Home Loan Comparison
HDFC Home Loan vs Bank Of India Home Loan vs Canara Bank Home Loan vs Punjab National 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 India, Canara Bank, and Punjab National 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 India Home Loan
- Low Interest Rates
- No Hidden Charges
- Minimal Documentation
- Apply Online
- Finish up the process in 15 minutes
Canara Bank Home Loan
- No upper limit on housing loan quantum
- No Prepayment penalty
- Minimal processing charges
- Complimentary Credit Card
- Reducing Balance Interest Rate
Punjab National Bank Home Loan
- Flexibility in Documentation
- High Tenure Loan
- Fund upto 90% of Property Value
- Great Offerings for Loan Against Property
- Quick Sanction and Disbursement
- Customised Eligibility as per Income
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 India vs Canara Bank vs Punjab National 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 selecting a home loan among HDFC, Bank Of India, Canara Bank, and Punjab National 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 India provides rates of 7.85% - 11%, potentially yielding better long-term benefits. Meanwhile, Canara Bank has rates of 7.90% - 10.75%, suitable for borrowers seeking flexibility. Punjab National Bank offers rates of 8.50% - 11.05%, 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 India 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. Punjab National 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 India caps at Upto 5cr, suitable for standard investments. Canara Bank provides up to Upto 5cr, fitting for modest real estate ventures. Punjab National Bank offers loans up to Upto 5cr, 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 India imposes 0.25% of the loan amount + GST upto Rs 20,000, Canara Bank requires 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-), and Punjab National Bank sets its fee at up to 1% for Home Loan. 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 India, Canara Bank, and Punjab National Bank.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.