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Compare Home Loan - IDBI Bank vs HDFC

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Bank
Parameters
Interest Rate
Interest Rate
7.40% - 8.00%
6.75% - 8.20%
Processing Fees
Processing Fees
Upto 0.50%
Min ₹ 2,500;
Min ₹ 3,000;
Maximum Loan Amount
Maximum Loan Amount
₹ 10 Cr
₹ 5 Cr
Maximum Tenure
Maximum Tenure
30 Years
30 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 692
₹ 649
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
RLLR
PLR
Minimum Age
Minimum Age
25 Years
24 Years
Maximum Age
Maximum Age
70 Years
65 Years
For Women
For Women
N
Y
Overdraft Facility
Overdraft Facility
Y - Home Loan Interest Saver
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.3/5.0
4.5/5.0
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Compare EMI of IDBI Bank and HDFC Home Loan

Loan Amount IDBI Bank HDFC
₹ 10 Lakh ₹ 6,924 ₹ 6,486
₹ 25 Lakh ₹ 17,310 ₹ 16,215
₹ 30 Lakh ₹ 20,771 ₹ 19,458
₹ 50 Lakh ₹ 34,619 ₹ 32,430

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

HDFC offers lower Home Loan EMI at ₹ 649 on a Home Loan for 30 Years as compared to IDBI Bank with a minimum EMI of ₹ 692 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 IDBI 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 IDBI Bank at 7.40% 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 IDBI Bank with a processing fees of 0.50% of loan amount.
  • IDBI Bank has a maximum processing fee of ₹ 2,500 compared to HDFC with higher processing fees of ₹ 3,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for IDBI Bank.
  • IDBI 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 IDBI Bank has an average customer rating of 4.3, 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 IDBI Bank currently doesn’t have such schemes for women. Hence, women borrowers should definitely evaluate HDFC.
  • 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 lower interest rate on Home Loan – HDFC or IDBI Bank?

As per the current rates, HDFC offers a lower interest rate of 6.75% on Home Loan when compared to IDBI Bank which offers a Home Loan at 7.40%.

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Home Loan News - Jun 2021
  • 2021-06-16 : Ujjivan Small Finance Bank collaborates with MoEngage
    Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to provide digital banking services in remote areas of the country. The aim is to build a wide presence of the bank with customers in the unserved regions through digital services.
  • 2021-06-15 : Indian Overseas Bank declared a profit of Rs 831 crore
    IOB closed the last fiscal with a net profit of Rs.831 crore as against a net loss of about Rs.8,527 crore. The total income for the year ended 31.03.2021 stands at Rs.22,525 crore as against Rs.20,766 crore for FY20. IOB plans to come up with Prompt Corrective Action to focus on loan recovery, low-cost deposits and less capital consuming advances.
  • 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.
*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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