Mahindra Housing Finance Home Loan vs Canara Bank Home Loan

Feature Comparison

When comparing home loans from Mahindra Housing Finance and Canara Bank, the interest rates are a key consideration. Mahindra Housing Finance provides rates of 9.30% - 11.80%, appealing to those who want to keep their monthly payments low. In contrast, Canara Bank offers rates of 8.50% - 11.00%, which might result in more significant savings over the life of the loan.

Mahindra Housing Finance extends loan tenures up to Max 25 years, ideal for borrowers seeking lower monthly commitments. On the other hand, Canara Bank offers tenures up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., which can help reduce the total interest paid by shortening the repayment period.

Mahindra Housing Finance allows a maximum loan amount of Upto 1.5 Cr, making it suitable for purchasing high-value or luxury properties. Canara Bank limits the loan amount to Upto 5cr, catering to those interested in more affordable housing options.

Processing fees differ between the two banks. Mahindra Housing Finance charges a fee of 1% + Taxes, whereas Canara Bank imposes a fee of 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-). It's important to include these fees when assessing the overall cost of your home loan.

Conclusion

To make an educated choice that supports your financial aspirations, it's important to consider essential components such as interest rates, eligibility guidelines, loan durations, maximum loan amounts, and processing fees. By analyzing these aspects of the home loans offered by Mahindra Housing Finance and Canara Bank, you can select the option that aligns best with your objectives.