Axis Bank Home Loan vs IDFC First Bank Home Loan vs Canara Bank Home Loan vs South Indian Bank Home Loan

Feature Comparison

When selecting a home loan from Axis Bank, IDFC First Bank, Canara Bank, or South Indian Bank, interest rates play a crucial role. Axis Bank offers rates of 7.60% - 9.35%, attractive for those looking to minimise monthly payments. IDFC First Bank provides rates of 9.40% - 14%, which might offer better long-term financial benefits. Canara Bank has rates of 7.40% - 10.25%, offering flexibility for various borrowing needs. South Indian Bank presents rates of 8.30% to 11.70%, potentially providing the best initial rates.

Axis Bank extends loan tenures up to Max 30 Years, ideal for keeping monthly obligations low. IDFC First Bank allows loan periods up to Max 30 Years, catering to borrowers seeking a balanced repayment timeline. Canara Bank offers loan tenures up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., perfect for those who prefer to clear their loan faster. South Indian Bank provides tenures up to Max 30 years, offering options for different repayment preferences.

Regarding the maximum loan amount, Axis Bank provides loans up to Upto 5cr, suitable for high-value property purchases. IDFC First Bank caps at Upto 5 Cr, fitting for standard housing investments. Canara Bank supports loans up to Upto 5cr, ideal for more affordable real estate acquisitions. South Indian Bank offers maximum loans of Upto 15cr, accommodating various property values.

Processing fees vary among the banks. Axis Bank charges 1% of the loan amount + GST or a minimum of Rs 10,000, IDFC First Bank imposes Up to 3% of loan amount, Canara Bank requires 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-), and South Indian Bank sets its fee at 0.50% of the loan amount, with a minimum amount of Rs.10000.00. It's important to include these fees in your initial cost calculations when choosing the best loan option.

Conclusion

When deciding between the home loan options from Axis Bank, IDFC First Bank, Canara Bank, and South Indian Bank, it's essential to consider how each product fits your unique financial situation. Focus on comparing key aspects like interest rates, eligibility criteria, loan terms, maximum loan limits, and processing fees to ensure you choose a loan that supports both your current needs and future financial well-being.