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||6.95% p.a. onwards||6.90% p.a. onwards|
|Processing Fees||0.40% of loan amount + GST
Minimum: Rs.10,000 + GST
Maximum: Rs.40,000 + GST
|0.25% to 0.50% of loan amount subject to Rs.5,000 minimum and Rs.15,000 maximum + GST|
|MCLR (1 year)||7.00%|
|Retail Lending Rate||EBR: 6.65%||LHPLR: 14.70%|
|Loan Amount||Contact the bank||Contact the bank|
|Loan Tenure||30 years||30 years|
|Eligibility||Resident Indian Between 18 to 70 years of age||Resident Indians and NRIs Salaried, self-employed, or professionals|
|Penal Interest Rates||2% p.a.||Up to 2% p.m. on defaulted instalment|
Both SBI and LIC HFL provide affordable interest rates to prospective home owners, with LIC HFL’s interest rate starting at 6.90% p.a. but SBI providing an interest rate concession to women borrowers, thus starting the interest rates at 6.90% p.a.
The CIBIL score plays an important role in the interest rates offered by LIC Housing Finance. Salaried individuals with CIBIL scores above 700 get an interest rate of 6.90% p.a. while non-salaried and non-professional individuals get 7.00% p.a. Salaried individuals with CIBIL scores less than 600 get an interest rate of 7.50% p.a. while those who are non-salaried and non-professionals get 7.60% p.a. This is for home loans of up to Rs.50 lakh. As the home loan amount increases, the interest rate also changes according to the individual’s CIBIL score and type of employment.
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