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Compare Bank of India vs LIC Housing Finance Loan Against Property

Download Comparison
Bank
Interest Rate
Interest Rate
8.85% - 9.35%
8.50% - 11.00%
Processing Fees
Processing Fees
Upto 1.00%
Min ₹ 5,000; Max ₹ 50,000
Upto 0.75%
Max ₹ 25,000
Maximum Loan Amount
Maximum Loan Amount
₹ 5 Cr
₹ 5 Cr
Loan to Property Value Ratio
Loan to Property Value Ratio
Upto 40%
Upto 70%
Maximum Tenure
Maximum Tenure
12 Years
15 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 1,130
₹ 985
Benchmark Rate
Benchmark Rate
RLLR
PLR
Minimum Age
Minimum Age
21 Years
21 Years
Maximum Age
Maximum Age
70 Years
65 Years
Overdraft Facility
Overdraft Facility
Y - OD
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
5/5.0
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Compare Loan Against Property EMI of Bank of India and LIC Housing Finance

Loan Amount Bank of India LIC Housing Finance
₹ 10 Lakh ₹ 11,296 ₹ 9,847
₹ 15 Lakh ₹ 16,944 ₹ 14,771
₹ 30 Lakh ₹ 33,888 ₹ 29,542
₹ 50 Lakh ₹ 56,480 ₹ 49,237

Which is a better bank for Loan Against Property – LIC Housing Finance or Bank of India?

LIC Housing Finance offers lower Loan Against Property EMI at ₹ 985 on a Loan Against Property for 15 Years as compared to Bank of India with a minimum EMI of ₹ 1,130 for 12 Years. Average customer ratings for LIC Housing Finance is currently at 5/5.0 which makes it a good choice for taking a Loan Against Property.

How does LIC Housing Finance Loan Against Property compare with Bank of India Loan Against Property?

It is important to do a detailed comparison of LIC Housing Finance and Bank of India on all loan terms and conditions to understand their differences and make an informed decision. Keep in mind that each bank’s scheme has its 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 LIC Housing Finance Loan Against Property is 8.50%, which is lower than the lowest interest rate of Bank of India at 8.85% and hence, LIC Housing Finance is offering a cheaper loan option.
  • When compared on other Loan Against Property charges such as processing fees, LIC Housing Finance charges a lower processing fees of 0.75% of the loan amount vs Bank of India with a processing fees of 1.00% of loan amount.
  • Bank of India offers Loan Against Property upto 70% of the property value while LIC Housing Finance offers mortgage loan upto 40% of property value. Hence, Bank of India can be a better option if you are looking for a high value amount.
  • Bank of India is a with its Loan Against Property rates benchmarked to RLLR. LIC Housing Finance is a with its home loan rates benchmarked to PLR.
  • LIC Housing Finance has an average customer ratings of 5, while has an average customer rating of , based on which it is clear that LIC Housing Finance has a high customer service focus, an easy Loan Against Property process and a quick turnaround.
  • One unique feature of Bank of India 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 a lower interest rate on Loan Against Property – LIC Housing Finance or Bank of India?

As per the current rates, LIC Housing Finance offers a lower interest rate of 8.50% on Loan Against Property when compared to Bank of India which offers a Loan Against Property at 8.85%.

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