When it comes to availing a home loan, it is best to compare before finalising the bank. Here, we take a look at ICICI and HDFC bank as both the banks offer attractive interest rates along with a host of features and benefits. Doing a proper research will ensure than you can avail the best home loan for yourself and get it processed fast.
Here are the interest rates, processing fees, and other features such as loan amount and tenure of ICICI vs HDFC home loans:
|Compare||ICICI Home Loan||HDFC Home Loan|
|Interest Rate||6.75% p.a. onwards||6.75% p.a. onwards|
|Processing Fees||Up to 0.50% of the loan amount plus applicable taxes||Up to 0.50% of the loan amount or Rs.3,000, whichever is higher + taxes|
|Loan Amount||Contact the bank||Contact the bank|
|Loan Tenure||30 years||30 years|
|Eligibility||Resident Indian: Between 21 to 60 years of age||Resident Indian: Between 21 to 65 years of age|
|Penal Interest Rates||24% p.a.||24% p.a.|
|Popular Home Loan Products||
Both ICICI and HDFC offer different home loan schemes with attractive interest rates. HDFC offers home loans starting at 6.90% p.a. with interest concession for women borrowers. There are also different variants of the home loan such as the two-year fixed rate variant and the adjustable rate home loan. Interest rate on HDFC home loans also change with the quantum of loan applied for and other factors.
ICICI’s home loans are based on the prime lending rate as well as the CIBIL score of the applicant with interest rates starting at 6.90% p.a. for salaried and professional individuals having a CIBIL score above 700 and 7.00% p.a. for others. For those with CIBIL scores less than 700, interest rates start at 7.50%. This is for home loans of up to Rs.50 lakh with interest rates varying according to the quantum of loan as well.
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