Karur Vyasya Bank Home Loan vs IIFL Home Loan

Feature Comparison

When comparing home loans from Karur Vyasya Bank and IIFL, the interest rates offered are a key differentiator. Karur Vyasya Bank provides rates of 9.00% - 11.50%, which is beneficial for minimizing monthly payments. In contrast, IIFL offers rates of 8.75% - 10.5%, potentially leading to greater long-term savings.

Karur Vyasya Bank extends loan tenures up to Max 30 Years, making it suitable for borrowers who prefer lower monthly commitments. On the other hand, IIFL offers loan tenures of up to Max 30 years, which can help borrowers repay their loans more quickly and reduce the total interest paid.

In terms of the maximum loan amount, Karur Vyasya Bank permits loans up to Upto 5cr, ideal for purchasing premium or high-value properties. IIFL restricts the loan amount to Upto 5cr, catering to those interested in more affordable housing options.

Processing fees vary between the two banks. Karur Vyasya Bank charges a fixed fee of Upto Rs. 7,500/- + GST, while IIFL levies a fee of Up to 1.75% of the loan amount. These fees should be considered when evaluating the overall cost of your home loan.

Conclusion

To ensure you select a home loan that aligns with your financial objectives, consider important factors like interest rates, eligibility criteria, the length of the loan, maximum loan amounts, and processing fees. Evaluating these elements in the products from Karur Vyasya Bank and IIFL will guide you toward the best decision.