IIFL Home Loan vs ICICI Bank Home Loan

Feature Comparison

When choosing between IIFL and ICICI Bank for a home loan, the interest rates offered are a primary factor. IIFL presents rates of 8.75% - 10.5%, which is advantageous for those aiming to reduce their monthly financial burden. Conversely, ICICI Bank offers rates of 8.75% - 10.00%, potentially leading to enhanced savings over the loan's tenure.

IIFL provides a loan tenure that extends up to Max 30 years, making it suitable for borrowers who prefer lower monthly repayments. In comparison, ICICI Bank offers loan tenures of up to Max 30 Years, appealing to those who wish to pay off their loan more swiftly and minimize total interest costs.

In terms of the maximum loan amount, IIFL permits borrowing up to Upto 5cr, ideal for purchasing premium or high-value properties. ICICI Bank restricts the maximum loan to Upto 5cr, which is better suited for buyers looking at more moderately priced homes.

Processing fees are a critical aspect to consider. IIFL charges a processing fee of Up to 1.75% of the loan amount, whereas ICICI Bank sets its fee at 0.50% of the loan amount. These fees should be accounted for when determining the overall expense of your home loan.

Conclusion

Choosing a home loan that fits your financial needs involves assessing key factors like the interest rate, qualification criteria, loan tenure, maximum loan limits, and any processing charges. By thoroughly reviewing these points in the home loan options from IIFL and ICICI Bank, you can make a decision that's right for you.