ICICI Home Loan – Benefits, Application Process & Interest Rate

As one of the leading financial institutions in the country, ICICI Bank is an Indian private-sector bank that provides a variety of home loan products to cater to different types of buyers. Be it a first-time home buyer, home loans for renovation or construction of the dream home you have been waiting for so long, or even tending to transfer your existing housing loan from your lender to a friendlier creditor ICICI is all set with an offering. To enable people to own a home, affordably as well, ICICI Bank provides you with an extensive array of housing loan offerings at rather budget-able and competitive interest rates along with flexible repayment options that can also be easily applied for.

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Apart from the normal home loan ICICI Bank also provides other products such as Home Credit Text Loans, Balance Transfers Top-Up loans etc. The bank has also simplified and quickened the processing time for home loans with minimal paperwork, and a customer-friendly approach to ease any hassles in procuring housing-related finance. The ICICI Home Loan is ideal to have a seamless way of buying, building or wealth-creating in terms of your home.

Benefits of ICICI Home Loans

ICICI Bank Home Loan is one of the top choices among borrowers, offering several benefits when it comes to home loans.

Best of ICICI Bank Home Loan: Competitive Interest Rates - This is the best part of taking a home loan from ICICI Bank. At 8.75% per annum (floating rates, to be reviewed every 3 months) are meant to help customers avail of longer tenure loans ensuring lesser monthly EMI payments on how much the borrower/loan taker will save. This not only lowers the cost of home loans but also results in borrowers paying less interest over time.

The ICICI Personal loan comes with the benefit of other flexible repayment options: Taking into consideration that not everyone has the same financial requirements in terms of repaying their loan from ICICI. Catering to this, the bank offers multiple tenures for the repayment. ICICI on the other hand will be able to comply with what you want, as long as you opt to reduce the loan term and pay higher EMIs or stretch it out in lower instalments thereby making your finances controllable.

Higher Loan Amounts: ICICI offers extreme levels of home loans based on applicant eligibility. These loans can be taken up to a few crores and these loans are useful as house loans, land or else for construction work. There could be several reasons for this like income, property value, capacity to repay or budget. So according to his need, the borrower has to decide out of these options and he will have to pay whatever amount he used.

Faster processing: ICICI Bank has a better processing mechanism to cope with the demand of your house loan application. This is more promising because there is less document process and the applicants will not remain dormant at approvals and disbursement of loans thus leading to quick clears. The bank approves the loan quickly so that borrowers can buy a home or start construction projects without any delays.

Customer Support: ICICI provided the best support regarding anything related to how to apply for loans. ICICI offers 24/7 customer service​ for any query or help with paperwork related to the terms of your loan, they have well-experienced team members who can guide you in the right direction and provide appropriate answers for all the queries you may have.

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Requirements for Eligibility, & Passes

For such Applicants, we are providing some ICICI Home Loan Eligibility and ICICI Home Loan Documents to be submitted coaching needed. Requirements How to apply for a Car title loan (Comes with no credit check) If you own a car, you can apply for an auto title loan.

Eligibility 

• Salaried & Self-employed professionals, businessmen- ICICI home loan for salaried individual self-employed professionals and businessmen. While the eligibility criteria differ according to course because of an applicant's financial situation, we largely (although not necessarily completely) concentrate on it.
• Age Applicants must be between 21-60 years to get a home loan.
• All income sources: Whether you are salaried or in the business bank check how much monthly income enables you to repay the loan amount. It is defined as the minimum earning salary corresponding to the loan amount & profile of the applicant.
• Applicants must be salaried/self-employed/businessmen (applicants) with a stable income.

A few of the documents that might be required for the application process to be completed include:

 * Identification Proof: Aadhar card, Passport, PAN card, Voter ID * Adders Proof: electricity bill, telephone bill, rent agreement 

* Income Proof: recent salary slips, IT returns, bank account with regular EMI deduction 

Property Documents: Agreement / Sale agreement/ legal papers/ title deeds

 Bank Statements: Last 3-6 months' bank statement to know about individual income response ICICI Home Loan Type

 Various types of home loans are being offered by the company but a few which are most popular include:- 

Home Loan for Purchase/Construction — This type is used in case one either wants to purchase a property or construct anew* 

Home Loan for Renovation: Renovation is a process used to improve a home, which has been damaged or it no longer looks good. Balance Transfer Home Loan: Transfer an existing home loan in the lender and provide the sum to another bank like ICICI bank

Top-Up Loan:

If you already have an existing home loan with ICICI Federal Bank, then you can avail the top-up benefit. This loan can be used for any type of expense such as wedding expenses, renovating a house or other financial needs. It comes with the same interest rates and repayment terms as the first home loan.

Interest Rates

ICICI Bank offers loans at both fixed and floating rate of interest which give flexibility for its borrowers to choose the right structure according to their personal(financial) situation. Fixed-rate loans lock in your interest rate for the duration of the loan, so you will have predictable monthly payments. In contrast, the floating rate is a market linked rate and would go up or down by market and economic situations along with actions taken by RBI.

ICICI Home Loans comes with an interest of about 8.75% p.a. This rate may vary according to the prevailing monetary policy of the Reserve Bank, credit score and the immovable properties sailed by the applicant.

ICICI vs Competitors: Interest Rates Comparison

Loan Features Breakdown

Documentation Checklist

Eligibility Comparison (Salaried vs Self-employed)

ICICI Home Loan Application Process

ICICI Home Loan Application Process 

• Visit ICICI Home Loan Website or Branch: - You can visit the official website of ICICI to get more details on home loan eligibility with this lender.
• So, if you are shortlisted for any course after that, you can fill out the application form (Online OR Offline) Fill in your Personal and Financial Information accurately
• Upload Documents: You can upload the required documents (KYC, Salary Slip, Property/Document related details etc.) with the application form.
• Now, after your application, ICICI will approve and crosscheck your all submitted documents and eligibility etc. to their end. That loan will be approved if everything is in order.
• You Will Have to Sign the Agreement and Get the Loan: After your loan is approved you will have to sign a loan agreement with all terms of the loan Signing, then receiving the loan

FAQs

What is the lowest value of a loan I am able to apply for?

The lower limit of the loan amount depends on the type of credit and your limitations.

What is the loan eligibility on my income?

Usually, you can take up to 80%-90% of the property value.

Are there ICICI Home Loan Prepayment Charges?

For floating-rate loans, ICICI will not levy any prepayment charges. Prepayment penalty: Although some fixed-rate loans waive this penalty