A "low interest" loan shouldn't mean you have very little interest in paying it back!
State Bank of India (SBI) and Punjab National Bank (PNB) are two of the leading home loan providers in the country. Their exclusive home loan products, customer service, and low fees and charges have made these banks very popular among the borrowers.
For decades, State Bank of India has been one of the most trusted lenders. They offer unique home loan products each designed to meet the needs of their borrowers. From regular home loans and balance transfer loans to special mortgage plans for NRIs and bridge home loans, there is a plethora of options.
On the other hand, Punjab National Bank is a state-owned corporation that offers an array of housing loan options, including one with special rates to government employees. The quantum of finance on certain loans is need based, wherein the cost of purchase and repaying capacity of the borrower will determine the maximum financing.
| Category | SBI Home Loan | PNB Housing Finance |
| Purpose | Home purchase/ construction /renovations/ home extensions/ plot purchase | House/ flat construction/ purchase of house/ flat/ house additions/ repairs/ renovations/ furnishing/ plot purchase |
| Loan amount | Rs.5 lakh – Rs.10 crore | Purchase of flat/house: Based on your eligibility Purchase of plot/ land: Up to Rs.1 crore Renovation/ repair/ alteration: Up to Rs.25 lakh |
| Maximum loan tenure | Up to 30 years | Up to 30 years |
| Interest type | Fixed/ Floating | Fixed/ Floating |
| Applicants | Salaried/Self-Employed Professionals and Non-Professionals | Salaried/Self-employed |
| Processing fee | Starts at 0.35% of the loan amount | 0.35% of the loan amount (min.Rs.2,500; max.Rs.15,000) + Documentation charges of Rs.1,350 |
| Interest rate | 8.40% p.a. - 10.70% p.a. | 8.55% p.a. - 9.70% p.a. |
| EMI per lakh | Rs.762 | Rs.772 |
| Age of the applicant | Minimum: 18 years Maximum: 70 years | Minimum: 18 years Maximum: 70 years |
| Prepayment charges | Nil | Nil |
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| Residency type | Indian Resident/ Non-Resident Indians | Indian Resident/ Non-Resident Indians |
| Concession for women borrowers | 0.05% on the prevailing interest rate | 0.05% on the prevailing interest rate |
Before you avail a home loan, it is very important to compare various housing loans available before you pick one. Understanding this table will help you analyse the differences between the banks and guide you in choosing the right lender who meets your requirements.
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