Home Loan Comparison
Bank Of Baroda Home Loan vs Canara Bank Home Loan vs Punjab National Bank Home Loan
Introduction
Selecting a home loan is a significant step towards owning your dream home. We'll compare offerings from Bank Of Baroda, Canara Bank, and Punjab National Bank to help you out. They all support both salaried and self-employed applicants and various property types. Your personal needs will determine the best fit. Let's explore their features together.
Bank Highlights
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
Punjab National Bank Home Loan
- Flexibility in Documentation
- High Tenure Loan
- Fund upto 90% of Property Value
- Great Offerings for Loan Against Property
- Quick Sanction and Disbursement
- Customised Eligibility as per Income
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
Bank Of Baroda vs Canara Bank vs Punjab National Bank Calculations
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Feature Comparison
Rate of Interest
When evaluating home loans from Bank Of Baroda, Canara Bank, and Punjab National Bank, interest rates are a key consideration. Bank Of Baroda offers rates of 8.40% - 10.90%, potentially lowering your monthly repayments. Canara Bank provides rates of 8.50% - 11.00%, which could lead to greater savings over the life of the loan. Punjab National Bank presents rates of 8.50% - 11.05%, possibly offering the most favourable terms for your needs.
Loan Tenure
Loan tenure impacts the repayment timeline. Bank Of Baroda offers a tenure of up to Max 30 Years, perfect for those preferring extended periods to ease monthly payments. Canara Bank provides a tenure of Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., ideal for borrowers aiming to repay their loan sooner. Punjab National Bank allows for a maximum tenure of Max 30 Years, offering flexibility based on your financial plans.
Maximum Loan Amount
The maximum loan amount determines the value of the property you can purchase. Bank Of Baroda provides loans up to Upto 20cr, suitable for luxury properties. Canara Bank offers a maximum of Upto 5cr, aligning with moderate investment properties. Punjab National Bank approves loans up to Upto 5cr, catering to a diverse range of property values.
Processing Fees
Processing fees can affect your overall loan cost. Bank Of Baroda charges a fee of NIL, which should be considered in your initial budget. Canara Bank imposes a processing fee of 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-), impacting your upfront expenses. Punjab National Bank sets its fee at up to 1% for Home Loan, potentially making it a cost-effective option depending on the loan amount.
Conclusion
Selecting the right home loan is crucial for your financial future. By comparing the interest rates, eligibility criteria, loan tenures, maximum loan amounts, and processing fees offered by Bank Of Baroda, Canara Bank, and Punjab National Bank, you can choose the option that best fits your needs and helps you achieve your homeownership goals.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.