Home Loan Comparison
SBI Home Loan vs Kotak Mahindra Home Loan vs Karur Vyasya Bank Home Loan vs Ujjivan Small Finance Bank Home Loan
Introduction
Securing a home loan doesn't have to be daunting. We'll break down the offerings from SBI, Kotak Mahindra, Karur Vyasya Bank, and Ujjivan Small Finance 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
Kotak Mahindra Home Loan
- Attractive Interest Rates
- Minimal Documentation
- 50% off on processing fees for all digital applications
- Customizable Tenure
Karur Vyasya Bank Home Loan
- Easy documentation
- No prepayment charges
- Fast Approval
- Easy Takeover
Ujjivan Small Finance Bank Home Loan
- Easy documentation
- Lower EMIs
- Fast approval and disbursement
- Smooth, hassle-free process
- Flexible policies
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 Kotak Mahindra vs Karur Vyasya Bank vs Ujjivan Small Finance Bank Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When exploring home loan options from SBI, Kotak Mahindra, Karur Vyasya Bank, and Ujjivan Small Finance 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. Kotak Mahindra provides rates of 8.75% - 9.85%, potentially offering better savings over the loan period. Karur Vyasya Bank presents rates of 9.00% - 11.50%, ideal for borrowers looking for adaptable financing solutions. Ujjivan Small Finance Bank offers rates of 8.75% - 16.75%, 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. Kotak Mahindra provides loan periods up to Max 30 Years, balancing repayment duration and financial flexibility. Karur Vyasya Bank allows loan tenures up to Max 30 Years, suitable for borrowers aiming to repay their loan more quickly. Ujjivan Small Finance Bank extends tenures up to Max 20 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. Kotak Mahindra offers a ceiling of Upto 5cr, ideal for standard home investments. Karur Vyasya Bank supports loans up to Upto 5cr, catering to more modest property acquisitions. Ujjivan Small Finance Bank provides up to Upto 75 Lakhs, accommodating diverse property values.
Processing Fees
Processing fees are an important consideration. SBI charges 0.35% of the loan amount, Kotak Mahindra levies 0.5% - 1.00% of the loan amount, Karur Vyasya Bank imposes Upto Rs. 7,500/- + GST, and Ujjivan Small Finance Bank requires ₹ 3,350 + GST applicable (Non – refundable). 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, Kotak Mahindra, Karur Vyasya Bank, and Ujjivan Small Finance Bank in their home loan products.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.