Home Loan Comparison
LIC HFL Home Loan vs Punjab National Bank Home Loan vs South Indian Bank Home Loan
Introduction
Choosing the right home loan can be overwhelming with so many options available. In this comparison, we'll look at home loans from LIC HFL, Punjab National Bank, and South Indian Bank. All three banks offer loans to both salaried and self-employed individuals and cover various property types. The best loan for you depends on your personal needs and circumstances. Let's explore what each bank has to offer to help you make an informed decision.
Bank Highlights
LIC HFL Home Loan
- Online Home loan sanction facility
- Quick sanction and low EMI
- Takeover or balance transfer of existing Home Loans Possible
- No Pre-Payment Penalty
Punjab National Bank Home Loan
- Flexibility in Documentation
- High Tenure Loan
- Fund upto 90% of Property Value
- Great Offerings for Loan Against Property
- Quick Sanction and Disbursement
- Customised Eligibility as per Income
South Indian Bank Home Loan
- Affordable EMI
- Digital Documentation
- Loan Protection Scheme
- Extended Repayment Period
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
LIC HFL vs Punjab National Bank vs South Indian Bank Calculations
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Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When evaluating home loan options from LIC HFL, Punjab National Bank, and South Indian Bank, consider their interest rates carefully. LIC HFL offers rates of 8.50% - 10.75%, which can lead to lower monthly payments. Punjab National Bank provides rates of 8.50% - 11.05%, potentially offering better savings over the life of the loan. South Indian Bank has rates of 8.70% to 11.70%, suitable for borrowers needing adaptable financing terms.
Loan Tenure
LIC HFL provides loan tenures up to Max 30 Years, ideal for reducing monthly financial commitments. Punjab National Bank offers loan durations up to Max 30 Years, balancing repayment terms with financial flexibility. South Indian Bank allows loan periods up to Max 30 years, perfect for those aiming to repay their loans more swiftly.
Maximum Loan Amount
In terms of maximum loan amounts, LIC HFL offers up to Upto 5cr, making it ideal for purchasing luxury properties. Punjab National Bank caps loans at Upto 5cr, suitable for standard home investments. South Indian Bank provides loans up to Upto 15cr, catering to more modest real estate purchases.
Processing Fees
Processing fees are an important consideration. LIC HFL charges Rs 0.25% of the loan amount + GST, Punjab National Bank imposes up to 1% for Home Loan, and South Indian Bank sets its fee at 0.50% of the loan amount, with a minimum amount of Rs.10000.00. These fees should be factored into your initial loan costs to determine the most economical option.
Conclusion
Making the right choice among the home loans offered by LIC HFL, Punjab National Bank, and South Indian Bank involves a detailed evaluation of several critical factors. By thoroughly assessing interest rates, eligibility requirements, loan tenures, maximum loan amounts, and processing fees, you can select a loan that best aligns with your financial goals and facilitates a smooth path to homeownership.
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