SBI Home Loan vs Bank Of Baroda Home Loan

Feature Comparison

When selecting between SBI and Bank Of Baroda for your home loan, evaluating the interest rates is crucial. SBI offers rates of 8.50% - 9.70%, making it an attractive choice for those aiming to keep their monthly instalments low. On the other hand, Bank Of Baroda provides rates of 8.40% - 10.90%, which might result in greater savings over the duration of the loan.

SBI extends loan tenures up to Max 30 Years, which is perfect for borrowers who prefer smaller monthly payments. Conversely, Bank Of Baroda allows loan periods of up to Max 30 Years, catering to individuals who wish to pay off their loan more quickly and reduce the total interest burden.

In terms of the maximum loan amount, SBI permits loans up to 6cr - 10cr, suitable for purchasing luxury or high-value properties. Meanwhile, Bank Of Baroda limits the loan amount to Upto 20cr, making it ideal for buyers looking at more affordable housing options.

Processing fees are another important consideration. SBI charges a flat fee of 50% concession in card rate. 100% waiver in selected cases., whereas Bank Of Baroda levies a fee of 0.25%-0.50% of loan amount (Rs 8,500-Rs 25,000). These fees should be taken into account when calculating the overall cost of your home loan.

Conclusion

Selecting the right home loan involves careful consideration of important elements like interest rates, qualification requirements, loan durations, maximum loan limits, and any associated processing charges. Reviewing these factors in the offerings from SBI and Bank Of Baroda will help you make a well-informed choice tailored to your financial goals.