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

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

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.

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. 

 

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S.No.

Particulars

SBI Home Loan

HDFC Home Loan

ICICI Home Loan

1

Age of Primary Applicant

18-70 years

18-65 years

21-65 years

2

Profession

Salaried/Self Employed

Salaried/Self Employed

Salaried/Self Employed

3

Maximum Funding

Up to Rs. 2 crore

Up to Rs. 10 crore

 

Up to Rs. 3 crore

 

4

Nationality

Resident Indian

Resident Indian

Resident Indian

5

Repayment Tenor

Up to 30 years

Up to 20 years

Up to 30 years

6

Processing Fees

0.35% of the amount plus GST

 

Min – Rs. 2,000 + taxes

 

Max – Rs. 10,000 + taxes

0.50% of the amount or Rs. 3,000 plus GST

 

(whichever is higher)

0.50% – 1% of the amount plus GST

7

Interest Rates

8.55% to 9.10%

8.60% to 9.40%

 

8.70% to 9.30%

8

Documents Required

KYC, Income Proof, property documents, bank statements, signed the application form, a cheque for processing fee

KYC, Income Proof, property documents, bank statements, signed the application form, a cheque for processing fee

KYC, 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.

  • 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.

  • 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.

  • 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%.

Amount

Applicant

Salaried Borrower

Non-Salaried Borrower

Up to Rs. 30 Lakhs

Women

8.55%

8.70%

Others

8.60%

8.75%

30 Lakhs to 75 Lakhs

Women

8.80%

8.95%

Others

8.85%

9.00%

75 Lakhs and above

Women

8.90%

8.95%

Others

8.95%

9.10%

  • 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.

Amount

Applicant

Interest Rate

Up to Rs. 30 lakhs

Women

8.60% – 9.10%

Others

8.65% – 9.15%

30 lakhs to 75 lakhs

Women

8.85% – 9.35%

Others

8.90% – 9.40%

75 lakhs and above

Women

8.90% – 9.40%

Others

8.95% – 9.45%

  • ICICI Home Loan: – Home loan interest rates levied by ICICI bank are connected with MCLR. There are special concessions available for existing ICICI bank customers.

Amount

Salaried Borrower

Non-Salaried Borrower

Up to Rs. 35 lakhs

(For ICICI Bank Customers)

8.70%

8.70%

Up to Rs. 35 lakhs

(For Non-ICICI customers)

9.05%

9.10%

Rs. 35 lakhs to Rs. 75 lakhs

9.15%

9.20%

Above Rs. 75 lakhs

9.20%

9.30%

  • 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. 2 crore.

  • HDFC Home Loan: – The maximum amount available as a Home Loan with HDFC Bank is Rs. 10 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 20 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.

 

Also Read: 5 Best Home Loan Providers in India

 

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