Home Loan Comparison
ICICI Bank Home Loan vs SBI Home Loan vs HDFC Home Loan
Introduction
Finding the right home loan doesn't have to be stressful. Let's compare ICICI Bank, SBI, and HDFC to see which one suits you best. All three offer loans to both salaried and self-employed individuals and cover different property types. Your unique situation will determine the best fit. Let's look at what each bank brings to the table.
Bank Highlights
ICICI Bank Home Loan
- Generous Loan Amount
- Flexible Tenure
- No Foreclosure Charges
- Minimal Documentation
- Instant Provisional Sanction
SBI Home Loan
- Low Processing charges. No hidden costs.
- No Prepayment penalties
- Home loan also available as an overdraft.
- Interest Calculation on Daily Reducing Balance
- Wide Product Range
HDFC Home Loan
- Great Customer Service
- Process is Simple and Online
- Certain Restrictions on Online Prepayments
- Competitive Interest Rates
- Multi Branch Banking
- Non Salaried Cases Take Time
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 SBI vs HDFC Calculations
Calculator
Home Loan EMI Calculator
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Feature Comparison
Rate of Interest
When exploring home loan options among ICICI Bank, SBI, and HDFC, the interest rate is a pivotal factor. ICICI Bank offers a competitive rate of 8.75% - 10.00%, making it appealing for those who prefer lower monthly instalments. SBI provides rates of 8.00% - 9.70%, which might lead to considerable savings over the loan's duration. HDFC presents rates of 8.75% - 9.65%, potentially offering the most economical choice based on your financial goals.
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. SBI allows for a tenure of up to Max 30 Years, striking a balance between the loan period and total interest paid. HDFC provides a tenure of Max 30 Years, suitable for those who aim to repay their loan sooner.
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. SBI offers a maximum amount of Upto 5cr, catering to mid-range investments. HDFC provides loans up to 6cr - 10cr, perfect for smaller property acquisitions.
Processing Fees
Initial costs like processing fees can impact your loan's overall affordability. ICICI Bank charges a fee of 0.50% of the loan amount, which could influence your starting expenses. SBI imposes a processing fee of 0.35% of the loan amount, while HDFC sets its fee at Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher. Comparing these fees is essential to understand the upfront costs involved.
Conclusion
Making a wise choice between the home loans from ICICI Bank, SBI, and HDFC 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.
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