Home Loan Comparison
Bajaj Finance Home Loan vs ICICI Bank Home Loan vs Canara Bank Home Loan vs Cholamandalam Home Loan
Introduction
Finding the best home loan can save you money and stress. We'll compare the home loan products from Bajaj Finance, ICICI Bank, Canara Bank, and Cholamandalam, 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
ICICI Bank Home Loan
- Generous Loan Amount
- Flexible Tenure
- No Foreclosure Charges
- Minimal Documentation
- Instant Provisional Sanction
Canara Bank Home Loan
- No upper limit on housing loan quantum
- No Prepayment penalty
- Minimal processing charges
- Complimentary Credit Card
- Reducing Balance Interest Rate
Cholamandalam Home Loan
- Minimum Documentation
- Personalised Doorstep Service
- Fast track approval process
- Balance Transfer with better interest rates
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 ICICI Bank vs Canara Bank vs Cholamandalam Calculations
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Feature Comparison
Rate of Interest
When evaluating home loan options from Bajaj Finance, ICICI Bank, Canara Bank, and Cholamandalam, consider their interest rates carefully. Bajaj Finance offers rates of 8.50% - 15.00%, which can lead to lower monthly payments. ICICI Bank provides rates of 8.75% - 10.00%, potentially offering better savings over the life of the loan. Canara Bank has rates of 8.50% - 11.00%, suitable for borrowers needing adaptable financing terms. Cholamandalam offers rates of 9.00%-15.00%, 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. ICICI Bank offers loan durations up to Max 30 Years, balancing repayment terms with financial flexibility. Canara Bank allows loan periods up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., perfect for those aiming to repay their loans more swiftly. Cholamandalam extends tenures up to Max 30 years, 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. ICICI Bank caps loans at Upto 5cr, suitable for standard home investments. Canara Bank provides loans up to Upto 5cr, catering to more modest real estate purchases. Cholamandalam 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, ICICI Bank imposes 0.50% of the loan amount, Canara Bank sets its fee at 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-), and Cholamandalam requires Up to Rs 5,000 (including GST). 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, ICICI Bank, Canara Bank, and Cholamandalam 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.