Home Loan Comparison
Kotak Mahindra Home Loan vs IDFC First Bank Home Loan vs Ujjivan Small Finance Bank Home Loan
Introduction
Securing a home loan involves careful consideration of different banks' offerings. Kotak Mahindra, IDFC First Bank, and Ujjivan Small Finance Bank 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
IDFC First Bank Home Loan
- Minimal documentation, tailor-made loans
- Up to 100% top-up at the same rate as balance transfers
- Enhanced eligibility for salaried & self-employed customers
- Digital process for availing loans up to ₹10 crore and tenure up to 30 years
Ujjivan Small Finance Bank Home Loan
- Easy documentation
- Lower EMIs
- Fast approval and disbursement
- Smooth, hassle-free process
- Flexible policies
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 IDFC First Bank vs Ujjivan Small Finance Bank Calculations
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Feature Comparison
Rate of Interest
When comparing home loans from Kotak Mahindra, IDFC First Bank, and Ujjivan Small Finance Bank, interest rates are a key factor. Kotak Mahindra provides rates of 8.75% - 9.85%, appealing to those wanting lower monthly payments. IDFC First Bank offers rates of 8.85% - 14%, which may result in greater long-term savings. Ujjivan Small Finance Bank features rates of 8.75% - 16.75%, offering flexibility for different financial plans.
Loan Tenure
Kotak Mahindra allows loan tenures up to Max 30 Years, helping minimise the monthly financial burden. IDFC First Bank offers loan periods up to Max 30 Years, catering to borrowers seeking a balanced repayment schedule. Ujjivan Small Finance Bank provides loan tenures up to Max 20 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. IDFC First Bank caps at Upto 5 Cr, fitting for standard housing investments. Ujjivan Small Finance Bank offers up to Upto 75 Lakhs, 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, IDFC First Bank charges Up to 3% of loan amount, and Ujjivan Small Finance Bank requires ₹ 3,350 + GST applicable (Non – refundable). 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, IDFC First Bank, and Ujjivan Small Finance Bank.
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