SBI & HDFC Mortgage Loans
Complete guide to mortgage loans: Compare interest rates, calculate EMI, check eligibility, and learn about loans against vacant land
Mortgage Loan EMI Calculator
Quick Rate Comparison
- Processing Fee: 0.35% – 0.50%
- Max Loan: Up to ₹10 Crore
- Max Tenure: 30 Years
- Prepayment Charges: Nil after 1 year
- Processing Fee: 0.50% or ₹3,000 (min)
- Max Loan: Up to ₹15 Crore
- Max Tenure: 30 Years
- Prepayment Charges: 2% before 3 years
Mortgage Loan Interest Rates 2024
| Bank/NBFC | Interest Rate (p.a.) | Processing Fee | Max LTV Ratio | Max Tenure |
|---|---|---|---|---|
| SBI Mortgage Loan | 8.40% – 9.50% | 0.35% – 0.50% of loan amount | Up to 70% | 30 years |
| HDFC Mortgage Loan | 8.50% – 9.75% | 0.50% (min ₹3,000) | Up to 65% | 30 years |
| ICICI Bank Mortgage | 8.75% – 10.25% | 0.50% – 1.00% | Up to 60% | 25 years |
| Axis Bank Mortgage | 8.65% – 10.00% | 0.50% (min ₹10,000) | Up to 70% | 30 years |
| PNB Mortgage Loan | 8.30% – 9.20% | 0.35% of loan amount | Up to 75% | 30 years |
Factors Affecting Mortgage Loan Interest Rates
- Credit Score: 750+ gets lowest rates
- Loan Amount: Higher amounts may get better rates
- Income Stability: Salaried vs self-employed rates differ
- Property Type & Location: Residential vs commercial, metro vs non-metro
Mortgage Loan Eligibility Calculator
Check how much mortgage loan you can get based on your income and property value
Mortgage Loan Against Vacant Land
Get loan against your vacant residential, commercial, or agricultural land. Compare SBI and HDFC rates and terms.
SBI Land Loan Rates
Interest Rate: 8.75% – 10.25% p.a.
Loan Amount: Up to ₹10 Crore
Max LTV: 50-60% of land value
Tenure: Up to 15 years
Processing Fee: 0.50% of loan amount
HDFC Land Loan Rates
Interest Rate: 9.00% – 10.75% p.a.
Loan Amount: Up to ₹5 Crore
Max LTV: 50% of land value
Tenure: Up to 10 years
Processing Fee: 0.50% (min ₹5,000)
Eligibility Criteria
- Clear title deed of land
- Land should be non-agricultural
- Located in approved areas
- Age: 21-65 years
- Stable income source
Required Documents
- Land title deed & registration
- Property tax receipts
- Identity & address proof
- Income proof (salary slips/ITR)
- Bank statements (6 months)
Important Points for Land Loans
- Lower LTV: Land loans have lower Loan-to-Value ratios (50-60%) compared to home loans (75-80%)
- Higher Interest Rates: Typically 0.5-1.5% higher than regular home loans
- Shorter Tenure: Maximum 10-15 years compared to 30 years for home loans
- End-use Restrictions: Can be used for construction, business, or personal needs
Frequently Asked Questions
A home loan is specifically for purchasing or constructing a residential property. A mortgage loan is a broader term where you pledge any property (residential, commercial, or land) as collateral to get funds for various purposes like business expansion, education, medical expenses, etc.
Both have their advantages:
SBI: Lower interest rates (8.40-9.50%), lower processing fees, no prepayment charges after 1 year, but stricter eligibility criteria.
HDFC: Faster processing, higher loan amounts (up to ₹15 crore), more flexible terms, but slightly higher rates (8.50-9.75%) and prepayment charges apply.
Choice depends on your credit profile, loan amount needed, and urgency.
Most banks don’t provide loans against agricultural land. Some may consider if:
- Land is converted to non-agricultural use
- Located in approved municipal areas
- Clear title and proper documentation available
- Higher margin money (up to 50%) may be required
Specialized agricultural banks or NBFCs might offer such loans at higher rates.
SBI: Maximum age at loan maturity is 70 years for salaried, 75 years for self-employed.
HDFC: Maximum age at loan maturity is 65 years for salaried, 70 years for self-employed.
Some banks offer loans with co-applicants (spouse/children) to extend the tenure if primary applicant is near retirement age.
- Improve Credit Score: Maintain 750+ for best rates
- Reduce Debt: Lower existing EMIs to improve debt-to-income ratio
- Increase Down Payment: Higher margin reduces risk and improves eligibility
- Add Co-applicant: Spouse or family member with good income
- Show Additional Income: Rental income, investments, etc.
- Choose Longer Tenure: Reduces EMI burden, increases eligibility
SBI: 7-15 working days after document submission
HDFC: 5-10 working days for complete applications
Factors affecting processing time:
- Completeness of documentation
- Property valuation time
- Legal verification of property documents
- Credit assessment and approval process
Disclaimer: The interest rates, fees, and terms mentioned are indicative and subject to change. Actual rates may vary based on individual credit profile, property valuation, and bank policies. This information is for educational purposes only. Please verify with respective banks before making any financial decisions.