Canara Bank Home Loan vs Equitas Small Finance Bank Home Loan

Feature Comparison

Choosing between Canara Bank and Equitas Small Finance Bank involves a careful look at their interest rates. Canara Bank offers rates of 8.50% - 11.00%, appealing to those who want lower monthly obligations. In contrast, Equitas Small Finance Bank has rates of 11.00% - 14.00%, which may offer better long-term financial benefits.

Canara Bank provides a loan tenure of up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., ideal for borrowers who prefer spreading out their payments. Equitas Small Finance Bank, however, offers up to Max 20 years, which can help reduce the overall interest paid by shortening the repayment period.

When it comes to the maximum loan amount, Canara Bank allows you to borrow up to Upto 5cr, making it suitable for high-end property purchases. Equitas Small Finance Bank caps the loan at Upto 3cr, fitting those who are investing in more moderately priced homes.

Processing fees vary between the two banks. Canara Bank imposes a fee of 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-), whereas Equitas Small Finance Bank charges Up to 2% on the sanctioned home loan. It's essential to consider these fees as part of your initial loan expenses.

Conclusion

In conclusion, to find a home loan that meets your financial plans, you should assess critical aspects such as the interest rate, eligibility conditions, loan term lengths, the highest loan amounts available, and processing fees. By comparing these features between Canara Bank and Equitas Small Finance Bank, you can decide on the option that best fits your needs.