Union Bank Of India Home Loan vs SBI Home Loan vs HDFC Home Loan

Feature Comparison

When selecting a home loan from Union Bank Of India, SBI, or HDFC, the interest rate is a pivotal factor. Union Bank Of India offers rates of 8.50%-10.75%, potentially lowering your monthly repayments. SBI provides rates of 8.00% - 9.70%, which might result in significant savings over the loan's lifespan. HDFC presents rates of 8.75% - 9.65%, possibly offering the most favourable terms based on your financial objectives.

The loan tenure influences the duration of your repayment period. Union Bank Of India allows a maximum tenure of Max 30 years, ideal for spreading out payments to reduce monthly expenses. SBI offers a tenure of Max 30 Years, suitable for those aiming to pay off their loan more quickly. HDFC provides a tenure up to Max 30 Years, offering flexibility to match your repayment strategy.

The maximum loan amount determines the value of the property you can purchase. Union Bank Of India finances up to Upto 5cr, catering to high-end property investments. SBI offers loans up to Upto 5cr, fitting for mid-range properties. HDFC approves maximum loan amounts of 6cr - 10cr, accommodating a wide spectrum of real estate prices.

Processing fees affect your initial loan costs. Union Bank Of India charges a fee of 0.50% of the loan amount subject to a maximum of Rs. 15000 plus GST, which should be factored into your upfront expenses. SBI imposes a processing fee of 0.35% of the loan amount, impacting the overall cost of obtaining the loan. HDFC sets its fee at Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher, potentially providing a more economical option depending on the loan amount.

Conclusion

To find the home loan that aligns with your financial plans, consider the key features of the offerings from Union Bank Of India, SBI, and HDFC. Evaluate factors like interest rates, who qualifies, repayment periods, maximum loan limits, and any processing fees to make an informed decision.