Comparison Between Sbi Home Loans And Hdfc Home Loans
Home loan is designed to help you acquire thedream home you wished to buy. Home Loan isfinalized by individuals after considering the homeloan interest. HDFC Home Loans or SBI HomeLoans or any other home loan from any bank istaken for purchase or construction of a newhouse/flat, Purchase an existing (old) house/flat,Extension, repair, renovation or alteration of ahouse/flat or purchase a plot meant forconstruction of a dwelling unit. The Home loaninterest differs from banks to banks also depends on factors like loan amount, tenure, type of homeloan rates (fixed home loan rate or floating home loan rate) etc. Also to get HDFC Home Loans orSBI Home Loans or any other bank's home loan there is certain eligibility criteria. Also there arefactors like repayment capacity, age, educational qualification, stability and continuity of income,number of dependents, co-applicant income, assets, liabilities, saving habits and more.
With home loan rates taken into consideration let's compare two banks with regards to home loan,as SBI home loans and HDFC home loans.
SBI Home Loans come to you on the solid foundation of trust and transparency built in the traditionof State Bank of India. SBI Home Loan - For Loan amount upto Rs. 30 Lacs.... (w.e.f. 01.July.2009)
o SBI Home Loan or Home loan rate during the first year (i.e. till first anniversary date from the dateof first disbursement) is fixed at 8% p.a.
o SBI Home Loan or Home Loan rate during next two years is fixed at 8.5% p. a.
o SBI Home Loan or Home Loan rate after three years may be Fixed or Floating as per theborrower's choice made at the time of sanction. If floating home loan rate option is chosen, then thehome loan rates will be 2.75% below SBAR (State Bank Advance Rate). If fixed home loan rate optionis chosen, then the home loan rates will be 1.25% below SBAR prevailing on the third anniversarydate from the date of first disbursement of SBI home loan and shall have a reset frequency of 5 yearsfrom the third anniversary date of the SBI home loan. Fixed interest shall be subject to force-majeure clause.
o For SBI home Loan amount above 30 lacs SBI Home Loan rates is fixed at 8% p.a. and 9% p.a. forfirst and second years of taking the SBI Home Loan, respectively and for third year if floating homeloan rates option is chosen, then the home loan rate will be 1.75% below SBAR . If fixed home loanrate option is chosen, then the home loan rate will be 0.75% below SBAR.
HDFC Home Loans
HDFC's objective, from the beginning, has been to enhance residential housing stock and promotehome ownership by way of HDFC Home loans.
HDFC home loans or floating home loan rates for new customers are
o 9.75 per cent for HDFC home loans up to Rs 30 lakhs.
o 10.75 per cent for HDFC home loans more than 30 lakhs.
The Home loan interest is very important in determining the uptake of this home loan by the masses.The home loan interest has come down allowing many individuals to take the plunge. Accordingmeasures are taken by government and also other financial institutions including banks to furtherreduce the home loan interest thus encouraging more and more people to take home loan. From theabove table it is seen that both the banks HDFC bank and SBI bank offer similar home loan interestwith regards to HDFC Home Loans and SBI Home Loans .Some banks also try to gain morecustomers by prompting incentives in the way, waive off the charges for processing anddocumentation, for certain category of housing finance loans.
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With increasing competition among banks, interest rates would be a deciding factor as to whichbank can offer the least interest rates and which would be higher on interest rates but will try togain customers through prompt incentives by waiving of the charges for processing anddocumentation, for home loans.
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