Home Loan Comparison
TATA Capital Home Loan vs Canara Bank Home Loan
Introduction
Buying a home is a big step, and the right loan can make a difference. We'll compare home loan options from TATA Capital and Canara Bank, focusing on their interest rates, repayment flexibility, and any special incentives they provide to help you decide.
Bank Highlights
TATA Capital Home Loan
- Digital Application Process
- Instant Provisional Sanction
- Online Prepayments are Easy and simple
- Minimal Documentation
- Approval in 48 Hours
Canara Bank Home Loan
- No upper limit on housing loan quantum
- No Prepayment penalty
- Minimal processing charges
- Complimentary Credit Card
- Reducing Balance Interest Rate
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
TATA Capital vs Canara Bank Calculations
Calculator
Home Loan EMI Calculator
Loan Amount
₹ 0
Interest Amount
₹ 0
Total Payable
₹ 0
Monthly EMI
₹ 0
Your Amortization details(Yearly/Monthly)
Feature Comparison
Rate of Interest
When choosing between TATA Capital and Canara Bank for a home loan, the interest rates offered are a primary factor. TATA Capital presents rates of 8.75% - 10%, which is advantageous for those aiming to reduce their monthly financial burden. Conversely, Canara Bank offers rates of 8.50% - 11.00%, potentially leading to enhanced savings over the loan's tenure.
Loan Tenure
TATA Capital provides a loan tenure that extends up to Max 30 Years, making it suitable for borrowers who prefer lower monthly repayments. In comparison, Canara Bank offers loan tenures of up to Upto 30 years or upto 75 years of age of the borrower, whichever is earlier., appealing to those who wish to pay off their loan more swiftly and minimize total interest costs.
Maximum Loan Amount
In terms of the maximum loan amount, TATA Capital permits borrowing up to Upto 5cr, ideal for purchasing premium or high-value properties. Canara Bank restricts the maximum loan to Upto 5cr, which is better suited for buyers looking at more moderately priced homes.
Processing Fees
Processing fees are a critical aspect to consider. TATA Capital charges a processing fee of upto 2% of loan amount+ GST, whereas Canara Bank sets its fee at 0.50% (Min Rs.1500/-+GST and Max. Rs.10,000/-). These fees should be accounted for when determining the overall expense of your home loan.
Conclusion
Choosing a home loan that fits your financial needs involves assessing key factors like the interest rate, qualification criteria, loan tenure, maximum loan limits, and any processing charges. By thoroughly reviewing these points in the home loan options from TATA Capital and Canara Bank, you can make a decision that's right for you.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.