SBI vs HDFC Bank: The country’s largest public sector bank, SBI, and the largest private sector bank, HDFC Bank, have also recently reduced their loan interest rates. So, let’s explore which banks are now offering affordable home loans to their customers.
SBI Vs HDFC Bank Home Loan
Recently, the RBI cut the repo rate, prompting banks to reduce their loan interest rates. The country’s largest public sector bank, SBI , and the largest private sector bank, HDFC Bank, have also recently cut their loan interest rates. So, let’s explore which banks are now offering affordable home loans to their customers.
SBI Home Loan
SBI, the country’s largest public sector bank, offers home loans to its customers starting at 7.25 percent. These interest rates may vary depending on your credit score, your loan income, or your eligibility.
HDFC Bank Home Loan
HDFC Bank, the country’s largest private lender, offers home loans to its customers starting at 7.90 percent. These interest rates can vary depending on your credit score, loan income, or eligibility.
SBI Vs HDFC 50 Lakh Home Loan EMI
If you take out a home loan of Rs 50 lakh from SBI for a 30-year term, with an initial interest rate of 7.25 percent, you’ll pay Rs 34,109 per month as EMI. By paying Rs 34,109 per month as EMI for the entire 30 years, you’ll repay a total of Rs 1.22 crore to the bank. This includes Rs 72.79 lakh in interest alone.
If you take out a home loan of Rs 50 lakh from HDFC Bank for a 30-year term, with an initial interest rate of 7.90 percent, you’ll pay Rs 36,340 per month as EMI. By paying Rs 36,340 per month as EMI for the entire 30 years, you’ll repay a total of Rs 1.30 crore to the bank. This includes Rs 80.82 lakh in interest alone.