Home Loan Comparison
Canara Bank Home Loan vs LIC HFL Home Loan vs Ujjivan Small Finance Bank Home Loan
Introduction
Securing a home loan involves careful consideration of different banks' offerings. Canara Bank, LIC HFL, and Ujjivan Small Finance Bank are three prominent financial institutions that cater to a wide range of borrowers. This comparison focuses on their loan amounts, interest rates, and customer service to help you choose the most suitable home loan for your financial profile.
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
LIC HFL Home Loan
- Online Home loan sanction facility
- Quick sanction and low EMI
- Takeover or balance transfer of existing Home Loans Possible
- No Pre-Payment Penalty
Ujjivan Small Finance Bank Home Loan
- Easy documentation
- Lower EMIs
- Fast approval and disbursement
- Smooth, hassle-free process
- Flexible policies
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 LIC HFL vs Ujjivan Small Finance Bank Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When comparing home loans from Canara Bank, LIC HFL, and Ujjivan Small Finance Bank, interest rates are a key factor. Canara Bank provides rates of 7.90% - 10.75%, appealing to those wanting lower monthly payments. LIC HFL offers rates of 8.00% - 10.75%, which may result in greater long-term savings. Ujjivan Small Finance Bank features rates of 8.75% - 16.75%, offering flexibility for different financial plans.
Loan Tenure
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. LIC HFL offers loan periods up to Max 30 Years, catering to borrowers seeking a balanced repayment schedule. Ujjivan Small Finance Bank provides loan tenures up to Max 20 years, ideal for those who wish to settle their loan faster.
Maximum Loan Amount
For the maximum loan amount, Canara Bank extends up to Upto 5cr, suitable for high-end property purchases. LIC HFL caps at Upto 5cr, fitting for standard housing investments. Ujjivan Small Finance Bank offers up to Upto 75 Lakhs, perfect for more affordable real estate endeavours.
Processing Fees
Processing fees differ among the banks. Canara Bank imposes 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-), LIC HFL charges Rs 0.25% of the loan amount + GST, and Ujjivan Small Finance Bank requires ₹ 3,350 + GST applicable (Non – refundable). 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, LIC HFL, and Ujjivan Small Finance Bank.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.