Home Loan Comparison
LIC HFL Home Loan vs Aditya Birla Housing Finance Ltd Home Loan
Introduction
When it comes to home loans, LIC HFL and Aditya Birla Housing Finance Ltd are two top contenders. This comparison will highlight their key features, such as interest rates, repayment plans, and any unique perks, making it easier for you to choose the right loan for your situation.
Bank Highlights
LIC HFL Home Loan
- Online Home loan sanction facility
- Quick sanction and low EMI
- Takeover or balance transfer of existing Home Loans Possible
- No Pre-Payment Penalty
Aditya Birla Housing Finance Ltd Home Loan
- •Doorstep service by dedicated Relationship Manager
- Wide Loan amount range
- Flexible repayment period
- Complimentary Home beautification services
- Wide array of eligibility methods
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
LIC HFL vs Aditya Birla Housing Finance Ltd Calculations
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Feature Comparison
Rate of Interest
When evaluating home loan options from LIC HFL and Aditya Birla Housing Finance Ltd, interest rates play a pivotal role. LIC HFL offers competitive rates of 8.50% - 10.75%, which is beneficial for minimizing monthly payments. Conversely, Aditya Birla Housing Finance Ltd provides rates of 8.60% - 10.5%, potentially leading to greater savings over the loan period.
Loan Tenure
LIC HFL offers loan tenures extending to Max 30 Years, making it suitable for those who prefer lower monthly installments. In comparison, Aditya Birla Housing Finance Ltd allows loan tenures up to Max 30 years, appealing to borrowers who aim to settle their loans faster.
Maximum Loan Amount
Regarding the maximum loan amount, LIC HFL permits loans up to Upto 5cr, ideal for purchasing premium real estate. Aditya Birla Housing Finance Ltd restricts the maximum loan to Upto 5cr, which is more appropriate for buyers looking at moderately priced properties.
Processing Fees
Processing fees are an important cost factor. LIC HFL charges a fixed fee of Rs 0.25% of the loan amount + GST, while Aditya Birla Housing Finance Ltd levies a fee of Up to 1.75% of the loan amount. These fees should be factored into your overall loan cost calculations.
Conclusion
Finalizing your decision on a home loan requires a detailed examination of vital factors like interest rates, borrower eligibility, loan tenures, maximum borrowing limits, and processing costs. Evaluating these elements in the home loan products from LIC HFL and Aditya Birla Housing Finance Ltd will enable you to choose the most suitable loan for your financial situation.
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