ICICI Bank Home Loan vs Aditya Birla Housing Finance Ltd Home Loan vs Sammaan Capital Home Loan vs Cholamandalam Home Loan

Feature Comparison

When exploring home loan options among ICICI Bank, Aditya Birla Housing Finance Ltd, Sammaan Capital, and Cholamandalam, the interest rate is a pivotal factor. ICICI Bank offers rates of 8.75% - 10.00%, making it appealing for those who prefer lower monthly instalments. Aditya Birla Housing Finance Ltd provides rates of 8.60% - 10.5%, which might lead to considerable savings over the loan's duration. Sammaan Capital presents rates of 8.75% - 10.5%, potentially offering the most economical choice based on your financial goals. Cholamandalam offers rates of 9.00%-15.00%, which could be the best fit for cost-conscious borrowers.

The length of the loan term can significantly affect your repayment schedule. ICICI Bank offers a maximum tenure of Max 30 Years, ideal for borrowers seeking to minimise their monthly payments. Aditya Birla Housing Finance Ltd allows for a tenure of up to Max 30 years, striking a balance between the loan period and total interest paid. Sammaan Capital provides a tenure of Max 30 years, suitable for those who aim to repay their loan sooner. Cholamandalam extends tenures up to Max 30 years, offering flexibility for different repayment goals.

Your required loan amount is crucial in selecting the right bank. ICICI Bank extends loans up to Upto 5cr, suitable for purchasing high-end properties. Aditya Birla Housing Finance Ltd offers a maximum amount of Upto 5cr, catering to mid-range investments. Sammaan Capital provides loans up to Upto 5cr, perfect for smaller property acquisitions. Cholamandalam offers maximum loans of Upto 5cr, accommodating a variety of property values.

Initial costs like processing fees can impact your loan's overall affordability. ICICI Bank charges 0.50% of the loan amount, which could influence your starting expenses. Aditya Birla Housing Finance Ltd imposes Up to 1.75% of the loan amount, Sammaan Capital sets its fee at 0.50% onwards of loan amount, and Cholamandalam requires Up to Rs 5,000 (including GST). Comparing these fees is essential to understand the overall expenses involved.

Conclusion

Making a wise choice between the home loans from ICICI Bank, Aditya Birla Housing Finance Ltd, Sammaan Capital, and Cholamandalam involves a careful look at their specific terms. Focus on comparing interest rates, eligibility requirements, loan durations, the highest loan amounts available, and processing fees to select the loan that best suits your financial situation.