SBI home loans:
- Reasonable or lower interest rates.
- Some branches might have poor customer service.
- No unnecessary charges
- No pre-closure or part payment charges
- Over draft facility with SBI max home loan for loan account
- Overall You get what you see.. transparent home loan
Demerits
- Time consuming
- Have to produce all the documents
- Might have to make down payments or margin payment, which is usually up to 20 percent of the home loan amount. For eg: if your home loan is for 30 lakhs, you might be asked to have a amount of 5 to 6 lakhs in hand.
- Lot of rules and regulations
- Might not get expected loan amount
HDFC Home loan merits
- Fast loan amount disbursal
- Prompt customer service
- Not a time consuming process
- Can bargain and also get higher loan amount
Demerits
- Very slow to reduce interest rates if home loan rates come down
- Penalty is high if one month EMI is missed
- Hidden charges
- Pre-closure charges
- Pre-payment charges
- Highly expensive when compared to PSU home loans
