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.

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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	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	SBI Regular Home Loan SBI Balance Transfer Home Loan SBI Flexipay Home Loan SBI Privilege Home Loan SBI Shaurya Home Loan SBI Pre-approved Home Loan SBI Bridge Home Loan SBI Home Top Up Loan SBI Smart Home Top Up Loan SBI YONO Insta Home Top Up Loan SBI Corporate Home Loan SBI Home Loan to Non-Salaried SBI Tribal Plus SBI NRI Home Loan	LIC HFL Home Loan LIC HFL Home Construction Loan LIC HFL Home Extension Loann LIC HFL Home Improvement Loan LIC HFL Top Up Home Loan LIC HFL Home Loan Balance Transfer LIC HFL Griha Varishtha Home Loan for Pensioner LIC HFL Griha Suvidha LIC HFL Home Loan for NRI LIC HFL Plot Loan Pradhan Mantri Awas Yojana LIC HFL Advantage Plus

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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 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.

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