The Life Insurance Corporation of India is the source of the LIC Housing Finance Trust. But State Bank is recognised as the top bank for its credit facilities. You must still make a choice when considering a home loan even though you have the option of both. But first, you must know which is better LIC housing finance vs SBI home loan.
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You will have to refer to the following chart to get better clarity on both the loan-providing companies.
Comparison |
LIC Housing Finance |
SBI Home Loans |
Interest Rate |
From 8.30% annually |
8.40% p.a. and higher |
Service Charges |
0.25 percent to 0.5 percent of the loan amount, with a minimum loan value of Rs. 5,000 and a maximum loan amount of Rs. 15,000, plus GST. |
3.5% of the loan amount plus GST Rs. 2,000 minimum plus GST 10000 rupees maximum plus GST. |
|
The Rate for Retail Lending |
LHPLR: 16.45% |
EBR: 8.55% |
Amount of Loan |
90% of the property's value up to Rs. 30 lakh, and 80% of the value of a building between Rs. 30 lakh and Rs. 75 lakh. 75 percent of the home's worth, more than Rs. 75 lakh |
You need to speak to the bank. |
Term of Loan |
30 years |
30 years |
Minimal EMI |
Rs.659 |
Rs.649 |
Requirement |
Residents of India and NRIs who are salaried, independent, or professionals. |
Indian residents aged between 18 and 70. |
Charges for Prepayment |
Zero |
Zero |
Interest Rates |
Up to 2% per month on a missed payment. |
2% per annum. |
Now you can decide by yourself is LIC home loan better than SBI or not with this chart.
Which bank has the lowest interest rate?
You can choose between SBI and LIC HFL, both of which provide cheap interest rates. The interest rate for LIC HFL starts at 8.30% p.a., while the interest rate for SBI starts at 8.40% p.a. It is due to a rate discount offered to female borrowers. Regarding the interest rates provided by LIC Housing Finance, the CIBIL score is a key factor. The interest rate for home loans up to Rs. 15 crore is 9.00% per year for salaried, unemployed, professional, and non-professional borrowers with CIBIL scores above 700.
Which is better LIC Housing Finance vs SBI home loan must be clear to you now.
Read More: How to check LIC housing loan status? What is the processing fee for an LIC housing loan? What are SBI home loan reviews? How to reduce EMI in SBI home loan?Authors Of The Question
Which is better LIC housing finance vs SBI home loan?
Samar
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December 28, 2022
2022-12-28T20:37:37+00:00 2023-09-21T15:06:24+00:00Comment
1Answers
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