Home Loan Comparison
Bajaj Finance Home Loan vs Axis Bank Home Loan vs Bank Of Baroda Home Loan vs Canara Bank Home Loan
Introduction
Finding the best home loan can save you money and stress. We'll compare the home loan products from Bajaj Finance, Axis Bank, Bank Of Baroda, and Canara Bank, focusing on their rates, terms, and additional features. Discover which bank offers the most advantageous package for your home purchase.
Bank Highlights
Bajaj Finance Home Loan
- Low-Interest Rates
- Approval in 48 Hours
- No Foreclosure Fee for individuals
- Hassle Free Application
Axis Bank Home Loan
- Competitive Interest Rates
- Hassle Free Loan Balance Transfer
- No Prepayment Charges
- Transparent Processing
- Flexible Tenure
Bank Of Baroda Home Loan
- Max savings under Baroda Max Savings Home loan.
- Concession for Women Borrowers- 0.05%
- Nil Processing fee
- Easy Takeover without income documents.
Canara Bank Home Loan
- No upper limit on housing loan quantum
- No Prepayment penalty
- Minimal processing charges
- Complimentary Credit Card
- Reducing Balance Interest Rate
Disclaimer
The interest rates, maximum tenures, and other charges are subject to change, and it's advisable to check with our experts for the most current information.
Home Loan Calculations
Bajaj Finance vs Axis Bank vs Bank Of Baroda vs Canara Bank Calculations
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Feature Comparison
Rate of Interest
When evaluating home loan options from Bajaj Finance, Axis Bank, Bank Of Baroda, and Canara Bank, consider their interest rates carefully. Bajaj Finance offers rates of 7.99% - 15.00%, which can lead to lower monthly payments. Axis Bank provides rates of 8.75% - 10.30%, potentially offering better savings over the life of the loan. Bank Of Baroda has rates of 8.00% - 10.90%, suitable for borrowers needing adaptable financing terms. Canara Bank offers rates of 7.90% - 10.75%, which might be advantageous for cost-sensitive borrowers.
Loan Tenure
Bajaj Finance provides loan tenures up to Max 40 Years, ideal for reducing monthly financial commitments. Axis Bank offers loan durations up to Max 30 Years, balancing repayment terms with financial flexibility. Bank Of Baroda allows loan periods up to Max 30 Years, perfect for those aiming to repay their loans more swiftly. Canara Bank extends tenures up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., accommodating various repayment strategies.
Maximum Loan Amount
In terms of maximum loan amounts, Bajaj Finance offers up to Upto 5cr, making it ideal for purchasing luxury properties. Axis Bank caps loans at Upto 5cr, suitable for standard home investments. Bank Of Baroda provides loans up to Upto 20cr, catering to more modest real estate purchases. Canara Bank offers maximum loans of Upto 5cr, supporting a wide range of property investments.
Processing Fees
Processing fees are an important consideration. Bajaj Finance charges Up to 4% of the loan amount, Axis Bank imposes 1% of the loan amount + GST or a minimum of Rs 10,000, Bank Of Baroda sets its fee at NIL, and Canara Bank requires 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-). These fees should be factored into your initial loan costs to determine the most economical option.
Conclusion
Making the right choice among the home loans offered by Bajaj Finance, Axis Bank, Bank Of Baroda, and Canara Bank involves a detailed evaluation of several critical factors. By thoroughly assessing interest rates, eligibility requirements, loan tenures, maximum loan amounts, and processing fees, you can select a loan that best aligns with your financial goals and facilitates a smooth path to homeownership.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.