Home Loan Comparison
Shriram Housing Finance Home Loan vs Bank Of India Home Loan
Introduction
When it comes to home loans, Shriram Housing Finance and Bank Of India are two top contenders. This comparison will highlight their key features, such as interest rates, repayment plans, and any unique perks, making it easier for you to choose the right loan for your situation.
Bank Highlights
Shriram Housing Finance Home Loan
- Flexible Repayment
- Easy Documentation
- Life insurance cover is offered to housing loan borrowers
- Dedicated Relationship Manager
Bank Of India Home Loan
- Low Interest Rates
- No Hidden Charges
- Minimal Documentation
- Apply Online
- Finish up the process in 15 minutes
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
Shriram Housing Finance vs Bank Of India Calculations
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Feature Comparison
Rate of Interest
When evaluating home loan options from Shriram Housing Finance and Bank Of India, interest rates play a pivotal role. Shriram Housing Finance offers competitive rates of 9.50% - 10.5%, which is beneficial for minimizing monthly payments. Conversely, Bank Of India provides rates of 8.40% - 11%, potentially leading to greater savings over the loan period.
Loan Tenure
Shriram Housing Finance offers loan tenures extending to Max 25 years, making it suitable for those who prefer lower monthly installments. In comparison, Bank Of India allows loan tenures up to Max 30 Years, appealing to borrowers who aim to settle their loans faster.
Maximum Loan Amount
Regarding the maximum loan amount, Shriram Housing Finance permits loans up to Upto 10 Cr, ideal for purchasing premium real estate. Bank Of India restricts the maximum loan to Upto 5cr, which is more appropriate for buyers looking at moderately priced properties.
Processing Fees
Processing fees are an important cost factor. Shriram Housing Finance charges a fixed fee of Up to 2.5% of the loan amount plus applicable taxes., while Bank Of India levies a fee of 0.25% of the loan amount + GST upto Rs 20,000. These fees should be factored into your overall loan cost calculations.
Conclusion
Finalizing your decision on a home loan requires a detailed examination of vital factors like interest rates, borrower eligibility, loan tenures, maximum borrowing limits, and processing costs. Evaluating these elements in the home loan products from Shriram Housing Finance and Bank Of India will enable you to choose the most suitable loan for your financial situation.
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