SBI vs HDFC Bank Home loan – Compare Interest Rates 2024
Home loan market in India is dominated by these two players (State Bank of India & HDFC Bank). State bank of India has its largest network of branches and is quiet aggressive in pricing and distribution of their home loans.
Compare Interest Rates of SBI Home Loan vs HDFC Home Loan
|
Bank |
Interest rates |
EMI Per Lac | Processing Fees |
|
State Bank of India |
8.70% – 9.65% | Rs. 781 | Up to 5000 + GST |
|
HDFC Bank |
8.10% – 9.10% | Rs. 741 | Up to 5000 + GST |
SBI Home Loan and HDFC Home Loan are two of the most popular home loan options in India. Both banks offer competitive interest rates, flexible repayment terms, and a variety of other features.
Here is a comparison of the two home loans:
| Feature | SBI Home Loan | HDFC Home Loan |
|---|---|---|
| Interest rate | Starting at 8.50% p.a. | Starting at 8.10% p.a. |
| Processing fee | Up to 0.50% of loan amount + taxes | Up to 0.50% of loan amount + taxes |
| Maximum loan tenure | Up to 30 years | Up to 30 years |
| Prepayment charges | Nil | Nil |
| Other features | Home improvement loan, top-up loan, balance transfer, etc. | Home improvement loan, top-up loan, balance transfer, etc. |
As you can see, the two home loans are very similar in terms of their interest rates, processing fees, and maximum loan amount. The main difference is the maximum loan tenure, with SBI offering a longer tenure of up to 30 years.
Ultimately, the best home loan for you will depend on your individual circumstances and needs. If you are looking for a longer loan tenure, then SBI Home Loan may be a better option for you. However, if you are looking for a lower interest rate, then HDFC Home Loan may be a better option.
It is important to compare the offers from both banks before making a decision. You can use a home loan calculator to compare the monthly EMIs and total interest payable for each option. You should also consider the other features offered by each bank, such as the availability of home improvement loans, top-up loans, and balance transfers.
Here are some additional factors to consider when choosing a home loan:
- Your credit score
- Your income
- Your expenses
- Your debt-to-income ratio
- Your housing needs
- Your repayment preferences
It is important to speak to a financial advisor to get personalized advice on the best home loan for you.
Once you know the rate, a customer needs to check
- Is the property he is looking to buy is approved under SBI or HDFC home loan.
- How much loan that SBI or HDFC Bank can give us and which is better for him.
- The process of approval and time taken.
SBI home loan is known for its lowest rates and HDFC Bank for the best process to disburse a loan.
Make your decision basis on rate, convenience, loan amount eligibility and is property doable by anyone of them.
Once you have compared the offers from both banks, you can then make an informed decision about which loan is right for you.
