Kotak Mahindra Home Loan vs Ujjivan Small Finance Bank Home Loan

Feature Comparison

Choosing between Kotak Mahindra and Ujjivan Small Finance Bank involves a careful look at their interest rates. Kotak Mahindra offers rates of 8.75% - 9.85%, appealing to those who want lower monthly obligations. In contrast, Ujjivan Small Finance Bank has rates of 8.75% - 16.75%, which may offer better long-term financial benefits.

Kotak Mahindra provides a loan tenure of up to Max 30 Years, ideal for borrowers who prefer spreading out their payments. Ujjivan Small Finance Bank, however, offers up to Max 20 years, which can help reduce the overall interest paid by shortening the repayment period.

When it comes to the maximum loan amount, Kotak Mahindra allows you to borrow up to Upto 5cr, making it suitable for high-end property purchases. Ujjivan Small Finance Bank caps the loan at Upto 75 Lakhs, fitting those who are investing in more moderately priced homes.

Processing fees vary between the two banks. Kotak Mahindra imposes a fee of 0.5% - 1.00% of the loan amount + GST, whereas Ujjivan Small Finance Bank charges ₹ 3,350 + GST applicable (Non – refundable). It's essential to consider these fees as part of your initial loan expenses.

Conclusion

In conclusion, to find a home loan that meets your financial plans, you should assess critical aspects such as the interest rate, eligibility conditions, loan term lengths, the highest loan amounts available, and processing fees. By comparing these features between Kotak Mahindra and Ujjivan Small Finance Bank, you can decide on the option that best fits your needs.