Home Loan Comparison
SBI Home Loan vs Canara Bank Home Loan vs South Indian Bank Home Loan vs HSBC Home Loan
Introduction
Securing a home loan doesn't have to be daunting. We'll break down the offerings from SBI, Canara Bank, South Indian Bank, and HSBC, 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
South Indian Bank Home Loan
- Affordable EMI
- Digital Documentation
- Loan Protection Scheme
- Extended Repayment Period
HSBC Home Loan
- Lower EMI Options
- Transparent Terms and Conditions
- Dedicated Customer Support
- Fast Approval and Disbursement
- Flexible Policies
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 South Indian Bank vs HSBC Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When exploring home loan options from SBI, Canara Bank, South Indian Bank, and HSBC, 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 8.50% - 11.00%, potentially offering better savings over the loan period. South Indian Bank presents rates of 8.70% to 11.70%, ideal for borrowers looking for adaptable financing solutions. HSBC offers rates of 8.75%-11.00%, 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. South Indian Bank allows loan tenures up to Max 30 years, suitable for borrowers aiming to repay their loan more quickly. HSBC extends tenures up to Max 25 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. South Indian Bank supports loans up to Upto 15cr, catering to more modest property acquisitions. HSBC provides up to Upto 60 crore, 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/-), South Indian Bank imposes 0.50% of the loan amount, with a minimum amount of Rs.10000.00, and HSBC requires 1% of the loan amount sanctioned or INR10,000, whichever is higher. 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, South Indian Bank, and HSBC in their home loan products.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.