A Comprehensive Comparison of HDFC & Bank of India Home Loan: Which One is Better for You?

Last Updated : March 14, 2023, 11:03 a.m.

HDFC and Bank of India are reputable banks in India that offer home loans. It is best to compare the interest rates, processing fees, and other terms and conditions that belong to the home loan offered by both banks before making an existing decision. You should also consider your financial situation and creditworthiness at the time when deciding which bank to choose that will belong to your home loan. It is also good to get an existing pre-approved home loan and then compare the loan quotes to make an informed decision.

HDFC Home Loan

• HDFC bank is a leading housing finance company in India. It offers home loans at competitive interest rates, with an existing loan processing fee that belongs to up to 0.50% that belongs to the loan amount.
• HDFC home loan also offers an existing range of repayment options, including making part pre-payments without any charges.
• Along with these, it provides an existing balance transfer facility, which allows you to transfer your existing home loan to HDFC at an existing lower interest rate.

Bank of India Home Loan

• Similarly, the Bank of India also offers home loans at competitive interest rates and offers various repayment options.
• Unlike HDFC bank, it also offers an existing balance transfer facility, which allows you to transfer your existing Bank of India home loan at an existing lower interest rate.
• It has an existing loan processing fee that belongs to up to 0.50% that belongs to the loan amount.

Comparison Between HDFC Home Loan and Bank of India Home Loan

Here are some important factors to consider when planning to take a home loan between HDFC bank or Bank of India.

Interest rates

Both HDFC home loan and Bank of India home loan offer competitive interest rates, except they may vary depending on the top of the loan amount, loan tenure, as well as other factors. It is essential to evaluate the interest rates offered by both banks and choose the one that offers the lowest rate. HDFC home loan offers an interest rate between 8.65% p.a. – 9.95% p.a., while the Bank of India home loan interest rate begins from 8.85% p.a. onwards .

Processing fees

Both banks may charge an existing processing fee that belongs to up to 0.50% that belongs to the loan amount. It is important to check and compare the processing fees that belong to both banks before applying that is going to belong to an existing loan.

Repayment options

HDFC home loan and Bank of India home loan offers a range of repayment options, including making part pre-payments without any charges. Borrowers must compare the repayment options offered by both banks and choose the one that best suits their needs.

Balance transfer facility

HDFC and Bank of India give an existing balance transfer facility, which allows you to transfer your existing home loan to them at an existing lower interest rate. It can be a great way to save money on top of your home loan, except it is important to compare the balance transfer offers that belong to both banks before making an existing decision.

Eligibility criteria

HDFC home loan and Bank of India home loan have similar eligibility criteria. Borrowers must submit their id proof, income certificate, age, employment status, credit score, etc. It is important to check the eligibility criteria that belong to both banks and ensure that you meet the criteria before applying to belong to an existing loan.

Customer service

HDFC and Bank of India have an existing dedicated customer service team to help you with your home loan application and any queries. You can easily compare the customer service of both banks and choose the one that offers the best support. Also, you can read the customer’s review to get more transparency about their functionality.

Additional benefits

HDFC and Bank of India offer additional benefits such as loan insurance, top-up loans, and more. It is vital to evaluate the additional benefits offered by both banks and choose the one that offers the most value.

Tenure

Tenure happens to be the period over which the loan happens to exist as a repaid. HDFC, as well as the bank that belongs to India, offer different loan tenure options, so it is important to compare them and choose the one that best suits your needs and financial situation. Both HDFC home loan and Bank of India offer the borrowers a tenure period of 30 years.

Pre-closure charges

HDFC and Bank of India may charge an existing fee on the possibility that you choose to close your loan before the end that belongs to the tenure. It would help if you compared the pre-closure charges belonging to both banks and chose the one with lower charges or no charges at every single one.

Insurance

Some home loans may come with insurance policies that protect you and your family in case of an existing emergency or death. It is important to compare the insurance options offered by HDFC and the Bank of India and choose the best coverage.

Legal and technical evaluation

HDFC and Bank of India may conduct an existing legal and technical evaluation that belongs to the property before approving an existing home loan. It happens to be important to compare the process as well as the charges that belong to both banks as well as choose the one that offers the most convenient as well as a cost-effective evaluation process.

CIBIL Score

A minimum credit score of 675 is recommended for obtaining a Bank of India home loan. A better CIBIL score , however, increases the likelihood that your house loan application will be accepted. If your credit score exceeds 700 when you apply for an HDFC home loan, your chances of approval are extremely high.

Conclusion

It is important to thoroughly research and compare every single one that belongs to these factors before making an existing decision on which bank to choose that will belong to your home loan. I recommend you visit the official website that belongs to HDFC and the bank that belongs to India and compare their home loan offerings in detail, as well as consult an existing financial advisor on the possibility that is needed.