Comparison Between Home Loan Interest Rates SBI and LIC HFL Free Space USA -

State Bank of India and LIC HFL are the first two choices of a person looking for a home loan. There are many reasons that this happens. Since both have been providing great service to their customers, it might be difficult to decide for a first time home buyer to choose a better lender out of these two.

When two lenders are compared, interest rate is the first thing which comes into the light. So, we have given the rates at both the lenders and more details on SBI home loan in case you choose this lender

Home Loan Rates SBI

The bank offers special rates for women borrowers. The minimum rate available for home loans is 8.45% for women applicants and 8.50% per annum for others. The rate can go up to 9% per annum.

LIC Home Loan Interest Rates

The rate of interest for LIC home loans is given below. Please note that the rates are altogether shown for variable loan amounts and for both salaried and self-employed professionals:

Up to ₹30 lakhs- 8.45%-8.55% per annum
From ₹30 lakhs and ₹75 lakhs- 8.60% – 8.70% per annum
From ₹75 lakhs to ₹2 crores- 8.70% – 8.80% per annum
From ₹2 crores to ₹5 crores- 8.80% – 8.90% per annum

SBI Home Loan Eligibility-

Just like for any other loan, there is an eligibility criterion for SBI home loans as well. So have a look at the eligibility here:

For Salaried:

Your age must be between 18-70 years
Your net annual income should be at least ₹1,20,000
You can get loan amount up to ₹5 lakhs to ₹1 crore
The minimum work experience required is 2 years

For Self-employed:

Your age must be between 21-70 years
Your net annual income should be at least ₹2,00,000
You can get loan amount up to ₹5 lakhs to ₹2 crores
The minimum work experience required is 3 years

Documents Required-

The list of documents required at the loan application are as follows:

For Salaried:

Duly filled loan application
3 recent passport size photographs
Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
Proof of business address for non-salaried individuals
Bank statement/Pass Book of last three month
Signature identification from present bankers
Personal Assets and liabilities statements
Original salary certificate from employer
TDS certificate on Form 16 of IT return for last two financial years, duly acknowledged by IT department

For Self-employed:

Duly filled loan application
3 recent passport size photographs
Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
Proof of business address for non-salaried individuals
Bank statement/Pass Book of last three month
Signature identification from present bankers
Personal Assets and liabilities statements
Acknowledged copies of three years IT return/Assessment orders
Photocopies of challans evidencing payment of Advance Income Tax