Home Loan Comparison
Kotak Mahindra Home Loan vs Canara Bank Home Loan vs Federal Bank Home Loan vs Grihum Housing Finance Home Loan
Introduction
When choosing a home loan, it's essential to understand your options. Compare Kotak Mahindra, Canara Bank, Federal Bank, and Grihum Housing Finance to see how they differ in terms of interest rates, loan flexibility, and customer service. This guide will assist you in selecting the loan that best meets your needs.
Bank Highlights
Kotak Mahindra Home Loan
- Attractive Interest Rates
- Minimal Documentation
- 50% off on processing fees for all digital applications
- Customizable Tenure
Canara Bank Home Loan
- No upper limit on housing loan quantum
- No Prepayment penalty
- Minimal processing charges
- Complimentary Credit Card
- Reducing Balance Interest Rate
Federal Bank Home Loan
- Repayment holiday up to 36 months.
- Optional funding for life insurance
- No pre closure charges
- Maximum funding for your dream house -85% of the project cost.
- Easy top up loans in future.
Grihum Housing Finance Home Loan
- Comprehensive Solutions for Every Dream House
- Affordability at its Core
- Financial Freedom, Simplified
- Flexibility Tailored for You.
- Easy top up loans in future.
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
Kotak Mahindra vs Canara Bank vs Federal Bank vs Grihum Housing Finance Calculations
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Feature Comparison
Rate of Interest
When comparing home loans from Kotak Mahindra, Canara Bank, Federal Bank, and Grihum Housing Finance, interest rates are a key factor. Kotak Mahindra provides rates of 8.65% - 9.85%, appealing to those wanting lower monthly payments. Canara Bank offers rates of 7.90% - 10.75%, which may result in greater long-term savings. Federal Bank features rates of 9.15%-11.00%, offering flexibility for different financial plans. Grihum Housing Finance presents rates of 9.00% - 17.25%, suitable for borrowers seeking competitive terms.
Loan Tenure
Kotak Mahindra allows loan tenures up to Max 30 Years, helping minimise the monthly financial burden. Canara Bank offers loan periods up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., catering to borrowers seeking a balanced repayment schedule. Federal Bank provides loan tenures up to Max 30 years, ideal for those who wish to settle their loan faster. Grihum Housing Finance extends tenures up to Max 30 years, providing additional options for repayment.
Maximum Loan Amount
For the maximum loan amount, Kotak Mahindra extends up to Upto 5cr, suitable for high-end property purchases. Canara Bank caps at Upto 5cr, fitting for standard housing investments. Federal Bank offers up to Upto 15cr, perfect for more affordable real estate endeavours. Grihum Housing Finance provides loans up to Upto 5cr, accommodating a broad range of property prices.
Processing Fees
Processing fees differ among the banks. Kotak Mahindra imposes 0.5% - 1.00% of the loan amount, Canara Bank charges 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-), Federal Bank requires Low processing fees, and Grihum Housing Finance sets its fee at 0.50% of your sanctioned loan amount. It's essential to account for these fees when calculating your overall loan expenses.
Conclusion
To ensure your home loan selection meets your financial needs, thoroughly review the critical elements—interest rates, eligibility conditions, loan tenures, maximum loan amounts, and processing fees—across the offerings from Kotak Mahindra, Canara Bank, Federal Bank, and Grihum Housing Finance.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.