Home Loan Comparison
LIC HFL Home Loan vs IIFL Home Loan
Introduction
When it comes to home loans, LIC HFL and IIFL 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
IIFL Home Loan
- Customized repayment solutions
- All round assistance
- No prepayment charges
- Door step services
- Minimal documentation
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 IIFL Calculations
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Feature Comparison
Rate of Interest
When evaluating home loan options from LIC HFL and IIFL, interest rates play a pivotal role. LIC HFL offers competitive rates of 8.50% - 10.75%, which is beneficial for minimizing monthly payments. Conversely, IIFL provides rates of 8.75% - 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, IIFL 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. IIFL 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 IIFL 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 IIFL will enable you to choose the most suitable loan for your financial situation.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.