Home Loan Comparison
Canara Bank Home Loan vs Union Bank Of India Home Loan vs Federal Bank Home Loan
Introduction
Securing a home loan involves careful consideration of different banks' offerings. Canara Bank, Union Bank Of India, and Federal 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
Union Bank Of India Home Loan
- Zero processing charges
- Attractive interest rates
- Dedicated Customer Support
- Fast Approval and Disbursement
- Flexible Policies
Federal Bank Home Loan
- Repayment holiday up to 36 months.
- Optional funding for life insurance
- No pre closure charges
- Maximum funding for your dream house -85% of the project cost.
- Easy top up loans in future.
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 Union Bank Of India vs Federal Bank Calculations
Calculator
Home Loan EMI Calculator
WhatsApp UsLoan Amount
₹ 0
Interest Amount
₹ 0
Total Payable
₹ 0
Monthly EMI
₹ 0
Your Amortization details(Yearly/Monthly)
Feature Comparison
Rate of Interest
When comparing home loans from Canara Bank, Union Bank Of India, and Federal Bank, interest rates are a key factor. Canara Bank provides rates of 8.50% - 11.00%, appealing to those wanting lower monthly payments. Union Bank Of India offers rates of 8.50%-10.75%, which may result in greater long-term savings. Federal Bank features rates of 8.80%-11.00%, 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. Union Bank Of India offers loan periods up to Max 30 years, catering to borrowers seeking a balanced repayment schedule. Federal Bank provides loan tenures up to Max 30 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. Union Bank Of India caps at Upto 5cr, fitting for standard housing investments. Federal Bank offers up to Upto 15cr, 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/-), Union Bank Of India charges 0.50% of the loan amount subject to a maximum of Rs. 15000 plus GST, and Federal Bank requires Low processing fees. 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, Union Bank Of India, and Federal Bank.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.