ICICI Bank Home Loan is viewed as a preferable alternative for all of these needs if you’re trying to build a new home, renovate an existing home, purchase a new plot of land, or buy a property on installments.
ICICI Bank offers home loan facility to all its new – old customers, foreign customers or those who are not yet connected with the bank.
This bank offers a lot of services other that home loans, such as ICICI Zero balance Account, ICICI Net Banking, ICICI RubyX Credit card, ICICI Platinum Credit Card and Amazon ICICI Credit Card.
Why to Choose ICICI Home Loans
To satisfy the various needs of its clients, ICICI Bank provides a variety of home loan options. One of the most important elements that might influence whether a loan is affordable and if someone chooses to take out a mortgage is the interest rate.
Starting with the Standard Home Loan, which has an interest rate of 8.05% percent, ICICI Bank offers a variety of home loan products.
The costlier loan alternatives, including the Higher Rate Home Loan, have an interest rate of 8.45% percent.
Because the interest rate on the Greater Rate Home Loan is floating, or can change based on the RBI repo rate, it is higher than the interest rate on the Standard Home Loan.
ICICI Bank Home Loan Services
One of the most well-known banks in India is ICICI Bank. It provides a huge selection of goods and services to its clients. In addition to other loans, it provides personal, auto, and house loans.
A trustworthy bank is ICICI Bank. It is highly renowned for its excellent customer service and has a strong reputation. It provides a huge selection of goods and services to its clients.
The ICICI Bank offers the following types of house loans:
– Home loan options offered by ICICI Bank
– ICICI Bank’s interest rates and loan conditions
– EMI choices offered by ICICI Bank.
– Home Loan Interest Rate Calculator
ICICI Bank Home Loan Interest Rate
ICICI Bank has made different slabs of home loans which range from Rs 35 lakh to Rs 75 lakh and above 75 Lakhs. ICICI home loan interest rate depends on the slabs framed by the bank which are different for employed and self-employed.
Currently, ICICI Bank offers home loans up to Rs 35 lakh in the salaried class at 8.05%.
Offers home loan from 35 lakh to 75 lakh at 8.20% and home loan above 75 lakh at 8.30%.
Similarly, in the Self-Employed class, home loans up to Rs 35 lakh are offered at 8.20%.
The home loan from 35 lakh to 75 lakh is given at 8.35% and the home loan above 75 lakh is given at 8.45%.
The home loan interest rate for the self employed class is higher than for the salaried class.
ICICI Home Loan Eligibility Criteria
The eligibility of any home loan is based on several factors. Similarly, ICICI home loan eligibility is determined on the income, job profile, age, location, credit history of any applicant.
In the job profile, what type of organization the applicant works in, whether the applicant is salaried or self employed, what is the applicant’s monthly income, all these factors work.
Factors such as the location of the property, value of the property, condition of the property, etc. are used to make a selection of the home loan amount.
If an applicant wants to increase the amount of his home loan, then he can make a person from his family as a co-borrower. The co-borrower should also be an earning person.
Documents for ICICI Home Loan
Documents for Salary Class
- Application form with photograph duly signed
- Identity, residence and age proof
- Last 6 months bank statements
- Last 3 months Salary-slips
- Processing fee cheque
- Form 16/ Income Tax Returns
Self Employed Professional Class
- Application form with photograph duly signed
- Identity, residence and age proof
- Last 6 months bank statements
- Processing fee cheque
- Form 16/ Income Tax Returns
- Proof of business existence
- Education qualification certificate and proof of business existence
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified/ Audited Balance Sheet and Profit & Loss Account
Self Employed Non Professional Class
- Application form with photograph duly signed
- Identity, residence and age proof
- Last 6 months bank statements
- Processing fee cheque
- Form 16/ Income Tax Returns
- Proof of business existence
- Business profile
- Education qualification certificate and proof of business existence
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified/ Audited Balance Sheet and Profit & Loss Account
Home Loan Benefits
Each borrower should thoroughly consider all of the advantages of house loan financing before making a choice. The top a few are listed below:
Low interest rates, first. Low interest home loans are a huge advantage for borrowers. This is due to the fact that a significant portion of the cost of a mortgage loan is the interest paid on the loan.
2. Tax benefits You may be able to deduct mortgage interest from your taxable income. Over the loan’s life, this may lead to a sizable tax benefit.
3. A rise in home equity You can raise your home equity with a mortgage, which can make things easier.
3. Home loan interest is always lower then any other loan. So, invest your money in property and create your wealth.
