Kotak Mahindra Home Loan vs Canara Bank Home Loan

Feature Comparison

Choosing between Kotak Mahindra and Canara Bank involves a careful look at their interest rates. Kotak Mahindra offers rates of 8.75% - 9.85%, appealing to those who want lower monthly obligations. In contrast, Canara Bank has rates of 8.50% - 11.00%, which may offer better long-term financial benefits.

Kotak Mahindra provides a loan tenure of up to Max 30 Years, ideal for borrowers who prefer spreading out their payments. Canara Bank, however, offers up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., which can help reduce the overall interest paid by shortening the repayment period.

When it comes to the maximum loan amount, Kotak Mahindra allows you to borrow up to Upto 5cr, making it suitable for high-end property purchases. Canara Bank caps the loan at Upto 5cr, fitting those who are investing in more moderately priced homes.

Processing fees vary between the two banks. Kotak Mahindra imposes a fee of 0.5% - 1.00% of the loan amount + GST, whereas Canara Bank charges 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-). It's essential to consider these fees as part of your initial loan expenses.

Conclusion

In conclusion, to find a home loan that meets your financial plans, you should assess critical aspects such as the interest rate, eligibility conditions, loan term lengths, the highest loan amounts available, and processing fees. By comparing these features between Kotak Mahindra and Canara Bank, you can decide on the option that best fits your needs.