A "low interest" loan shouldn't mean you have very little interest in paying it back!
Compare State Bank of India (SBI) versus Life Insurance Corporation (LIC) Housing Finance home loans to decide which is the best home loan for you by understanding the different interest rates and other charges. Both these financial institutions have a wide range of home loans that cater to different requirements and can make your dream of owning your home easier by making it more affordable.
The interest rate, charges, and other features of SBI vs LIC HFL home loans are given below:
| Compare | SBI Home Loan | LIC Housing Finance Home Loan |
| Interest Rate | 8.40% p.a. onwards | 8.30% p.a. onwards |
| Processing Fees | 0.35% of loan amount + GST Minimum: Rs.2,000 + GST Maximum: Rs.10,000 + GST | 0.25% to 0.50% of loan amount subject to Rs.5,000 minimum and Rs.15,000 maximum + GST |
| MCLR (1 year) | 8.05% | |
| Retail Lending Rate | EBR: 8.55% | LHPLR: 16.45% |
| Loan Amount | Contact the bank | 90% of property value up to Rs.30 lakh, 80% of property value from Rs.30 lakh to Rs.75 lakh 75% of property value, more than Rs.75 lakh |
| Loan Tenure | 30 years | 30 years |
| Lowest EMI | Rs.649 | Rs.659 |
| Eligibility | Resident Indian Between 18 to 70 years of age | Resident Indians and NRIs Salaried, self-employed, or professionals |
| Prepayment Charges | Nil | Nil |
| Penal Interest Rates | 2% p.a. | Up to 2% p.m. on defaulted instalment |
| Popular Home Loan Products |
|
|
Both SBI and LIC HFL provide affordable interest rates to prospective home owners, with LIC HFL’s interest rate starting at 8.30% p.a. but SBI providing an interest rate concession to women borrowers, thus starting the interest rates at 8.40% p.a.
The CIBIL Score plays an important role in the interest rates offered by LIC Housing Finance. Salaried, non-salaried, professional, and non-professional individuals with CIBIL scores above 700 get an interest rate of 9.00% p.a. for home loans of up to Rs.15 crore. The interest rates vary according to employment type, CIBIL scores, and quantum of loan.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
