Comparing home loan quotes from different banks/NBFCs

1. Banks quote interest rates in many different ways (ex. monthly reducing rate, flat rate), hence just looking at the interest rate value alone might not give you a true picture of which home loan quote is the best. The processing fee should also be considered when comparing loan quotes. The best way of finding out which home loan quote is the cheapest is by comparing the total amount that you need to pay in order to completely pay off your home loan.
Total cost of home loan = Loan amount + Total interest charged throughout loan tenure + Processing fees & related taxes
2. Compare the customer satisfaction ratings of each bank, as you'll need to remain in contact with your bank for the period of your loan, which could be the next 20 years
3. The amount you are eligible for will vary by bank, hence choose a lender who lends you enough for you to afford the down-payment on the house