ICICI Bank Home Loan vs Canara Bank Home Loan

Feature Comparison

Choosing between ICICI Bank and Canara Bank requires careful consideration of their interest rates. ICICI Bank offers rates of 8.75% - 10.00%, making it a favorable option for those seeking lower monthly obligations. Conversely, Canara Bank provides rates of 8.50% - 11.00%, which may result in more substantial savings over the loan period.

ICICI Bank offers loan tenures of up to Max 30 Years, ideal for borrowers who prefer to spread their repayments over a longer timeframe. In contrast, Canara Bank allows loan tenures extending to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., appealing to those who aim to pay off their loans more swiftly and reduce the total interest burden.

When it comes to the maximum loan amount, ICICI Bank allows borrowing up to Upto 5cr, suitable for purchasing high-end or luxury properties. Canara Bank caps the loan amount at Upto 5cr, which is perfect for individuals looking to invest in more moderately priced homes.

Processing fees are a crucial aspect to consider. ICICI Bank imposes a processing fee of 0.50% of the loan amount, whereas Canara Bank charges a fee of 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-). It's important to include these fees in your overall loan cost assessment.

Conclusion

Making a well-informed home loan choice requires careful review of key considerations such as interest rates, eligibility conditions, loan tenures, maximum loan limits, and processing fees. By comparing these aspects in the home loan offerings from ICICI Bank and Canara Bank, you can choose the loan that best meets your financial needs.