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Compare Home Loan - Allahabad Bank vs HDFC

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Bank
Parameters
Interest Rate
Interest Rate
8.25% - 8.85%
6.75% - 8.20%
Processing Fees
Processing Fees
Upto 0.40%
Max ₹ 50,000
Min ₹ 3,000;
Maximum Loan Amount
Maximum Loan Amount
₹ 10 Cr
₹ 5 Cr
Maximum Tenure
Maximum Tenure
20 Years
30 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 852
₹ 649
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
RLLR
PLR
Minimum Age
Minimum Age
21 Years
24 Years
Maximum Age
Maximum Age
65 Years
65 Years
For Women
For Women
N
Y
Overdraft Facility
Overdraft Facility
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
2.5/5.0
4.5/5.0
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Compare EMI of Allahabad Bank and HDFC Home Loan

Loan Amount Allahabad Bank HDFC
₹ 10 Lakh ₹ 8,521 ₹ 6,486
₹ 25 Lakh ₹ 21,302 ₹ 16,215
₹ 30 Lakh ₹ 25,562 ₹ 19,458
₹ 50 Lakh ₹ 42,603 ₹ 32,430

Which is a better bank for Home Loan – HDFC or Allahabad Bank?

HDFC offers lower Home Loan EMI at ₹ 649 on a Home Loan for 30 Years as compared to Allahabad Bank with a minimum EMI of ₹ 852 for 20 Years. Average customer ratings for HDFC is currently at 4.5/5.0 which makes it a good choice for taking a Home Loan.

How does HDFC Home Loan compare with Allahabad Bank Home Loan?

It is important to do a detailed comparison of HDFC and Home Loan on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

  • Lowest Interest rate of HDFC Home Loan is 6.75%, which is lower than the lowest interest rate of Allahabad Bank at 8.25% and hence, HDFC is offering a cheaper loan option.
  • When compared on other Home Loan charges such as processing fees, HDFC charges a lower processing fees of Nil vs Allahabad Bank with a processing fees of 0.40% of loan amount.
  • HDFC has a maximum processing fee of ₹ 3,000 compared to Allahabad Bank with higher processing fees of ₹ 50,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for HDFC.
  • Allahabad Bank is a Public Sector Bank with its Home Loan rates benchmarked to RLLR. HDFC is a HFC with its home loan rates benchmarked to PLR.
  • HDFC has an average customer ratings of 4.5, while Allahabad Bank has an average customer rating of 2.5, based on which it is clear that HDFC has a high customer service focus, an easy Home Loan process and a quick turnaround.
  • HDFC offers special discounted rate Home Loan schemes for women, while Allahabad Bank currently doesn’t have such schemes for women. Hence, women borrowers should definitely evaluate HDFC.

Which bank offers lower interest rate on Home Loan – HDFC or Allahabad Bank?

As per the current rates, HDFC offers a lower interest rate of 6.75% on Home Loan when compared to Allahabad Bank which offers a Home Loan at 8.25%.

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Home Loan News - Aug 2021
  • 2021-08-02 : HDFC Bank Consolidated net profit jumps 31% to Rs 5,311 cr in Q1
    The country largest mortgage lender HDFC reported a 31 per cent jump in its consolidated net profit. As a result, the net profit for the quarter ending June 2021 stands at Rs 5,311 crore. The company had posted a net profit of Rs 4,059 crore in the year-ago same quarter.
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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