How is SBI home loan better than HDFC?

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SBI and HDFc housing loans. Both banks offer a variety of home loan products to meet the unique needs of their customer base. In addition, both suppliers provide a wide range of benefits.

The following table provides a detailed comparison of SBI housing loans and HDFC housing loans to help customers make informed decisions.

Purpose

SBI housing loans can be used to purchase existing houses or properties under construction. There are a variety of housing loan programs available for home renovation, improvement or expansion.

HDFC Ltd. housing loan can be used to buy a new apartment, prepare to move into the house or obtain land from MHADA, DDA, etc. The loan can also be used for house construction, expansion and renovation.

Home Loan Plan

SBI Home Loan:

SBI regular home loan
NRI mortgage
Flexipay housing loan
Preferential mortgage
Shaurya Housing Loan
Real estate mortgage
Bridge Housing Loan
Top up housing loan
Insta home top up
Corporate Housing Loan
Home Mortgage Loan
Tribal Plus mortgage
Earnest Money Deposit (EDM)
Commercial real estate (CRE) housing loan
Pradhan Mantri Awas Yojana / CLSS

HDFC Home Loan

HDFC regular home loan
HDFC Arrival Loan
Land Loan
Rural housing loans
Loan for home improvement
House Expansion Loan
Top up loan
Balance transfer
NRI/PIO loan
Pradhan Mantri Awas Yojana / CLSS

Eligible personal data and age limit

SBI Home Loan: Resident and non-resident salaried and self-employed persons.

At least: 18 years
Longest: 75 years

HDFC Home Loan: Resident and non-resident salaried and self-employed persons.

At least: 18 years
Longest: 65 years

Loan amount, tenure, interest rate and handling fees

SBI Home Loan:

Amount: Up to 100 million rupees or Up to 90% of property value

Tenure: Up to 30 years

SBI Home Loan Rates are between 7.00% to 7.70%

Handling Fees: 0.35%-0.50% of the loan amount, with Rs. 2,000 (minimum)and Rs. 10,000(maximum) plus applicable tax

HDFC Home Loan:

Amount: Up to 100 million rupees or up to 90% of property value

Tenure: Up to 30 years

Interest Rate: HDFC Home Loan Interest Rates are between 6.90 % to 7.55%

Handling Fees: 0.50% of the maximum loan amount or 3,000 rupees (whichever is higher)

Charges of prepayment

No advance payment required for floating interest rates

Features and Advantages:

SBI Home Loan

SBI housing loan interest rate reduction for female borrowers by 5 basis points
No prepayment penalty for variable-rate housing loans
Availability of recharge, overdraft and balance transfer functions
No hidden fees
Attractive tax incentives
Daily reduction of interest expense on the balance

HDFC Home Loan

Rate of interest concessions for female borrowers
A variety of repayment methods to meet customer needs
Easy and quick documentation process
No hidden fees
Attractive tax incentives

Document required for both SBI and HDFC Bank

Complete the home loan application form.
Three passport size photos
Employer ID card (for salaried applicants)
Identity proof
Residence proof
Property documents
Account statement: Bank account statement and loan account statement (if any) of the last 6 months of the most recent year
Proof of income (applicable to salaried personnel): Payslips/recent 3 months salary certificate and copy of Form 16 for the last 2 years/copy of the IT declaration form for the last 2 fiscal years have been approved by the IT department.
Proof of income (for non-salaried personnel): business address certificate, IT returns for the last 3 years, balance sheet and profit and loss account for the last 3 years, operating details (or equivalent value), TDS certificate (if there is a Form 16A, applicable) And qualification certificate (applicable to CA/Doctor and other professionals).