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Compare Home Loan - LIC Housing Finance vs Kotak Bank

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Bank
Parameters
Interest Rate
Interest Rate
6.90% - 7.80%
6.65% - 7.20%
Processing Fees
Processing Fees
Min ₹ 10,000; Max ₹ 15,000
Max ₹ 10,000
Maximum Loan Amount
Maximum Loan Amount
₹ 15 Cr
₹ 5 Cr
Maximum Tenure
Maximum Tenure
30 Years
20 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 659
₹ 754
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
PLR
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)
3.8/5.0
4.7/5.0
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Compare EMI of LIC Housing Finance and Kotak Bank Home Loan

Loan Amount LIC Housing Finance Kotak Bank
₹ 10 Lakh ₹ 6,586 ₹ 7,544
₹ 25 Lakh ₹ 16,465 ₹ 18,861
₹ 30 Lakh ₹ 19,758 ₹ 22,633
₹ 50 Lakh ₹ 32,930 ₹ 37,722

Which is a better bank for Home Loan – Kotak Bank or LIC Housing Finance?

LIC Housing Finance offers lower Home Loan EMI at ₹ 659 on a Home Loan for 30 Years as compared to Kotak Bank with a minimum EMI of ₹ 754 for 20 Years. Average customer ratings for LIC Housing Finance is currently at 3.8/5.0 which makes it a good choice for taking a Home Loan.

How does Kotak Bank Home Loan compare with LIC Housing Finance Home Loan?

It is important to do a detailed comparison of Kotak 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 Kotak Bank Home Loan is 6.65%, which is lower than the lowest interest rate of LIC Housing Finance at 6.90% and hence, Kotak Bank is offering a cheaper loan option.
  • When compared on other Home Loan charges such as processing fees, all banks Kotak Bank, LIC Housing Finance and charge the same amount of processing fees as a Nil.
  • Kotak Bank has a maximum processing fee of ₹ 10,000 compared to LIC Housing Finance with higher processing fees of ₹ 15,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Kotak Bank.
  • Kotak Bank is a Private Bank with its Home Loan rates benchmarked to RLLR. LIC Housing Finance is a HFC with its home loan rates benchmarked to PLR.
  • Kotak Bank has an average customer ratings of 4.7, while LIC Housing Finance has an average customer rating of 3.8, based on which it is clear that Kotak Bank has a high customer service focus, an easy Home Loan process and a quick turnaround.

Which bank offers lower interest rate on Home Loan – Kotak Bank or LIC Housing Finance?

As per the current rates, Kotak Bank offers a lower interest rate of 6.65% on Home Loan when compared to LIC Housing Finance which offers a Home Loan at 6.90%.

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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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