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Compare Canara Bank vs Bank of Maharashtra Home Loan

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Bank
Interest Rate
Interest Rate
6.90% - 8.90%
6.90% - 8.05%
Processing Fees
Processing Fees
Upto 0.50%
Min ₹ 1,500; Max ₹ 10,000
Upto 0.25%
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
55 Years
65 Years
For Women
For Women
Y
Y
Overdraft Facility
Overdraft Facility
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
5/5.0
2.5/5.0
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Compare Home Loan EMI of Canara Bank and Bank of Maharashtra

Loan Amount Canara Bank Bank of Maharashtra
₹ 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 Canara 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 Bank of Maharashtra and Canara Bank Home Loan is 6.90%. Hence, both banks are at par in terms of interest rates 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 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 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 a 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.

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Home Loan News - Jan 2022
  • 2022-01-21 : Properties to Get Costlier in Gurgaon as New Circle Rates Come into Effect
    The circle rates have been hiked for Golf Course Road, Golf Course Extension Road, Sohna Road, and Dwarka Expressway projects. As a result, homebuyers will have to shell out more money to purchase property, particularly in some upscale areas.
  • 2022-01-21 : PNB Housing Finance Announces Net profit for Q3
    PNB Housing Finance Limited (PNBHFL) has reported a 19 per cent decline in net profit for the quarter ended December 31, 2021, at ₹188 crores compared to ₹232 crores recorded in the same quarter in the previous fiscal.
  • 2022-01-20 : PFC and REC Reduce Lending rates
    The State-run PFC and REC have reduced their lending rates across all types of loans by 40 basis points (bps). The move will help power utilities raise loans at cheaper rates. Also, the power sector non-banking financial companies (NBFC) have already been offering short term loans at a 6.25 per cent interest rate.
  • 2022-01-20 : Union Lenders Approves Reimbursement Amount of ₹974 cr for Pandemic Loan Moratorium.
    The Union Cabinet has approved a sanction of ₹973.74 crores for lenders to reimburse the loan moratorium. Earlier, on March 27, 2020, the Reserve Bank of India (RBI) had announced a loan moratorium on payment of instalments of term loans falling due between March 1 and May 31, 2020, due to the pandemic, which was extended to August 31.
  • 2022-01-19 : Bajaj Home Finance Revises Home Loan Interest Rates
    Bajaj Home Finance has decreased home loan rates, and as a result, you can avail of a home loan at the lowest rates starting at 6.65%.
*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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