Canara Bank Home Loan vs IIFL Home Loan vs South Indian Bank Home Loan vs Shriram Housing Finance Home Loan

Feature Comparison

When comparing home loans from Canara Bank, IIFL, South Indian Bank, and Shriram Housing Finance, interest rates are a key factor. Canara Bank provides rates of 8.50% - 11.00%, appealing to those wanting lower monthly payments. IIFL offers rates of 8.75% - 10.5%, which may result in greater long-term savings. South Indian Bank features rates of 8.70% to 11.70%, offering flexibility for different financial plans. Shriram Housing Finance presents rates of 9.50% - 10.5%, suitable for borrowers seeking competitive terms.

Canara Bank allows loan tenures up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., helping minimise the monthly financial burden. IIFL offers loan periods up to Max 30 years, catering to borrowers seeking a balanced repayment schedule. South Indian Bank provides loan tenures up to Max 30 years, ideal for those who wish to settle their loan faster. Shriram Housing Finance extends tenures up to Max 25 years, providing additional options for repayment.

For the maximum loan amount, Canara Bank extends up to Upto 5cr, suitable for high-end property purchases. IIFL caps at Upto 5cr, fitting for standard housing investments. South Indian Bank offers up to Upto 15cr, perfect for more affordable real estate endeavours. Shriram Housing Finance provides loans up to Upto 10 Cr, accommodating a broad range of property prices.

Processing fees differ among the banks. Canara Bank imposes 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-), IIFL charges Up to 1.75% of the loan amount, South Indian Bank requires 0.50% of the loan amount, with a minimum amount of Rs.10000.00, and Shriram Housing Finance sets its fee at Up to 2.5% of the loan amount plus applicable taxes.. It's essential to account for these fees when calculating your overall loan expenses.

Conclusion

To ensure your home loan selection meets your financial needs, thoroughly review the critical elements—interest rates, eligibility conditions, loan tenures, maximum loan amounts, and processing fees—across the offerings from Canara Bank, IIFL, South Indian Bank, and Shriram Housing Finance.