ICICI Bank Home Loan
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ICICI Bank Home loan can be taken to fund your dream house purchase. A home loan is a secured loan, where the house you intend to purchase is considered as collateral. There are a lot of banks that offer home loans to help their customer buy or construct a house. ICICI bank is one of them that provide comprehensive loan schemes.
It is India’s largest private sector banks offering credit at a fixed interest rate for the first ten years of the loan availed post which the customer has a choice to opt for a fixed or a floating interest rate. At Loanbaba.com, you will come across information about all types of ICICI Home Loans in India.
|ICICI Bank Home Loan Details Updated on 21st November 2019
Up to Rs. 5 crores
1 year to 30 years
8.50% to 9%
Why Choose ICICI Bank Home Loan?
The advantage of this loan is its same interest throughout the duration, if fixed, but flexible on floating rate of interest.
Simple documentation is needed and the home loan in ICICI bank then gets processed faster.
The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.
- Home Loan EMI calculator at Loanbaba.com.
You can check out ICICI bank home loan eligibility and ICICI bank
Features of Home Loans at ICICI Bank
Some of the ICICI home loan options available are as follows.
One can avail a housing loan up to Rs. 5 crores. If the customer chooses ICICI home loan at floating interest rate, then he shall not be charged additionally.
However, one has to pay 2% plus tax, as a charge on the outstanding principle if opted for fixed interest.
A processing fee of 0.5% up to Rs 11,800 shall apply on loan.
The loan tenure ranges from 3 years to 30 years.
Availing these loans does not require any guarantor.
Why Apply for a Home Loan on Loanbaba?
At Loanbaba, you can compare and apply for Home loans online. You can check out several housing loans and go through their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, on a single platform. The loan application process is simple and easy, as you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
ICICI Bank Home Loan Interest Rates
The ICICI bank home loan interest rate starts at 8.50% to 9%, but varies as per individual profile. Keep a check on this page to note the updated ICICI home loan interest rates for the current year.
ICICI Home Loan Eligibility Calculator
Home loan eligibility may differ from one candidate to another. You can also use free-of-cost ICICI Bank home loan eligibility calculator at Loanbaba.com. The eligibility criteria for ICICI Bank housing loan are discussed below:
The applicant for home loan ICICI needs to meet the age requirement and possess all necessary identity and income proof required to apply for the loan.
He/she meet the requirement for credit score and should not be under too many debts.
Documentation requirements for salaried and entrepreneurial individuals
Filled application form for Reliance Home Loan
Passport sized photographs of both the applicant and the co-applicant.
KYC documents including their identity and residential proof. This may include a copy of your Aadhar card, voter ID, passport, PAN card, driving license, etc.
Salary slips of past 3 months.
Bank statement of past 6 months.
Repayment track record
Documentation requirements for sole proprietorship or partnership or a private limited firm
Passport sized photographs of the applicant and the co-applicant.
Fully filled and signed loan application form.
KYC documents including their identity and residential proof. This may include a copy of your voter ID, passport, Aadhar card, PAN card, driving license, etc.
Attested copies of your partnership, AOA or MOA.
Audited financial papers of the previous 2 years.
Income tax returns of the partners or the directors for past 2 years.
Bank statement of the operating account for past 6 months.
Qualification certificate if the candidate is an expert such as a doctor, advocate, charted accountant, architect or a civil engineer.
Types of ICICI Home Loans
ICICI Bank has home loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.
ICICI Bank Home Loans FAQs
Below provided are important questions about home loan ICICI in India.
- What are the features of Home loan for women by ICICI bank?
Home Loan for Women borrowers
The women borrowers get a preference where they can avail home loans with interest ranging from 8.35% to 8.8%. In this case, the woman should be the main borrower, applicant and co-owner of the property. The interest rates in different situations are as follows:
Floating interest ranges from 8.65% to 8.8%.
Fixed interest for five years or even ten years shall range from 8.7% to 8.9%.
The interest rate for the full tenure ranges from 9.7% to 10.05%.
Home Loan for General borrowers
The interest rate ranges from 8.35% to 8.85% in the case for general borrowers.
- What are the Eligibility criteria for ICICI Bank Home Loan?
The eligibility for ICICI Home loan is discussed below:
The applicant should be at least 21 years old while applying for the loan
The entire loan value should be repaid before the borrower turns 65 years.
The applicant should be a salaried or a self-employed individual with a regular source of income.
The co-applicant should be at least 18 years old.
- What is the Repayment policy for ICICI Home Loan?
The bank offers privilege to its customers by lowering the EMI burden on its customers. It allows the borrowers to make savings by transferring their loan scheme to any other ICICI bank. This transfer feature is an innovative and a thoughtful gesture by the bank that makes its home loans different compared to other banks.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of ICICI Bank.
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