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Q.

Which Home Loan Is Better SBI Home Loan Vs ICICI Home Loan?

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1 Answers

10 months

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Hi, SBI and ICICI are two of the biggest banks in the country. When I was looking for a home loan, these are two that I considered. My cousin works at a bank and I asked him about the SBI home loan vs. ICICI home loan, which is better? 

ICICI vs SBI Home Loan Comparison: Which Should You Choose?

He provided me with a lot of information about the home loans of both these banks such as Interest rates, documents, processing fees, etc. To make it easier for you, I’ve arranged them in a tabular format.  

Factors SBI Home Loans ICICI Home Loans
Age

18-70 years

21-65 years

Maximum Amount

Up to Rs. 15 crore

Up to Rs. 5 crore

Tenure

Up to 30 years

Up to 30 years

Processing Fee

0.35% of the amount plus GST

0.50% – 1% of the amount plus GST

Interest Rate

8.40% - 10.05%

9.00% - 10.05%

Nationality 

Indian (Resident)

Indian (Resident)

Documents

KYC, proof of income, property documents, bank statements, signed and filled out application form, processing fee cheque. 

KYC, proof of income, property documents, bank statements, signed and filled out application form, processing fee cheque. 

According to him, if the CIBIL score of the borrower is 750+, the numbers mentioned here will remain the same. But if the score is below 750, the interest rates will be a bit higher than what has been mentioned in the SBI vs ICICI home loan table above. 

I finally chose the SBI home loan as they have slightly less processing fee and a lower interest rate.

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