ICICI Bank Home Loan vs Union Bank Of India Home Loan

Feature Comparison

Choosing between ICICI Bank and Union Bank Of India 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, Union Bank Of India provides rates of 8.50%-10.75%, which may result in more substantial savings over the loan period.

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, Union Bank Of India 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.

When it comes to the maximum loan amount, ICICI Bank allows borrowing up to Upto 5cr, suitable for purchasing high-end or luxury properties. Union Bank Of India caps the loan amount at Upto 5cr, which is perfect for individuals looking to invest in more moderately priced homes.

Processing fees are a crucial aspect to consider. ICICI Bank imposes a processing fee of 0.50% of the loan amount, whereas Union Bank Of India charges a fee of 0.50% of the loan amount subject to a maximum of Rs. 15000 plus GST. 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 Union Bank Of India, you can choose the loan that best meets your financial needs.