ICICI Bank is one of the leading private sector banks in India that facilitates services in many segments including loans and home loans are one of the best loans provided by the bank. Home loans are the best way to make your home or buy one when there is not enough money available to you.
However, when a great deal is on the way, the journey becomes smoother. Having said that, a great home loan offer would include affordable rate, maximum loan amount and the flexible tenure option. In this context, ICICI Home Loan is one such scheme that holds everything in it from lower interest rates to a flexible tenure option, this scheme takes care of each and every need of a home loan borrower. So, if you are also planning to take a home loan, you must not miss having a look at the home loan scheme of ICICI Bank.
Home loan offered by ICICI Bank has many benefits and attractive features that make it one of its kind, so have a look at the features of ICICI Home Loan here:
Features of ICICI Home Loan–
- Attractive rate of interest starting from 8.65% p.a.
- Loan for property across India
- Home loan available in mobiles
- Pre-approved home loan offers
- Easy repayment options
- Doorstep service
- Multi-purpose loan
Types of ICICI Home Loan-
Step Up Home Loans– When it comes to availing this loan, those who earn a minimum monthly income of ₹20,000 can avail the same for a tenure of up to 20 years. The best part is that it comes with a maximum loan amount limit of ₹3 crore along with enhanced eligibility of up to 20%.
Extra Home Loans– This facility allows you to enhance your loan amount by up to 20% along with providing you an option to extend your repayment period by up to 67 years. Applicants living in Surat, Greater Mumbai, National Capital Region, and Bengaluru can avail the same home loan facility. It is designed to meet the needs of middle-aged salaried, self-employed and young salaried customers.
Pragati Home Loans– Under this facility, the borrowers can avail home improvement loan, non-residential premise loan (NRP) and home loan. But, to avail the same the salaried individuals need to earn a minimum monthly income of ₹10,000. The loan amount offered under this facility ranges between ₹5-50 Lakh for up to a tenure of 20 years.
Pradhan Mantri Awas Yojna– This scheme was announced by the Prime Minister Narendra Modi for Economically Weaker Section( EWS) and Low Income Group ( LIG) categories. With government’s vision of housing for all by the year 2022, the bank is offering this credit linked subsidy scheme to fulfill their dream home wish. The first time home borrowers can avail the subsidy benefit of up to 6.5% p.a., hence can avail up to ₹2.2 Lakh. In fact, one can also get the upfront subsidy benefit on principal outstanding.
Saral Rural Housing Loan– This housing loan scheme is designed to meet the needs of women borrowers, as well as the weaker section of the society, helps in fulfilling their dream of owning a home. The applicants can avail the loan up to 90% of the property value for a tenure of up to 3-20 years. The loan amount offered by the bank ranges between ₹5-15 Lakh.
ICICI Home Loan Eligibility-
The home loan eligibility at ICICI Bank is as follows:
- Salaried and Self-employed individuals with the regular source of income
- The applicant must be between the age of 21-65 years
- The minimum age of the applicant should be 18 years
ICICI Home Loan EMI Calculator-
Home loan calculator is just like any other loan calculator and is a tool that is used to calculate the EMI on the loan. This calculator takes into account the loan amount, interest rate and the tenure on the basis of which it tells the details of EMI, Total Interest Outgo and Total Amount (Interest+Principal). For example, if you are taking a home loan of ₹20 lakhs for the tenure of 20 years at the interest rate of 8.65% p.a. Your payment details will be as follows:
Total Interest Outgo- ₹22,11,233
Total Amount (Interest+Principal)- ₹42,11,233
How to Apply for ICICI Home Loan Online-
The process to Apply for ICICI Home loan is easy and hassle free. You can go to the official website of the bank and fill in the correct personal and professional details. You also have to mention the property details and upload the scanned copy of the documents. Once you follow these steps, the bank will contact you for further procedure.