Is LIC Home Loan losing its charm?

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Maybe it is maybe it’s not. But, we have been noticing quite lately that its competitor - State Bank of India is ruling the market for home loans. There is no doubt that both of these lenders are always in neck-to-neck competition, SBI at present is focusing on marketing which is surely going in its favor.

Whenever a person plans to take a home loan, she makes sure that the lender is providing lowest possible rates. LIC home loan comes with multi-purpose options and low-interest rates. However, if we compare about the interest rate for different loan amounts, the lender is quite costlier than SBI. Maybe, this is another reason that customers are preferring SBI over LIC housing loan. Other factors such as eligibility criteria and loan amount and not to forget special rates for women also are responsible for the partial behavior of the customers. So, let us put some light on the interest rates offered by LIC on a home loan and SBI. We see what is the interest rate depending on the loan amount range and schemes available at SBI as well as LIC.

LIC Housing Finance Ltd Home Loan Interest Rates

For all Salaried applicants
  • 8.70%- 8.85% for loan amount up to Rs 5000000
  • 8.95%- 8.95% for loan amount between Rs 5000001 and 50000000
For all self-employed applicants
  • 8.85%- 8.95% for loan amount up to Rs 5000000
  • 8.95%- 9.05% for loan amount up to Rs 5000001 and 50000000

LIC Home Loan Processing Fee

The processing fee applicable to LIC home loan is currently divided as per the loan amount. For loan amount upto Rs 1 crore, borrowers will have to pay 0.25 paise +GST or 10000+GST whichever is less. For loan amount above Rs 1 crore, the processing fee of Rs 25,000+GST is charged.

State Bank of India Home Loan Interest Rates

Salaried Women
  • 8.70%-8.80% for loan amount up to Rs 3000000
  • 8.85%- 8.95% for loan amount between Rs 3000001 and 7500000
  • 8.95%-9.05% for loan amount between Rs 7500001 and 4000000000
Salaried Men
  • 8.75%- 8.85% for loan amount up to Rs 3000000
  • 8.90%- 8.90% for loan amount between Rs 3000001 and 7500000
  • 9.00%- 9.10% for loan amount between Rs 7500001 and 4000000000
Self-employed Women
  • 8.85%- 8.95% for loan amount up to Rs 3000000
  • 9.00%- 9.10% for loan amount between 3000001 and 7500000
  • 9.10%- 9.20% for loan amount between Rs 7500001 - 4000000000
Self-employed Men
  • 8.90%-9.00% for loan amount up to Rs 3000000
  • 9.05%- 9.15% for loan amount between Rs 3000001 - 7500000
  • 9.15%-9.25% for loan amount between Rs 7500001 - 4000000000
SBI Home Loan Processing Fee
At present, SBI has waived off processing fee on all types of home loans disbursed till December 31, 2018. So, there is no processing fee on regular SBI home loan as well as other home loans.

LIC Home Loan Schemes
  1. LIC Home Loan for Pensioners
  2. LIC Home Loan for Resident Indians
  3. LIC Home Loan for Non-Resident Indians
  4. LIC Home Loan for NRI/PIO Customers
SBI Home Loan Schemes
  1. Regular Home Loan
  2. Top-Up home loan
  3. Smart Home Top-Up Loan
  4. Insta Home Loan Top-Up
  5. Flexipay
  6. SBI Maxgain
  7. NRI home loans
  8. Realty
  9. SBI Pre-Approved Home Loan (PAL)
  10. Tribal Plus
  11. Privilege
  12. Shaurya
  13. Bridge home loan
  14. SBI Corporate home loan
With the above details on LIC home loan and SBI home loan, you might have got the idea of the difference between their offerings and maybe have got the reasons. If LIC is really losing its charm, maybe the above reasons somehow prove it.
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