Home Loan Comparison
SBI Home Loan vs Federal Bank Home Loan vs RBL 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, Federal Bank, RBL 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
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.
RBL Bank Home Loan
- Housing Loans of up to INR 15 Crores
- Attractive interest rates
- Tax benefits up to 3.5 lakhs*
- Flexibility Tailored for You.
- Easy top up loans in future.
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 Federal Bank vs RBL 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, Federal Bank, RBL Bank, and Cholamandalam, it's important to compare their interest rates. SBI offers competitive rates of 7.50% - 8.700%, which can help reduce your monthly payments. Federal Bank provides rates of 8.80%-11.00%, potentially offering better savings over the loan period. RBL Bank presents rates of 9.00%-11.00%, ideal for borrowers looking for adaptable financing solutions. Cholamandalam offers rates of 10.00%-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. Federal Bank provides loan periods up to Max 30 years, balancing repayment duration and financial flexibility. RBL 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. Federal Bank offers a ceiling of Upto 15cr, ideal for standard home investments. RBL Bank supports loans up to Upto 15 Cr, 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, Federal Bank levies Low processing fees, RBL Bank imposes Up to 1.5% of the loan amount or up to Rs 15,000, 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, Federal Bank, RBL Bank, and Cholamandalam in their home loan products.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.