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Compare GIC Housing Finance vs Union Bank of India Home Loan

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Bank
Interest Rate
Interest Rate
10.25% - 10.25%
8.25% - 8.35%
Processing Fees
Processing Fees
Min ₹ 2,500;
Upto 0.50%
Max ₹ 15,000
Maximum Loan Amount
Maximum Loan Amount
₹ 3 Cr
₹ 5 Cr
Maximum Tenure
Maximum Tenure
20 Years
30 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 982
₹ 751
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
PLR
RLLR
Minimum Age
Minimum Age
21 Years
21 Years
Maximum Age
Maximum Age
65 Years
65 Years
For Women
For Women
N
N
Overdraft Facility
Overdraft Facility
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3.5/5.0
3.5/5.0
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Compare Home Loan EMI of GIC Housing Finance and Union Bank of India

Loan Amount GIC Housing Finance Union Bank of India
₹ 10 Lakh ₹ 9,816 ₹ 7,513
₹ 25 Lakh ₹ 24,541 ₹ 18,782
₹ 30 Lakh ₹ 29,449 ₹ 22,538
₹ 50 Lakh ₹ 49,082 ₹ 37,563

Which is a better bank for Home Loan – Union Bank of India or GIC Housing Finance?

Union Bank of India offers lower Home Loan EMI at ₹ 751 on a Home Loan for 30 Years as compared to GIC Housing Finance with a minimum EMI of ₹ 982 for 20 Years. Average customer ratings for Union Bank of India is currently at 3.5/5.0 which makes it a good choice for taking a Home Loan.

How does Union Bank of India Home Loan compare with GIC Housing Finance Home Loan?

It is important to do a detailed comparison of Union Bank of India and GIC Housing Finance 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 Union Bank of India Home Loan is 8.25%, which is lower than the lowest interest rate of GIC Housing Finance at 10.25% and hence, Union Bank of India is offering a cheaper loan option.
  • When compared on other Home Loan charges such as processing fees, GIC Housing Finance charges a lower processing fees of Nil vs Union Bank of India with a processing fees of 0.50% of loan amount.
  • Union Bank of India is a with its Home Loan rates benchmarked to RLLR. GIC Housing Finance is a with its home loan rates benchmarked to PLR.
  • GIC Housing Finance with an average customer ratings of 3.5 is equally comparable to Union Bank of India with an average customer rating of 3.5, and hence, the customer can expect the same kind of service levels from these banks.

Which bank offers a lower interest rate on Home Loan – Union Bank of India or GIC Housing Finance?

As per the current rates, Union Bank of India offers a lower interest rate of 8.25% on Home Loan when compared to GIC Housing Finance which offers a Home Loan at 10.25%.

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Home Loan News - Sep 2021
  • 2021-09-14 : DCB Bank Revises MCLR Rate
    DCB Bank has revised the Marginal Cost of Funds Lending Rate (MCLR) for different tenures. Now, the one-year and six-month MCLR are 9.02%. Three-months MCLR is at 8.77%, one month and overnight MCLR is 8.07%.
  • 2021-09-10 : Kotak Mahindra Bank Cuts Home Loan Interest Rate
    Kotak Mahindra Bank has reduced the home loan interest rate by 15 basis points (bps), ahead of the festive season. Currently, the minimum rate of interest is 6.50%, the special rate is applicable from 10 September 2021 to November 8, 2021.
  • 2021-09-07 : LIC Housing Finance Partners with IPPB for Home Loans
    India Post Payments Bank (IPPB) and LIC Housing Finance announced a strategic partnership for providing home loan products to over 4.5 crore customers of IPPB. IPPB will make LICHFL home loan products accessible to its customers pan-India.
  • 2021-09-06 : Bank of Baroda is offering a promising home loan
    Bank of Baroda is offering attractive offers on home loans. The lender is offering lower interest rates and longer tenure. A borrower can loan approved within 30 minutes digitally.
  • 2021-09-01 : Mortgage lending has increased GDP by 11%
    National Housing Bank has informed that mortgage lending in India has increased India’s Gross Domestic Product (GDP) by 11%, an economy worth Rs 27 trillion. 65% of the loans are provided by banks and the rest 35% by NBFCs.
*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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