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Compare LIC Housing Finance vs SBI Home Loan

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Bank
Interest Rate
Interest Rate
6.66% - 6.90%
6.65% - 7.05%
Processing Fees
Processing Fees
Min ₹ 10,000;
NIL
Maximum Loan Amount
Maximum Loan Amount
₹ 15 Cr
₹ 7 Cr
Maximum Tenure
Maximum Tenure
30 Years
30 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 643
₹ 642
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
PLR
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
N
Y - SBI Maxgain
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3.9/5.0
4.2/5.0
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Compare Home Loan EMI of LIC Housing Finance and SBI

Loan Amount LIC Housing Finance SBI
₹ 10 Lakh ₹ 6,426 ₹ 6,420
₹ 25 Lakh ₹ 16,066 ₹ 16,049
₹ 30 Lakh ₹ 19,279 ₹ 19,259
₹ 50 Lakh ₹ 32,131 ₹ 32,098

Which is a better bank for Home Loan – SBI or LIC Housing Finance?

SBI offers lower Home Loan EMI at ₹ 642 on a Home Loan for 30 Years as compared to LIC Housing Finance with a minimum EMI of ₹ 643 for 30 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 LIC Housing Finance Home Loan?

It is important to do a detailed comparison of SBI and LIC 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 SBI Home Loan is 6.65%, which is lower than the lowest interest rate of LIC Housing Finance at 6.66% and hence, SBI is offering a cheaper loan option.
  • When compared to other Home Loan charges such as processing fees LIC Housing Finance and SBI charge the lowest processing fees as Nil.
  • SBI is a with its Home Loan rates benchmarked to RLLR. LIC Housing Finance is a with its home loan rates benchmarked to PLR.
  • SBI has an average customer ratings of 4.2, while LIC Housing Finance has an average customer rating of 3.9, 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 LIC Housing Finance currently doesn’t have such schemes for women. Hence, women borrowers should consider SBI.
  • One unique feature of SBI is its overdraft facility which allows borrowers to minimize their interest outgo by paying interest only on the loan amount utilized. This scheme makes it an apt choice for self-employed and businessmen with fluctuating fund requirements.

Which bank offers a lower interest rate on Home Loan – SBI or LIC Housing Finance?

As per the current rates, SBI offers a lower interest rate of 6.65% on Home Loan when compared to LIC Housing Finance which offers a Home Loan at 6.66%.

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Home Loan News - Sep 2021
  • 2021-09-21 : HDFC Bank Introduce Festival Bonanza Offer
    HDFC Bank has come up with a festival bonanza offer which is valid till October 31, 2021. The lender has cut home loan interest rate to 6.70%, the special rate is linked to borrowers credit score.
  • 2021-09-20 : PNB Introduces Festival Bonanza Offer
    Punjab National Bank (PNB) has introduced a festival bonanza offer under which they reduced home loan interest to 6.80%. Also, the lender has waived off processing fees and documentation charges on all retail loans like home loans, personal loans, car loans, gold loans, property loans. These charges are valid till December 31, 2021.
  • 2021-09-17 : Bank of Baroda Slashes Home Loan Interest Rate
    Bank of Baroda (BOB) has introduced a festive offer #KhushiyonKaShreeGanesh. The lender has reduced the home loan interest rate to 6.75%. Along with a slashed interest rate the bank has also waived off processing fees.
  • 2021-09-17 : SBI Bring Down Home Loan Interest Rate
    State Bank of India (SBI) has slashed home loan interest rate by 45 bps (basis points). A customer whose cibil score is above 800 can get a home loan at a lowest rate of 6.70% and whose score is in between 750-800 will get a loan at a rate of 6.80%.
  • 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%.
*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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