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Bank of Maharashtra vs Canara Bank Home Loan
Bank of Maharashtra advertises the lower starting rate (7.25% vs 7.4%). On ₹50 lakh over 20 years that is about ₹1,09,364 less interest, or ₹456 less per month, at the starting rates.
| Bank of Maharashtra | Canara Bank | |
|---|---|---|
| Starting interest rate | 7.25% | 7.4% |
| EMI for ₹50 lakh, 20 years | ₹39,519 | ₹39,974 |
| Total interest | ₹44,84,512 | ₹45,93,875 |
| Processing fee | 0.25% of the loan amount + GST | 0.50% of the loan (min ₹1,500, max ₹10,000) + GST; waived 01.10.2026 to 31.12.2026 |
| Prepayment | No pre-payment, pre-closure or part-payment charges | No prepayment penalty |
| Maximum tenure | 30 years | 30 years |
Source: Bank of Maharashtra official page, checked on November 2026 (2026-11-01).
Source: Canara Bank official page, checked on November 2026 (2026-11-01).
These figures use the bank's advertised starting rate. Most borrowers are offered a higher rate depending on credit score, income and loan size, so treat the result as a best case.
Frequently asked questions
Which is cheaper, Bank of Maharashtra or Canara Bank home loan?
Bank of Maharashtra advertises the lower starting rate (7.25% vs 7.4%). On ₹50 lakh over 20 years that is about ₹1,09,364 less interest, or ₹456 less per month, at the starting rates. Your actual rate may differ from the starting rate.