ICICI Bank Home Loan vs Shriram Housing Finance Home Loan vs Mahindra Housing Finance Home Loan vs DCB Bank Home Loan

Feature Comparison

When exploring home loan options among ICICI Bank, Shriram Housing Finance, Mahindra Housing Finance, and DCB Bank, the interest rate is a pivotal factor. ICICI Bank offers rates of 8.75% - 10.00%, making it appealing for those who prefer lower monthly instalments. Shriram Housing Finance provides rates of 9.50% - 10.5%, which might lead to considerable savings over the loan's duration. Mahindra Housing Finance presents rates of 9.30% - 11.80%, potentially offering the most economical choice based on your financial goals. DCB Bank offers rates of 9.75%-14.50%, 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. Shriram Housing Finance allows for a tenure of up to Max 25 years, striking a balance between the loan period and total interest paid. Mahindra Housing Finance provides a tenure of Max 25 years, suitable for those who aim to repay their loan sooner. DCB Bank extends tenures up to Max 20 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. Shriram Housing Finance offers a maximum amount of Upto 10 Cr, catering to mid-range investments. Mahindra Housing Finance provides loans up to Upto 1.5 Cr, perfect for smaller property acquisitions. DCB Bank offers maximum loans of Upto 5cr, 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. Shriram Housing Finance imposes Up to 2.5% of the loan amount plus applicable taxes., Mahindra Housing Finance sets its fee at 1% + Taxes, and DCB Bank requires Upto 2% or ₹ 5,000 (whichever is higher) Processing fee as applicable of sanction limit. Comparing these fees is essential to understand the overall expenses involved.

Conclusion

Making a wise choice between the home loans from ICICI Bank, Shriram Housing Finance, Mahindra Housing Finance, and DCB Bank 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.