HDFC Ltd is a NBFC in field of housing finance. Housing Finance companies are regulated from National Housing Bank & Reserve Bank of India.
On other hand SBI is mainframe bank serving all type of retail and corporate account you can think of. Giving them all services from debit cards, cheques, demand drafts to commercial wire transfer. For corporate they serves machine finance, project finance, bank guarantee etc. Then comes added to retail sector like Credit Card, Car loan, & Home Loan
Did I bored you telling about different services of SBI? You already knew it. Well I didn’t meant to. Here we are talking about home loan. I wanted to show you HDFC is dedicatedly dealing in Home Loan. On other side SBI is dealing with everything in financial sector. Shall you expect superior service for home loan from staff of bank who is already burdened with many products?
HDFC on other hand is dedicated to one business. To be leader and stay competitive they adopts superior process and provide good service. As we know a horse knows another horse and a donkey know another donkey. In such an environment no professional organization with only one business to do, will ever annoy their customer. On other hand for SBI to even get interest certificate you may have to keep calling branch so you can get tax benefit.
But it is not only about service, there are plus and minuses of both companies. We have listed 19 points of comparison. You can give weight age to every point based on your requirement.
|Organization Objective||Only deals in home loan and other property related loans.||Deals in banking operation, car, corporate, other retail loan along with home loan|
|Brand Trust||Leader in housing loan||Leader in Indian Banking Sector|
|Industry Superiority||Superior processes and service due to home loan being key business.||Many simultaneous activities of organization. Not home loan centric organization|
|Pre Sale||Automated process no follow up needed||Roam around them like you are getting some favor|
|Process||They acts as they too needs your business. Loan will be disbursed faster||Time consuming, stiff process & delayed services|
|Present Rate of Interest||9.55%. Females 0.05% lower then standard rate||9.55%. Females 0.05% lower then standard rate|
|Scheme specialty||Competitive interest rate still not best in the industry||OD facility In SBI Max Gain with slight higher rate of interest. If you keep 2-3% of loan amount in linked account, then only higher rate will be neutralized. Beneficial only if you keeps higher money in account.|
|0.05% lower rate for female clients|
|Processing Fee||High processing fee for self-employed customers Up to 0.5%.||Low & uniform processing fee for salaried and self-employed customers|
|Insurance||Taking a loan protector insurance is not compulsory||They do not disburse loan without loan protector insurance as well as property insurance|
|Repayment||Can pay from any account, your salary account or current account||Repayment from SBI account is preferred. So you may have to transfer money from your salary account or Current account before EMI date|
|Property||High number of project approved||Comparatively Less projects approved|
|Technical Alteration||May consider alteration in property subject to technical compliance||Does not accepts any alteration to property other than proposed map or original allotment|
|Loan Amount||High loan amount for self-employed because of surrogate products||Low loan amount because of standard ITR calculation|
|Loan Tenure||Up to 30 years||Up to 30 years|
|Cost of Capital||High cost of capital because major funds are generated from corporate and other fixed deposits.||Low cost of capital because of lakhs of crores in current / saving account deposits|
|Type of interest||Base Prime Lending Rate – x%||Base Rate + x%.|
|Post Sale||Minimum follow-up required for services like interest certificate, change in ECS, Subsequent loan disbursement. Most instruction can be given on mail||You need patience to follow-up for instruction, like ECS, EMI, Pre-EMI, loan disbursement. You must have great courage & lot of time spare for this|
|Customer Care Service||Wait time on customer care can make you go crazy. But good part is once call is answered, you will be given complete and comprehensive details||Number is toll free, but connects after multiple attempts. Customer care executive has only 1 answer to all your question "Visit Branch for This Information"|
|Branch Service||Customer Service in branch are good||In this competitive world PSU employee shows “Babu” attitude. After all it’s not them, but you have taken loan|
SBI has issues on quality of customer service. if you have lot of time and patience, you can go to SBI you will get better deal on rate of interest. After disbursal you require very less interaction from branch because EMI will be debited from ECS.
HDFC is leader in home loan because of customer service, SBI too is improving it
At the end, I will say, you can do all working and chose a home loan deal best suited to you. Or you can take our help for most affordable loan OFFERS With door step service from your home or office. We don’t charge anything our services. Simply fill your details. We will do all this for you
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