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Compare Home Loan - HDFC vs Bank of Maharashtra

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Bank
Parameters
Interest Rate
Interest Rate
6.75% - 8.20%
7.00% - 8.05%
Processing Fees
Processing Fees
Min ₹ 3,000;
NIL
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
₹ 649
₹ 665
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
PLR
RLLR
Minimum Age
Minimum Age
24 Years
21 Years
Maximum Age
Maximum Age
65 Years
65 Years
For Women
For Women
Y
Y
Overdraft Facility
Overdraft Facility
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.5/5.0
2.5/5.0
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Compare EMI of HDFC and Bank of Maharashtra Home Loan

Loan Amount HDFC Bank of Maharashtra
₹ 10 Lakh ₹ 6,486 ₹ 6,653
₹ 25 Lakh ₹ 16,215 ₹ 16,633
₹ 30 Lakh ₹ 19,458 ₹ 19,959
₹ 50 Lakh ₹ 32,430 ₹ 33,265

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

HDFC offers lower Home Loan EMI at ₹ 649 on a Home Loan for 30 Years as compared to Bank of Maharashtra with a minimum EMI of ₹ 665 for 30 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 Bank of Maharashtra 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 Bank of Maharashtra at 7.00% and hence, HDFC is offering a cheaper loan option.
  • When compared on other Home Loan charges such as processing fees, all banks Bank of Maharashtra, HDFC and charge the same amount of processing fees as a Nil.
  • Bank of Maharashtra 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 Bank of Maharashtra 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.
  • All these banks offer discounted schemes for women and hence, this factor will not be important in making the decision to borrow from Bank of Maharashtra or HDFC.

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

As per the current rates, HDFC offers a lower interest rate of 6.75% on Home Loan when compared to Bank of Maharashtra which offers a Home Loan at 7.00%.

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Home Loan News - Jun 2021
  • 2021-06-14 : 76% increase in Home Loans in the March quarter
    Home loans sanctioned by banks and NBFCs grew 76% to Rs 79,043 crore in the quarter ended March 2021. Steps like reduction in stamp duties by the government immensely increased the demand for Home Loans.
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
  • 2021-06-10 : Rural Loan Collections to be affected by the Second wave
    As the borrowers are continuously facing the issues created by the pandemic, India Ratings - a rating agency reported that the collections of Rural Loan which includes Home Loan, Loan Against Property, Business Loan, Personal Loan, etc. will be vastly affected because of the second wave of Covid-19.
  • 2021-06-09 : Growth of upto 18% expected by IIFL Home Finance on loans
    IIFL Home Finance expects a growth on its loan book which includes Home loans and Loan against property of upto 18%.
  • 2021-06-09 : IIFL Home Finance signs MOU with Central bank of India
    IIFL Home Finance signed a MOU with Central bank of India for co-lending. The Central bank will be providing 80% of the loan amount of IIFL.
*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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