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Compare Home Loan - Bank of India vs Dhan Laxmi Bank

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Bank
Parameters
Interest Rate
Interest Rate
6.95% - 7.15%
7.85% - 8.50%
Processing Fees
Processing Fees
Upto 0.25%
Min ₹ 1,500; Max ₹ 20,000
Upto 1.00%
Min ₹ 10,000;
Maximum Loan Amount
Maximum Loan Amount
₹ 5 Cr
₹ 2.50 Cr
Maximum Tenure
Maximum Tenure
30 Years
20 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 662
₹ 827
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
RLLR
RLLR
Minimum Age
Minimum Age
21 Years
21 Years
Maximum Age
Maximum Age
65 Years
65 Years
For Women
For Women
N
N
Overdraft Facility
Overdraft Facility
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
2.5/5.0
2.5/5.0
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Compare EMI of Bank of India and Dhan Laxmi Bank Home Loan

Loan Amount Bank of India Dhan Laxmi Bank
₹ 10 Lakh ₹ 6,619 ₹ 8,271
₹ 25 Lakh ₹ 16,549 ₹ 20,678
₹ 30 Lakh ₹ 19,858 ₹ 24,814
₹ 50 Lakh ₹ 33,097 ₹ 41,356

Which is a better bank for Home Loan – Bank of India or Dhan Laxmi Bank?

Bank of India offers lower Home Loan EMI at ₹ 662 on a Home Loan for 30 Years as compared to Dhan Laxmi Bank with a minimum EMI of ₹ 827 for 20 Years. Average customer ratings for Bank of India is currently at 2.5/5.0 which makes it a good choice for taking a Home Loan.

How does Bank of India Home Loan compare with Dhan Laxmi Bank Home Loan?

It is important to do a detailed comparison of Bank of India 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 Bank of India Home Loan is 6.95%, which is lower than the lowest interest rate of Dhan Laxmi Bank at 7.85% and hence, Bank of India is offering a cheaper loan option.
  • When compared on other Home Loan charges such as processing fees, Bank of India charges a lower processing fees of 0.25% of the loan amount vs Dhan Laxmi Bank with a processing fees of 1.00% of loan amount.
  • Dhan Laxmi Bank has a maximum processing fee of ₹ 10,000 compared to Bank of India with higher processing fees of ₹ 20,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Dhan Laxmi Bank.
  • Bank of India is a Public Sector Bank with its Home Loan rates benchmarked to RLLR. Dhan Laxmi Bank is a Private Bank with its home loan rates benchmarked to RLLR. Hence, both banks are benchmarked to same rate which make them a comparable option to choose from.
  • Bank of India with an average customer ratings of 2.5 is equally comparable to Dhan Laxmi Bank with an average customer rating of 2.5, and hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Home Loan – Bank of India or Dhan Laxmi Bank?

As per the current rates, Bank of India offers a lower interest rate of 6.95% on Home Loan when compared to Dhan Laxmi Bank which offers a Home Loan at 7.85%.

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Home Loan News - Jul 2021
  • 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.
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
*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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