Compare Home Loan - Corporation Bank vs Bank of Maharashtra

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Parameters
Interest Rate	Interest Rate 6.80% - 7.35%	7.00% - 8.05%
Processing Fees	Processing Fees Upto 0.50% Max ₹ 50,000	NIL
Maximum Loan Amount	Maximum Loan Amount ₹ 5 Cr	₹ 10 Cr
Maximum Tenure	Maximum Tenure 30 Years	30 Years
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 652	₹ 665
Benchmark Rate (Check Rates)	Benchmark Rate (Check Rates) RLLR	RLLR
Minimum Age	Minimum Age 21 Years	21 Years
Maximum Age	Maximum Age 65 Years	65 Years
For Women	For Women Y	Y
Overdraft Facility	Overdraft Facility N	N
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 3.5/5.0	2.5/5.0

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Compare EMI of Corporation Bank and Bank of Maharashtra Home Loan

Loan Amount	Corporation Bank	Bank of Maharashtra
₹ 10 Lakh	₹ 6,519	₹ 6,653
₹ 25 Lakh	₹ 16,298	₹ 16,633
₹ 30 Lakh	₹ 19,558	₹ 19,959
₹ 50 Lakh	₹ 32,596	₹ 33,265

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

Corporation Bank offers lower Home Loan EMI at ₹ 652 on a Home Loan for 30 Years as compared to Bank of Maharashtra with a minimum EMI of ₹ 665 for 30 Years. Average customer ratings for Corporation Bank is currently at 3.5/5.0 which makes it a good choice for taking a Home Loan.

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

It is important to do a detailed comparison of Corporation Bank 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 Corporation Bank Home Loan is 6.80%, which is lower than the lowest interest rate of Bank of Maharashtra at 7.00% and hence, Corporation Bank is offering a cheaper loan option.
When compared on other Home Loan charges such as processing fees, Bank of Maharashtra charges a lower processing fees of Nil vs Corporation 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. Corporation 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.
Corporation Bank has an average customer ratings of 3.5, while Bank of Maharashtra has an average customer rating of 2.5, based on which it is clear that Corporation 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 Corporation Bank.

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

As per the current rates, Corporation Bank offers a lower interest rate of 6.80% on Home Loan when compared to Bank of Maharashtra which offers a Home Loan at 7.00%.

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Home Loan News - Jun 2021

2021-06-23 : Capital India Home Loan plans to double asset book to Rs 250 crore this fiscal
Capital India Home Loan aims to double its asset book to over Rs 250 crore by the end of the current fiscal year. The housing finance company that deals in Home Loan, Commercial Property Loan, Loan Against Property, Business Loan, Top-up Loan, Personal Loan, and Consumer Loan had a loan book of about Rs 135 crore in the financial year ended March 31, 2021. The loan book is expected to touch Rs 250 crore by March 2022.
2021-06-23 : Muthoot Fincorp acquires 54% stake in Paymatrix
Gold loan company Muthoot Fincorp has acquired a 54% stake in Hyderabad-based fintech startup Paymatrix by buying out existing investors as part of its added focus on the digital payments segment. Muthoot Fincorp has around 2 million customers in gold loans, retail loans, small business loans, affordable housing, two-wheeler and used-car loans, money transfer, foreign exchange, insurance sales, and wealth management, through its 3,600 branches.
2021-06-16 : Ujjivan Small Finance Bank collaborates with MoEngage
Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to provide digital banking services in remote areas of the country. The aim is to build a wide presence of the bank with customers in the unserved regions through digital services.
2021-06-15 : Indian Overseas Bank declared a profit of Rs 831 crore
IOB closed the last fiscal with a net profit of Rs.831 crore as against a net loss of about Rs.8,527 crore. The total income for the year ended 31.03.2021 stands at Rs.22,525 crore as against Rs.20,766 crore for FY20. IOB plans to come up with Prompt Corrective Action to focus on loan recovery, low-cost deposits and less capital consuming advances.
2021-06-14 : 76% increase in Home Loans in the March quarter
Home loans sanctioned by banks and NBFCs grew 76% to Rs 79,043 crore in the quarter ended March 2021. Steps like reduction in stamp duties by the government immensely increased the demand for Home Loans.

*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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