Home › Home Loan › Canara Bank vs SBI
Canara Bank vs State Bank of India Home Loan
Canara Bank advertises the lower starting rate (7.4% vs 7.5%). On ₹50 lakh over 20 years that is about ₹73,243 less interest, or ₹305 less per month, at the starting rates.
| Canara Bank | SBI | |
|---|---|---|
| Starting interest rate | 7.4% | 7.5% |
| EMI for ₹50 lakh, 20 years | ₹39,974 | ₹40,280 |
| Total interest | ₹45,93,875 | ₹46,67,118 |
| Processing fee | 0.50% of the loan (min ₹1,500, max ₹10,000) + GST; waived 01.10.2026 to 31.12.2026 | Festive offer: 50% waiver in processing fees (minimum ₹5,000 + GST), valid up to 31.12.2026 |
| Prepayment | No prepayment penalty | No prepayment penalty |
| Maximum tenure | 30 years | 30 years |
Source: Canara Bank official page, checked on November 2026 (2026-11-01).
Source: State Bank of India 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, Canara Bank or SBI home loan?
Canara Bank advertises the lower starting rate (7.4% vs 7.5%). On ₹50 lakh over 20 years that is about ₹73,243 less interest, or ₹305 less per month, at the starting rates. Your actual rate may differ from the starting rate.