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Compare Home Loan - Lakshmi Vilas Bank vs SBI

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Bank
Parameters
Interest Rate
Interest Rate
9.70% - 9.70%
6.70% - 7.05%
Processing Fees
Processing Fees
Upto 0.40%
Min ₹ 10,000; Max ₹ 20,000
NIL
Maximum Loan Amount
Maximum Loan Amount
₹ 5 Cr
₹ 7 Cr
Maximum Tenure
Maximum Tenure
20 Years
30 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 945
₹ 645
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
RLLR
RLLR
Minimum Age
Minimum Age
21 Years
18 Years
Maximum Age
Maximum Age
65 Years
70 Years
For Women
For Women
N
Y
Overdraft Facility
Overdraft Facility
Y - OD
Y - SBI Maxgain
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.2/5.0
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Compare EMI of Lakshmi Vilas Bank and SBI Home Loan

Loan Amount Lakshmi Vilas Bank SBI
₹ 10 Lakh ₹ 9,452 ₹ 6,453
₹ 25 Lakh ₹ 23,631 ₹ 16,132
₹ 30 Lakh ₹ 28,357 ₹ 19,358
₹ 50 Lakh ₹ 47,262 ₹ 32,264

Which is a better bank for Home Loan – SBI or Lakshmi Vilas Bank?

SBI offers lower Home Loan EMI at ₹ 645 on a Home Loan for 30 Years as compared to Lakshmi Vilas Bank with a minimum EMI of ₹ 945 for 20 Years. Average customer ratings for SBI is currently at 4.2/5.0 which makes it a good choice for taking a Home Loan.

How does SBI Home Loan compare with Lakshmi Vilas Bank Home Loan?

It is important to do a detailed comparison of SBI 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 SBI Home Loan is 6.70%, which is lower than the lowest interest rate of Lakshmi Vilas Bank at 9.70% and hence, SBI is offering a cheaper loan option.
  • When compared on other Home Loan charges such as processing fees, SBI charges a lower processing fees of Nil vs Lakshmi Vilas Bank with a processing fees of 0.40% of loan amount.
  • Lakshmi Vilas Bank is a Private Bank with its Home Loan rates benchmarked to RLLR. SBI 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.
  • SBI has an average customer ratings of 4.2, while has an average customer rating of , based on which it is clear that SBI has a high customer service focus, an easy Home Loan process and a quick turnaround.
  • SBI offers special discounted rate Home Loan schemes for women, while Lakshmi Vilas Bank currently doesn’t have such schemes for women. Hence, women borrowers should definitely evaluate SBI.
  • One unique feature overdraft facility which is nowadays a popular facility demanded by high salaried and business customers is offered by the the banks, Lakshmi Vilas Bank and SBI.

Which bank offers lower interest rate on Home Loan – SBI or Lakshmi Vilas Bank?

As per the current rates, SBI offers a lower interest rate of 6.70% on Home Loan when compared to Lakshmi Vilas Bank which offers a Home Loan at 9.70%.

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Home Loan News - Aug 2021
  • 2021-08-05 : SBI offers Monsoon Dhamaka Offer
    SBI is offering home loans with zero processing fee. The interest rate of home loan starts at 6.70% per annum. This offer will remain valid till August 31, 2021.
  • 2021-08-02 : HDFC Bank Consolidated net profit jumps 31% to Rs 5,311 cr in Q1
    The country largest mortgage lender HDFC reported a 31 per cent jump in its consolidated net profit. As a result, the net profit for the quarter ending June 2021 stands at Rs 5,311 crore. The company had posted a net profit of Rs 4,059 crore in the year-ago same quarter.
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
*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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