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Compare Bank of India vs IDBI Bank Home Loan

Download Comparison
Bank
Interest Rate
Interest Rate
6.95% - 7.15%
6.95% - 8.55%
Processing Fees
Processing Fees
Upto 0.25%
Min ₹ 1,500; Max ₹ 20,000
Upto 0.50%
Min ₹ 2,500;
Maximum Loan Amount
Maximum Loan Amount
₹ 5 Cr
₹ 10 Cr
Maximum Tenure
Maximum Tenure
30 Years
30 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 662
₹ 662
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
RLLR
RLLR
Minimum Age
Minimum Age
21 Years
25 Years
Maximum Age
Maximum Age
65 Years
70 Years
For Women
For Women
N
N
Overdraft Facility
Overdraft Facility
N
Y - Home Loan Interest Saver
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
2.5/5.0
4.3/5.0
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Compare Home Loan EMI of Bank of India and IDBI Bank

Loan Amount Bank of India IDBI Bank
₹ 10 Lakh ₹ 6,619 ₹ 6,619
₹ 25 Lakh ₹ 16,549 ₹ 16,549
₹ 30 Lakh ₹ 19,858 ₹ 19,858
₹ 50 Lakh ₹ 33,097 ₹ 33,097

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

Bank of India and IDBI Bank have the same interest rate on Home Loan, starting from 6.95%. Lowest EMI of Bank of India is ₹ 662 for a maximum tenure of 30 Years. Lowest EMI of IDBI Bank is ₹ 662 for a maximum tenure of 30 Years.

How does Bank of India Home Loan compare with IDBI Bank Home Loan?

It is important to do a detailed comparison of Bank of India and IDBI Bank on all loan terms and conditions to understand their differences and make an informed decision. Keep in mind that each bank’s scheme has its 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 and IDBI Bank Home Loan is 6.95%. Hence, both banks are at par in terms of interest rates on Home Loan.
  • 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 IDBI Bank with a processing fees of 0.50% of loan amount.
  • Bank of India is a with its Home Loan rates benchmarked to RLLR. On the other hand, IDBI Bank is a with its home loan rates benchmarked to RLLR. Hence, both banks are benchmarked to the same rate, making them a comparable option to choose from.
  • IDBI Bank has an average customer ratings of 4.3, while Bank of India has an average customer rating of 2.5, based on which it is clear that IDBI Bank has a high customer service focus, an easy Home Loan process and a quick turnaround.
  • One unique feature of IDBI Bank is its overdraft facility which allows borrowers to minimize their interest outgo by paying interest only on the loan amount utilized. This scheme makes it an apt choice for self-employed and businessmen with fluctuating fund requirements.

Which bank offers a lower interest rate on Home Loan – Bank of India or IDBI Bank?

The lowest interest rate for both Bank of India and IDBI Bank on Home Loan currently starts from 6.95%, and hence, both banks are a good choice for potential borrowers.

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Home Loan News - Sep 2021
  • 2021-09-27 : PNB Housing Finance Revises Home Loan Rates
    PNB Housing Finance has revised home loan rates for borrowers. A borrower can get an interest rate of 7.20% with a credit score above 800. A self employed can get loan at 7.40%, there is no change in rates of Unnati Home Loans.
  • 2021-09-24 : ICICI Bank Revises Home Loan Interest Rate
    ICICI Bank has cut home loan interest to 6.70%. The lowest rate for salaried is 6.70% and self-employed is 6.80%. If a borrower has a low credit score then they will have to pay 7.40% of the principal amount.
  • 2021-09-24 : LIC Housing Finance Announces New Home Loan Rates
    LIC Housing Finance has slashed the home loan rate to 6.66% for loans up to Rs 2 crore. These rates will be offered to the borrowers who have a credit score above 700 and it is valid till November 30, 2021.
  • 2021-09-21 : HDFC Bank Introduce Festival Bonanza Offer
    HDFC Bank has come up with a festival bonanza offer which is valid till October 31, 2021. The lender has cut home loan interest rate to 6.70%, the special rate is linked to borrowers credit score.
  • 2021-09-20 : PNB Introduces Festival Bonanza Offer
    Punjab National Bank (PNB) has introduced a festival bonanza offer under which they reduced home loan interest to 6.80%. Also, the lender has waived off processing fees and documentation charges on all retail loans like home loans, personal loans, car loans, gold loans, property loans. These charges are valid till December 31, 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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