Home Loan Comparison
Kotak Mahindra Home Loan vs Mahindra Housing Finance Home Loan vs Ujjivan Small Finance Bank Home Loan vs Cholamandalam Home Loan
Introduction
When choosing a home loan, it's essential to understand your options. Compare Kotak Mahindra, Mahindra Housing Finance, Ujjivan Small Finance Bank, and Cholamandalam to see how they differ in terms of interest rates, loan flexibility, and customer service. This guide will assist you in selecting the loan that best meets your needs.
Bank Highlights
Kotak Mahindra Home Loan
- Attractive Interest Rates
- Minimal Documentation
- 50% off on processing fees for all digital applications
- Customizable Tenure
Mahindra Housing Finance Home Loan
- Simple documentation
- Smaller EMIs
- Quick sanction & disbursements
- Pleasant & hassle free experience
- Flexible policy
- Extensive Branch Network
Ujjivan Small Finance Bank Home Loan
- Easy documentation
- Lower EMIs
- Fast approval and disbursement
- Smooth, hassle-free process
- Flexible policies
Cholamandalam Home Loan
- Minimum Documentation
- Personalised Doorstep Service
- Fast track approval process
- Balance Transfer with better interest rates
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 Mahindra Housing Finance vs Ujjivan Small Finance Bank vs Cholamandalam Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When comparing home loans from Kotak Mahindra, Mahindra Housing Finance, Ujjivan Small Finance Bank, and Cholamandalam, interest rates are a key factor. Kotak Mahindra provides rates of 8.65% - 9.85%, appealing to those wanting lower monthly payments. Mahindra Housing Finance offers rates of 9.30% - 11.80%, 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. Cholamandalam presents rates of 9.00%-15.00%, suitable for borrowers seeking competitive terms.
Loan Tenure
Kotak Mahindra allows loan tenures up to Max 30 Years, helping minimise the monthly financial burden. Mahindra Housing Finance offers loan periods up to Max 25 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. Cholamandalam extends tenures up to Max 30 years, providing additional options for repayment.
Maximum Loan Amount
For the maximum loan amount, Kotak Mahindra extends up to Upto 5cr, suitable for high-end property purchases. Mahindra Housing Finance caps at Upto 1.5 Cr, fitting for standard housing investments. Ujjivan Small Finance Bank offers up to Upto 75 Lakhs, perfect for more affordable real estate endeavours. Cholamandalam provides loans up to Upto 5cr, accommodating a broad range of property prices.
Processing Fees
Processing fees differ among the banks. Kotak Mahindra imposes 0.5% - 1.00% of the loan amount, Mahindra Housing Finance charges 1% + Taxes, Ujjivan Small Finance Bank requires ₹ 3,350 + GST applicable (Non – refundable), and Cholamandalam sets its fee at Up to Rs 5,000 (including GST). 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, Mahindra Housing Finance, Ujjivan Small Finance Bank, and Cholamandalam.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.