Home Loan Comparison
SBI Home Loan vs ICICI Bank Home Loan vs Ujjivan Small Finance Bank Home Loan vs Grihum Housing Finance Home Loan
Introduction
Securing a home loan doesn't have to be daunting. We'll break down the offerings from SBI, ICICI Bank, Ujjivan Small Finance Bank, and Grihum Housing Finance, 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
ICICI Bank Home Loan
- Generous Loan Amount
- Flexible Tenure
- No Foreclosure Charges
- Minimal Documentation
- Instant Provisional Sanction
Ujjivan Small Finance Bank Home Loan
- Easy documentation
- Lower EMIs
- Fast approval and disbursement
- Smooth, hassle-free process
- Flexible policies
Grihum Housing Finance Home Loan
- Comprehensive Solutions for Every Dream House
- Affordability at its Core
- Financial Freedom, Simplified
- Flexibility Tailored for You.
- Easy top up loans in future.
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 ICICI Bank vs Ujjivan Small Finance Bank vs Grihum Housing Finance Calculations
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Feature Comparison
Rate of Interest
When exploring home loan options from SBI, ICICI Bank, Ujjivan Small Finance Bank, and Grihum Housing Finance, it's important to compare their interest rates. SBI offers competitive rates of 8.00% - 9.70%, which can help reduce your monthly payments. ICICI Bank provides rates of 8.50% - 10.00%, potentially offering better savings over the loan period. Ujjivan Small Finance Bank presents rates of 8.75% - 16.75%, ideal for borrowers looking for adaptable financing solutions. Grihum Housing Finance offers rates of 9.00% - 17.25%, 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. ICICI Bank provides loan periods up to Max 30 Years, balancing repayment duration and financial flexibility. Ujjivan Small Finance Bank allows loan tenures up to Max 20 years, suitable for borrowers aiming to repay their loan more quickly. Grihum Housing Finance 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. ICICI Bank offers a ceiling of Upto 5cr, ideal for standard home investments. Ujjivan Small Finance Bank supports loans up to Upto 75 Lakhs, catering to more modest property acquisitions. Grihum Housing Finance 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, ICICI Bank levies 0.50% of the loan amount, Ujjivan Small Finance Bank imposes ₹ 3,350 + GST applicable (Non – refundable), and Grihum Housing Finance requires 0.50% of your sanctioned loan amount. 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, ICICI Bank, Ujjivan Small Finance Bank, and Grihum Housing Finance in their home loan products.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.