Home Loan Comparison
IDFC First Bank Home Loan vs Canara Bank Home Loan vs Union Bank Of India Home Loan
Introduction
When it comes to financing your home, IDFC First Bank, Canara Bank, and Union Bank Of India are top contenders. These banks provide home loans to both salaried and self-employed borrowers, accommodating various property types from apartments to villas. Let's compare their interest rates, processing fees, and loan terms to determine which option offers the best value for your situation.
Bank Highlights
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
Union Bank Of India Home Loan
- Zero processing charges
- Attractive interest rates
- Dedicated Customer Support
- Fast Approval and Disbursement
- Flexible Policies
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
IDFC First Bank vs Canara Bank vs Union Bank Of India Calculations
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Feature Comparison
Rate of Interest
When exploring home loan options from IDFC First Bank, Canara Bank, and Union Bank Of India, it's important to compare their interest rates. IDFC First Bank offers competitive rates of 8.85% - 14%, which can help reduce your monthly payments. Canara Bank provides rates of 7.90% - 10.75%, potentially offering better savings over the loan period. Union Bank Of India presents rates of 7.35%-10.75%, ideal for borrowers looking for adaptable financing solutions.
Loan Tenure
IDFC First Bank offers loan tenures extending up to Max 30 Years, perfect for those who prefer lower monthly obligations. Canara Bank provides loan periods up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., balancing repayment duration and financial flexibility. Union Bank Of India allows loan tenures up to Max 30 years, suitable for borrowers aiming to repay their loan more quickly.
Maximum Loan Amount
Regarding the maximum loan amount, IDFC First Bank grants loans up to Upto 5 Cr, making it suitable for purchasing premium properties. Canara Bank offers a ceiling of Upto 5cr, ideal for standard home investments. Union Bank Of India supports loans up to Upto 5cr, catering to more modest property acquisitions.
Processing Fees
Processing fees are an important consideration. IDFC First Bank charges Up to 3% of loan amount, Canara Bank levies 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-), and Union Bank Of India imposes 0.50% of the loan amount subject to a maximum of Rs. 15000 plus GST. These fees should be included in your initial cost calculations when selecting the most cost-effective loan option.
Conclusion
For a choice that best suits your financial objectives, evaluate key aspects such as interest rates, eligibility requirements, loan terms, maximum loan limits, and processing fees offered by IDFC First Bank, Canara Bank, and Union Bank Of India in their home loan products.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.