SBI bank is the largest public sector bank in India it’s also the most trusted and recognized among all citizens. In the earlier years, SBI had been offering the lowest interest rates among all other public and private sector banks. But due to the Implementation of many new government schemes to provide housing facilities for Indian citizens, this has encouraged many public and private sector banks To step into the Housing Finance sector.
Just like SBI, HDFC is also a leading & recognized bank, but in the private sector. To cope up with the competition in the Housing Finance sector, HDFC has curated multiple schemes targeting different economic categories to stand heel by heel with the affordable rates provided by SBI.
In this digital world, both of these banks provide online portals to the customers with EMI calculator and home loan interest rates for different schemes on their website. You can either Google “SBI home loan” for “HDFC home loan“, or you can directly type their website which is “online sbi.com/personal “for SBI and “hdfc.com” for HDFC.
For SBI,
You can log in to their official website and give relevant details regarding home loan requests by providing some basic information. In the next step, you should head to The “inquiry section”, here you should click on the “home loan statement” link after selecting the relevant account. Here the bank would provide suitable details regarding SBI Home loan interest rates and other details all in the home loan statement.
SBI has basic eligibility criteria which a candidate should satisfy for a person to be eligible for a home loan. First of all, the person should be either an Indian resident or a non-resident Indian, and his/her age should be between 18 to 70 years.
HDFC Bank also has a similar online portal where you can log in to know about the details of their bank scheme & other details regarding HDFC Home Loan.
Let’s compare SBI Home Loan vs HDFC Home Loan.
Home loan reason
SBI: Both salaried and self-employed individuals can apply for an SBI home loan for purchasing an already built house or for an under-construction house or request a home loan for house renovation.
HDFC: Just like SBI HDFC also provides home loans for purchasing an already built house or for new construction. HDFC also has schemes specifically targeting individuals related to various financial sectors, including the agriculture sector.
Home loan amount
Both SBI and HDFC have schemes targeting home loans up to 10 crore rupees.
Rate of interest
SBI has a rate of interest between 6.95 % to 7.50 % for plans related to different financial backgrounds in SBI Home Loan schemes.
HDFC has an interest rate between 6.95% to 8% for various plans in HDFC Home Loan schemes.
Duration
Both SBI and HDFC Bank have schemes that provide a home loan repayment duration after up to 30 years.
Age criteria
Age criteria is a little bit different for both banks. The upper limit to avail loan in SBI is that of 70 years of age, but for HDFC Bank it’s up to 65 years of age.
Note: Candidate must be 18+.
Prepayment charges
SBI has zero prepayment charges, but HDFC has 2% prepayment charges only for fixed-rate and non-individual borrowers. For variable rates of interest, it’s zero just like SBI.
Processing fee
SBI has a fixed upper and lower limit for processing fee charges, which is from 2000 to 10000 rupees.
HDFC Bank charges 0.50% of the loan amount requested or rupees 3000, whichever is highest.
Both the banks require almost the same documents for sanctioning of loans.
Some of the important documents required are listed below.
- Residence proof: Either living in India or outside India.
- Identity proof: Either an Indian Citizen or an NRI.
- Property related documents: “No Objection Certificate” for house construction, relevant property allotment letter, etc.
- Financial Proof: Latest Income Tax return, Form-16, salary statements, business income proof, etc.
- Candidates are also asked to submit their bank statements for the last six months.
- Note: HDFC bank also asks for Academic qualification certificates for their HDFC home loan schemes.
Both of these banks provide suitable methods to apply for home loans from both online And offline methods. Either you can either go to their official website and apply for a home loan after uploading the relevant documents mentioned above, or you can walk into their branch to talk with their employees directly. Both of these banks also have an online EMI calculator displayed on the website which you should use before heading out to their branch to calculate approximate charges you will have to incur in the future.
