Take a well-informed decision about the best home loan for you by comparing home loan interest rates from different banks, such as HDFC vs LIC. Both these financial institutions offer competitive interest rates and attractive features which make it easier and faster to get a home loan approved and your dream home a reality. By understanding the differences and advantages of each, you can choose the right home loan for your requirements.
Here are the interest rates, processing fees, and other features such as loan amount and tenure of HDFC vs LIC home loans:
|Compare||HDFC Home Loan||LIC Home Loan|
|Interest Rate||6.90% p.a. onwards||6.90% p.a. onwards|
|Processing Fees||Up to 0.50% of the loan amount or Rs.3,000, whichever is higher + taxes||0.25% to 0.50% of loan amount subject to Rs.5,000 minimum and Rs.15,000 maximum + GST|
|MCLR (1 year)||7.30%||NA|
|Retail Lending Rate||16.20%||LHPLR: 14.70%|
|Loan Amount||Contact the bank||Contact the bank|
|Loan Tenure||30 years||30 years|
|Lowest EMI||Rs.659||Rs.6596.90% p|
Between 21 to 65 years of age
|Resident Indians and NRIs
Salaried, self-employed, or professionals
|Penal Interest Rates||24% p.a.||Up to 2% p.m. on defaulted instalment|
Both HDFC and LIC offer different home loan schemes with attractive interest rates. HDFC offers home loans starting at 6.90% p.a. with interest concession for women borrowers. There are also different variants of the home loan such as the two-year fixed rate variant and the adjustable rate home loan. Interest rate on HDFC home loans also change with the quantum of loan applied for and other factors.
LIC’s home loans are based on the prime lending rate as well as the CIBIL score of the applicant with interest rates starting at 6.90% p.a. for salaried and professional individuals having a CIBIL score above 700 and 7.00% p.a. for others. For those with CIBIL scores less than 700, interest rates start at 7.50%. This is for home loans of up to Rs.50 lakh with interest rates varying according to the quantum of loan as well.
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