State Bank of India vs HDFC Bank Home Loan

Purpose

SBI home loans cater to both salaried and self-employed applicants. The loan can be used to purchase an already-built house or an under-construction property. SBI home loans can also be used for home renovation.

HDFC Bank offers home loans that help people from different walks of life buy or construct a home. They have specific loans that cater to farmers, agriculturists, etc. HDFC offers home loans for both salaried and self-employed individuals.

Loan Amount

Rs.5 lakh - Rs.10 crore

Up to Rs 10 crores

Rate of Interest

9.15% p.a. onwards

8.75% p.a. - 9.95% p.a.

Loan Tenure

Up to 30 years

Up to 30 years

Eligibility

Applicant must be at least 18 years of age and not more than 70 years old.

Applicants must be at least 18 years old and less than 65 years old.

Prepayment charges

NIL

1. No prepayment charges for individual applicants with variable interest rate loans.
2. 2% prepayment charges for fixed rate loans and non-individual borrowers.

Processing fee

0.35% of the loan amount plus applicable service tax, minimum of Rs. 5,000.

Up to 0.50% of the loan amount or Rs.3,000 (whichever is higher)

Pros

1. Competitive interest rates
2. No prepayment charges
3. Long repayment tenure
4. Special interest concession for women applicants
5. Home loan can be availed as overdraft

1. Low interest rates
2. Lower EMIs for women under special promotional campaign
3. Long repayment tenure
4. Approval of loan even before selecting property
5. No hidden charges involved

Cons

The maximum loan amount is lower when compared to HDFC bank

Higher interest rates than State Bank of India

Documentation

1. Proof of identity
2. Proof of residence
3. Property papers like permission for construction, occupancy certificate, etc.
4. Bank account statement for the last 6 months
5. Income proof documents like salary slips, IT returns, copy of Form 16, etc.

1. Proof of identity
2. Proof of residence
3. Bank account statement for the last 6 months
4. Proof of educational qualification
5. Form 16
6. Latest salary slips or income tax returns of self and business.
7. Property related documents like allotment paper.

Application process

Applications for SBI home loans can be made online or by visiting their branch

Application for HDFC home loans can be made online through their website or by visiting their branch.

Popular Home Loan Products

1. SBI Regular Home Loan
2. SBI Balance Transfer Home Loan
3. SBI Flexipay Home Loan
4. SBI Privilege Home Loan
5. SBI Shaurya Home Loan
6. SBI Pre-approved Home Loan
7. SBI Bridge Home Loan
8. SBI Home Top Up Loan
9. SBI Smart Home Top Up Loan
10. SBI YONO Insta Home Top Up Loan
11. SBI Corporate Home Loan
12. SBI Home Loan to Non-Salaried
13. SBI Tribal Plus
14. SBI NRI Home Loan

1. HDFC Home Loan
2. Home Improvement Loan
3. Home Extension Loan
4. The HDFC Advantage
5. Special Home Loan for Agriculturists
6. Rural Housing Loans
7. HDFC Plot Loans
8. HDFC Reach Loan
9. Pradhan Mantri Awas Yojana
10. HDFC Home Loan for NRI/PIO