Home Loan Comparison
LIC HFL vs Canara Bank
Introduction
Let’s start by outlining what LIC HFL Home Loan and Canara Bank Home Loan have in common: both are open to salaried and self-employed individuals and offer flexibility across different property types. But an effective comparison requires knowing the borrower's specific circumstances. Keep this in mind as we compare these two home loans.
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
| Compare Home Loans |  |  |
|---|---|---|
| Loan Amount | ₹ 50,00,000 | ₹ 50,00,000 |
| Loan Tenure | 20 years | 20 years |
| Rate of Interest | 8.50% - 10.75% | 9% - 13% |
| Monthly EMI | ₹ 43,391 - ₹ 50,761 | ₹ 44,986 - ₹ 58,578 |
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
Comparing LIC HFL Home Loan to Canara Bank Home Loan involves looking at several key factors to find the best fit for your financial needs. LIC HFL offers a low interest rate at 8.50% - 10.75% which is appealing for lower payments, while Canara Bank with its 9% - 13% might be better for those interested in long-term financial gains.
Loan Tenure
Choose LIC HFL Home Loan and benefit from a lengthy loan tenure of up to Max 30 Years Years, providing ample time to spread out your payments. Alternatively, Canara Bank Home Loan offers a tenure of up to Max 30 Years Years for faster repayment, suitable for those eager to be debt-free sooner
Maximum Loan Amount
Explore top-tier property financing with LIC HFL Home Loan, which provides as much as Upto 5cr. For more modest property pursuits, the Canara Bank Home Loan with a cap of Upto 5cr could be more suitable
Processing Fees
Additionally, upfront costs are influenced by processing fees. LIC HFL charges a processing fee of Rs 0.25% of the loan amount + GST for their home loan, in contrast to Canara Bank's fee of Rs 10000 + GST.
Conclusion
Analyze the interest rate, eligibility criteria, duration of the loan, maximum loan value, and processing fees when considering the home loan options from LIC HFL Home Loan and Canara Bank Home Loan to make a choice that aligns with your financial targets
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