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Compare IIFL vs ICICI Bank Home Loan

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Bank
Interest Rate
Interest Rate
8.20% - 8.20%
6.70% - 11.35%
Processing Fees
Processing Fees
Upto 1.25%
Min ₹ 3,000;
Maximum Loan Amount
Maximum Loan Amount
₹ 5 Cr
₹ 7 Cr
Maximum Tenure
Maximum Tenure
30 Years
30 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 748
₹ 645
Benchmark Rate (Check Rates)
Benchmark Rate (Check Rates)
PLR
RLLR
Minimum Age
Minimum Age
18 Years
21 Years
Maximum Age
Maximum Age
70 Years
65 Years
For Women
For Women
N
Y
Overdraft Facility
Overdraft Facility
N
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.1/5.0
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Compare Home Loan EMI of IIFL and ICICI Bank

Loan Amount IIFL ICICI Bank
₹ 10 Lakh ₹ 7,478 ₹ 6,453
₹ 25 Lakh ₹ 18,694 ₹ 16,132
₹ 30 Lakh ₹ 22,433 ₹ 19,358
₹ 50 Lakh ₹ 37,388 ₹ 32,264

Which is a better bank for Home Loan – ICICI Bank or IIFL?

ICICI Bank offers lower Home Loan EMI at ₹ 645 on a Home Loan for 30 Years as compared to IIFL with a minimum EMI of ₹ 748 for 30 Years. Average customer ratings for ICICI Bank is currently at 4.1/5.0 which makes it a good choice for taking a Home Loan.

How does ICICI Bank Home Loan compare with IIFL Home Loan?

It is important to do a detailed comparison of ICICI Bank and IIFL on all loan terms and conditions to understand their differences and make an informed decision. Keep in mind that each bank’s scheme has its pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

  • Lowest Interest rate of ICICI Bank Home Loan is 6.70%, which is lower than the lowest interest rate of IIFL at 8.20% and hence, ICICI Bank is offering a cheaper loan option.
  • When compared on other Home Loan charges such as processing fees, ICICI Bank charges a lower processing fees of Nil vs IIFL with a processing fees of 1.25% of loan amount.
  • ICICI Bank is a with its Home Loan rates benchmarked to RLLR. IIFL is a with its home loan rates benchmarked to PLR.
  • ICICI Bank has an average customer ratings of 4.1, while has an average customer rating of , based on which it is clear that ICICI Bank has a high customer service focus, an easy Home Loan process and a quick turnaround.
  • ICICI Bank offers special discounted rate Home Loan schemes for women, while IIFL currently doesn’t have such schemes for women. Hence, women borrowers should consider ICICI Bank.

Which bank offers a lower interest rate on Home Loan – ICICI Bank or IIFL?

As per the current rates, ICICI Bank offers a lower interest rate of 6.70% on Home Loan when compared to IIFL which offers a Home Loan at 8.20%.

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Home Loan News - Jan 2022
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    Axis Bank has reported a 224 per cent year-on-year rise in its net profit at Rs 3,614 crore for the quarter ended December, which was sharply above analysts expectations of Rs 3,046 crore. The bank also witnessed a 17 per cent on-year growth in net interest income to Rs 8,653 crore for the December quarter.
  • 2022-01-24 : HDFC Capital Raises Fund for Affordable Housing
    HDFC Capital, a wholly-owned subsidiary of HDFC Ltd, has raised funds of about Rs 13,989 crore on affordable housing, the HDFC Capital Affordable Real Estate Fund – 3 (H-CARE-3).
  • 2022-01-21 : Properties to Get Costlier in Gurgaon as New Circle Rates Come into Effect
    The circle rates have been hiked for Golf Course Road, Golf Course Extension Road, Sohna Road, and Dwarka Expressway projects. As a result, homebuyers will have to shell out more money to purchase property, particularly in some upscale areas.
  • 2022-01-21 : PNB Housing Finance Announces Net profit for Q3
    PNB Housing Finance Limited (PNBHFL) has reported a 19 per cent decline in net profit for the quarter ended December 31, 2021, at ₹188 crores compared to ₹232 crores recorded in the same quarter in the previous fiscal.
  • 2022-01-20 : PFC and REC Reduce Lending rates
    The State-run PFC and REC have reduced their lending rates across all types of loans by 40 basis points (bps). The move will help power utilities raise loans at cheaper rates. Also, the power sector non-banking financial companies (NBFC) have already been offering short term loans at a 6.25 per cent interest rate.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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