Home Loan Comparison
Union Bank Of India Home Loan vs SBI Home Loan
Introduction
Choosing between Union Bank Of India and SBI for your home loan? We'll analyse their interest rates, loan durations, and additional benefits to help you understand which bank provides the most advantageous terms for your home purchase.
Bank Highlights
Union Bank Of India Home Loan
- Zero processing charges
- Attractive interest rates
- Dedicated Customer Support
- Fast Approval and Disbursement
- Flexible Policies
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
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
Union Bank Of India vs SBI Calculations
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Feature Comparison
Rate of Interest
When comparing home loans from Union Bank Of India and SBI, the interest rates offered are a key differentiator. Union Bank Of India provides rates of 8.50%-10.75%, which is beneficial for minimizing monthly payments. In contrast, SBI offers rates of 8.50% - 9.70%, potentially leading to greater long-term savings.
Loan Tenure
Union Bank Of India extends loan tenures up to Max 30 years, making it suitable for borrowers who prefer lower monthly commitments. On the other hand, SBI offers loan tenures of up to Max 30 Years, which can help borrowers repay their loans more quickly and reduce the total interest paid.
Maximum Loan Amount
In terms of the maximum loan amount, Union Bank Of India permits loans up to Upto 5cr, ideal for purchasing premium or high-value properties. SBI restricts the loan amount to 6cr - 10cr, catering to those interested in more affordable housing options.
Processing Fees
Processing fees vary between the two banks. Union Bank Of India charges a fixed fee of 0.50% of the loan amount subject to a maximum of Rs. 15000 plus GST, while SBI levies a fee of 50% concession in card rate. 100% waiver in selected cases.. These fees should be considered when evaluating the overall cost of your home loan.
Conclusion
To ensure you select a home loan that aligns with your financial objectives, consider important factors like interest rates, eligibility criteria, the length of the loan, maximum loan amounts, and processing fees. Evaluating these elements in the products from Union Bank Of India and SBI will guide you toward the best decision.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.