Sanctioned home loan from two banks – Which one to Choose ?

POSTED BY sandynb ON September 2, 2014 9:23 am COMMENTS (4)

Hi all,

I have applied for Home loan to HDFC and ICICI simultaneously since the requested home loan amount is higher than what i am eligible for as i aleardy have car loan going.

ICICI has given me sanction letter with loan sanctioned to amount close to what i required.

HDFC has given me sanction letter for exact loan amount but with condition that i should forclose my car loan after first disbursal. HDFC also attached my father as co-applicant. ICICI has given me sanction letter before HDFC and deducted processing fee cheque from my account.

As already processing fee cheque deducted from my account by ICICI, which is non-refundable (mentioned in sanction letter), i had no other option to go with ICICI. However in the mean time HDFC has given me sanction letter. To be on safer side, i have stopped HDFC processing cheque with my banker. I have following question/doubts in my mind.

1. As i wanted to go with HDFC as its good bank, is there any way i can get processing fee back from ICICI.

2. Getting sanction letter from HDFC and not paying the processing fee, will it be call as ‘fraud’ and will it reflect on my CIBIL score?

3. Am I entitled to pay processing fee to HDFC if i have no other option than go with ICICI.

Please reply, i am in fix.


Thanks and regards

4 replies on this article “Sanctioned home loan from two banks – Which one to Choose ?”

  1. sandynb says:

    ROI is same 10.15%

    Processing fees
    Rs 11236

    Rs 11798

  2. NewInvestorHC says:

    How much ICICI and HDFC charged for Rate Of Interest and processing fees?

  3. Hemanth Chandra says:

    What is the interest rate from HDFC and ICICI ?

  4. Credexpert says:

    Dear Sir,

    Regarding refund of processing fee from ICICI bank, kindly request you to contact the bank as they are in a better position to guide you.

    Non payment of the processing fee will not be reflected on your credit report.

    However, if you want to go with HDFC Bank, you will be required to pay the processing fee before disbursement of the loan.


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