Home Loan Comparison
ICICI Bank Home Loan vs IDBI Bank Home Loan vs LIC HFL Home Loan vs IIFL Home Loan
Introduction
Finding the right home loan can make a significant difference in your home-buying experience. Let's compare the offerings from ICICI Bank, IDBI Bank, LIC HFL, and IIFL, focusing on their interest rates, loan terms, and additional benefits. This comparison will help you choose the loan that best fits your needs.
Bank Highlights
ICICI Bank Home Loan
- Generous Loan Amount
- Flexible Tenure
- No Foreclosure Charges
- Minimal Documentation
- Instant Provisional Sanction
IDBI Bank Home Loan
- Quick Processing
- Top up facility up to 100%
- Power-Packed customized Features to suit your Home Loan requirements.
- Flexible Loan Repayment Options
- Most experienced personnel for smooth and easy loan processing.
- Already approved projects for convenience of Home Loan buyers
LIC HFL Home Loan
- Online Home loan sanction facility
- Quick sanction and low EMI
- Takeover or balance transfer of existing Home Loans Possible
- No Pre-Payment Penalty
IIFL Home Loan
- Customized repayment solutions
- All round assistance
- No prepayment charges
- Door step services
- Minimal documentation
Disclaimer
The interest rates, maximum tenures, and other charges are subject to change, and it's advisable to check with our experts for the most current information.
Home Loan Calculations
ICICI Bank vs IDBI Bank vs LIC HFL vs IIFL Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When exploring home loan options among ICICI Bank, IDBI Bank, LIC HFL, and IIFL, the interest rate is a pivotal factor. ICICI Bank offers rates of 8.50% - 10.00%, making it appealing for those who prefer lower monthly instalments. IDBI Bank provides rates of 8.00% - 12.50%, which might lead to considerable savings over the loan's duration. LIC HFL presents rates of 8.00% - 10.75%, potentially offering the most economical choice based on your financial goals. IIFL offers rates of 8.75% - 10.5%, which could be the best fit for cost-conscious borrowers.
Loan Tenure
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. IDBI Bank allows for a tenure of up to Max 30 Years, striking a balance between the loan period and total interest paid. LIC HFL provides a tenure of Max 30 Years, suitable for those who aim to repay their loan sooner. IIFL extends tenures up to Max 30 years, offering flexibility for different repayment goals.
Maximum Loan Amount
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. IDBI Bank offers a maximum amount of 5cr - 10cr, catering to mid-range investments. LIC HFL provides loans up to Upto 5cr, perfect for smaller property acquisitions. IIFL offers maximum loans of Upto 5cr, accommodating a variety of property values.
Processing Fees
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. IDBI Bank imposes 0.50% of loan amount (Plus applicable taxes), LIC HFL sets its fee at Rs 0.25% of the loan amount + GST, and IIFL requires Up to 1.75% 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, IDBI Bank, LIC HFL, and IIFL 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.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.