Last Updated on April 11, 2022 by AlexJames
Everyone wants to own a house or a flat of their own. But, owing to prices associated with buying a home, it becomes difficult to gather the required funds in one go. In cases such as these, one can avail a home loan to fulfil their dreams. In recent times, there are multiple loan schemes offered by various banks such as SBI Home loan, ICICI Home Loan etc, available in the market. They come with different eligibility criteria, interest rates and other suitable features. Since the value of property is increasing with time it is always an excellent decision to own a house or a flat of your own.
Which is better SBI Home Loan or ICICI Home Loan?
Understanding the complexities involved in selecting the best home loan is a challenge in itself. Both ICICI and SBI are reputed banks who come up with attractive and efficient home loan features to offer to you. Here are a list of criteria which will help you to get a clear understanding of the home loans, based on which you can opt for the one that suits you.
Eligibility criteria
SBI home loan
- Age- 18 to 70 years.
- The applicant must be an Indian resident.
- For salaried- the person should be employed and must have two years of work experience.
- For self-employed- the person should have a stable source of income from any firm or company that is functioning for the last three years.
- The loan eligibility also depends on the value of the property selected by the applicant.
- Minimum credit score- 650 and above.
ICICI home loan
- Age- 21 to 65 years.
- The applicant must be an Indian resident.
- For salaried- the person should be employed and must have a work experience of 1year.
- For self-employed- the person should have a stable source of income from any firm or company that is in function for the last 5 years.
- Minimum credit score- 650 and above.
Interest rates and tenure
The SBI Home Loan interest rate ranges between 8.35% to 8.60%. With loan amount starts from 50,000 and can go up to 50 crores. The bank provides tenure of 30 years for the salaried and non-salaried loan bearers.
The ICICI Home Loan interest rate ranges between 8.45% to 8.95%. With loan amount starts from 20 Lakh and can go up to 10 crores. The bank provides a tenure of minimum 30 years for all loan applicants.
Process of application
You can apply for SBI Home Loans via Whatsapp for that you need to give a missed call on 9555103000 (you will receive a WhatsApp message). The chatbot will ask you questions and you can do accordingly.
You can also avail for a home loan by visiting any nearby SBI Bank Branch.
You can apply for ICICI Home Loan through their official website or You can visit any nearby ICICI Bank branch.
Documents required
The list of documents needed are the same for both SBI and ICICI Home Loan
- Employee Identity card.
- Completed loan application form.
- Identity proof and residence proof.
- Property paper.
- Permission for construction.
- Construction plan.
Further, the list increases or decreases depends on the profession of the loan applicants.
Penalties and other charges
SBI Home Loan
- Processing fee- SBI charges 0.25% of the loan amount which ranges between Rs-1000/- to 10,000/-
- Foreclosure charges- If any person wants to repay their loan amount before the tenure period gets over then the person has to pay foreclosure charges. SBI doesnot charge any foreclosure amount from its loan bearers.
In addition to these charges the bank also charge for valuation fee, advocates fee towards property search, stamp duty and other technical and legal charges. All are explained to the loan bearer by the bank during the loan process.
ICICI Home Loan
- Processing fee- ICICI Bank charges a processing fee of 0.50% to 1% of the loan amount i.e Rs1500 and Rs2000 for Delhi, Mumbai and Bangalore.
- Foreclosure charges- The Bank demands foreclosure amounts on the basis of the total amount of loan taken and the interest rate charged.
In addition to these charges, ICICI also take administrative charge of Rs5000, advocates fee towards property search, stamp duty and other technical and legal charges.
Key Features
SBI Home Loan
- Provides special features for women customers.
- Foreclosure charges are free.
- Loan to value ratio is 90%
- EMI of Rs 769 per lakh
ICICI Home Loan
- Prepayment, Foreclosure charges are NIL for floating-rate loans.
- Quick and transparent loan processing.
- Attractive interest rates for different categories.
- 24*7 assistance
- Lowest EMI of Rs 758 per lakh.
SBI and ICICI Home Loans come with a whole lot of features in them. They are easy to apply, charges low processing fee and provides instant approval with the right documents. These home loans are acting as a medium, availing which anyone can fulfil their dream of getting a house of their own.
SBI Home Loan Vs ICICI Home Loan – which is Better
Everyone wants to own a house or a flat of their own. But, owing to prices associated with buying a home, it becomes difficult to gather the required funds in one go. In cases such as these, one can avail a home loan to fulfil their dreams. In recent times, there are multiple loan schemes offered by various banks available in the market. They come with different eligibility criteria, interest rates and other suitable features. Since the value of property is increasing with time it is always an excellent decision to own a house or a flat of your own.
Which is better SBI Home Loan or ICICI Home Loan?
Understanding the complexities involved in selecting the best home loan is a challenge in itself. Both ICICI and SBI are reputed banks who come up with attractive and efficient home loan features to offer to you. Here are a list of criteria which will help you to get a clear understanding of the home loans, based on which you can opt for the one that suits you.
Eligibility criteria
SBI home loan
- Age- 18 to 70 years.
- The applicant must be an Indian resident.
- For salaried- the person should be employed and must have two years of work experience.
- For self-employed- the person should have a stable source of income from any firm or company that is functioning for the last three years.
- The loan eligibility also depends on the value of the property selected by the applicant.
- Minimum credit score- 650 and above.
ICICI home loan
- Age- 21 to 65 years.
- The applicant must be an Indian resident.
- For salaried- the person should be employed and must have a work experience of 1year.
- For self-employed- the person should have a stable source of income from any firm or company that is in function for the last 5 years.
- Minimum credit score- 650 and above.
Interest rates and tenure
The SBI Home Loan interest rate ranges between 8.35% to 8.60%. With loan amount starts from 50,000 and can go up to 50 crores. The bank provides tenure of 30 years for the salaried and non-salaried loan bearers.
The ICICI Home Loan interest rate ranges between 8.45% to 8.95%. With loan amount starts from 20 Lakh and can go up to 10 crores. The bank provides a tenure of minimum 30 years for all loan applicants.
Process of application
You can apply for SBI Home Loans via Whatsapp for that you need to give a missed call on 9555103000 (you will receive a WhatsApp message). The chatbot will ask you questions and you can do accordingly.
You can also avail for a home loan by visiting any nearby SBI Bank Branch.
You can apply for ICICI Home Loan through their official website or You can visit any nearby ICICI Bank branch.
Documents required
The list of documents needed are the same for both SBI and ICICI Home Loan
- Employee Identity card.
- Completed loan application form.
- Identity proof and residence proof.
- Property paper.
- Permission for construction.
- Construction plan.
Further, the list increases or decreases depends on the profession of the loan applicants.
Penalties and other charges
SBI Home Loan
- Processing fee- SBI charges 0.25% of the loan amount which ranges between Rs-1000/- to 10,000/-
- Foreclosure charges- If any person wants to repay their loan amount before the tenure period gets over then the person has to pay foreclosure charges. SBI doesnot charge any foreclosure amount from its loan bearers.
In addition to these charges the bank also charge for valuation fee, advocates fee towards property search, stamp duty and other technical and legal charges. All are explained to the loan bearer by the bank during the loan process.
ICICI Home Loan
- Processing fee- ICICI Bank charges a processing fee of 0.50% to 1% of the loan amount i.e Rs1500 and Rs2000 for Delhi, Mumbai and Bangalore.
- Foreclosure charges- The Bank demands foreclosure amounts on the basis of the total amount of loan taken and the interest rate charged.
In addition to these charges, ICICI also take administrative charge of Rs5000, advocates fee towards property search, stamp duty and other technical and legal charges.
Key Features
SBI Home Loan
- Provides special features for women customers.
- Foreclosure charges are free.
- Loan to value ratio is 90%
- EMI of Rs 769 per lakh
ICICI Home Loan
- Prepayment, Foreclosure charges are NIL for floating-rate loans.
- Quick and transparent loan processing.
- Attractive interest rates for different categories.
- 24*7 assistance
- Lowest EMI of Rs 758 per lakh.
SBI and ICICI Home Loans come with a whole lot of features in them. They are easy to apply, charges low processing fee and provides instant approval with the right documents. These home loans are acting as a medium, availing which anyone can fulfil their dream of getting a house of their own.
