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HDFC Bank and ICICI Bank are both leading private sector banks in India in the home loan segment offering various home loans products at attractive rates of interest. As such, a potential borrower needs to do a thorough comparison between the two bank home loan features and benefits, to get hold of the best loan to suit their home loan requirements.
Comparison of Features and Benefits of HDFC and ICICI Home Loan
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Particulars |
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Purpose |
Available for salaried, self-employed, NRIs, etc., depending on their home loan requirements. |
Available for salaried, self-employed, NRIs, etc., depending on their home loan requirements. |
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Interest Rate |
Starts from 6.75% p.a. |
Starts from 6.75% p.a. |
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Tenure of Loan |
Up to 30 years |
Up to 30 years |
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Eligibility Criteria |
Age between 21-65 years |
Age between 21-65 years |
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Lowest EMI per lakh |
Rs. 649 |
Rs. 649 |
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Foreclosure Charges |
Nil |
Nil |
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Repo Rate |
4% |
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Processing Fee |
0.5% of the loan amount or Rs. 3000 plus tax |
0.5% of the loan amount plus tax |
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Documentation |
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Application Mode |
Offline/Online |
Offline/Online |
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Enhanced Eligibility |
- |
Up to 20% |
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Penalty Charges |
24% p.a. |
24% p.a. |
Which is the better choice for home loans? ICICI Bank or HDFC Bank?
There’s no single answer. It depends on your requirements as well as the interest rates offered to you. Make sure to compare the current interest rates you’re eligible for at both banks to choose the right choice for your home loan needs.