How is SBI home loan better than HDFC?

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).

How to Apply

SBI Home Loan

  • Follow this link
  • Choose what type of loan you want (Regular, NRI, Flexipay, etc).
  • After filling in all the required details, click “Submit”.

HDFC Home Loan

  • Follow this link
  • After filling in all required details, click “submit”.

Customer Service

SBI Bank

HDFC Bank

  • Missed call: +91-9289200017
  • SMS:HDFCHOME to 56767

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