Home Loan Comparison
ICICI Bank Home Loan vs IIFL Home Loan
Introduction
Looking for the best home loan deal? This comparison between ICICI Bank and IIFL will cover their interest rates, repayment options, and unique features, helping you determine which bank aligns best with your home financing needs.
Bank Highlights
ICICI Bank Home Loan
- Generous Loan Amount
- Flexible Tenure
- No Foreclosure Charges
- Minimal Documentation
- Instant Provisional Sanction
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 IIFL Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
Choosing between ICICI Bank and IIFL requires careful consideration of their interest rates. ICICI Bank offers rates of 8.75% - 10.00%, making it a favorable option for those seeking lower monthly obligations. Conversely, IIFL provides rates of 8.75% - 10.5%, which may result in more substantial savings over the loan period.
Loan Tenure
ICICI Bank offers loan tenures of up to Max 30 Years, ideal for borrowers who prefer to spread their repayments over a longer timeframe. In contrast, IIFL allows loan tenures extending to Max 30 years, appealing to those who aim to pay off their loans more swiftly and reduce the total interest burden.
Maximum Loan Amount
When it comes to the maximum loan amount, ICICI Bank allows borrowing up to Upto 5cr, suitable for purchasing high-end or luxury properties. IIFL caps the loan amount at Upto 5cr, which is perfect for individuals looking to invest in more moderately priced homes.
Processing Fees
Processing fees are a crucial aspect to consider. ICICI Bank imposes a processing fee of 0.50% of the loan amount, whereas IIFL charges a fee of Up to 1.75% of the loan amount. It's important to include these fees in your overall loan cost assessment.
Conclusion
Making a well-informed home loan choice requires careful review of key considerations such as interest rates, eligibility conditions, loan tenures, maximum loan limits, and processing fees. By comparing these aspects in the home loan offerings from ICICI Bank and IIFL, you can choose the loan that best meets your financial needs.
Get detailed answers to the most frequently asked questions, tailored for your peace of mind.