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  • SBI Home Loan Vs LIC Housing Finance

    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.

    Compare SBI Home Loan Vs LIC Housing Finance Home Loan

    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
    Lowest EMI Rs.662 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

    Which Bank Offers the Lowest Home Loan Interest Rate – SBI Vs LIC Housing Finance?

    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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