Union Bank Of India Home Loan vs Kotak Mahindra Home Loan

Feature Comparison

When comparing home loans from Union Bank Of India and Kotak Mahindra, the interest rates offered are a key differentiator. Union Bank Of India provides rates of 8.50%-10.75%, which is beneficial for minimizing monthly payments. In contrast, Kotak Mahindra offers rates of 8.75% - 9.85%, potentially leading to greater long-term savings.

Union Bank Of India extends loan tenures up to Max 30 years, making it suitable for borrowers who prefer lower monthly commitments. On the other hand, Kotak Mahindra offers loan tenures of up to Max 30 Years, which can help borrowers repay their loans more quickly and reduce the total interest paid.

In terms of the maximum loan amount, Union Bank Of India permits loans up to Upto 5cr, ideal for purchasing premium or high-value properties. Kotak Mahindra restricts the loan amount to Upto 5cr, catering to those interested in more affordable housing options.

Processing fees vary between the two banks. Union Bank Of India charges a fixed fee of 0.50% of the loan amount subject to a maximum of Rs. 15000 plus GST, while Kotak Mahindra levies a fee of 0.5% - 1.00% of the loan amount + GST. These fees should be considered when evaluating the overall cost of your home loan.

Conclusion

To ensure you select a home loan that aligns with your financial objectives, consider important factors like interest rates, eligibility criteria, the length of the loan, maximum loan amounts, and processing fees. Evaluating these elements in the products from Union Bank Of India and Kotak Mahindra will guide you toward the best decision.