Quick Answer: Which Is Better SBI Or LIC Home Loan?

Which is the best option for home loan?

Best Bank for Home Loan in India 2020#1.

ICICI Bank Home Loan.#2.

State Bank of India Home Loan.#3.

HDFC Bank Home Loan.#4.

Axis Bank Home Loan.#5.

Dewan Housing Finance Ltd.

( DHFL)#6.

Indiabulls Home Finance.#7.

LIC Housing Finance Home Loan.#8.

PNB Housing Finance.More items…•.

How can I change my home loan from SBI to LIC?

Migration from LICHFL to SBI MAXGAINOutstanding Balance statement from LICHFL Original.Last one-year payment statement Original.List of documents Original.Registration Papers Xerox copy was given to LICHFL and other documents supporting the previous owners of the said plot/ property.More items…•

Should I transfer my home loan from HDFC to SBI?

“Then a colleague told me about a limited time offer by SBI (State Bank of India) for loan balance transfer. SBI was offering 9.55% per annum on the balance transferred. … When he was transferring this loan, Tiwari also got a counter offer from HDFC, to make the interest rate 9.6% per annum.

What is the EMI for 20 lakhs home loan?

Housing Loan Interest CalculatorEMI for various home loan amounts15 years20 years₹ 20 Lakh₹ 17,698₹ 15,207₹ 25 Lakh₹ 22,123₹ 19,009₹ 30 Lakh₹ 26,547₹ 22,811₹ 50 Lakh₹ 44,245₹ 38,0181 more row

How can I reduce my home loan interest rate in SBI?

It means by paying just Rs 5,900 you can save lakhs of rupees in interest. For example the outstanding amount on your home loan linked to base rate is Rs 10 lakh and the remaining tenure is 20 years. At present you are paying 8.20% interest. If you switch your loan to EBR then you can reduce home loan rate to 7.20%.

What is SBI home loan interest rate?

SBI Home Loan Interest Rate: 6.95% to 7.35% Processing Fee payable to SBI: Upto ₹ 10,000. Current offer for processing fee is Nil.

How is the home loan eligibility calculated?

Housing loan eligibility is primarily dependent on the income and repayment capacity of the individual(s).There are other factors that determine the eligibility of home loans such as age, financial position, credit history, credit score, other financial obligations etc.

Should we transfer home loan from LIC to SBI?

Anyway, compared to an internal transfer within LICHFL, transferring to a bank like SBI is a better option because they will give you a better offer than LICHFL’s best rate.

Which bank is best for home loan transfer?

Compare Home Loan Transfer Rates of all BanksBankHome Loan Transfer RatesLowest EMI per lakhHDFC Home Loan Transfer6.90%₹ 659 for 30 YearsCitibank Home Loan Transfer6.90%for 25 YearsBank of Baroda6.85%₹ 655 for 30 YearsICICI Bank7.10%₹ 672 for 30 Years37 more rows

Which type of loan is cheapest?

Secured personal loans often come with lower interest rates than unsecured personal loans. That’s because the lender may consider a secured loan to be less risky — there’s an asset backing up your loan.

How can I reduce my home loan quickly?

So make sure you fully understand what you are letting yourself in before setting off on a “honeymoon” with your lender.Make repayments at a higher rate. … Pay it off quickly. … Make more frequent payments. … Hit the principal early. … Get a package. … Consolidate your debts. … Split your loan.More items…•