A common question I come across is HDFC vs ICICI home loan, which one is better? Every time I have the same answer, it depends on your requirements. When comparing HDFC and ICICI home loans in India, HDFC often stands out for offering a higher loan-to-value (LTV) ratio, financing up to 90% of the property value. However, ICICI’s typical 80%, potentially reducing your upfront equity outlay.
HDFC also provides a broader array of repayment options, including flexible, fixed, and floating interest plans. It offers features, like part-payment or prepayment without extra charges on floating-rate loans.
ICICI offers comparable flexibility but sometimes includes charges for certain prepayment actions.
In terms of processing fees, ICICI generally charges up to 0.5% of the loan amount, lower than HDFC’s fee of up to 1%.
Regarding interest rates, HDFC typically offers slightly lower rates, though exact figures can vary by borrower profile. ICICI rates are around 9% to 9.20% p.a., marginally higher than HDFC's (around 8.65% to 8.90%).
From a customer service and reach standpoint, both banks have extensive branch networks. But HDFC may edge ahead with a larger presence in certain areas. I hope you understand the HDFC home loan vs ICICI home loan differences.
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Choosing between HDFC vs ICICI home loan depends on your specific needs, but both banks offer competitive options. HDFC might be a better option if you're looking for a greater LTV ratio and possibly lower interest rates. However, ICICI Bank can be a better alternative if you value a robust digital experience and flexible payback plans. Before choosing, it is best to speak with representatives from both the banks and evaluate their services in light of your unique needs.
HDFC Home Loan Vs ICICI Home Loan?
Though both the banks offer competitive home loan options, if you ask me to choose between these 2 Banks, I’d prefer HDFC Bank. When I availed of a home loan a few months back, I compared the interest rates of both these banks and found HDFC a better and attractive option.
This is because their interest rate was quite affordable in comparison to ICICI Bank. The HDFC standard housing loan rates for salaried & self employed (professionals & non-professionals) ranges from 8.70% to 9.55%. However, as per the ICICI Bank website their house loan interest rates for salaried individuals starts from 9.25% to 9.90%. Hence, I opted for HDFC Bank.
However, I’d like to say that it is best if you could check current interest rates, processing fees, and customer service ratings, of both before choosing one.
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HDFC Home Loan vs ICICI Home Loan
Both banks offer flexible loan tenures of up to 30 years, which helps in reducing monthly EMIs. The loan amount offered depends on the applicant’s eligibility and property value. Here is the difference between HDFC and ICICI housing loans.| HDFC Home Loan | ICICI Home Loan |
| Known for slightly lower interest rates, often starting at around 8.75 to 9.65% p.a., depending on the applicant\'s profile, credit score, and loan amount. | Offers comparable rates, usually starting at 8.75% to 10% p.a., but promotional schemes can make their rates competitive. |
| Processing fees are 0.5% of the loan amount, with capped limits. | Offers similar processing charges but often provides discounts or waivers during promotional periods. |
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Hello Om, I can tell you about the ICICI Bank vs HDFC Bank home loan, which is better. I was comparing several banks while looking for a home loan. So, I can share which one is better.
ICICI vs HDFC Home Loan?
I am sharing a few details about the home loan of HDFC and ICICI below.
| ICICI | HDFC |
The eligible age is 20 to 65 years for salaried and 21 to 70 years for self-employed individuals. |
The eligible age for a home loan is between 21 to 65 years. |
The minimum salary required is Rs. 25,000 per month. |
The minimum salary required is Rs. 10,000 per month. |
You get up to Rs. 5 crores of loan amount. |
You get a loan amount up to Rs. 10 crore. |
The interest rate ranges between 9.25% and 10.05%. |
Interest rate ranges between 8.75% and 9.95%. |
The processing fee is 0.50% plus the applicable taxes |
The processing fee starts at 0.50% of the loan amount plus taxes depending on the type of home loan. |
The maximum tenure is 30 years. |
The maximum loan tenure is 30 years. |
So, this will help you decide between HDFC home loan vs ICICI home loan. I recommend you see your priorities and then make a decision.
If your importance lies on interest rate, you can understand which one to pick between home loan interest rate ICICI vs HDFC through this.
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Hey,
Purchasing a house requires conducting in-depth research on the best available loan in the market. Home loans with minimal documentation and low-interest rates are preferred by borrowers. To stay ahead of the curve, you need to check for closing costs and other miscellaneous charges as well. I will share with you HDFC or ICICI home loan which is better.
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Which home loan is better: HDFC or ICICI?Both ICICI and HDFC Bank offer attractive home loans to borrowers. To help you compare the features of both the leading banks, I have made this table. Take a look to know more.
Particulars |
HDFC Home Loan |
ICICI Home Loan |
Age of Primary Applicant |
18-65 years |
21-65 years |
Profession |
Salaried/Self Employed |
Salaried/Self Employed |
Maximum Funding |
Up to Rs. 10 crore |
Up to Rs. 5 crore |
Processing Fees |
0.50% of the amount or Rs. 3,000 plus GST
(whichever is higher) |
0.50% – 1% of the amount plus GST |
Nationality |
Resident Indian |
Resident Indian |
Repayment Tenor |
Up to 30 years |
Up to 30 years |
Interest Rates |
8.60% to 9.50% |
8.60% to 9.60% |
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 |
The amount available for a Home Loan depends on a number of factors including age, income, credit score, and a number of applicants. Lenders may have their own eligibility criteria for the same. The answer to HDFC or ICICI home loan which is better may be subjective. I prefer HDFC bank because of their quick customer service.
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HDFC or ICICI home loan Which is Better?
Om
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2022-12-27T13:35:00+00:00 2024-06-24T14:29:20+00:00Comment
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