Home Loan Comparison
LIC HFL Home Loan vs Canara Bank Home Loan
Introduction
When it comes to home loans, LIC HFL and Canara Bank are two top contenders. This comparison will highlight their key features, such as interest rates, repayment plans, and any unique perks, making it easier for you to choose the right loan for your situation.
Bank Highlights
LIC HFL Home Loan
- Online Home loan sanction facility
- Quick sanction and low EMI
- Takeover or balance transfer of existing Home Loans Possible
- No Pre-Payment Penalty
Canara Bank Home Loan
- No upper limit on housing loan quantum
- No Prepayment penalty
- Minimal processing charges
- Complimentary Credit Card
- Reducing Balance Interest Rate
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
LIC HFL vs Canara Bank Calculations
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Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When evaluating home loan options from LIC HFL and Canara Bank, interest rates play a pivotal role. LIC HFL offers competitive rates of 8.50% - 10.75%, which is beneficial for minimizing monthly payments. Conversely, Canara Bank provides rates of 8.50% - 11.00%, potentially leading to greater savings over the loan period.
Loan Tenure
LIC HFL offers loan tenures extending to Max 30 Years, making it suitable for those who prefer lower monthly installments. In comparison, Canara Bank allows loan tenures up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., appealing to borrowers who aim to settle their loans faster.
Maximum Loan Amount
Regarding the maximum loan amount, LIC HFL permits loans up to Upto 5cr, ideal for purchasing premium real estate. Canara Bank restricts the maximum loan to Upto 5cr, which is more appropriate for buyers looking at moderately priced properties.
Processing Fees
Processing fees are an important cost factor. LIC HFL charges a fixed fee of Rs 0.25% of the loan amount + GST, while Canara Bank levies a fee of 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-). These fees should be factored into your overall loan cost calculations.
Conclusion
Finalizing your decision on a home loan requires a detailed examination of vital factors like interest rates, borrower eligibility, loan tenures, maximum borrowing limits, and processing costs. Evaluating these elements in the home loan products from LIC HFL and Canara Bank will enable you to choose the most suitable loan for your financial situation.
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