Compare Loan Against Property - LIC Housing Finance vs IDFC First Bank

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Bank	SBI HDFC ICICI Bank Axis Bank Citibank PNB Housing Finance LIC Housing Finance Kotak Bank Yes Bank Bajaj Home Finance RBL Bank Syndicate Bank IDBI Bank UCO Bank Jammu And Kashmir Bank Lakshmi Vilas Bank Allahabad Bank Andhra Bank Bank of India Canara Bank Central Bank of India Punjab and Sind Bank South Indian Bank Union Bank of India United Bank of India DBS Bank Piramal Housing Finance Cholamandalam IndusInd Bank Federal Bank Edelweiss Karnataka Bank Dhan Laxmi Bank DCB Bank Indiabulls HDFC Bank Karur Vysya Bank PNB OBC Indian Overseas Bank Indian Bank Corporation Bank HSBC Bank Standard Chartered Bank	SBI HDFC ICICI Bank Axis Bank Citibank PNB Housing Finance Kotak Bank Yes Bank Bajaj Home Finance IDFC First Bank RBL Bank Syndicate Bank IDBI Bank Union Bank of India Lakshmi Vilas Bank Allahabad Bank Andhra Bank Bank of India Canara Bank Central Bank of India Punjab and Sind Bank UCO Bank South Indian Bank United Bank of India DBS Bank Piramal Housing Finance Cholamandalam IndusInd Bank Jammu And Kashmir Bank Federal Bank Standard Chartered Bank Karnataka Bank Dhan Laxmi Bank DCB Bank Indiabulls HDFC Bank Karur Vysya Bank PNB OBC Indian Overseas Bank Indian Bank Corporation Bank HSBC Bank Edelweiss
Parameters
Interest Rate	Interest Rate 8.50% - 11.00%	11.80% - 11.80%
Processing Fees	Processing Fees Upto 1.00% Max ₹ 25,000	Upto 1.00% Min ₹ 5,000;
Maximum Loan Amount	Maximum Loan Amount ₹ 5 Cr	₹ 5 Cr
Loan to Property Value Ratio	Loan to Property Value Ratio Upto 70%	Upto 60%
Maximum Tenure	Maximum Tenure 15 Years	15 Years
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 985	₹ 1,187
Benchmark Rate	Benchmark Rate PLR	RLLR
Minimum Age	Minimum Age 21 Years	21 Years
Maximum Age	Maximum Age 65 Years	65 Years
Overdraft Facility	Overdraft Facility N	Y - Short and Sweet
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 5/5.0	5/5.0

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Compare EMI of LIC Housing Finance and IDFC First Bank Loan Against Property

Loan Amount	LIC Housing Finance	IDFC First Bank
₹ 10 Lakh	₹ 9,847	₹ 11,873
₹ 15 Lakh	₹ 14,771	₹ 17,810
₹ 30 Lakh	₹ 29,542	₹ 35,620
₹ 50 Lakh	₹ 49,237	₹ 59,367

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

LIC Housing Finance offers lower Loan Against Property EMI at ₹ 985 on a Loan Against Property for 15 Years as compared to IDFC First Bank with a minimum EMI of ₹ 1,187 for 15 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 IDFC First Bank Loan Against Property?

It is important to do a detailed comparison of LIC Housing Finance and Loan Against Property 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 LIC Housing Finance Loan Against Property is 8.50%, which is lower than the lowest interest rate of IDFC First Bank at 11.80% and hence, LIC Housing Finance is offering a cheaper loan option.
When compared on other Loan Against Property charges such as processing fees, all banks IDFC First Bank, LIC Housing Finance and charge the same amount of processing fees as a 1.00% of the loan amount.
IDFC First Bank has a maximum processing fee of ₹ 5,000 compared to LIC Housing Finance with higher processing fees of ₹ 25,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for IDFC First Bank.
IDFC First Bank offers Loan Against Property upto 70% of the property value while LIC Housing Finance offers mortgage loan upto 60% of property value. Hence, IDFC First Bank can be a better option if you are looking for a high value amount.
IDFC First Bank is a Private Bank with its Loan Against Property rates benchmarked to RLLR. LIC Housing Finance is a HFC with its home loan rates benchmarked to PLR.
IDFC First Bank with an average customer ratings of 5 is equally comparable to LIC Housing Finance with an average customer rating of 5, and hence, the customer can expect the same kind of service levels from these banks.
One unique feature of IDFC First 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 Loan Against Property – LIC Housing Finance or IDFC First Bank?

As per the current rates, LIC Housing Finance offers a lower interest rate of 8.50% on Loan Against Property when compared to IDFC First Bank which offers a Loan Against Property at 11.80%.

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Loan Against Property News - Jun 2021

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.
2021-06-10 : Edelweiss to become co-lending partners with Central Bank of India
Edelweiss Retail Finance Ltd. (ERFL) strengthened its co-lending partnership with the Central Bank of India in order to ensure priority sector lending to the MSMEs. MSMEs can now avail collateral free loans of upto 50 lakhs and Loan against property of upto Rs 10 crores.
2021-06-10 : Central Bank of India to become co-lending partners with Edelweiss
Edelweiss Retail Finance Ltd. (ERFL) strengthened its co-lending partnership with the Central Bank of India in order to ensure priority sector lending to the MSMEs. MSMEs can now avail collateral free loans of upto 50 lakhs and Loan against property of upto Rs 10 crores.
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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