Home Loan Comparison
HDFC Home Loan vs Bank Of Baroda Home Loan vs Canara Bank Home Loan vs South Indian Bank Home Loan
Introduction
Buying a home is a major milestone, and finding the right loan is key. Let's explore what HDFC, Bank Of Baroda, Canara Bank, and South Indian Bank offer in terms of interest rates, loan terms, and special benefits. By comparing their features, you can make an informed decision that fits your financial situation.
Bank Highlights
HDFC Home Loan
- Great Customer Service
- Process is Simple and Online
- Certain Restrictions on Online Prepayments
- Competitive Interest Rates
- Multi Branch Banking
- Non Salaried Cases Take Time
Bank Of Baroda Home Loan
- Max savings under Baroda Max Savings Home loan.
- Concession for Women Borrowers- 0.05%
- Nil Processing fee
- Easy Takeover without income documents.
Canara Bank Home Loan
- No upper limit on housing loan quantum
- No Prepayment penalty
- Minimal processing charges
- Complimentary Credit Card
- Reducing Balance Interest Rate
South Indian Bank Home Loan
- Affordable EMI
- Digital Documentation
- Loan Protection Scheme
- Extended Repayment Period
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
HDFC vs Bank Of Baroda vs Canara Bank vs South Indian Bank Calculations
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Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When selecting a home loan among HDFC, Bank Of Baroda, Canara Bank, and South Indian Bank, it's essential to assess the interest rates. HDFC offers rates of 8.50% - 9.65%, making it attractive for lower monthly instalments. Bank Of Baroda provides rates of 8.40% - 10.90%, potentially yielding better long-term benefits. Meanwhile, Canara Bank has rates of 8.50% - 11.00%, suitable for borrowers seeking flexibility. South Indian Bank offers rates of 8.70% to 11.70%, ideal for those prioritizing competitive initial rates.
Loan Tenure
HDFC extends loan tenures up to Max 30 Years, ideal for minimising monthly financial strain. Bank Of Baroda allows up to Max 30 Years, catering to those who prefer a balanced repayment period. Canara Bank offers up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., perfect for borrowers aiming for quicker loan settlement. South Indian Bank provides loan tenures up to Max 30 years, offering additional flexibility for repayment plans.
Maximum Loan Amount
For maximum loan amounts, HDFC supports up to 6cr - 10cr, ideal for high-value property purchases. Bank Of Baroda caps at Upto 20cr, suitable for standard investments. Canara Bank provides up to Upto 5cr, fitting for modest real estate ventures. South Indian Bank offers loans up to Upto 15cr, accommodating a wide range of property values.
Processing Fees
Processing fees vary across banks. HDFC charges Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher, Bank Of Baroda imposes NIL, Canara Bank requires 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-), and South Indian Bank sets its fee at 0.50% of the loan amount, with a minimum amount of Rs.10000.00. It's crucial to factor these fees into your initial loan costs.
Conclusion
To make an informed decision that aligns with your financial goals, carefully consider these crucial factors—interest rates, eligibility criteria, loan tenure, maximum loan amount, and processing fees—of the home loan products from HDFC, Bank Of Baroda, Canara Bank, and South Indian Bank.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.