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Compare Home Loan - OBC vs Allahabad Bank

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Bank
Parameters
Interest Rate
Interest Rate
6.95% - 7.75%
8.25% - 8.85%
Processing Fees
Processing Fees
Upto 0.50%
Max ₹ 20,000
Upto 0.40%
Max ₹ 50,000
Maximum Loan Amount
Maximum Loan Amount
₹ 3 Cr
₹ 10 Cr
Maximum Tenure
Maximum Tenure
25 Years
20 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 704
₹ 852
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
N
N
Overdraft Facility
Overdraft Facility
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
2.5/5.0
2.5/5.0
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Compare EMI of OBC and Allahabad Bank Home Loan

Loan Amount OBC Allahabad Bank
₹ 10 Lakh ₹ 7,036 ₹ 8,521
₹ 25 Lakh ₹ 17,590 ₹ 21,302
₹ 30 Lakh ₹ 21,108 ₹ 25,562
₹ 50 Lakh ₹ 35,180 ₹ 42,603

Which is a better bank for Home Loan – OBC or Allahabad Bank?

OBC offers lower Home Loan EMI at ₹ 704 on a Home Loan for 25 Years as compared to Allahabad Bank with a minimum EMI of ₹ 852 for 20 Years. Average customer ratings for OBC is currently at 2.5/5.0 which makes it a good choice for taking a Home Loan.

How does OBC Home Loan compare with Allahabad Bank Home Loan?

It is important to do a detailed comparison of OBC 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 OBC Home Loan is 6.95%, which is lower than the lowest interest rate of Allahabad Bank at 8.25% and hence, OBC is offering a cheaper loan option.
  • When compared on other Home Loan charges such as processing fees, Allahabad Bank charges a lower processing fees of 0.40% of the loan amount vs OBC with a processing fees of 0.50% of loan amount.
  • OBC has a maximum processing fee of ₹ 20,000 compared to Allahabad Bank with higher processing fees of ₹ 50,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for OBC.
  • Allahabad Bank is a Public Sector Bank with its Home Loan rates benchmarked to RLLR. OBC 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.
  • Allahabad Bank with an average customer ratings of 2.5 is equally comparable to OBC with an average customer rating of 2.5, and hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Home Loan – OBC or Allahabad Bank?

As per the current rates, OBC offers a lower interest rate of 6.95% on Home Loan when compared to Allahabad Bank which offers a Home Loan at 8.25%.

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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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