Comparing Bajaj Finserv & IDFC Bank Home Loan Options: A Detailed Look

Last Updated : March 11, 2023, 6:08 p.m.

A home loan can be a great way to make this dream a reality when purchasing a new home. However, with so many options available, it can take time to decide which lender to choose. Two popular options are Bajaj Finserv home loan and IDFC home loan, which offer a range of home loan products. This article will take a closer look at these two lenders and compare their home loan offerings.

Comparison Between Bajaj Finserv Home Loan and IDFC Bank Home Loan

Interest Rates

Bajaj Finserv home loan offers interest rates starting from as low as 8.60% p.a., which is considered competitive in the market. The interest rate offered by Bajaj Finserv can go up to 14.00% p.a. The interest rate is based on the loan amount and the customer’s credit score.

IDFC home loan offers interest rates that start from as low as 8.85% p.a. The bank also offers fixed and floating interest rate options, which can be more suitable for some customers. The interest rate offered by IDFC Bank can go up to 9.25% p.a.

Bajaj Finserv home loan has a slightly lower interest rate than IDFC home loan, but both are considered competitive in the market.

Loan Amount

Bajaj Finserv home loan provides home loans up to Rs. 3.5 crore and the loan amount is based on the customer’s income and creditworthiness. The lender also offers higher loan eligibility, meaning you can borrow more than what you are eligible for with other lenders.

IDFC home loan also provides home loans up to Rs. 3.5 crore and the loan amount is again based on the customer’s income, creditworthiness and the property’s value.

Bajaj Finserv home loan and IDFC home loan offer products with a similar loan amount of up to Rs. 3.5 crore. Generally, a loan amount varies on several factors, such as the location of the property and your credit score, and it’s always best to check with the lender for the latest loan amount information and to compare the loan amount offered by different lenders before making a decision.

Tenor Duration

Bajaj Finserv home loan offers a flexible tenor of up to 20 years for their home loan products, allowing customers to choose a repayment period that suits their budget and financial needs.

IDFC home loan also offers a flexible tenor of up to 20 years for their home loan products, which gives customers the flexibility to choose a repayment period that works best for them.

Bajaj Finserv and IDFC offer home loan products with a flexible tenor. Borrowers can choose to repay the loan over up to 20 years, which can help keep monthly repayments manageable and ensure the loan is affordable in the long term.

However, each loan’s specific terms and conditions may vary, and it’s always a good idea to check with the lender for the latest information and compare the tenor offered by different lenders before making a decision.

Application Process

Bajaj Finserv home loan

• The bank offers a quick and easy application process with the option of a doorstep service for document collection.
• The customer can apply for a home loan through the Bajaj Finserv website or by visiting a Bajaj Finserv branch.
• The customer can also check the loan eligibility, interest rate and EMI using the online EMI calculator.

IDFC home loan

• The bank provides an online application process.
• The customer can apply for a home loan through the IDFC Bank website or by visiting an IDFC Bank branch.
• The customer can also check the loan eligibility, interest rate and EMI using the online EMI calculator.

Bajaj Finserv home loan and IDFC home loan make the application process very convenient for customers. Bajaj Finserv’s doorstep service for document collection is an added advantage for customers who need help going to the bank. IDFC Bank’s online application process is more convenient for customers who prefer online transactions.

Balance Transfer Facility

Bajaj Finserv offers a balance transfer facility for their home loan products, which allows customers to transfer their existing home loan to Bajaj Finserv at a lower interest rate. It can be a great way to save money on interest charges over the life of the loan and make the repayment more manageable.

Similarly, IDFC Bank also offers a balance transfer facility for their home loan products. It allows customers to transfer their existing home loan to IDFC Bank at a lower interest rate and make the repayment more manageable.

Pre-payment Charges

Bajaj Finserv home loan does not charge any pre-payment charges on their home loan products, which means you can pay off your loan early without incurring additional fees. This feature can benefit customers who can pay off their loans early and want to save on interest charges.

Similarly, IDFC home loan does not charge any pre-payment charges on their home loan products, which means you can pay off your loan early without incurring additional fees.

Thus, both Bajaj Finserv and IDFC do not charge any pre-payment charges on their home loan products. You can pay off your loan early without incurring any additional fees. This feature can benefit customers who can pay off their loans early and want to save on interest charges.

Conclusion

Bajaj Finserv and IDFC Bank offer competitive home loan products in terms of interest rates, loan amount, and tenor. Bajaj Finserv home loan may be more suited for customers looking for a quick and easy application process. In contrast, an IDFC home loan may be more suited for customers looking for an online application process.

Ultimately, it’s best to compare the interest rates, processing fees, and other terms and conditions of both home loan products before making a decision. And also, it’s always good to check with your bank and the CIBIL score and other credit reports to ensure you’re getting the best rate possible.