Home Loan Comparison
HDFC Home Loan vs SBI Home Loan vs Karur Vyasya Bank Home Loan
Introduction
Looking for the right home loan can be tough with so many choices out there. In this guide, we'll compare home loans from HDFC, SBI, and Karur Vyasya Bank. All three banks offer loans to both salaried and self-employed people and cover different types of properties. But the best option for you depends on your personal needs and financial situation. Let's look at what each bank has to offer so you can make the best choice.
Bank Highlights
HDFC Home Loan
- Great Customer Service
- Process is Simple and Online
- Certain Restrictions on Online Prepayments
- Competitive Interest Rates
- Multi Branch Banking
- Non Salaried Cases Take Time
SBI Home Loan
- Low Processing charges. No hidden costs.
- No Prepayment penalties
- Home loan also available as an overdraft.
- Interest Calculation on Daily Reducing Balance
- Wide Product Range
Karur Vyasya Bank Home Loan
- Easy documentation
- No prepayment charges
- Fast Approval
- Easy Takeover
Disclaimer
The interest rates, maximum tenures, and other charges are subject to change, and it's advisable to check with our experts for the most current information.
Home Loan Calculations
HDFC vs SBI vs Karur Vyasya Bank Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When selecting a home loan among HDFC, SBI, and Karur Vyasya Bank, it's essential to assess the interest rates. HDFC offers rates of 8.50% - 9.65%, making it attractive for lower monthly instalments. SBI provides rates of 8.00% - 9.70%, potentially yielding better long-term benefits. Meanwhile, Karur Vyasya Bank has rates of 9.00% - 11.50%, suitable for borrowers seeking flexibility.
Loan Tenure
HDFC extends loan tenures up to Max 30 Years, ideal for minimising monthly financial strain. SBI allows up to Max 30 Years, catering to those who prefer a balanced repayment period. Karur Vyasya Bank offers up to Max 30 Years, perfect for borrowers aiming for quicker loan settlement.
Maximum Loan Amount
For maximum loan amounts, HDFC supports up to 6cr - 10cr, ideal for high-value property purchases. SBI caps at Upto 5cr, suitable for standard investments. Karur Vyasya Bank provides up to Upto 5cr, fitting for modest real estate ventures.
Processing Fees
Processing fees vary across banks. HDFC charges Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher, SBI imposes 0.35% of the loan amount, and Karur Vyasya Bank requires Upto Rs. 7,500/- + GST. It's crucial to factor these fees into your initial loan costs.
Conclusion
To make an informed decision that aligns with your financial goals, carefully consider these crucial factors—interest rates, eligibility criteria, loan tenure, maximum loan amount, and processing fees—of the home loan products from HDFC, SBI, and Karur Vyasya Bank.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.