SBI vs HDFC Bank home loan war! Largest lenders have cut their interest rates

Every change in the repo rate will have a direct impact on SBI’s home loan interest rates, so w.e.f 10th July 2019, SBI has cut off the interest rates by 0.5%. At this point of time, it would be the largest lender State Bank of India (SBI) that is offering the lowest interest rate on home loans and it is specifically meant for women.

Interest rates for women are lower when compared to those for men, Photo: Pixabay

When it comes to offering home loans by banks, interest rates for women are lower when compared to those for men. Home loans offer lower interest rates and long tenures exceeding even 20 years to pay back the liabilities as this allows women to make a proper plan for repayment of debt in an appropriate manner. However, the interest rates vary from bank to bank. Every change in the repo rate will have a direct impact on SBI’s home loan interest rates, so w.e.f 10th July 2019, SBI has cut off the interest rates by 0.5%. At this point of time, it would be the largest lender State Bank of India (SBI) that is offering the lowest interest rate on home loans and it is specifically meant for women.

For home loan up to Rs 30 lakh, a woman borrower at SBI will have to pay the lowest 8.50% rate which can go maximum to 8.60% for Salaried women. However, for non-salaried women borrowers - SBI offers 8.65% to 8.70% interest rate on a home loan.

For home loans above Rs 30 lakhs but up to Rs 75 lakhs, SBI’s interest rates stands from 8.75% to 8.85% on salaried women and 8.90% to 9.00% on non-salaried women.

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If the home loan amount is above Rs 75 lakh, salaried borrowers will get an interest rate between 8.85% to 8.95%. Whereas, the non-salaried ones will receive 9.00% to 9.10% rates.

Unlike SBI, just after 5 days of revision of new rates the private lender HDFC Bank also revised its pattern of home loan interest rates w.e.f July 15 2019. The bank has slashed the interest rates by 0.5%. However, the private lender has a different set of interest rates on home loans for women but still is higher when compared to what SBI offers.

At HDFC Bank, a salaried woman borrower can avail home loan up to Rs 30 lakh at an interest rate ranging from 8.55% to 9.05%. While the non-salaried one will have to pay home loan rates of between 8.70% to 9.20%.

For home loan amount between Rs 30 lakh to Rs 75 lakh, HDFC bank levies interest rate of 8.80% and 9.30% on salaried women. While if one is self-employed then, the rate will be 8.95% and 9.45% on women respectively.

Home loan amount above Rs 75.01 lakh, the interest rate is set at 8.85% and 9.35% on salaried women, whereas a rate of 9.00% and 9.50% is given on self-employed.

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