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.
Given below are the important charges, fees, and interest rates for Union Bank vs SBI home loans:
|Compare||SBI Home Loan||Union Bank Home Loan|
|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||Check SBI Home Loan Eligibility||Max 90% Property Value|
|Loan Tenure||Up to 30 years||30 years for purchase or construction, 15 years for repair and renovation|
|Eligibility||Resident Indian Between 18 to 70 years of age||Indian citizens and NRIs Between 18 and 75 years of age|
|Penal Interest Rates||2% p.a.||Contact the bank|
|Popular Home Loan Products||
Compare: Current Home Loan Interest Rate
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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