Home Loan Comparison
TATA Capital Home Loan vs Equitas Small Finance Bank Home Loan vs L&T Housing Finance Home Loan vs Cholamandalam Home Loan
Introduction
Choosing the right home loan is crucial for your financial future. We'll analyse the home loan options from TATA Capital, Equitas Small Finance Bank, L&T Housing Finance, and Cholamandalam, looking at their rates, terms, and customer benefits. This comparison aims to help you find the most suitable loan for your new home.
Bank Highlights
TATA Capital Home Loan
- Digital Application Process
- Instant Provisional Sanction
- Online Prepayments are Easy and simple
- Minimal Documentation
- Approval in 48 Hours
Equitas Small Finance Bank Home Loan
- Enjoy affordable EMI
- Get speedy approvals
- Pay at your convenience with flexible repayments
- Get loan of up to ₹300 Lakhs
L&T Housing Finance Home Loan
- Digitized Process
- Dedicated Relationship Manager
- Lowest Down Payment
- 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
TATA Capital vs Equitas Small Finance Bank vs L&T Housing Finance vs Cholamandalam Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When comparing home loan offerings from TATA Capital, Equitas Small Finance Bank, L&T Housing Finance, and Cholamandalam, interest rates are a key consideration. TATA Capital provides rates of 8.75% - 10%, which can lead to lower monthly payments. Equitas Small Finance Bank offers rates of 11.00% - 14.00%, potentially resulting in greater long-term savings. L&T Housing Finance has rates of 8.65%- 11.00%, offering flexibility for different financial strategies. Cholamandalam offers rates of 9.00%-15.00%, which may be advantageous for those seeking competitive rates.
Loan Tenure
TATA Capital offers loan tenures up to Max 30 Years, ideal for reducing monthly financial commitments. Equitas Small Finance Bank provides loan periods up to Max 20 years, catering to those who prefer a balanced repayment schedule. L&T Housing Finance allows loan tenures up to Max 25 years., perfect for borrowers aiming to repay their loans more quickly. Cholamandalam extends tenures up to Max 30 years, offering additional repayment options.
Maximum Loan Amount
For the maximum loan amount, TATA Capital extends up to Upto 5cr, making it suitable for purchasing premium properties. Equitas Small Finance Bank caps loans at Upto 3cr, fitting for standard home investments. L&T Housing Finance offers loans up to Upto 10 Cr, catering to more modest real estate purchases. Cholamandalam provides maximum loans of Upto 5cr, supporting a diverse range of property investments.
Processing Fees
Processing fees differ across banks. TATA Capital charges upto 2% of loan amount+ GST, Equitas Small Finance Bank imposes Up to 2% on the sanctioned home loan, L&T Housing Finance sets its fee at Up to 3% of sanctioned amount, and Cholamandalam requires Up to Rs 5,000 (including GST). These fees should be factored into your initial loan costs to determine the most cost-effective option.
Conclusion
To find the most suitable home loan among TATA Capital, Equitas Small Finance Bank, L&T Housing Finance, and Cholamandalam, it's crucial to examine the specific features each bank offers. By evaluating factors such as interest rates, eligibility conditions, loan durations, maximum borrowing amounts, and processing fees, you can make an informed decision that aligns with your financial plans and helps you achieve your dream of owning a home.
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