Home Loan Comparison
SBI Home Loan vs IDBI Bank Home Loan vs Canara Bank Home Loan vs Federal Bank Home Loan
Introduction
Securing a home loan doesn't have to be daunting. We'll break down the offerings from SBI, IDBI Bank, Canara Bank, and Federal 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
IDBI Bank Home Loan
- Quick Processing
- Top up facility up to 100%
- Power-Packed customized Features to suit your Home Loan requirements.
- Flexible Loan Repayment Options
- Most experienced personnel for smooth and easy loan processing.
- Already approved projects for convenience of Home Loan buyers
Canara Bank Home Loan
- No upper limit on housing loan quantum
- No Prepayment penalty
- Minimal processing charges
- Complimentary Credit Card
- Reducing Balance Interest Rate
Federal Bank Home Loan
- Repayment holiday up to 36 months.
- Optional funding for life insurance
- No pre closure charges
- Maximum funding for your dream house -85% of the project cost.
- Easy top up loans in future.
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 IDBI Bank vs Canara Bank vs Federal Bank Calculations
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Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When exploring home loan options from SBI, IDBI Bank, Canara Bank, and Federal 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. IDBI Bank provides rates of 8.00% - 12.50%, potentially offering better savings over the loan period. Canara Bank presents rates of 7.90% - 10.75%, ideal for borrowers looking for adaptable financing solutions. Federal Bank offers rates of 9.15%-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. IDBI Bank provides loan periods up to Max 30 Years, balancing repayment duration and financial flexibility. Canara Bank allows loan tenures up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., suitable for borrowers aiming to repay their loan more quickly. Federal 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. IDBI Bank offers a ceiling of 5cr - 10cr, ideal for standard home investments. Canara Bank supports loans up to Upto 5cr, catering to more modest property acquisitions. Federal 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, IDBI Bank levies 0.50% of loan amount (Plus applicable taxes), Canara Bank imposes 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-), and Federal Bank requires Low processing fees. 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, IDBI Bank, Canara Bank, and Federal Bank in their home loan products.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.