State Bank of India (SBI) is a multinational financial services company headquartered in Mumbai, and in one of the largest banks in the world. With amazing home loan products and incredible, competitive rates of interest, SBI have definitely one of the largest players in the home loan market. The bank has also incorporated top of the line technology into its financial services making it a customer friendly platform for customers to use.
ICICI bank is one of the most popular multinational banks in India. In terms of assets, it is the third largest bank in the nation and is the fourth largest in terms of market capitalisation. With an array of services to offer, ICICI is the go-to bank for many individuals all over the country. One of its most prominent products is their home loan product. Its wide range of home loan products clubbed with its impeccable customer service, and its vast network of branches makes ICICI bank one of the top banks in the country for home loans. With two heavyweights like these to choose from, it can be a strenuous task. Below is a comparison table that can help ease you decision making process.
|Category||SBI Home Loan||ICICI bank Home Loan|
|Purpose||SBI bank provides home loan products to various types of individuals like salaried, self-employed, NRIs, etc., depending on their requirements||Home loan products offered by ICICI bank can be catered to a wide array of persons depending on their profession, repayment capacity, country of residence, etc.|
|Loan amount||Rs.5 lakh – Rs.10 crore||Rs.5 lakh – Rs.10 crore|
|Rate of interest||6.95% – 7.50% p.a.||7.70% - 8.80% p.a.|
|Loan tenure||Up to 30 years||Up to 30 years|
|Eligibility||Applicant must be at least 18 years of age and not more than 70 years of age||Applicant must be at least 21 years of age and not more than 65 years of age|
|Processing fee||Rs.2,000 – Rs.10,000 excluding tax||0.5% of the loan amount plus applicable taxes|
||No guarantor required No prepayment charges|
|Application process||You can either apply for a loan online or by visiting one of their branches||You can either apply for a loan online or by visiting one of their branches|
Obtaining a home loan is a long-term commitment, and therefore, there must be adequate research done prior to applying for one. This will help you compare the rates of interest, understand the hidden charges, if any, help you understand the pros of that particular bank, etc. Remember, even a slight variation in home loan interest rate can affect the overall interest payable greatly as home loans are a long term commitment.
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