Home Loan Comparison
Bank Of India Home Loan vs Sammaan Capital Home Loan vs Mahindra Housing Finance Home Loan vs Can Fin Home Loan
Introduction
Making an informed decision on your home loan is essential. We'll evaluate the home loan products from Bank Of India, Sammaan Capital, Mahindra Housing Finance, and Can Fin, comparing their interest rates, flexibility, and customer support. This guide will help you identify which bank provides the most suitable loan for your home purchase.
Bank Highlights
Bank Of India Home Loan
- Low Interest Rates
- No Hidden Charges
- Minimal Documentation
- Apply Online
- Finish up the process in 15 minutes
Sammaan Capital Home Loan
- •Customized repayment solutions
- All round assistance
- No prepayment charges
- Door step services
- Minimal documentation
Mahindra Housing Finance Home Loan
- Simple documentation
- Smaller EMIs
- Quick sanction & disbursements
- Pleasant & hassle free experience
- Flexible policy
- Extensive Branch Network
Can Fin Home Loan
- Fast track approval process
- Balance Transfer facility
- Flexibility Tailored for You
- Dedicated Customer Support
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 India vs Sammaan Capital vs Mahindra Housing Finance vs Can Fin Calculations
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Feature Comparison
Rate of Interest
Choosing between Bank Of India, Sammaan Capital, Mahindra Housing Finance, and Can Fin for a home loan requires careful consideration of their interest rates. Bank Of India offers rates of 7.85% - 11%, attractive for minimising monthly payments. Sammaan Capital provides rates of 8.75% - 15.00%, which may result in significant long-term savings. Mahindra Housing Finance's rates of 9.30% - 11.80% potentially offer the lowest total interest over the life of the loan. Can Fin offers rates of 9.35% - 14.25%, which could be the most competitive option for your financial situation.
Loan Tenure
The loan tenure affects both your monthly budget and the total interest paid. Bank Of India offers a tenure up to Max 30 Years, suitable for those who prefer extended repayment periods. Sammaan Capital allows a maximum tenure of Max 30 years, providing a middle ground option. Mahindra Housing Finance offers a tenure of Max 25 years, ideal for borrowers who wish to clear their debt more quickly. Can Fin provides tenures up to Max 30 years, catering to different repayment strategies.
Maximum Loan Amount
Consider the maximum loan amounts when selecting a bank. Bank Of India provides up to Upto 5cr, making it ideal for premium property purchases. Sammaan Capital offers loans up to Upto 5cr, fitting for moderate investments. Mahindra Housing Finance allows a maximum of Upto 1.5 Cr, perfect for smaller-scale property buying. Can Fin extends loans up to Upto 10 cr, accommodating a wide range of property investments.
Processing Fees
Processing fees can add to your initial loan costs. Bank Of India's processing fee is 0.25% of the loan amount + GST upto Rs 20,000, which should be accounted for in your budget. Sammaan Capital charges 0.50% onwards of loan amount, while Mahindra Housing Finance sets its processing fee at 1% + Taxes. Can Fin requires 1.00% of the loan amount, impacting your upfront expenses. Evaluating these fees helps in understanding the overall cost of your loan.
Conclusion
By thoroughly assessing the critical aspects of home loans—such as interest rates, eligibility conditions, loan tenures, maximum loan amounts, and processing fees—from Bank Of India, Sammaan Capital, Mahindra Housing Finance, and Can Fin, you can confidently choose the option that meets your financial needs and supports your journey to owning a home.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.