Home Loan Comparison
Kotak Mahindra Home Loan vs Bajaj Finance Home Loan vs IIFL Home Loan
Introduction
Securing a home loan involves careful consideration of different banks' offerings. Kotak Mahindra, Bajaj Finance, and IIFL are three prominent financial institutions that cater to a wide range of borrowers. This comparison focuses on their loan amounts, interest rates, and customer service to help you choose the most suitable home loan for your financial profile.
Bank Highlights
Kotak Mahindra Home Loan
- Attractive Interest Rates
- Minimal Documentation
- 50% off on processing fees for all digital applications
- Customizable Tenure
Bajaj Finance Home Loan
- Low-Interest Rates
- Approval in 48 Hours
- No Foreclosure Fee for individuals
- Hassle Free Application
IIFL Home Loan
- Customized repayment solutions
- All round assistance
- No prepayment charges
- Door step services
- Minimal documentation
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
Kotak Mahindra vs Bajaj Finance vs IIFL Calculations
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Feature Comparison
Rate of Interest
When comparing home loans from Kotak Mahindra, Bajaj Finance, and IIFL, interest rates are a key factor. Kotak Mahindra provides rates of 8.65% - 9.85%, appealing to those wanting lower monthly payments. Bajaj Finance offers rates of 7.99% - 15.00%, which may result in greater long-term savings. IIFL features rates of 8.75% - 10.5%, offering flexibility for different financial plans.
Loan Tenure
Kotak Mahindra allows loan tenures up to Max 30 Years, helping minimise the monthly financial burden. Bajaj Finance offers loan periods up to Max 40 Years, catering to borrowers seeking a balanced repayment schedule. IIFL provides loan tenures up to Max 30 years, ideal for those who wish to settle their loan faster.
Maximum Loan Amount
For the maximum loan amount, Kotak Mahindra extends up to Upto 5cr, suitable for high-end property purchases. Bajaj Finance caps at Upto 5cr, fitting for standard housing investments. IIFL offers up to Upto 5cr, perfect for more affordable real estate endeavours.
Processing Fees
Processing fees differ among the banks. Kotak Mahindra imposes 0.5% - 1.00% of the loan amount, Bajaj Finance charges Up to 4% of the loan amount, and IIFL requires Up to 1.75% of the loan amount. It's essential to account for these fees when calculating your overall loan expenses.
Conclusion
To ensure your home loan selection meets your financial needs, thoroughly review the critical elements—interest rates, eligibility conditions, loan tenures, maximum loan amounts, and processing fees—across the offerings from Kotak Mahindra, Bajaj Finance, and IIFL.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.