The housing loans offered by both ICICI and HDFC Ltd have unique features and benefits. As these are the two most popular banks in the country, the housing loans offered by them are exclusively designed to meet the financial needs of home loan borrowers.
If you are planning on availing a home loan from any one of these two lenders, it is very important to compare the benefits they offer before you finalise on one. Here we compare the features and benefits of ICICI home loans and HDFC home loans to help you choose the right housing loan.
|Category||ICICI Bank Home Loan||HDFC Home Loan|
|Purpose||New house/flat construction or purchase/purchase a plot/House repairs and renovations||House construction/House purchase/Home repairs, renovations, and extensions/Land purchase|
|Loan amount||Rs.5 crore – Rs.10 crore||Up to 90% of the cost of the property|
|Maximum loan tenure||Up to 30 years||Up to 30 years|
|Interest type||Fixed/Floating/Adjustable||Fixed/Floating/Combination Rate|
|Applicants||Salaried and self-employed individuals||Salaried/Self-employed professionals/Non-professionals|
|Processing fee||0.5% of the loan amount plus applicable taxes||Up to 0.50% of the loan amount or Rs.3,000 (whichever is higher) depending on the employment type|
|Interest rate||7.70% - 8.80% p.a.||6.95% – 8% p.a.|
|EMI per lakh||Rs.713||Rs.699|
|Age of the applicant||18 to 65 years||18 to 65 years|
|Popular home loan products||
|Residency type||Resident Indians and NRIs||Indian Residents/Non-Resident Indians.|
|Concession for women borrowers||Contact the bank||0.05% on the prevailing interest rate|
*Specific loans are Home Equity Enhancement Loans, Office Premises Loan, Home Equity Loan, and Lease Rental Discounting Loan.
Visit the bank’s official website for more information about their housing loans. Alternatively, you can also walk into the nearest bank branch for more details.
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