SBI Home Loan Vs Union Bank Home Loan
When deciding which is the best home loan for you, it is beneficial to compare State Bank of India (SBI) versus Union Bank home loan interest rates as well as other charges and features as these banks offer low interest rates and a wide variety of home loan schemes.
Your dream of owning a home can be a reality faster and easier by comparing these SBU vs Union Bank home loans to make a well-informed decision that can be beneficial for you in the long run.
Compare SBI Home Loan Vs Union Bank Home Loan
Given below are the important charges, fees, and interest rates for Union Bank vs SBI home loans:
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Interest Rate | 8.40% p.a. onwards | 8.25% p.a. onwards (floating rate) 11.40% p.a. onwards for maximum 5 years (fixed rate) |
Processing Fees | 0.35% of loan amount + GST Minimum: Rs.2000 + GST Maximum: Rs.10,000 + GST | 0.50% of the loan amount up to maximum of Rs.15,000 +GST |
MCLR (1 year) | 8.05% | 8.20% |
Retail Lending Rate | EBR: 8.55% | 8.70% |
Loan Amount | Max 90% Property Value | |
Loan Tenure | Up to 30 years | 30 years for purchase or construction, 15 years for repair and renovation |
Lowest EMI | Rs.649 | Rs.652 |
Eligibility | Resident Indian Between 18 to 70 years of age | Indian citizens and NRIs Between 18 and 75 years of age |
Prepayment Charges | Nil | Nil |
Penal Interest Rates | 2% p.a. | Contact the bank |
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Compare: Current Home Loan Interest Rate
Which Bank Offers the Lowest Home Loan Interest Rate - State Bank of India (SBI) Vs Union Bank?
State Bank of India offers a wide variety of home loans schemes with the added advantage of an interest concession of 05 basis points for women borrowers. The interest rate for SBI home loans starts at 8.40% with a premium of 15 bps added to the card rate for non-salaried individuals. Union Bank too offers different home loan schemes that cater to different customers with interest rates that start at 8.25% p.a. onwards.
These interest rates are also impacted by the CIBIL Score of the applicant. Those with CIBIL scores above 800 can avail interest rates starting at 8.25% p.a. while those with CIBIL scores below 800 have to pay an interest rate that starts at 8.35% p.a. onwards, which is also connected to the Loan to Value (LTV).
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