Punjab National Bank Home Loan vs Canara Bank Home Loan

Feature Comparison

When comparing home loans from Punjab National Bank and Canara Bank, the interest rates are a key consideration. Punjab National Bank provides rates of 8.50% - 11.05%, 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.

Punjab National Bank extends loan tenures up to Max 30 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.

Punjab National Bank allows a maximum loan amount of Upto 5cr, 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. Punjab National Bank charges a fee of up to 1% for Home Loan, 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 Punjab National Bank and Canara Bank, you can select the option that aligns best with your objectives.