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  • ICICI Bank vs HDFC Home Loan

    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.

    Comparison between ICICI Bank and HDFC home loans

    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
    Prepayment charges
    • Nil for borrowers with floating rate loan
    • Fixed rate (individual borrowers)/Top-up loan (non-individuals)- 2% of outstanding loan amount +tax
    • Specific loans* (non-individual borrowers/individual borrowers with fixed rate- 4% of outstanding principal amount+ tax
    • Nil for floating rate loans (Individual borrowers)
    • Fixed rate loan- Individual borrowers- 2% of the loan amount if not paid using own sources.
    • Fixed/floating non-individual borrowers-
      2%+ tax if prepaid within first 6 months from loan disbursement.
      Nil if paid after 6 months up to 25% of the principal loan amount in one year.
    Pros
    • Low processing fees
    • Simple documentation
    • Overdraft facility
    • Higher loan eligibility
    • Doorstep loan service
    • Concession on the interest rate for women borrowers
    • Simple home loan process
    • Quick approvals
    • Maximum funding of up to 90% of the cost of the property available
    Documentation
    • Duly-filled application form and photographs
    • KYC documents such as identity proof and proof of residence
    • Income proof
    • Property documents
    • Cheque for processing fees
    • Application form
    • Passport size photographs
    • Identity and address proof
    • Income proof
    • Property-related documents
    • Cheques
    Popular home loan products
    • ICICI Bank Pragati Home Loan
    • ICICI Bank Saral Rural Housing Loan
    • NRI Home Loan
    • Step Up Home Loan
    • ICICI Bank Instant Home Loan
    • HDFC Bank Home Loan
    • Rural Housing Loan
    • HDFC Reach Loan
    • Home Improvement Loan
    • Home Top Up Loan
    • HDFC Bank Home Loan for NRI/PIO
    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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