IIFL Home Loan vs Canara Bank Home Loan

Feature Comparison

When choosing between IIFL and Canara Bank for a home loan, the interest rates offered are a primary factor. IIFL presents rates of 8.75% - 10.5%, which is advantageous for those aiming to reduce their monthly financial burden. Conversely, Canara Bank offers rates of 8.50% - 11.00%, potentially leading to enhanced savings over the loan's tenure.

IIFL provides a loan tenure that extends up to Max 30 years, making it suitable for borrowers who prefer lower monthly repayments. In comparison, Canara Bank offers loan tenures of up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., appealing to those who wish to pay off their loan more swiftly and minimize total interest costs.

In terms of the maximum loan amount, IIFL permits borrowing up to Upto 5cr, ideal for purchasing premium or high-value properties. Canara Bank restricts the maximum loan to Upto 5cr, which is better suited for buyers looking at more moderately priced homes.

Processing fees are a critical aspect to consider. IIFL charges a processing fee of Up to 1.75% of the loan amount, whereas Canara Bank sets its fee at 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-). These fees should be accounted for when determining the overall expense of your home loan.

Conclusion

Choosing a home loan that fits your financial needs involves assessing key factors like the interest rate, qualification criteria, loan tenure, maximum loan limits, and any processing charges. By thoroughly reviewing these points in the home loan options from IIFL and Canara Bank, you can make a decision that's right for you.