Home Loan Comparison
SBI Home Loan vs IIFL Home Loan
Introduction
Choosing the right home loan is essential for your financial future. In this comparison between SBI Home Loan and IIFL Home Loan, we'll explore their loan terms, eligibility criteria, and customer support to help you make an informed decision.
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
IIFL Home Loan
- Customized repayment solutions
- All round assistance
- No prepayment charges
- Door step services
- Minimal documentation
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 IIFL Calculations
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Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When selecting between SBI and IIFL 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, IIFL provides rates of 8.75% - 10.5%, which might result in greater savings over the duration of the loan.
Loan Tenure
SBI extends loan tenures up to Max 30 Years, which is perfect for borrowers who prefer smaller monthly payments. Conversely, IIFL 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.
Maximum Loan Amount
In terms of the maximum loan amount, SBI permits loans up to 6cr - 10cr, suitable for purchasing luxury or high-value properties. Meanwhile, IIFL limits the loan amount to Upto 5cr, making it ideal for buyers looking at more affordable housing options.
Processing Fees
Processing fees are another important consideration. SBI charges a flat fee of 50% concession in card rate. 100% waiver in selected cases., whereas IIFL levies a fee of Up to 1.75% of the loan amount. 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 IIFL will help you make a well-informed choice tailored to your financial goals.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.