LIC home loan does loan disbursal’s through LIC housing finance. This is housing loan arm of Life insurance corporation of India. HDFC ltd has a dedicated branch network in almost top 100 cities where they disburse home loans.
LIC home loan uses the lic agent network also to disburse home loans where as HDFC Bank disburses for HDFC ltd.
Current Interest Rates and Fees of LIC housing Finance and HDFC Ltd:
Home Loan applications received for rupees ₹ 419,027 crores till 04 December 2020
|Interest Rates||8.00% – 8.80%||8.10% – 8.95%|
|Repayment Time||30 Years||30 Years|
|Minimum Loan Amount||3 Lakh||3 Lakh|
|Maximum Loan Amount||Upto 50 Crore||Upto 30 Crore|
|Lowest EMI per lakh||Rs 734||Rs 745|
HDFC ltd has come up with a tenure of 30 years for loans where as LIC housing has come up with special rates for women.
In terms of rates they both match each other but HDFC ltd is known for better customer service and quick disbursal’s.
Apart for the rates,
- One need to check the loan eligibility for himself from both banks as per profile.
E.g- Hdfc can give you 50 lac as per your income and value of property where as Lic can give you 48, so if you need 50 you may have have to opt for Hdfc ltd.
- Property Doable or not by both companies.