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The true cost of a loan is the total amount you repay minus the original principal. This equals your total interest paid plus all upfront fees. A loan with a lower interest rate can have a higher true cost if it comes with heavy processing charges. Our comparison engine calculates the exact breakeven point between any two loan offers.

Interest rates and processing fees are often negotiable, especially for salaried employees with stable income, existing bank relationships, or CIBIL scores above 750. Banks compete for creditworthy borrowers. Get offers from at least 3 lenders — public sector banks (SBI, BOB), private banks (HDFC, ICICI), and NBFCs — then use those quotes to negotiate with your preferred lender.

Many borrowers ignore prepayment clauses, which can be costly. RBI mandates no prepayment penalties on floating rate loans. Fixed rate loans may carry a 2-4% prepayment penalty. If you plan to make bulk prepayments or foreclose the loan early, choose a lender with zero or low prepayment charges, as those savings can be substantial.

Beyond the interest rate and processing fee, scrutinize: (1) Login fees charged before sanction, (2) Legal and technical verification fees for home loans, (3) Stamp duty on the loan agreement, (4) Insurance premiums bundled with the loan (often mandatory), and (5) MODT (Memorandum of Deposit of Title Deed) charges. These can add 1-3% to your effective loan cost.