Home Loan Comparison
SBI Home Loan vs IIFL
Introduction
In comparing SBI Home Loan Home Loan with IIFL Home Loan, it's essential to first acknowledge their similarities—both are accessible to salaried and self-employed applicants and are suitable for various property types. However, the real value of this comparison will depend on your specific needs and those of your potential co-borrowers. Now, let’s get into the details of each home loan.
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 Home Loan vs IIFL Calculations
| Compare Home Loans |  |  |
|---|---|---|
| Loan Amount | ₹ 50,00,000 | ₹ 50,00,000 |
| Loan Tenure | 20 years | 20 years |
| Rate of Interest | 8.50% - 9.70% | 8.75% - 10.5% |
| Monthly EMI | ₹ 43,391 - ₹ 47,261 | ₹ 44,185 - ₹ 49,918 |
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
In comparing SBI Home Loan Home Loan with IIFL Home Loan, several factors are essential for making an informed decision. SBI Home Loan’s rate of 8.50% - 9.70% may suit those looking to minimize their monthly outgoings. In contrast, IIFL’s 8.75% - 10.5% could be better for those aiming for savings over time.
Loan Tenure
SBI Home Loan Home Loan supports long-term financial planning with loan tenures that can extend to Max 30 Years, allowing for lower monthly payments. In contrast, IIFL Home Loan's shorter maximum tenure of up to Max 30 years could help you become debt-free quicker
Maximum Loan Amount
If you’re in the market for luxury properties, SBI Home Loan Home Loan’s maximum of 6cr - 10cr is suitable. For those making moderate property investments, IIFL Home Loan, offering up to Upto 5cr, could be ideal.
Processing Fees
The processing fees can also impact your initial loan expenses. SBI Home Loan Home Loan’s fee is Rs 5000 + GST while IIFL Home Loan charges a fee of Up to 1.75% of the loan amount.
Conclusion
Assessing factors like interest rates, eligibility requirements, loan duration, maximum loan amounts, and processing charges will help you understand and compare the home loan services from SBI Home Loan Home Loan and IIFL Home Loan for a well-informed financial decision
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