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Compare Home Loan - SBI vs HDFC

Bank
Parameters
Interest Rate
Interest Rate
6.95% - 7.25%
6.70% - 7.40%
Processing Fees
Processing Fees
Min ₹ 10,000;
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
₹ 662
₹ 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
N
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 EMI of SBI and HDFC Home Loan

Loan Amount SBI HDFC
₹ 10 Lakh ₹ 6,619 ₹ 6,453
₹ 25 Lakh ₹ 16,549 ₹ 16,132
₹ 30 Lakh ₹ 19,858 ₹ 19,358
₹ 50 Lakh ₹ 33,097 ₹ 32,264

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

HDFC offers lower Home Loan EMI at ₹ 645 on a Home Loan for 30 Years as compared to SBI with a minimum EMI of ₹ 662 for 30 Years. Average customer ratings for HDFC is currently at 4.5/5.0 which makes it a good choice for taking a Home Loan.

How does HDFC Home Loan compare with SBI Home Loan?

It is important to do a detailed comparison of HDFC 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 HDFC Home Loan is 6.70%, which is lower than the lowest interest rate of SBI at 6.95% and hence, HDFC is offering a cheaper loan option.
  • When compared on other Home Loan charges such as processing fees, all banks HDFC, SBI and charge the same amount of processing fees as a Nil.
  • SBI has a maximum processing fee of ₹ 10,000 compared to HDFC with higher processing fees of ₹ 3,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for SBI.
  • SBI is a Public Sector Bank with its Home Loan rates benchmarked to RLLR. HDFC is a HFC 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.
  • SBI offers special discounted rate Home Loan schemes for women, while HDFC currently doesn’t have such schemes for women. Hence, women borrowers should definitely evaluate 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 lower interest rate on Home Loan – HDFC or SBI?

As per the current rates, HDFC offers a lower interest rate of 6.70% on Home Loan when compared to SBI which offers a Home Loan at 6.95%.

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Home Loan News - Apr 2021
  • 2021-04-19 : HDFC Bank Q4 net profit rises 18% YoY to Rs 8,186.5 crore
    In Q3FY21, HDFC Bank had reported a net profit of Rs 8,758.3 crore and an operating profit of Rs 15,186 crore. The bank advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan along with business and mudra loans aggregated to Rs 11,320 billion. Further, The bank’s deposits which include fixed and recurring deposits grew 16.3% at approximately Rs 13,350 billion as of March 31, 2021, as compared to Rs 11,475 billion year-on-year (YoY).
  • 2021-04-16 : Piramal Retail Finance enters consumer & used car finance
    Piramal Retail Finance, a business entity under Piramal Capital and Housing Finance Ltd is planning on diversifying its loan portfolio and serve the customers. It is planning on entering the Consumer and User Car loan segment.
  • 2021-04-13 : Bank credit rise 5.56%; deposits 11.4% in FY21
    RBI reported that the Bank credit which includes retail loans like home, personal, business, car, two-wheeler, education and doctor loan along with business and mudra loans grew 5.56% to Rs 109.51 lakh crore in the financial year ending March 31, 2021. Further, the deposits include fixed and recurring deposits and rose 11.4% to Rs 151.13 lakh crore.
  • 2021-04-13 : Housing finance companies likely to witness a growth of 8-10% in FY22
    ICRA reported that with the increase in housing loan demand in the last quarter the HFCs are likely to witness a growth rate of 6%-8% during the year and 8%-10% in FY2021-22.
  • 2021-04-13 : Kotak Mahindra Bank kept its home loan rate unchanged at 6.65%
    Even as some of the banks have hiked their home loan interest rate, Kotak Mahindra Bank has kept the home loan rate unchanged at 6.65%. The interest rate is applicable for both the home loan and balance transfer product. The bank is aiming to increase its share in the housing loan market.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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