Home Loan Comparison
SBI Home Loan vs Aditya Birla Housing Finance Ltd Home Loan vs South Indian Bank Home Loan vs Cholamandalam Home Loan
Introduction
Securing a home loan doesn't have to be daunting. We'll break down the offerings from SBI, Aditya Birla Housing Finance Ltd, South Indian Bank, and Cholamandalam, highlighting their rates, repayment options, and unique perks. This comparison will help you identify which bank aligns best with your home-buying goals.
Bank Highlights
SBI Home Loan
- Low Processing charges. No hidden costs.
- No Prepayment penalties
- Home loan also available as an overdraft.
- Interest Calculation on Daily Reducing Balance
- Wide Product Range
Aditya Birla Housing Finance Ltd Home Loan
- •Doorstep service by dedicated Relationship Manager
- Wide Loan amount range
- Flexible repayment period
- Complimentary Home beautification services
- Wide array of eligibility methods
South Indian Bank Home Loan
- Affordable EMI
- Digital Documentation
- Loan Protection Scheme
- Extended Repayment Period
Cholamandalam Home Loan
- Minimum Documentation
- Personalised Doorstep Service
- Fast track approval process
- Balance Transfer with better interest rates
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
SBI vs Aditya Birla Housing Finance Ltd vs South Indian Bank vs Cholamandalam Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When exploring home loan options from SBI, Aditya Birla Housing Finance Ltd, South Indian Bank, and Cholamandalam, it's important to compare their interest rates. SBI offers competitive rates of 8.00% - 9.70%, which can help reduce your monthly payments. Aditya Birla Housing Finance Ltd provides rates of 8.50% - 10.5%, potentially offering better savings over the loan period. South Indian Bank presents rates of 8.30% to 11.70%, ideal for borrowers looking for adaptable financing solutions. Cholamandalam offers rates of 9.00%-15.00%, which may provide the lowest initial costs.
Loan Tenure
SBI offers loan tenures extending up to Max 30 Years, perfect for those who prefer lower monthly obligations. Aditya Birla Housing Finance Ltd provides loan periods up to Max 30 years, balancing repayment duration and financial flexibility. South Indian Bank allows loan tenures up to Max 30 years, suitable for borrowers aiming to repay their loan more quickly. Cholamandalam extends tenures up to Max 30 years, catering to various repayment preferences.
Maximum Loan Amount
Regarding the maximum loan amount, SBI grants loans up to Upto 5cr, making it suitable for purchasing premium properties. Aditya Birla Housing Finance Ltd offers a ceiling of Upto 5cr, ideal for standard home investments. South Indian Bank supports loans up to Upto 15cr, catering to more modest property acquisitions. Cholamandalam provides up to Upto 5cr, accommodating diverse property values.
Processing Fees
Processing fees are an important consideration. SBI charges 0.35% of the loan amount, Aditya Birla Housing Finance Ltd levies Up to 1.75% of the loan amount, South Indian Bank imposes 0.50% of the loan amount, with a minimum amount of Rs.10000.00, and Cholamandalam requires Up to Rs 5,000 (including GST). These fees should be included in your initial cost calculations when selecting the most cost-effective loan option.
Conclusion
For a choice that best suits your financial objectives, evaluate key aspects such as interest rates, eligibility requirements, loan terms, maximum loan limits, and processing fees offered by SBI, Aditya Birla Housing Finance Ltd, South Indian Bank, and Cholamandalam in their home loan products.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.