LIC HFL Home Loan vs Equitas Small Finance Bank Home Loan vs Ujjivan Small Finance Bank Home Loan vs Federal Bank Home Loan

Feature Comparison

When evaluating home loan options from LIC HFL, Equitas Small Finance Bank, Ujjivan Small Finance Bank, and Federal Bank, consider their interest rates carefully. LIC HFL offers rates of 7.50% - 10.75%, which can lead to lower monthly payments. Equitas Small Finance Bank provides rates of 11.00% - 14.00%, potentially offering better savings over the life of the loan. Ujjivan Small Finance Bank has rates of 9.50% - 11.70%, suitable for borrowers needing adaptable financing terms. Federal Bank offers rates of 8.80%-11.00%, which might be advantageous for cost-sensitive borrowers.

LIC HFL provides loan tenures up to Max 30 Years, ideal for reducing monthly financial commitments. Equitas Small Finance Bank offers loan durations up to Max 20 years, balancing repayment terms with financial flexibility. Ujjivan Small Finance Bank allows loan periods up to Max 20 years, perfect for those aiming to repay their loans more swiftly. Federal Bank extends tenures up to Max 30 years, accommodating various repayment strategies.

In terms of maximum loan amounts, LIC HFL offers up to Upto 5cr, making it ideal for purchasing luxury properties. Equitas Small Finance Bank caps loans at Upto 3cr, suitable for standard home investments. Ujjivan Small Finance Bank provides loans up to Upto 75 Lakhs, catering to more modest real estate purchases. Federal Bank offers maximum loans of Upto 15cr, supporting a wide range of property investments.

Processing fees are an important consideration. LIC HFL charges Rs 0.25% of the loan amount + GST, Equitas Small Finance Bank imposes Up to 2% on the sanctioned home loan, Ujjivan Small Finance Bank sets its fee at ₹ 3,350 + GST applicable (Non – refundable), and Federal Bank requires Low processing fees. These fees should be factored into your initial loan costs to determine the most economical option.

Conclusion

Making the right choice among the home loans offered by LIC HFL, Equitas Small Finance Bank, Ujjivan Small Finance Bank, and Federal Bank involves a detailed evaluation of several critical factors. By thoroughly assessing interest rates, eligibility requirements, loan tenures, maximum loan amounts, and processing fees, you can select a loan that best aligns with your financial goals and facilitates a smooth path to homeownership.