ICICI Bank Home Loan vs IDFC First Bank Home Loan vs Sammaan Capital Home Loan vs HSBC Home Loan

Feature Comparison

When exploring home loan options among ICICI Bank, IDFC First Bank, Sammaan Capital, and HSBC, 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. IDFC First Bank provides rates of 8.85% - 14%, which might lead to considerable savings over the loan's duration. Sammaan Capital presents rates of 8.75% - 15.00%, potentially offering the most economical choice based on your financial goals. HSBC offers rates of 8.25%-11.00%, 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. IDFC First Bank 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. HSBC extends tenures up to Max 25 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. IDFC First Bank offers a maximum amount of Upto 5 Cr, catering to mid-range investments. Sammaan Capital provides loans up to Upto 5cr, perfect for smaller property acquisitions. HSBC offers maximum loans of Upto 60 crore, 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. IDFC First Bank imposes Up to 3% of loan amount, Sammaan Capital sets its fee at 0.50% onwards of loan amount, and HSBC requires 1% of the loan amount sanctioned or INR10,000, whichever is higher. Comparing these fees is essential to understand the overall expenses involved.

Conclusion

Making a wise choice between the home loans from ICICI Bank, IDFC First Bank, Sammaan Capital, and HSBC 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.