Home Loan Comparison
SBI Home Loan vs IDFC First Bank Home Loan vs Ujjivan Small Finance 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, IDFC First Bank, Ujjivan Small Finance 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
IDFC First Bank Home Loan
- Minimal documentation, tailor-made loans
- Up to 100% top-up at the same rate as balance transfers
- Enhanced eligibility for salaried & self-employed customers
- Digital process for availing loans up to ₹10 crore and tenure up to 30 years
Ujjivan Small Finance Bank Home Loan
- Easy documentation
- Lower EMIs
- Fast approval and disbursement
- Smooth, hassle-free process
- Flexible policies
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 IDFC First Bank vs Ujjivan Small Finance 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, IDFC First Bank, Ujjivan Small Finance 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. IDFC First Bank provides rates of 8.85% - 14%, potentially offering better savings over the loan period. Ujjivan Small Finance Bank presents rates of 8.75% - 16.75%, 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. IDFC First Bank provides loan periods up to Max 30 Years, balancing repayment duration and financial flexibility. Ujjivan Small Finance Bank allows loan tenures up to Max 20 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. IDFC First Bank offers a ceiling of Upto 5 Cr, ideal for standard home investments. Ujjivan Small Finance Bank supports loans up to Upto 75 Lakhs, 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, IDFC First Bank levies Up to 3% of loan amount, Ujjivan Small Finance Bank imposes ₹ 3,350 + GST applicable (Non – refundable), 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, IDFC First Bank, Ujjivan Small Finance Bank, and Cholamandalam in their home loan products.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.