamandalam

  • HDFC vs Cholamandalam

  • SBI vs Cholamandalam

  • Bajaj Finance vs Cholamandalam

Other Can Fin Home Loan Comparison

  • Kotak Mahindra vs Can Fin

  • HDFC vs Can Fin

  • SBI vs Can Fin

  • Bajaj Finance vs Can Fin

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