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Compare Home Loan - Indian Bank vs Federal Bank

Download Comparison
Bank
Parameters
Interest Rate
Interest Rate
7.55% - 7.85%
7.65% - 7.75%
Processing Fees
Processing Fees
Upto 0.23%
Max ₹ 20,381
Upto 0.50%
Min ₹ 3,000; Max ₹ 7,500
Maximum Loan Amount
Maximum Loan Amount
₹ 5 Cr
₹ 15 Cr
Maximum Tenure
Maximum Tenure
20 Years
30 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 809
₹ 710
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
RLLR
RLLR
Minimum Age
Minimum Age
18 Years
21 Years
Maximum Age
Maximum Age
60 Years
65 Years
For Women
For Women
Y
N
Overdraft Facility
Overdraft Facility
N
Y - Home Saver
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3/5.0
3.5/5.0
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Compare EMI of Indian Bank and Federal Bank Home Loan

Loan Amount Indian Bank Federal Bank
₹ 10 Lakh ₹ 8,087 ₹ 7,095
₹ 25 Lakh ₹ 20,216 ₹ 17,738
₹ 30 Lakh ₹ 24,260 ₹ 21,285
₹ 50 Lakh ₹ 40,433 ₹ 35,476

Which is a better bank for Home Loan – Indian Bank or Federal Bank?

Federal Bank offers lower Home Loan EMI at ₹ 710 on a Home Loan for 30 Years as compared to Indian Bank with a minimum EMI of ₹ 809 for 20 Years. Average customer ratings for Federal Bank is currently at 3.5/5.0 which makes it a good choice for taking a Home Loan.

How does Indian Bank Home Loan compare with Federal Bank Home Loan?

It is important to do a detailed comparison of Indian Bank 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 Indian Bank Home Loan is 7.55%, which is lower than the lowest interest rate of Federal Bank at 7.65% and hence, Indian Bank is offering a cheaper loan option.
  • When compared on other Home Loan charges such as processing fees, Indian Bank charges a lower processing fees of 0.23% of the loan amount vs Federal Bank with a processing fees of 0.50% of loan amount.
  • Federal Bank has a maximum processing fee of ₹ 7,500 compared to Indian Bank with higher processing fees of ₹ 20,381. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Federal Bank.
  • Federal Bank is a Private Bank with its Home Loan rates benchmarked to RLLR. Indian Bank is a Public Sector 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.
  • Federal Bank has an average customer ratings of 3.5, while Indian Bank has an average customer rating of 3, based on which it is clear that Federal Bank has a high customer service focus, an easy Home Loan process and a quick turnaround.
  • Indian Bank offers special discounted rate Home Loan schemes for women, while Federal Bank currently doesn’t have such schemes for women. Hence, women borrowers should definitely evaluate Indian Bank.
  • One unique feature of Federal 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 – Indian Bank or Federal Bank?

As per the current rates, Indian Bank offers a lower interest rate of 7.55% on Home Loan when compared to Federal Bank which offers a Home Loan at 7.65%.

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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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