SBI bank and ICICI bank are the two most popular banks and reputed names in the country. However, SBI or State Bank of India is one of the oldest banks in India, while ICICI is a newly established bank. The most intriguing part of SBI bank is that its history traces back to British India. Finally, in 1955, India saw the dawn of a new name, the Imperial Bank of India which gradually became the State Bank of India.
If you are seeking home loan, then you have the country’s best two banks, the SBI and ICICI. If you are confused which bank to choose, then this article will help you. Selecting between the two banks is like picking the best flower better than other beautiful flowers.
Difference between SBI and ICICI home loan
Both SBI and ICICI are good lenders, but comparatively SBI is touted excellent when it comes to reducing and lucrative rates. Besides, service of the bank is extraordinary. The only thing is that you will have to look out for sanction personally and even disbursement which may be time consuming. Therefore, it can be concluded that the SBI home loan interest rate is not taxing on your pockets. Also, to apply for an SBI loan you will have to provide all your documents.
ICICI bank is also one of the best home loan lenders. Its home loan processing service is prompt. Also, you can avail services of customer care all round the clock.
Let’s have a look at the difference between ICICI and SBI home loan interest rate
• The interest rate for women applying SBI home loan interest rate is 9.10% to 9.25%. For general customers, the SBI home loan interest rate is 9.15% to 9.30%. The SBI Flexipay interest rate 9.25% to 9.30%.
On the other hand, the interest rate for ICICI bank home loan is 9.20% to 9.50% for general borrowers and 9.15% to 9.45% for women borrowers.
• If you are applying for SBI home loan, the processing fees is up to 0.35% of the loan amount and the maximum processing fees is Rs. 11,500. If you want to apply for ICICI home loan, then the processing fees is 0.50% of the loan amount or it may be Rs. 11,500 whichever is lower.
• For both the loans no guarantor is required.
Remember, SBI issues a great range of home loans and the SBI home loan interest rate is suitable for the borrower. According to various consumer awards and surveys have bestowed the title ‘The most preferred Home Loan Provider’. Besides, SBI provides loan at lower interest rate, zero hidden charges, flexible payment options. The SBI home loan interest rate is offered at a lower competitive rate.
Coming to ICICI bank home loans, these types of home loans are easy to apply for various reasons. Suppose, you want to buy a new house then you can apply for loan from the bank (which you already know) or from your bank’s approved projects. The company offers pre-approved loans to only a selected group of customers including existing customers.
What are the different types of SBI and ICICI home loans?
They include SBI MaxGain Home loan, SBI Yuva home loan, SBI realty, Her Ghar Home loan, etc. ICICI home loan interest rates vary for salaried applicants, self employed applicants, women applicants, weaker section applicants, etc.
Also, ICICI offers you the advantage of lowering the weight of EMIs to its customers. Thus, you can gain all the benefits of home loans if you are eligible for the same. However, do research for SBI home loan interest rate and ICICI home loan interest rate , and then make your choice. Choose wisely the one, whether SBI home loan interest rate or ICICI home loan interest rate, that will help you meet the kinds of requirements you have on mind.
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