Compare SBI Home Loan Interest Rate With Others

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A housing loan may be available at almost every bank but not all of them may be suitable to your requirements and budget. So, what can you do? You can go for comparison. To compare SBI home loan interest rate with other banks, compare them with interest rates and EMI.

In this article, I have given the interest rates of some of the top lenders where people consider to apply for a housing loan. You can go through them and compare effective EMIs on the basis of a common loan amount and tenure for different interest rates. You will be able to see whether SBI home loan interest rate is better than others or not. Many people have this confusion when they apply for a home loan. So, it is always better to compare all the possible options you have, make a list of few and then see which is fitting into your criteria.

SBI Home loan interest rate

The home loan interest rate at SBI is currently the lowest out of all the top lenders. The bank is currently offering home loans with starting rate of 8.75% per annum which goes up to 9.35% per annum.

HDFC Home Loan Interest Rate

HDFC is one of the largest housing finance companies in India. The lender is currently offering interest rate of 8.90%-9.80% per annum. The lender offers different rate of interest to salaried, self-employed and self-employed professionals on the basis of income.

Indiabulls Home Loan Interest Rate

The housing loan interest rate at Indiabulls housing finance is 8.80%-11.05% per annum.

ICICI home loan interest rate

The interest rate offered by ICICI Bank ranges from 8.55% per annum to 8.80% per annum. There are special rates for women applicants and is 8.55% per annum.

Home Loan EMI Calculator

A home loan calculator is a tool that is used to calculate the EMI on the loan. For example, if you are taking a home loan of ₹25 lakhs for the tenure of 20 years at the interest rate of 8.55% p.a. Your payment details will be as follows:

EMI- ₹21,775
Total Interest Outgo- ₹27,25,942
Total Amount (Interest+Principal)- ₹52,25,942

If you do not get the lowest rate, your payments will differ. Now suppose you get the highest rate for your home loan which is presently 8.80% per annum. Your EMIs will vary as:

EMI- ₹22,173
Total Interest Outgo- ₹28,21,422
Total Amount (Interest+Principal)- ₹53,21422

Once you decide which lender is giving you a desired rate for your required loan amount, you can compare EMI and then prepare yourself according to that. Also, the purpose is to make sure you get a suitable combination of interest rate, loan amount and other fees & charges so that you are able to repay the loan smoothly. There are many borrowers who take a loan on the basis of their present repayment capacity and do not focus on their future expenses. Don’t be one of them and make a choice to get what you can afford.
Location: India

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