Home Loan Comparison
SBI Home Loan vs Canara Bank Home Loan vs IIFL Home Loan vs South Indian Bank Home Loan
Introduction
Securing a home loan doesn't have to be daunting. We'll break down the offerings from SBI, Canara Bank, IIFL, and South Indian Bank, highlighting their rates, repayment options, and unique perks. This comparison will help you identify which bank aligns best with your home-buying goals.
Bank Highlights
SBI Home Loan
- Low Processing charges. No hidden costs.
- No Prepayment penalties
- Home loan also available as an overdraft.
- Interest Calculation on Daily Reducing Balance
- Wide Product Range
Canara Bank Home Loan
- No upper limit on housing loan quantum
- No Prepayment penalty
- Minimal processing charges
- Complimentary Credit Card
- Reducing Balance Interest Rate
IIFL Home Loan
- Customized repayment solutions
- All round assistance
- No prepayment charges
- Door step services
- Minimal documentation
South Indian Bank Home Loan
- Affordable EMI
- Digital Documentation
- Loan Protection Scheme
- Extended Repayment Period
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
SBI vs Canara Bank vs IIFL vs South Indian Bank Calculations
Calculator
Home Loan EMI Calculator
WhatsApp UsLoan Amount
₹ 0
Interest Amount
₹ 0
Total Payable
₹ 0
Monthly EMI
₹ 0
Your Amortization details(Yearly/Monthly)
Feature Comparison
Rate of Interest
When exploring home loan options from SBI, Canara Bank, IIFL, and South Indian Bank, it's important to compare their interest rates. SBI offers competitive rates of 8.00% - 9.70%, which can help reduce your monthly payments. Canara Bank provides rates of 7.90% - 10.75%, potentially offering better savings over the loan period. IIFL presents rates of 8.75% - 10.5%, ideal for borrowers looking for adaptable financing solutions. South Indian Bank offers rates of 8.30% to 11.70%, which may provide the lowest initial costs.
Loan Tenure
SBI offers loan tenures extending up to Max 30 Years, perfect for those who prefer lower monthly obligations. Canara Bank provides loan periods up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., balancing repayment duration and financial flexibility. IIFL allows loan tenures up to Max 30 years, suitable for borrowers aiming to repay their loan more quickly. South Indian Bank extends tenures up to Max 30 years, catering to various repayment preferences.
Maximum Loan Amount
Regarding the maximum loan amount, SBI grants loans up to Upto 5cr, making it suitable for purchasing premium properties. Canara Bank offers a ceiling of Upto 5cr, ideal for standard home investments. IIFL supports loans up to Upto 5cr, catering to more modest property acquisitions. South Indian Bank provides up to Upto 15cr, accommodating diverse property values.
Processing Fees
Processing fees are an important consideration. SBI charges 0.35% of the loan amount, Canara Bank levies 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-), IIFL imposes Up to 1.75% of the loan amount, and South Indian Bank requires 0.50% of the loan amount, with a minimum amount of Rs.10000.00. These fees should be included in your initial cost calculations when selecting the most cost-effective loan option.
Conclusion
For a choice that best suits your financial objectives, evaluate key aspects such as interest rates, eligibility requirements, loan terms, maximum loan limits, and processing fees offered by SBI, Canara Bank, IIFL, and South Indian Bank in their home loan products.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.