Mahindra Housing Finance Home Loan vs Equitas Small Finance Bank Home Loan

Feature Comparison

When comparing home loans from Mahindra Housing Finance and Equitas Small Finance Bank, 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, Equitas Small Finance Bank offers rates of 11.00% - 14.00%, 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, Equitas Small Finance Bank offers tenures up to Max 20 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. Equitas Small Finance Bank limits the loan amount to Upto 3cr, 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 Equitas Small Finance Bank imposes a fee of Up to 2% on the sanctioned home loan. 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 Equitas Small Finance Bank, you can select the option that aligns best with your objectives.