Home Loan Comparison
TATA Capital Home Loan vs LIC HFL Home Loan vs Mahindra Housing Finance Home Loan vs Jana Small Finance Bank Home Loan
Introduction
Choosing the right home loan is crucial for your financial future. We'll analyse the home loan options from TATA Capital, LIC HFL, Mahindra Housing Finance, and Jana Small Finance Bank, 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
LIC HFL Home Loan
- Online Home loan sanction facility
- Quick sanction and low EMI
- Takeover or balance transfer of existing Home Loans Possible
- No Pre-Payment Penalty
Mahindra Housing Finance Home Loan
- Simple documentation
- Smaller EMIs
- Quick sanction & disbursements
- Pleasant & hassle free experience
- Flexible policy
- Extensive Branch Network
Jana Small Finance Bank Home Loan
- Lower EMI Options
- Transparent Terms and Conditions
- Dedicated Customer Support
- Fast Approval and Disbursement
- 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
TATA Capital vs LIC HFL vs Mahindra Housing Finance vs Jana Small Finance Bank Calculations
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Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When comparing home loan offerings from TATA Capital, LIC HFL, Mahindra Housing Finance, and Jana Small Finance Bank, interest rates are a key consideration. TATA Capital provides rates of 8.75% - 10%, which can lead to lower monthly payments. LIC HFL offers rates of 8.00% - 10.75%, potentially resulting in greater long-term savings. Mahindra Housing Finance has rates of 9.30% - 11.80%, offering flexibility for different financial strategies. Jana Small Finance Bank offers rates of 9.75% - 11.00%, 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. LIC HFL provides loan periods up to Max 30 Years, catering to those who prefer a balanced repayment schedule. Mahindra Housing Finance allows loan tenures up to Max 25 years, perfect for borrowers aiming to repay their loans more quickly. Jana Small Finance Bank 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. LIC HFL caps loans at Upto 5cr, fitting for standard home investments. Mahindra Housing Finance offers loans up to Upto 1.5 Cr, catering to more modest real estate purchases. Jana Small Finance Bank provides maximum loans of Upto 3 Cr, supporting a diverse range of property investments.
Processing Fees
Processing fees differ across banks. TATA Capital charges upto 2% of loan amount+ GST, LIC HFL imposes Rs 0.25% of the loan amount + GST, Mahindra Housing Finance sets its fee at 1% + Taxes, and Jana Small Finance Bank requires 0.5%-2% of the loan amount + GST applicable. 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, LIC HFL, Mahindra Housing Finance, and Jana Small Finance Bank, 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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