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 essential 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.
|Category||Axis Bank Home Loan||HDFC Home Loan|
|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||6.75% to 7.20% p.a||6.70% p.a. onwards|
|EMI per lakh||Rs.649||Rs.645|
|Age of the applicant||21 years to 65 years||21 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.|
|Popular home loan products||
|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|
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 the lowest interest rate providers in India and you can visit the banks’ official website for more information on specific housing loans.
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