A home loan is taken for different purposes such as buying a newly built flat or house or construction property or plot, etc. At ICICI Bank, an individual can get finance for doing any of the mentioned purposes and also for transferring your existing home loan (from another bank).
People have found this loan suitable due to its low interest rate and multiple other benefits. In this article, we have mentioned some of the most important details about ICICI home loan which will help you know why is it one of the best choices of a housing loan borrower.
ICICI Home Loan Interest Rates
Recently, the bank has increased its MCLR. As an effect, the housing loan rates have also increased. Now, the minimum housing loan rate is 8.55% per annum which goes up to the maximum of 9.05% per annum.
Below is an example showing how the monthly installments (EMI) for an assumed rate, loan amount and tenure.
ICICI home loan EMI calculator
This tool takes into account the following details:
- Loan amount
- Interest rate
On the basis of the above data, this calculation tool would give you the details of the EMI, Total Interest Outgo, and Total Amount. For instance, if you are taking a home loan with the below details:
Loan amount- ₹30 lakhs
Interest rate- 8.70% p.a.
Tenure- 20 years
The payment details will be as follows:
Monthly EMI- ₹26,416
Total Interest Outgo- ₹33,39,765
Total Amount (Interest + Principal)- ₹63,39,765
ICICI Home Loan Eligibility
The basic criteria that the bank looks for is mentioned below:
- All salaried, as well as self-employed Indians with a regular source of income
- An applicant must be at least 21 years of age to a maximum of 65 years of age/retirement, whichever is earlier.
- Family members such as an earning spouse can be the co-applicant
- Co-owners must be co-applicants of the loan as well.
You should also know that documentation is very important to get the approval. The most important document that you must have is the property documents. You should also look for a property in an authorized location because then only the bank would accept your application. Below are the documents you must keep:
Documents for ICICI Home Loans
The list of documents required to apply for the home loan is as follows:
- Application form with duly signed photograph
- Age, Residence & Address Proof
- Last 6 Months Bank Statements
- Last 3 Months Salary Slips
- Processing Fee Cheque
- Form 16/Income Tax Returns
- Education Qualification Certificate & Proof of Business Existence
- Income Tax Returns and CA Certified/Audited Balance Sheet and Profit & Loss Account of last 3 years
With simple documentation and flexible eligibility along with a lower rate of interest, borrowers find this home loan suitable. So, if you are also in need of such housing loans, you can check ICICI home loan details and if suits you as well, apply for it online or offline whichever is convenient to you.