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Compare SBI vs LIC Housing Finance Home Loan

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Bank
Interest Rate
Interest Rate
7.55% - 8.05%
7.55% - 8.65%
Processing Fees
Processing Fees
NIL
Upto 0.25%
Min ₹ 10,000; Max ₹ 11,800
Maximum Loan Amount
Maximum Loan Amount
₹ 7 Cr
₹ 15 Cr
Maximum Tenure
Maximum Tenure
30 Years
30 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 703
₹ 703
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
RLLR
PLR
Minimum Age
Minimum Age
18 Years
21 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
3.9/5.0
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Compare Home Loan EMI of SBI and LIC Housing Finance

Loan Amount SBI LIC Housing Finance
₹ 10 Lakh ₹ 7,026 ₹ 7,026
₹ 25 Lakh ₹ 17,566 ₹ 17,566
₹ 30 Lakh ₹ 21,079 ₹ 21,079
₹ 50 Lakh ₹ 35,132 ₹ 35,132

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

LIC Housing Finance and SBI have the same interest rate on Home Loan, starting from 7.55%. Lowest EMI of LIC Housing Finance is ₹ 703 for a maximum tenure of 30 Years. Lowest EMI of SBI is ₹ 703 for a maximum tenure of 30 Years.

How does LIC Housing Finance Home Loan compare with SBI Home Loan?

It is important to do a detailed comparison of LIC Housing Finance and SBI 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 LIC Housing Finance and SBI Home Loan is 7.55%. Hence, both banks are at par in terms of interest rates on Home Loan.
  • When compared on other Home Loan charges such as processing fees, SBI charges a lower processing fees of Nil vs LIC Housing Finance with a processing fees of 0.25% of loan amount.
  • 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 – LIC Housing Finance or SBI?

The lowest interest rate for both LIC Housing Finance and SBI on Home Loan currently starts from 7.55%, and hence, both banks are a good choice for potential borrowers.

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Home Loan News - Jun 2022
  • 2022-06-16 : Maharashtra Government Revises Income Slabs
    The annual income slab for the economically weaker section (EWS) has been increased to Rs 6 lakh, and Rs 4.5 lakh for those residing in Mumbai, Pune, and Nagpur Metropolitan Region and the rest of the state respectively.
  • 2022-06-16 : SBI Increases Lowest Interest Rates for Home Loans
    The bank has raised minimum rate for home loans to 7.55% two weeks after the increase of Repo Rate.
  • 2022-05-24 : Home Buyers Welcome the Decision to Extend the PMAY Scheme
    The Central Government has extended the PMAY Scheme-Urban till September 2022 in Maharashtra.
  • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
    The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
  • 2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
    The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21.
*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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