Mahindra Housing Finance Home Loan vs Bank Of India Home Loan

Feature Comparison

When comparing home loans from Mahindra Housing Finance and Bank Of India, the interest rates are a key consideration. Mahindra Housing Finance provides rates of 9.30% - 11.80%, appealing to those who want to keep their monthly payments low. In contrast, Bank Of India offers rates of 8.40% - 11%, which might result in more significant savings over the life of the loan.

Mahindra Housing Finance extends loan tenures up to Max 25 years, ideal for borrowers seeking lower monthly commitments. On the other hand, Bank Of India offers tenures up to Max 30 Years, which can help reduce the total interest paid by shortening the repayment period.

Mahindra Housing Finance allows a maximum loan amount of Upto 1.5 Cr, making it suitable for purchasing high-value or luxury properties. Bank Of India limits the loan amount to Upto 5cr, catering to those interested in more affordable housing options.

Processing fees differ between the two banks. Mahindra Housing Finance charges a fee of 1% + Taxes, whereas Bank Of India imposes a fee of 0.25% of the loan amount + GST upto Rs 20,000. It's important to include these fees when assessing the overall cost of your home loan.

Conclusion

To make an educated choice that supports your financial aspirations, it's important to consider essential components such as interest rates, eligibility guidelines, loan durations, maximum loan amounts, and processing fees. By analyzing these aspects of the home loans offered by Mahindra Housing Finance and Bank Of India, you can select the option that aligns best with your objectives.