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  • Axis Bank vs HDFC Home Loan

    Axis Bank and HDFC Ltd are two of the most popular private sector banks in the country. The housing schemes offered by both are banks have unique features and benefits. Both lenders offer housing loans to salaried and self-employed individuals. One can also get benefits of the Pradhan Mantri Awas Yojana (PMAY) through these two banks.

    If you are planning on availing a home loan, it is very important to compare the features and benefits offered by various banks before you choose one. To understand the features and benefits of Axis Bank and HDFC Bank home loans, read on.

    Comparison Between Axis Bank and HDFC Home Loans

    Category Axis Bank Home Loan HDFC Home Loan
    Purpose
    • To construct a new house/flat
    • To buy a built house/flat
    • To purchase land/plot
    • Home extensions
    • Home repairs and renovations
    • House construction
    • House purchase
    • Home repairs, renovations, and extensions
    • 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) Up to 1.50% of loan amount or up to Rs.4,500, depending on employment type
    Interest rate 7.75% p.a. onwards 6.95% p.a. onwards
    EMI per lakh Rs.772 Rs.751
    Age of the applicant 21 years to 65 years 18 to 65 years
    Prepayment charges Nil for floating rate loans
    2% for fixed rate loans on the total principal outstanding amount
    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
    • Balance transfer facility available
    • Low interest rates
    • Low processing fees
    • Flexible tenure
    • Hassle-free process
    • Loans can be available jointly
    • Lower interest rate if a woman co-borrower is added
    • Tenure up to 30 years available
    • No hidden charges
    • Personalised repayment options
    • Hassle-free process
    Documentation
    • Duly-filled application form
    • Passport size photographs
    • Proof of identity
    • Proof of residence
    • Age proof such as Birth Certificate
    • Income proof
    • Cheques
    • Property documents
    • Identity proof
    • Address proof
    • Income proof
    • Property-related documents
    • Processing fee cheques
    • Duly-filled application form
    • Passport size photographs
    Features
    • Loan available up to 90% of the cost of the property
    • Housing loans from Rs.3 lakh
    • Option to choose smaller EMIs
    • Easy application process
    • Freedom to choose the interest type
    • Top-up home loans available
    • Option to pay lower EMIs during the initial stages
    • Loans available for those with minimum income of Rs.10,000 per month
    • Online and offline application process
    Popular home loan products
    • Axis Bank Home loan
    • QuickPay Home Loan
    • Power Advantage Home Loan
    • Shubh Aarambh Home Loan
    • Fast Forward Home Loan
    • NRI Home Loan
    • HDFC Home Loan
    • Rural Housing Loan
    • HDFC Reach Loan
    • Home Improvement Loan
    • Home Extension Loan
    • 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% on the prevailing interest rate

    This table will help you get a better understanding of the features and benefits of home loans offered by Axis and HDFC. Compare current home loan Interest rates to learn lowest interest rate providers in India and offcouse you can visit the banks’ official website for more information on specific housing loans.

      

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