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State Bank of India (SBI) is the largest nationalized bank in India, with headquarters in Mumbai. The bank is one of the largest players in the home loan segment, offering various home loan products at competitive interest rates. SBI has adopted digital banking as part of its financial services making it a very customer-friendly platform enabling an easy and hassle-free loan application process.
ICICI bank, the third-largest private sector bank and the fourth largest in terms of market capitalization is one of the key multinational banks in India. With user-friendly services and products, the bank is popular among the Indian public. Due to its wide array of home loan products, great customer service and branches in every nook and corner of India, it is considered one of the top banks in India for home loans.
Choosing between the two leading banks in India, i.e., SBI and ICICI for home loans is an onerous task. Here’s a comparison table to help you make an informed decision.
|
Particulars |
SBI |
ICICI |
|
Purpose |
Home loans offered to salaried, self-employed, NRIs, etc., depending on their home loan requirements. |
Home loans offered to salaried, self-employed, NRIs, etc., depending on their home loan requirements. |
|
Amount of Loan |
Rs.5 lakhs – Rs.10 crores |
Rs.5 lakhs – Rs.3 crores |
|
Interest Rate |
6.95% – 7.50% p.a. |
6.75% - 7.55% p.a. |
|
Tenure of Loan |
Up to 30 years |
Up to 30 years |
|
Eligibility Criteria |
Age between 18-70 years |
Age between 21-65 years |
|
Lowest EMI per lakh |
Rs. 645 |
Rs. 649 |
|
Foreclosure Charges |
Nil |
Nil |
|
Processing Fee |
Rs.2,000 – Rs.10,000 plus tax |
0.5% of the loan amount plus tax |
|
Documentation |
|
|
|
Application Mode |
Offline/Online |
Offline/Online |
|
Enhanced Eligibility |
- |
Up to 20% |
Which is the better choice?
The answer depends on your requirements and the interest rates offered to you. The home loans offered by both SBI and ICICI come with attractive terms. For instance, ICICI offers loans up to Rs. 3 crores whereas SBI offers up to Rs. 10 crores but the interest rate for SBI starts from 6.95% whereas, for ICICI, it is at 6.75%. As such, a borrower should go through the various loan terms before choosing a home loan option from SBI or ICICI Bank.
Both SBI and ICICI Bank offer different home loan products at attractive offers. The borrower should go through both the bank terms and conditions of the home loan on offer before choosing the best option.