ICICI Bank Home Loan vs Mahindra Housing Finance Home Loan vs Union Bank Of India Home Loan vs HSBC Home Loan

Feature Comparison

When exploring home loan options among ICICI Bank, Mahindra Housing Finance, Union Bank Of India, 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. Mahindra Housing Finance provides rates of 9.30% - 11.80%, which might lead to considerable savings over the loan's duration. Union Bank Of India presents rates of 7.35%-10.75%, 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. Mahindra Housing Finance allows for a tenure of up to Max 25 years, striking a balance between the loan period and total interest paid. Union Bank Of India 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. Mahindra Housing Finance offers a maximum amount of Upto 1.5 Cr, catering to mid-range investments. Union Bank Of India 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. Mahindra Housing Finance imposes 1% + Taxes, Union Bank Of India sets its fee at 0.50% of the loan amount subject to a maximum of Rs. 15000 plus GST, 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, Mahindra Housing Finance, Union Bank Of India, 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.