Home Loan Comparison
SBI Home Loan vs Bajaj Finance Home Loan vs Axis Bank Home Loan vs IDBI Bank Home Loan
Introduction
Securing a home loan doesn't have to be daunting. We'll break down the offerings from SBI, Bajaj Finance, Axis Bank, and IDBI Bank, 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
Bajaj Finance Home Loan
- Low-Interest Rates
- Approval in 48 Hours
- No Foreclosure Fee for individuals
- Hassle Free Application
Axis Bank Home Loan
- Competitive Interest Rates
- Hassle Free Loan Balance Transfer
- No Prepayment Charges
- Transparent Processing
- Flexible Tenure
IDBI Bank Home Loan
- Quick Processing
- Top up facility up to 100%
- Power-Packed customized Features to suit your Home Loan requirements.
- Flexible Loan Repayment Options
- Most experienced personnel for smooth and easy loan processing.
- Already approved projects for convenience of Home Loan buyers
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 Bajaj Finance vs Axis Bank vs IDBI Bank Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When exploring home loan options from SBI, Bajaj Finance, Axis Bank, and IDBI Bank, it's important to compare their interest rates. SBI offers competitive rates of 8.00% - 9.70%, which can help reduce your monthly payments. Bajaj Finance provides rates of 7.99% - 15.00%, potentially offering better savings over the loan period. Axis Bank presents rates of 8.75% - 10.30%, ideal for borrowers looking for adaptable financing solutions. IDBI Bank offers rates of 8.00% - 12.50%, 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. Bajaj Finance provides loan periods up to Max 40 Years, balancing repayment duration and financial flexibility. Axis Bank allows loan tenures up to Max 30 Years, suitable for borrowers aiming to repay their loan more quickly. IDBI Bank 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. Bajaj Finance offers a ceiling of Upto 5cr, ideal for standard home investments. Axis Bank supports loans up to Upto 5cr, catering to more modest property acquisitions. IDBI Bank provides up to 5cr - 10cr, accommodating diverse property values.
Processing Fees
Processing fees are an important consideration. SBI charges 0.35% of the loan amount, Bajaj Finance levies Up to 4% of the loan amount, Axis Bank imposes 1% of the loan amount + GST or a minimum of Rs 10,000, and IDBI Bank requires 0.50% of loan amount (Plus applicable taxes). 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, Bajaj Finance, Axis Bank, and IDBI Bank in their home loan products.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.