Home Loan Comparison
SBI Home Loan vs Bank Of India Home Loan vs Shriram Housing Finance Home Loan vs Ujjivan Small Finance Bank Home Loan
Introduction
Securing a home loan doesn't have to be daunting. We'll break down the offerings from SBI, Bank Of India, Shriram Housing Finance, and Ujjivan Small Finance Bank, 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
Shriram Housing Finance Home Loan
- Flexible Repayment
- Easy Documentation
- Life insurance cover is offered to housing loan borrowers
- Dedicated Relationship Manager
Ujjivan Small Finance Bank Home Loan
- Easy documentation
- Lower EMIs
- Fast approval and disbursement
- Smooth, hassle-free process
- Flexible policies
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 Shriram Housing Finance vs Ujjivan Small Finance Bank Calculations
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Feature Comparison
Rate of Interest
When exploring home loan options from SBI, Bank Of India, Shriram Housing Finance, and Ujjivan Small Finance Bank, 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. Shriram Housing Finance presents rates of 9.50% - 10.5%, ideal for borrowers looking for adaptable financing solutions. Ujjivan Small Finance Bank offers rates of 8.75% - 16.75%, 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. Shriram Housing Finance allows loan tenures up to Max 25 years, suitable for borrowers aiming to repay their loan more quickly. Ujjivan Small Finance Bank extends tenures up to Max 20 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. Shriram Housing Finance supports loans up to Upto 10 Cr, catering to more modest property acquisitions. Ujjivan Small Finance Bank provides up to Upto 75 Lakhs, 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, Shriram Housing Finance imposes Up to 2.5% of the loan amount plus applicable taxes., and Ujjivan Small Finance Bank requires ₹ 3,350 + GST applicable (Non – refundable). 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, Shriram Housing Finance, and Ujjivan Small Finance Bank in their home loan products.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.