A "low interest" loan shouldn't mean you have very little interest in paying it back!
Compare two of the major home loan schemes from State Bank of India, which has a wide range of different housing loans, to understand which will be the best home loan for you based on your requirements. Although both the schemes are offered by the same bank, each one has its unique features and benefits. Understanding this will help you make the right decision that will help you own your dream home without any hassles.
| Compare | SBI Max Gain | SBI Regular Home Loan |
| Interest Rate | 8.95% to 9.05% | 8.40% p.a. onwards |
| Processing Fees | 0.35% of loan amount + GST Minimum: Rs.2,000 + GST Maximum: Rs.10,000 + GST |
0.35% of loan amount + GST Minimum: Rs.2,000 + GST Maximum: Rs.10,000 + GST |
| MCLR (1 year) | 8.05% | 8.05% |
| EBR | EBR: 8.55% | EBR: 8.55% |
| Loan Amount | Contact the bank | Contact the bank |
| Loan Tenure | 30 years | 30 years |
| Lowest EMI | Rs.675 | Rs.649 |
| Eligibility | Resident Indian Between 18 to 70 years of age |
Resident Indian Between 18 to 70 years of age |
| Prepayment Charges | Nil | Nil |
| Penal Interest Rates | 2% p.a. | 2% p.a. |
State Bank of India offers affordable interest rates on all its home loan schemes which are tailored for different demographics. Women borrowers get a concession on interest rate of up to 05 basis points on all the home loans. SBI Regular Home Loan starts at 8.40% p.a. onwards whereas SBI Max Gain starts at 8.95% to 9.05%. So it is SBI Regular Home Loan that offers a lower interest rate. However, it has to be kept in mind that SBI Max Gain home loans are sanctioned as an overdraft where the drawing power is reduced on a monthly basis up till the principal amount of the Equated Monthly Instalment such that it is completely liquidated by the end of the loan repayment tenure.
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