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Compare SBI vs HDFC Home Loan

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Bank
Interest Rate
Interest Rate
6.65% - 7.05%
6.70% - 8.20%
Processing Fees
Processing Fees
NIL
Min ₹ 3,000;
Maximum Loan Amount
Maximum Loan Amount
₹ 7 Cr
₹ 5 Cr
Maximum Tenure
Maximum Tenure
30 Years
30 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 642
₹ 645
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
RLLR
PLR
Minimum Age
Minimum Age
18 Years
24 Years
Maximum Age
Maximum Age
70 Years
65 Years
For Women
For Women
Y
Y
Overdraft Facility
Overdraft Facility
Y - SBI Maxgain
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.2/5.0
4.5/5.0
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Compare Home Loan EMI of SBI and HDFC

Loan Amount SBI HDFC
₹ 10 Lakh ₹ 6,420 ₹ 6,453
₹ 25 Lakh ₹ 16,049 ₹ 16,132
₹ 30 Lakh ₹ 19,259 ₹ 19,358
₹ 50 Lakh ₹ 32,098 ₹ 32,264

Which is a better bank for Home Loan – SBI or HDFC?

SBI offers lower Home Loan EMI at ₹ 642 on a Home Loan for 30 Years as compared to HDFC with a minimum EMI of ₹ 645 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 HDFC Home Loan?

It is important to do a detailed comparison of SBI and HDFC 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 HDFC at 6.70% and hence, SBI is offering a cheaper loan option.
  • When compared to other Home Loan charges such as processing fees HDFC and SBI charge the lowest processing fees as Nil.
  • SBI is a with its Home Loan rates benchmarked to RLLR. HDFC is a with its home loan rates benchmarked to PLR.
  • HDFC has an average customer ratings of 4.5, while SBI has an average customer rating of 4.2, based on which it is clear that HDFC has a high customer service focus, an easy Home Loan process and a quick turnaround.
  • All these banks offer discounted schemes for women and hence, this factor will not be important in making the decision to borrow from HDFC or 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 HDFC?

As per the current rates, SBI offers a lower interest rate of 6.65% on Home Loan when compared to HDFC which offers a Home Loan at 6.70%.

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Home Loan News - Jan 2022
  • 2022-01-20 : PFC and REC Reduce Lending rates
    The State-run PFC and REC have reduced their lending rates across all types of loans by 40 basis points (bps). The move will help power utilities raise loans at cheaper rates. Also, the power sector non-banking financial companies (NBFC) have already been offering short term loans at a 6.25 per cent interest rate.
  • 2022-01-20 : Union Lenders Approves Reimbursement Amount of ₹974 cr for Pandemic Loan Moratorium.
    The Union Cabinet has approved a sanction of ₹973.74 crores for lenders to reimburse the loan moratorium. Earlier, on March 27, 2020, the Reserve Bank of India (RBI) had announced a loan moratorium on payment of instalments of term loans falling due between March 1 and May 31, 2020, due to the pandemic, which was extended to August 31.
  • 2022-01-19 : Bajaj Home Finance Revises Home Loan Interest Rates
    Bajaj Home Finance has decreased home loan rates, and as a result, you can avail of a home loan at the lowest rates starting at 6.65%.
  • 2022-01-19 : Bajaj Finance Q3 Net up 84% on Income Growth.
    Bajaj Finance Ltd (BFL) has reported an 84 per cent year-on-year (YoY) jump in third-quarter standalone net profit. The growth has been seen on the back of healthy growth in net interest income, fees and commission income and other operating income.
  • 2022-01-17 : Housing Finance Companies and 8 NBFCs Surrender Certificates of Registration
    Non-Banking Financial Companies and one housing finance company have surrendered their registration certificates to RBI. As a result, they cannot function as NBFCs and HFCs.
*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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