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Compare Allahabad Bank vs Canara Bank Home Loan

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Bank
Interest Rate
Interest Rate
8.25% - 8.85%
6.90% - 8.90%
Processing Fees
Processing Fees
Upto 0.40%
Max ₹ 50,000
Upto 0.50%
Min ₹ 1,500; Max ₹ 10,000
Maximum Loan Amount
Maximum Loan Amount
₹ 10 Cr
₹ 10 Cr
Maximum Tenure
Maximum Tenure
20 Years
30 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 852
₹ 659
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
RLLR
RLLR
Minimum Age
Minimum Age
21 Years
21 Years
Maximum Age
Maximum Age
65 Years
55 Years
For Women
For Women
N
Y
Overdraft Facility
Overdraft Facility
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
2.5/5.0
5/5.0
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Compare Home Loan EMI of Allahabad Bank and Canara Bank

Loan Amount Allahabad Bank Canara Bank
₹ 10 Lakh ₹ 8,521 ₹ 6,586
₹ 25 Lakh ₹ 21,302 ₹ 16,465
₹ 30 Lakh ₹ 25,562 ₹ 19,758
₹ 50 Lakh ₹ 42,603 ₹ 32,930

Which is a better bank for Home Loan – Canara Bank or Allahabad Bank?

Canara Bank offers lower Home Loan EMI at ₹ 659 on a Home Loan for 30 Years as compared to Allahabad Bank with a minimum EMI of ₹ 852 for 20 Years. Average customer ratings for Canara Bank is currently at 5/5.0 which makes it a good choice for taking a Home Loan.

How does Canara Bank Home Loan compare with Allahabad Bank Home Loan?

It is important to do a detailed comparison of Canara Bank and Allahabad Bank on all loan terms and conditions to understand their differences and make an informed decision. Keep in mind that each bank’s scheme has its pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

  • Lowest Interest rate of Canara Bank Home Loan is 6.90%, which is lower than the lowest interest rate of Allahabad Bank at 8.25% and hence, Canara Bank is offering a cheaper loan option.
  • When compared on other Home Loan charges such as processing fees, Allahabad Bank charges a lower processing fees of 0.40% of the loan amount vs Canara Bank with a processing fees of 0.50% of loan amount.
  • Allahabad Bank is a with its Home Loan rates benchmarked to RLLR. On the other hand, Canara Bank is a with its home loan rates benchmarked to RLLR. Hence, both banks are benchmarked to the same rate, making them a comparable option to choose from.
  • Canara Bank has an average customer ratings of 5, while Allahabad Bank has an average customer rating of 2.5, based on which it is clear that Canara Bank has a high customer service focus, an easy Home Loan process and a quick turnaround.
  • Canara Bank offers special discounted rate Home Loan schemes for women, while Allahabad Bank currently doesn’t have such schemes for women. Hence, women borrowers should consider Canara Bank.

Which bank offers a lower interest rate on Home Loan – Canara Bank or Allahabad Bank?

As per the current rates, Canara Bank offers a lower interest rate of 6.90% on Home Loan when compared to Allahabad Bank which offers a Home Loan at 8.25%.

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Home Loan News - Sep 2021
  • 2021-09-14 : DCB Bank Revises MCLR Rate
    DCB Bank has revised the Marginal Cost of Funds Lending Rate (MCLR) for different tenures. Now, the one-year and six-month MCLR are 9.02%. Three-months MCLR is at 8.77%, one month and overnight MCLR is 8.07%.
  • 2021-09-10 : Kotak Mahindra Bank Cuts Home Loan Interest Rate
    Kotak Mahindra Bank has reduced the home loan interest rate by 15 basis points (bps), ahead of the festive season. Currently, the minimum rate of interest is 6.50%, the special rate is applicable from 10 September 2021 to November 8, 2021.
  • 2021-09-07 : LIC Housing Finance Partners with IPPB for Home Loans
    India Post Payments Bank (IPPB) and LIC Housing Finance announced a strategic partnership for providing home loan products to over 4.5 crore customers of IPPB. IPPB will make LICHFL home loan products accessible to its customers pan-India.
  • 2021-09-06 : Bank of Baroda is offering a promising home loan
    Bank of Baroda is offering attractive offers on home loans. The lender is offering lower interest rates and longer tenure. A borrower can loan approved within 30 minutes digitally.
  • 2021-09-01 : Mortgage lending has increased GDP by 11%
    National Housing Bank has informed that mortgage lending in India has increased India’s Gross Domestic Product (GDP) by 11%, an economy worth Rs 27 trillion. 65% of the loans are provided by banks and the rest 35% by NBFCs.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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