Home Loan Comparison
Canara Bank Home Loan vs IIFL Home Loan
Introduction
Securing a home loan can be overwhelming. To simplify your choice between Canara Bank Home Loan and IIFL Home Loan, we'll compare their interest rates, loan flexibility, and additional benefits, ensuring you find the best fit for your home purchase.
Bank Highlights
Canara Bank Home Loan
- No upper limit on housing loan quantum
- No Prepayment penalty
- Minimal processing charges
- Complimentary Credit Card
- Reducing Balance Interest Rate
IIFL Home Loan
- Customized repayment solutions
- All round assistance
- No prepayment charges
- Door step services
- Minimal documentation
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
Canara Bank vs IIFL Calculations
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Feature Comparison
Rate of Interest
Choosing between Canara Bank and IIFL 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, IIFL has rates of 8.75% - 10.5%, which may offer better long-term financial benefits.
Loan Tenure
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. IIFL, however, offers up to Max 30 years, which can help reduce the overall interest paid by shortening the repayment period.
Maximum Loan Amount
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. IIFL caps the loan at Upto 5cr, fitting those who are investing in more moderately priced homes.
Processing Fees
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 IIFL charges Up to 1.75% of the loan amount. 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 IIFL, you can decide on the option that best fits your needs.
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