ICICI Bank Home Loan vs Federal Bank Home Loan vs Grihum Housing Finance Home Loan vs Repco Home Finance Home Loan

Feature Comparison

When exploring home loan options among ICICI Bank, Federal Bank, Grihum Housing Finance, and Repco Home Finance, the interest rate is a pivotal factor. ICICI Bank offers rates of 8.55% - 10.00%, making it appealing for those who prefer lower monthly instalments. Federal Bank provides rates of 8.80%-11.00%, which might lead to considerable savings over the loan's duration. Grihum Housing Finance presents rates of 9.30% - 17.25%, potentially offering the most economical choice based on your financial goals. Repco Home Finance offers rates of 9.60%-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. Federal Bank allows for a tenure of up to Max 30 years, striking a balance between the loan period and total interest paid. Grihum Housing Finance provides a tenure of Max 30 years, suitable for those who aim to repay their loan sooner. Repco Home Finance 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. Federal Bank offers a maximum amount of Upto 15cr, catering to mid-range investments. Grihum Housing Finance provides loans up to Upto 5cr, perfect for smaller property acquisitions. Repco Home Finance offers maximum loans of Upto 10 cr, 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. Federal Bank imposes Low processing fees, Grihum Housing Finance sets its fee at 0.50% of your sanctioned loan amount, and Repco Home Finance requires 1.00% of the loan amount. Comparing these fees is essential to understand the overall expenses involved.

Conclusion

Making a wise choice between the home loans from ICICI Bank, Federal Bank, Grihum Housing Finance, and Repco Home Finance 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.