Home Loan Comparison
HDFC Home Loan vs SBI Home Loan vs IDFC First Bank Home Loan vs Canara Bank Home Loan
Introduction
Buying a home is a major milestone, and finding the right loan is key. Let's explore what HDFC, SBI, IDFC First Bank, and Canara 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
IDFC First Bank Home Loan
- Minimal documentation, tailor-made loans
- Up to 100% top-up at the same rate as balance transfers
- Enhanced eligibility for salaried & self-employed customers
- Digital process for availing loans up to ₹10 crore and tenure up to 30 years
Canara Bank Home Loan
- No upper limit on housing loan quantum
- No Prepayment penalty
- Minimal processing charges
- Complimentary Credit Card
- Reducing Balance Interest Rate
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 IDFC First Bank vs Canara Bank Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When selecting a home loan among HDFC, SBI, IDFC First Bank, and Canara 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, IDFC First Bank has rates of 8.85% - 14%, suitable for borrowers seeking flexibility. Canara Bank offers rates of 8.50% - 11.00%, 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. IDFC First Bank offers up to Max 30 Years, perfect for borrowers aiming for quicker loan settlement. Canara Bank provides loan tenures up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., 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. IDFC First Bank provides up to Upto 5 Cr, fitting for modest real estate ventures. Canara 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, SBI imposes 0.35% of the loan amount, IDFC First Bank requires Up to 3% of loan amount, and Canara Bank sets its fee at 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-). 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, IDFC First Bank, and Canara Bank.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.