My cousin has demolished his house and have started building a new house there. He is currently in the verge of picking a good loan provider. He is looked out for multiple options. The first option being gold loan which he has already utilized for initial payment and the next option is going for a proper loan provider. It is very common to go to banks for home loans. Banks provide a decent interest rate and at the same time they also keep the plans flexible so that the borrower need not suffer in repaying the loan. But at the same time they also make sure they get a good revenue from your loan in the form of interest and that is how it works.
In this category, SBI still stays to be one of the best loan providers in India. I have my home loan in SBI and paying EMI and pushing something extra to the principal becomes very easy with the help of their mobile application. My friend used to say that even if it is 500 Rs, we can send it to the loan account and reduce our outstanding. I feel that flexibility and they also provide a detailed statement for the same.
Source - Sora
Another attractive thing about SBI is their interest rates. They are the cheapest if I'm not wrong. If RBI is changing the Repo rates, they automatically adjust it in our account. So all these convenience make SBI a better choice. There is no foreclosure charge and there is no part payment fees. So offers change from one bank to another bank. Others might find some other bank comfortable for them. But this is my experience with SBI.
So now coming to LIC, I got some loan from LIC as well. I did not even check for home loan options when I took the loan but I learnt from my cousin that LIC is also providing some attractive options and the interest rate is also very good. I don't know how it will automatically adjust when the repo rate changes but documentation wise for individual house with more land area, it appears that SBI has been a pain where they are asking for so many document works. But LIC asks for lesser documents and it was a good choice for my cousin.
Overall from what I learnt, I think the option changes from person to person and based on their preferences. Based on someone's loan needs things keep changing. The value that's getting sanctioned is also based on the land area and LIC provides attractive value on that too.
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