I am in Chennai.Today Which one is the best home loan ? SBI OR LIC?

Question

OR FLOATING? Our choice is LIC-Floating? Is our decision is correct?

Answer 1

Best Answer - Chosen by Asker

LIC is better option for you.If you want your EMI constant then go for fixed rate of interest.but if you can take little bit risk then go for floating rate.If I am at your place then I will go for floating rate loan because of lot of many reasons.First,India is a controlled economy so the interference of government and rbi is too much so rbi always try to keep interest rate low in order to develop the economy.Second,India is a developing economy so it required a lot of infrastructure support so in such cases ,the interest rates remains low in order to force the market participants to invest in the infrastructure.

use this link to analyze the difference between different bank schemes:

http://www.apnaloan.com/home-loan-india/sbi-eight-percent-home-loan-scheme.html

Source(s):

CFA study material.

Asker's Rating:

Asker's Comment:

Thank u!!!! our choice also LIC-FLOATING . But little bit confused.

Answer 2

I think LIC is best. Fixed will be ok.

Answer 3

Both are equally good and customer oriented.
LIC may be a shade better.

Answer 4

When applying for a home loan your credit report will be reviewed and you may be required to provide a number of other details, including: Employment and income records, Tax Returns for the last few years List of assets, List of liabilities and what you owe, Your budget showing monthly living expenses so that you can demonstrate an ability to pay.

http://www.worldbestloans.com/homeloans.htm

With this information you and your lender will be able to determine the kind of home loan and size of the right mortgage for you. In some cases, you can obtain a pre-approval or pre-qualified certificate, which shows how much you can borrow so that you can then shop for homes in an appropriate price range.

Answer 5

You try with both of them.Whosoever sanction you early you accept the same.Also compare the terms of repayment .