Should I look only at interest rates to compare loans?

By and large, yes. If the interest rate difference is more than 0.25%, you should go with the lower one (except the teaser rate mentioned in other faq). The only other feature worth looking at while comparing Banks is the charge for prepayment or transfer of loan. Ideally, the prepayment charge should be nil, while the transfer charge should be minimum.

Do not worry too much about one-time costs like processing charges. These may vary, but are insignificant compared to your loan and the lifetime cost of servicing it. Also do not worry about a little additional paperwork the Bank may demand initially. In such a big decision, it is worth the initial trouble!


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