Axis Bank vs HDFC Home Loan

Category

Axis Bank Home Loan

HDFC Home Loan

Purpose

1. To construct a new house/flat
2. To buy a built house/flat
3. To purchase land/plot
4. Home extensions
5. Home repairs and renovations

1. House construction
2. House purchase
3. Home repairs, renovations, and extensions
4. Land/plot purchase

Loan amount

Minimum: Rs.3 lakh Maximum: Depends on your eligibility

Up to 90% of the cost of the property

Maximum loan tenure

Up to 30 years

Up to 30 years

Interest type

Fixed/Floating

Fixed/Floating/Combination Rate

Applicants

Salaried and self-employed individuals

Salaried/Self-employed professionals & Non-professionals

Processing fee

Up to 1% of the loan amount (min. Rs.10,000)

Salaried professionals: Up to 0.50% of loan amount or Rs.3,000

Self-employed professionals: Up to 0.50% of loan amount or Rs.3,000

Self-employed non-professionals: Up to 1.50% of loan amount or Rs.4,500

Interest rate

8.60% p.a. onwards

8.60% p.a. onwards

Age of the applicant

21 years to 65 years

21 to 65 years

Prepayment charges

Floating rate loan- Nil for individual borrowers. Fixed rate loan- Individual borrowers- 2% of the loan amount if not paid using own sources. Fixed/floating non-individual borrowers- 2%+ tax if prepaid within first 6 months from loan disbursement. Nil if paid after 6 months up to 25% of the principal loan amount in one year.

Pros

1. Balance transfer facility available
2. Low interest rates
3. Low processing fees
4. Flexible tenure
5. Hassle-free process

1. Loans can be available jointly
2. Lower interest rate if a woman co-borrower is added
3. Tenure up to 30 years available
4. No hidden charges
5. Personalised repayment options
6. Hassle-free process

Documentation

1. Duly-filled application form
2. Passport size photographs
3. Proof of identity
4. Proof of residence
5. Age proof such as Birth Certificate
6. Income proof
7. Cheques
8. Property documents

1. Identity proof
2. Address proof
3. Income proof
4. Property-related documents
5. Processing fee cheques
6. Duly-filled application form
7. Passport size photographs

Features

1. Loan available up to 90% of the cost of the property
2. Housing loans from Rs.3 lakh
3. Option to choose smaller EMIs
4. Easy application process
5. Freedom to choose the interest type

1. Top-up home loans available
2. Option to pay lower EMIs during the initial stages
3. Loans available for those with minimum income of Rs.10,000 per month
4. Online and offline application process

Popular home loan products

1. Axis Bank Home loan
2. QuickPay Home Loan
3. Shubh Aarambh Home Loan
4. Fast Forward Home Loan
5. Asha Home Loan
6. Top-Up Home Loan
7. Super Saver Home Loan
8. Power Advantage Home Loans
9. Pradhan Mantri Awas Yojana
10. NRI Home Loan

1. HDFC Home Loan
2. Home Improvement Loan
3. Home Extension Loan
4. The HDFC Advantage
5. Special Home Loan for Agriculturists
6. Rural Housing Loans
7. HDFC Plot Loans
8. HDFC Reach Loan
9. Pradhan Mantri Awas Yojana
10. HDFC Home Loan for NRI/PIO

Residency type

Resident Indians and NRIs

Indian Residents/Non-Resident Indians

Concession for women borrowers

Contact the bank

0.05% to 0.1% on the prevailing interest rate