SBI vs HDFC: Today, most people are dreaming of building a house. If you are also among them, then this news can be very special for you. Let us tell you that the country’s largest bank RBI, has cut the repo rate, after which the home loan of the bank has also come down. Its direct impact is being felt by the customers. However, it is very important to compare the two big banks of the country, SBI and HDFC Bank, so that it can be known which bank’s home loan will be cheaper.
Let us tell you that the benefit of low interest rates on a home loan will be available only when your CIBIL score is very good. The CIBIL score should be between 300 to 900. Along with this, with a CIBIL score of 800 or more, customers are more likely to get a loan from the bank at a lower interest rate.
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Know SBI Home Loan
If you take a home loan of up to Rs 50 lakh from SBI for 20 years, then it will be available at an interest rate of 7.50 percent. At this rate, your monthly installment will be around Rs 39,684. Accordingly, if you calculate for the entire 20 years, then Rs 4,624,175 will have to be paid. This means that a total of Rs 9,524,175 will have to be paid. However, the bank can also charge extra at the time of loan processing.
Know HDFC Home Loan
If we talk about HDFC Home Loan, then the bank is providing a loan at a rate of 7.90 percent. In such a situation, if you take a loan of Rs 50 lakh from the bank for 20 years, then you will have to pay an EMI of Rs 41,636 monthly. The total interest amount on this loan will be around Rs 49,77,685. This means that after 20 years, you will have to pay a total of Rs 99,92,755.
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Comparison of both banks
On comparing the banks, it is found that SBI’s home loan is quite cheap. Along with this, the EMI will also be less due to the low interest rate. Along with this, the payment for the long term will be less than compared of HDFC Bank.