Home Loan Comparison
LIC HFL Home Loan vs Punjab National Bank Home Loan vs Mahindra Housing Finance Home Loan vs Federal Bank Home Loan
Introduction
Finding the best home loan can save you money and stress. We'll compare the home loan products from LIC HFL, Punjab National Bank, Mahindra Housing Finance, and Federal Bank, focusing on their rates, terms, and additional features. Discover which bank offers the most advantageous package for your home purchase.
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
Punjab National Bank Home Loan
- Flexibility in Documentation
- High Tenure Loan
- Fund upto 90% of Property Value
- Great Offerings for Loan Against Property
- Quick Sanction and Disbursement
- Customised Eligibility as per Income
Mahindra Housing Finance Home Loan
- Simple documentation
- Smaller EMIs
- Quick sanction & disbursements
- Pleasant & hassle free experience
- Flexible policy
- Extensive Branch Network
Federal Bank Home Loan
- Repayment holiday up to 36 months.
- Optional funding for life insurance
- No pre closure charges
- Maximum funding for your dream house -85% of the project cost.
- Easy top up loans in future.
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 Punjab National Bank vs Mahindra Housing Finance vs Federal Bank Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When evaluating home loan options from LIC HFL, Punjab National Bank, Mahindra Housing Finance, and Federal Bank, consider their interest rates carefully. LIC HFL offers rates of 8.00% - 10.75%, which can lead to lower monthly payments. Punjab National Bank provides rates of 8.50% - 11.05%, potentially offering better savings over the life of the loan. Mahindra Housing Finance has rates of 9.30% - 11.80%, suitable for borrowers needing adaptable financing terms. Federal Bank offers rates of 9.15%-11.00%, which might be advantageous for cost-sensitive borrowers.
Loan Tenure
LIC HFL provides loan tenures up to Max 30 Years, ideal for reducing monthly financial commitments. Punjab National Bank offers loan durations up to Max 30 Years, balancing repayment terms with financial flexibility. Mahindra Housing Finance allows loan periods up to Max 25 years, perfect for those aiming to repay their loans more swiftly. Federal Bank extends tenures up to Max 30 years, accommodating various repayment strategies.
Maximum Loan Amount
In terms of maximum loan amounts, LIC HFL offers up to Upto 5cr, making it ideal for purchasing luxury properties. Punjab National Bank caps loans at Upto 5cr, suitable for standard home investments. Mahindra Housing Finance provides loans up to Upto 1.5 Cr, catering to more modest real estate purchases. Federal Bank offers maximum loans of Upto 15cr, supporting a wide range of property investments.
Processing Fees
Processing fees are an important consideration. LIC HFL charges Rs 0.25% of the loan amount + GST, Punjab National Bank imposes up to 1% for Home Loan, Mahindra Housing Finance sets its fee at 1% + Taxes, 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, Punjab National Bank, Mahindra Housing Finance, 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.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.