Compare home loan offers side by side, using the Key Facts Statement
Since 1 October 2024 a lender must give you a one-page Key Facts Statement (KFS) before a new retail loan is signed. It lists the amount, tenure, EMI, rate, fees and an APR. The offers you hold will not look alike, so this tool puts the same fields side by side and works out what each one costs in all. It shows facts only. It does not rank lenders and it does not say which offer to take.
Nothing you type leaves your browser. We count only that the tool was used, never the figures.
Type in the fields from each KFS
Fill two offers, or three. Leave a box empty if the KFS does not show it. The order below follows the KFS.
What each field means
| Field | What to look for on your KFS |
|---|---|
| Rate, benchmark and spread | A floating rate is a benchmark that moves plus a spread the lender sets. The benchmark and the spread can reset on different schedules, and the KFS must say how often. See the spread explained. |
| Fees to the lender, fees to third parties | The KFS lists these separately. Third-party fees are paid to others, such as valuers and lawyers, through the lender. |
| Insurance premium | The KFS must show insurance charges collected through the lender, and they count towards the APR. Check whether the premium is paid upfront, added on top of the loan, or already inside the sanctioned amount, and pick the matching choice in the tool. |
| APR | A yearly rate that rolls the interest and the charges into one figure. The tool works out its own from your numbers, next to the one printed on the KFS. They can differ a little because of method and rounding. |
| Charges that apply only if something happens | Penal charges, foreclosure charges and charges to switch between fixed and floating are listed on the KFS but are left out of the APR. The tool shows what you typed beside each offer. |
Before you accept
- The KFS is valid for a limited period, at least three working days under RBI's directions, so you have a short window to compare. Check the validity printed in your sanction papers.
- Ask each lender for the benchmark, the spread today and how the spread can change. The reset reckoner shows when a rate change reaches a loan.
- Ask what you would pay to repay early or to move the loan later.
- If a premium is added to the loan, ask whether you can choose your own insurer.
Questions
What is a Key Facts Statement?
A short statement of the main terms of a loan, which RBI has required lenders to give on new retail loans since 1 October 2024. It lists the loan amount, tenure, EMI, interest type, fees, an APR and charges that apply only in some cases.
Why can the APR be higher than the interest rate?
The APR includes the fees and any insurance premium collected through the lender, so it is usually above the headline rate. Penal and foreclosure charges are left out of it.
Is the lowest rate the cheapest loan?
Not always. Fees, insurance and the spread's reset terms change what a loan costs. The table adds these up for the figures you enter. Your own situation decides what matters, and this is education, not advice.
Sources: RBI's Key Facts Statement directions of April 2024, as summarised by Vinod Kothari & Co.