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How Good is SBI Home Loan in Comparison to Competing Products?

State Bank of India (SBI) is ruling the home finance segment of India which is largely a fragmented space consisting of several large, mid and small players. It always stays ahead of the time by customizing the products in a way that leaves its competitors in splits. Broadly speaking, SBI competes hard with HDFC Limited, ICICI Bank, Axis Bank, etc, in the home loan segment. For you to judge how good is SBI home loan, itu2019s imperative you compare its interest rates with that of its lending counterparts. Letu2019s fire up the competition between SBI and others in the segment.<br>

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How Good is SBI Home Loan in Comparison to Competing Products?

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  1. How Good is SBI Home Loan in Comparison to Competing Products?

  2. State Bank of India (SBI) is ruling the home finance segment of India which is largely a fragmented space consisting of several large, mid and small players. It always stays ahead of the time by customizing the products in a way that leaves its competitors in splits. Broadly speaking, SBI competes hard with HDFC Limited, ICICI Bank, Axis Bank, etc, in the home loan segment. For you to judge how good is SBI home loan, it’s imperative you compare its interest rates with that of its lending counterparts. Let’s fire up the competition between SBI and others in the segment.

  3. A Take on SBI Home Loan Interest Rate 2019 The country’s largest lender State Bank of India (SBI) disburses home loans based on the loan amount, type of profession, as well as the gender. The interest rates are benchmarked to 1-year MCLR, abbreviated for Marginal Cost of Lending Rate, which is 8.50% at the moment. Loans up to ₹30 lakhs can be granted to women and men at interest rates of 8.60%-8.85% and 8.65%-8.90% per annum, respectively. Of which, salaried borrowers can get the loan at 8.60%-8.75%. On the other hand, self-employed borrowers need to make the loan payment at 8.75%-8.90% p.a. Loans above ₹30 lakhs to ₹75 lakhs can be offered at interest rates of 8.95%-9.10% to women and 8.90%-9.15% to men. Salaried and self-employed need to pay the same loan amount at 8.95%-9.00% and 9.00%-9.15% per annum, respectively. Women get loans above ₹75 lakhs at interest rates of 8.95%-9.20%, while men get the same quantum of finance at 9.00%-9.30%.

  4. HDFC Home Loan Interest Rates HDFC Limited is a premier mortgage finance company offering home loans to eligible salaried and self-employed. It offers the loan at interest rates benchmarked to the Retail Prime Lending Rate (RPLR) i.e. 16.85%. The interest rates are dictated based on the loan amount, the gender and profession of an individual. The rates for salaried and self-employed professionals remain the same across the loan amounts. However, self-employed non-professionals need to pay the loan at 0.15% higher compared to salaried and self-employed professionals.

  5. Loans up to ₹30 lakhs can be granted to women and men at 8.70%-9.20% and 8.75%-9.25%, respectively. Loans above ₹30 lakhs-75 lakhs can be given to women and men at 8.90%-9.40% and 8.95%-9.45%, respectively. While women can get loans above ₹75 lakhs at 8.95%-9.45%, men receive the same quantum of finance at 9.00%-9.50% p.a. The rates shown across different loan amounts above pertain to salaried/self-employed professionals. Self-employed non-professionals would need to pay at 0.15% higher across the loan quantum.

  6. How Much Interest Rate Does ICICI Bank Charges on Home Loans? ICICI Bank charges interest rates based on the home loan amount as well as the profession of an individual. Salaried can get the loan up to ₹35 lakhs at interest rates of 9.05% per annum. For the same loan amount, self-employed needs to pay interest at 9.10% p.a. Loans above ₹35 lakhs to ₹75 lakhs can come at 9.15% to salaried and 9.20% to self-employed. Whereas, loans above ₹75 lakhs would come at an interest rate of 9.20% and 9.25% for salaried and self-employed, respectively.

  7. SBI EMI Calculator for Home Loan You can check the SBI EMI Calculator for Home Loan to know the repayment estimates. The EMI calculator can also be used to know the estimates pertaining to other bank home loans. Checking the calculator will give a realistic view of the interest rate effects on your repayment. You just need to enter the loan amount, tenure and interest rate to figure out the Equated Monthly Installments (EMIs) and overall interest outgo over the course of a loan. You can thus compare the effect of interest rates charged using the calculator and pick a loan that comforts your budget.

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