Home Loan Comparison
HDFC Home Loan vs SBI Home Loan vs Canara Bank Home Loan vs Equitas Small Finance Bank Home Loan
Introduction
Buying a home is a major milestone, and finding the right loan is key. Let's explore what HDFC, SBI, Canara Bank, and Equitas Small Finance 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
SBI Home Loan
- Low Processing charges. No hidden costs.
- No Prepayment penalties
- Home loan also available as an overdraft.
- Interest Calculation on Daily Reducing Balance
- Wide Product Range
Canara Bank Home Loan
- No upper limit on housing loan quantum
- No Prepayment penalty
- Minimal processing charges
- Complimentary Credit Card
- Reducing Balance Interest Rate
Equitas Small Finance Bank Home Loan
- Enjoy affordable EMI
- Get speedy approvals
- Pay at your convenience with flexible repayments
- Get loan of up to ₹300 Lakhs
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 SBI vs Canara Bank vs Equitas Small Finance Bank Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When selecting a home loan among HDFC, SBI, Canara Bank, and Equitas Small Finance Bank, it's essential to assess the interest rates. HDFC offers rates of 8.75% - 9.65%, making it attractive for lower monthly instalments. SBI provides rates of 8.00% - 9.70%, potentially yielding better long-term benefits. Meanwhile, Canara Bank has rates of 8.50% - 11.00%, suitable for borrowers seeking flexibility. Equitas Small Finance Bank offers rates of 11.00% - 14.00%, ideal for those prioritizing competitive initial rates.
Loan Tenure
HDFC extends loan tenures up to Max 30 Years, ideal for minimising monthly financial strain. SBI 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. Equitas Small Finance Bank provides loan tenures up to Max 20 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. SBI caps at Upto 5cr, suitable for standard investments. Canara Bank provides up to Upto 5cr, fitting for modest real estate ventures. Equitas Small Finance Bank offers loans up to Upto 3cr, 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, SBI imposes 0.35% of the loan amount, Canara Bank requires 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-), and Equitas Small Finance Bank sets its fee at Up to 2% on the sanctioned 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, SBI, Canara Bank, and Equitas Small Finance Bank.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.