MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹1,000* on Home Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

Compare Home Loan - Bank of Maharashtra vs Canara Bank

Download Comparison
Bank
Parameters
Interest Rate
Interest Rate
6.90% - 7.90%
6.90% - 8.90%
Processing Fees
Processing Fees
Upto 0.25%
Upto 0.50%
Min ₹ 1,500; Max ₹ 10,000
Maximum Loan Amount
Maximum Loan Amount
₹ 10 Cr
₹ 10 Cr
Maximum Tenure
Maximum Tenure
30 Years
30 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 659
₹ 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
Y
Y
Overdraft Facility
Overdraft Facility
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
2.5/5.0
5/5.0
Add Bank

Compare EMI of Bank of Maharashtra and Canara Bank Home Loan

Loan Amount Bank of Maharashtra Canara Bank
₹ 10 Lakh ₹ 6,586 ₹ 6,586
₹ 25 Lakh ₹ 16,465 ₹ 16,465
₹ 30 Lakh ₹ 19,758 ₹ 19,758
₹ 50 Lakh ₹ 32,930 ₹ 32,930

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

Bank of Maharashtra and Canara Bank have the same interest rate on Home Loan, starting from 6.90%. Lowest EMI of Bank of Maharashtra is ₹ 659 for a maximum tenure of 30 Years. Lowest EMI of Canara Bank is ₹ 659 for a maximum tenure of 30 Years.

How does Bank of Maharashtra Home Loan compare with Canara Bank Home Loan?

It is important to do a detailed comparison of Bank of Maharashtra and Home Loan on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own 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 Bank of Maharashtra and Canara Bank Home Loan is 6.90%. Hence, both banks are at par in terms of interest rate on Home Loan
  • When compared on other Home Loan charges such as processing fees, Bank of Maharashtra charges a lower processing fees of 0.25% of the loan amount vs Canara Bank with a processing fees of 0.50% of loan amount.
  • Bank of Maharashtra is a Public Sector Bank with its Home Loan rates benchmarked to RLLR. Canara Bank is a Public Sector Bank with its home loan rates benchmarked to RLLR. Hence, both banks are benchmarked to same rate which make them a comparable option to choose from.
  • Canara Bank has an average customer ratings of 5, while Bank of Maharashtra 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.
  • All these banks offer discounted schemes for women and hence, this factor will not be important in making the decision to borrow from Bank of Maharashtra or Canara Bank.

Which bank offers lower interest rate on Home Loan – Bank of Maharashtra or Canara Bank?

The lowest interest rate for both Bank of Maharashtra and Canara Bank on Home Loan currently starts from 6.90% and hence, both banks are a good choice for potential borrowers.

Popular Housing Loans Tools

Popular Search for Bank of Maharashtra Home Loan

Popular Search for Canara Bank Home Loan

Compare Bank of Maharashtra Home Loan With Other Banks

Compare Canara Bank Home Loan With Other Banks

Check Pradhan Mantri Awas Yojana Scheme

Home Loan News - Aug 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
*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
Loader
Please wait while your information is being processed...