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Compare Canara Bank vs Indian Bank Loan Against Property

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Bank
Interest Rate
Interest Rate
9.95% - 12.00%
10.50% - 10.65%
Processing Fees
Processing Fees
Upto 1.00%
Min ₹ 5,000; Max ₹ 50,000
Upto 1.17%
Maximum Loan Amount
Maximum Loan Amount
₹ 10 Cr
₹ 2 Cr
Loan to Property Value Ratio
Loan to Property Value Ratio
Upto 50%
Upto 50%
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 1,658
₹ 1,686
Benchmark Rate
Benchmark Rate
RLLR
RLLR
Minimum Age
Minimum Age
21 Years
18 Years
Maximum Age
Maximum Age
65 Years
60 Years
Overdraft Facility
Overdraft Facility
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
2/5.0
2/5.0
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Compare Loan Against Property EMI of Canara Bank and Indian Bank

Loan Amount Canara Bank Indian Bank
₹ 10 Lakh ₹ 16,575 ₹ 16,861
₹ 15 Lakh ₹ 24,863 ₹ 25,291
₹ 30 Lakh ₹ 49,726 ₹ 50,582
₹ 50 Lakh ₹ 82,877 ₹ 84,303

Which is a better bank for Loan Against Property – Canara Bank or Indian Bank?

Canara Bank offers lower Loan Against Property EMI at ₹ 1,658 on a Loan Against Property for 7 Years as compared to Indian Bank with a minimum EMI of ₹ 1,686 for 7 Years. Average customer ratings for Canara Bank is currently at 2/5.0 which makes it a good choice for taking a Loan Against Property.

How does Canara Bank Loan Against Property compare with Indian Bank Loan Against Property?

It is important to do a detailed comparison of Canara Bank and Indian 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 Loan Against Property is 9.95%, which is lower than the lowest interest rate of Indian Bank at 10.50% and hence, Canara Bank is offering a cheaper loan option.
  • When compared on other Loan Against Property charges such as processing fees, Canara Bank charges a lower processing fees of 1.00% of the loan amount vs Indian Bank with a processing fees of 1.17% of loan amount.
  • Canara Bank and Indian Bank offer mortgage loan upto 50% of the value of the property. Hence, the same loan to property value ratio makes them a comparable option to choose from.
  • Canara Bank is a with its Loan Against Property rates benchmarked to RLLR. On the other hand, Indian 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 with an average customer ratings of 2 is equally comparable to Indian Bank with an average customer rating of 2, and hence, the customer can expect the same kind of service levels from these banks.
  • Indian Bank offers special discounted rate Loan Against Property schemes for women, while Canara Bank currently doesn’t have such schemes for women. Hence, women borrowers should consider Indian Bank.

Which bank offers a lower interest rate on Loan Against Property – Canara Bank or Indian Bank?

As per the current rates, Canara Bank offers a lower interest rate of 9.95% on Loan Against Property when compared to Indian Bank which offers a Loan Against Property at 10.50%.

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Loan Against Property News - Oct 2021
  • 2021-10-20 : Banks Gross NPAs To Increase To 8-9 Percent
    Gross Non-Performing Assets (NPAs) of banks are expected to increase to 8-9 percent in the current fiscal year according to reports of Crisil. Agency also suggests that Emergency Credit Line Guarantee Scheme (ECLGS) will help limit this increase.
  • 2021-10-18 : HDFC Bank Posts 17.2 Percent Profits In Q2
    Private sector bank, HDFC Bank has posted a 17.6 percent rise in net profit at Rs 8,834.3 crore in the second quarter ended September 30, 2021. The lender had posted a net profit of Rs 7,513.1 crore in Q2 of 2020.
  • 2021-10-12 : IDFC First Bank Revises Interest Rate For Loan Against Property
    Indian private sector bank, IDFC First Bank has reduced interest rates for loans against property. Currently, the lender is offering loans at an interest rate of 7.50% for all the loan amounts.
  • 2021-10-11 : Punjab National Bank Introduces 6S Campaign
    Punjab National Bank (PNB) has launched the 6S Campaign. The campaign consists of schemes like Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and Swagat. The objective of the campaign is to spread awareness about the development of financial services and accelerate credit growth, improve penetration of social security schemes and drive digital banking push.
  • 2021-10-06 : Central Bank of India Partners With IIFL Home Finance
    Central Bank of India has announced a strategic co-lending partnership with IIFL Home Finance. Under the partnership, IIFL Home Finance Ltd will process credit parameters and eligibility criteria. Central Bank of India will take into its book 80% of the SME LAP Loans under mutually agreed terms.
*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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