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Home Loan - SBI vs. ICICI Bank vs. HDFC Bank

Updated on: 20 Jun 2022 // 20 min read // Home Loans
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Owning a home is one of the primary life goals for every household. However, with rising prices of real estate across India, it is virtually impossible for you to purchase a residential property on the go. This is where a Home Loan comes to your rescue and allows you to purchase a dream home.

In India, Home Loans are offered by banks as well as NBFCs, with the product offering varying across the financial institutions. As such, you might be confused regarding the best option.

HDFC Home Loan Online

Additional Info: Looking for 50 Lakh Home Loan? Check EMI & Apply

For your convenience, here we are comparing the features of Home Loans from three of the leading banks of India, i.e., SBI Home Loan, ICICI Home Loan, and HDFC Home Loan

S.No.ParticularsSBI Home LoanHDFC Home LoanICICI Home Loan
1Age of Primary Applicant18-70 years18-65 years21-65 years
2ProfessionSalaried/Self EmployedSalaried/Self EmployedSalaried/Self Employed
3Maximum FundingUp to Rs. 5 croreUp to Rs. 10 croreUp to Rs. 5 crore
4NationalityResident IndianResident IndianResident Indian
5Repayment TenorUp to 30 yearsUp to 30 yearsUp to 30 years
6Processing Fees0.35% of the amount plus GST0.50% of the amount or Rs. 3,000 plus GST0.50% – 1% of the amount plus GST
  Min – Rs. 2,000 + taxes(whichever is higher) 
  Max – Rs. 10,000 + taxes  
7Interest Rates6.70% to 6.90%6.70% to 7.65%6.70% to 7.55%
8Documents RequiredKYC, Income Proof, property documents, bank statements, signed the application form, a cheque for processing feeKYC, Income Proof, property documents, bank statements, signed the application form, a cheque for processing feeKYC, Income Proof, property documents, bank statements, signed the application form, a cheque for processing fee

Here is the detailed analysis of these parameters when you consider Applying for a Home loan with any of these financial institutions.

Age of Primary Applicant: – The age of the primary applicant, as well as the co-applicants, is an important factor taken into consideration by the banks while processing the Home Loan application.

SBI Home Loan: – To apply for an SBI home loan, the age of the primary applicant should be a minimum of 18 years, and the maximum age should be 70 years. It is possible to add a secondary applicant, who is not a co-owner, in order to enhance the eligibility and repayment tenor.

SBI Home Loan Apply Online

Additional Info: Also check SBI Home Loan EMI Calculator

HDFC Home Loan: –While Applying for an HDFC Home Loan, the age of the primary applicant should be a minimum of 18 years and a maximum of 65 years. HDFC bank allows the addition of co-applicants to enhance eligibility and repayment tenor.

Additional Info: Also check HDFC Home Loan EMI Calculator

ICICI Home Loan: –While applying for an ICICI home loan, the minimum age of the applicant must be 21 years while the maximum age should be no more than 65 years. ICICI Bank allows the addition of co-applicants to enhance eligibility and repayment tenor.

Additional Info: Also check ICICI Home Loan EMI Calculator

Rate of Interest: – Rate of interest charged by the bank is an important factor. Before applying for a loan, make a comparison on real-time interest charged, is it charged on reducing balance basis, fixed or floating rate.

SBI Home Loan: – Rate of Interest charged by SBI against the Home Loan is directly linked to the MCLR (Marginal Cost of fund-based Lending Rate). There are concessional rates applicable for females up to 0.05%.

AmountApplicantSalaried BorrowerNon-Salaried Borrower
Up to Rs. 30 LakhsWomen7.50%7.50%
 Others7.55%7.55%
30 Lakhs to 75 LakhsWomen7.50%7.50%
 Others7.55%7.55%
75 Lakhs and aboveWomen7.50%7.50%
 Others7.55%7.55%

HDFC Home Loan: – Home Loan Interest Rates Charged by HDFC Bank are connected to the RPLR, i.e., the Retail Prime Lending Rate. There are concessional rates applicable to female applicants, as mentioned in the table.

AmountApplicantInterest Rate
Up to Rs. 30 lakhsWomen7.65% – 8.15%
 Others7.70% – 8.20%
30 lakhs to 75 lakhsWomen7.90% – 8.40%
 Others7.95% – 8.45%
75 lakhs and aboveWomen8.00% – 8.50%
 Others8.05% – 8.55%

ICICI Home Loan: – Home loan Interest Rates by ICICI Bank are connected with MCLR. There are special concessions available for existing ICICI bank customers.

Additional Info: How to get Pradhan Mantri Awas Yojana

AmountSalaried BorrowerNon-Salaried Borrower
Up to Rs. 35 lakhs7.60%7.70%
(For ICICI Bank Customers)  
Up to Rs. 35 lakhs7.65%7.75%
(For Non-ICICI customers)  
Rs. 35 lakhs to Rs. 75 lakhs7.60%7.70%
Above Rs. 75 lakhs7.60%7.70%

The maximum amount available: – The maximum amount available for a Home Loan depends on a number of factors including age, income, credit score, and a number of applicants.

SBI Home Loan: The maximum amount available as a Home Loan with SBI is Rs. 5 crore.

HDFC Home Loan: The maximum amount available as a Home Loan with HDFC Bank is Rs. 10 crore.

ICICI Home Loan: The maximum amount available as a Home Loan with ICICI bank is Rs. 5 crore.

Repayment Tenor:  Repayment tenor of the Home Loan decides the duration for which you have to pay the EMI. Repayment tenor for Home Loans is dependent on the age, income, and the loan amount amongst various other factors.

SBI Home Loan: SBI offers maximum repayment tenor of up to 30 years subject to the profile of the applicant and co-applicant.

HDFC Home Loan: HDFC Bank offers repayment tenor of up to 30 years for home loans offered by the bank.

ICICI Home Loan: ICICI Bank offers an extended repayment tenor of up to 30 years against home loans offered by the bank.

Buying a home is a big financial decision and should only be taken after careful deliberation. Do your detailed analysis and research before making a final decision regarding your Home Loan.

Additional Info: You can also check Best Home Loan Interest Rates

To apply online for Best Home Loans for Pensioners,  Secured Loans and Unsecured Loans, visit MyMoneyMantra, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.

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