Home Loan Comparison
SBI Home Loan vs Bank Of India Home Loan vs IDFC First Bank Home Loan vs LIC HFL Home Loan
Introduction
Securing a home loan doesn't have to be daunting. We'll break down the offerings from SBI, Bank Of India, IDFC First Bank, and LIC HFL, highlighting their rates, repayment options, and unique perks. This comparison will help you identify which bank aligns best with your home-buying goals.
Bank Highlights
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
Bank Of India Home Loan
- Low Interest Rates
- No Hidden Charges
- Minimal Documentation
- Apply Online
- Finish up the process in 15 minutes
IDFC First Bank Home Loan
- Minimal documentation, tailor-made loans
- Up to 100% top-up at the same rate as balance transfers
- Enhanced eligibility for salaried & self-employed customers
- Digital process for availing loans up to ₹10 crore and tenure up to 30 years
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
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
SBI vs Bank Of India vs IDFC First Bank vs LIC HFL Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When exploring home loan options from SBI, Bank Of India, IDFC First Bank, and LIC HFL, it's important to compare their interest rates. SBI offers competitive rates of 8.00% - 9.70%, which can help reduce your monthly payments. Bank Of India provides rates of 7.85% - 10.75%, potentially offering better savings over the loan period. IDFC First Bank presents rates of 8.85% - 14%, ideal for borrowers looking for adaptable financing solutions. LIC HFL offers rates of 8.50% - 10.75%, which may provide the lowest initial costs.
Loan Tenure
SBI offers loan tenures extending up to Max 30 Years, perfect for those who prefer lower monthly obligations. Bank Of India provides loan periods up to Max 30 Years, balancing repayment duration and financial flexibility. IDFC First Bank allows loan tenures up to Max 30 Years, suitable for borrowers aiming to repay their loan more quickly. LIC HFL extends tenures up to Max 30 Years, catering to various repayment preferences.
Maximum Loan Amount
Regarding the maximum loan amount, SBI grants loans up to Upto 5cr, making it suitable for purchasing premium properties. Bank Of India offers a ceiling of Upto 5cr, ideal for standard home investments. IDFC First Bank supports loans up to Upto 5 Cr, catering to more modest property acquisitions. LIC HFL provides up to Upto 5cr, accommodating diverse property values.
Processing Fees
Processing fees are an important consideration. SBI charges 0.35% of the loan amount, Bank Of India levies 0.25% of the loan amount + GST upto Rs 20,000, IDFC First Bank imposes Up to 3% of loan amount, and LIC HFL requires Rs 0.25% of the loan amount + GST. These fees should be included in your initial cost calculations when selecting the most cost-effective loan option.
Conclusion
For a choice that best suits your financial objectives, evaluate key aspects such as interest rates, eligibility requirements, loan terms, maximum loan limits, and processing fees offered by SBI, Bank Of India, IDFC First Bank, and LIC HFL in their home loan products.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.