Home Loan Rates 2018 2276 views
ICICI Bank has recently launched a new home loan scheme – Cashback Home Loan. The uniqueness of this housing loan scheme is that it is available for any loan amount. Other home loans offered by the bank are also one of its kind. So, if you are willing to buy your dream home this Diwali or want to gift a dream home to your wife, read here the details of the loan.
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
Table of Contents
- 1 ICICI Home Loan Interest Rates
- 2 How can you apply for home loans online?
- 3 How can you calculate home loan EMI?
ICICI Home Loan Interest Rates
Below is the table showing the rate of interest, tenure, maximum loan amount and the processing fee on a housing loan from ICICI Bank. You should know the processing fee also attracts 18% GST and is altogether one-time fee which is to be deducted from the disbursed amount.
|Interest Rate||8.35% - 8.85%|
|Processing Fee||0.50% - 1.00% of the loan amount + GST|
|Prepayment Charges||0% (in floating rate) else 2% + GST on principal outstanding|
What is the eligibility required to apply for the loan?
To apply for a housing loan at ICICI Bank, applicants have to match the below-mentioned eligibility.
- 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.
What are the documents required for ICICI home loan?
The documents checklist that the applicant must match to apply for a home loan at ICICI are mentioned in the table below:
|Documents||Salaried||Self-employed Professional||Self-employed Non-Professional|
|Applicantion form with duly signed photograph||Yes||Yes||Yes|
|Age, Residence & Address Proof||Yes||Yes||Yes|
|Last 6 Months Bank Statements||Yes||Yes||Yes|
|Last 3 Months Salary Slips||Yes||Yes||Yes|
|Processing Fee Cheque||Yes||Yes||Yes|
|Form 16/Income Tax Returns||Yes||Yes||Yes|
|Proof of Business Existence||Yes|
|Education Qualification Certificate & Proof of Business Existence||Yes||Yes|
|Last 3 Years Income Tax Returns with Computation of Income||Yes||Yes|
|Last 3 Years CA Certified/Audited Balance Sheet and Profit & Loss Account||Yes||Yes|
Other related documents
- Power of Attorney format for the collection of original property documents
- In the case of death of loan account holder: Request letter from the legal heir/claimant/nominee(s) for handover of property documents
- Letter of relinquishment for relinquishing right in the favor of legal heirs/nominees/surviving owners for handover of documents.
How can you apply for home loans online?
The online loan application procedure is simple with Wishfin. You can visit the website and apply for the lender that suits your purpose. If you match the eligibility criteria and have all the documents (including property papers), Wishfin experts will make sure you get instant approval with lowest rate possible.
How can you calculate home loan EMI?
Home loan or an interest rate calculator is one such magical, cost-effective and time-saving device that allows you to calculate your loan EMI in a very quick and easy manner. How much EMIs, you need to pay each month so as to repay your home loan is actually one of the most common concerns of many. Thus, to solve this hassle, you can use housing loan calculator. You will get monthly EMIs, interest outgo and total amount payable on the loan. You just need to feed three basic components into the calculator:
- Loan Amount
- Interest Rate
Here is an example for your reference.
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Total Interest Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
How many schemes are there under ICICI Home Loans?
ICICI Bank New Home Loan Scheme – Cashback Home Loans
This new scheme is valid for home loans with all loan amount. The customers will get the first cashback after 36 EMIs that is after completing 3 years of the tenure. Afterwards, the 1% cashback for each month will be credited to the account holder. The facility is available for the loan taken for the tenure of 15 years to 30 years.Hence the customers who are eligible under the CLSS scheme will not only get the interest subsidy but will also be able to save more on their home loan.
ICICI Bank Step Up Home Loans
This is for all the young salaried professionals who want the keys to their dream home early in life. 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%.
ICICI Bank Extra Home Loans
This housing loan scheme comes with a double benefit of improved affordability as well as a longer repayment period. The 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.
ICICI Bank Pragati Home Loans
This home loan scheme caters the needs of salaried and self-employed borrowers. 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 is for Economically Weaker Section (EWS) and Low Income Group (LIG) categories under PMAY – Housing for All. 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. You can also get the upfront subsidy benefit on principal outstanding.
ICICI Bank 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 can be availed for the following purposes:
- Buying New Home
- Buying Resale Home
- Construction New Home/Buying a Property
- Balance Transfer
Benefits of ICICI Home Loan
- 24×7 Assistance: Whenever you are in doubt or looking for any expert assistance, ICICI team is always ready to serve you. By offering you complete assistance in property related issues, inside out, the bank makes sure that you will have a smooth home loan journey.
- Loans for Property Across India: You know what is the best thing about this bank? Applicants can avail the loan to buy any property located across any location in India. The bank with its wide network is easy to access anywhere in India.
- Home Loan Mobile: Now applying for a home loan has become much easier. Yes, now you don’t need a laptop or desktop to apply or to know your loan status as ICICI home loan is in your pocket, on your mobile. Things become much more convenient and easy for you and are just a touch away.
- Pre-Approved Home Loan Offers: ICICI also gives you an opportunity, wherein you can make your dream home a reality by availing the pre-approved home loan offers. If you are an existing customer of the bank and have maintained good terms, you might be eligible to get pre-approved home loan offers and that too with less documentation. Isn’t it great?
- Easy Repayment Options: With flexible and easy repayment options, this home loan is going to be light on your wallet. You can avail the loan for a tenure of up to 30 years, thus you have a lot of time to repay the same with flexible EMIs.
- Door-step Service: No matter what sort of assistance you are in need, the bank with its highly talented and proficient team of experts provides you the best door-step service. From giving the complete information to picking-up the documents, the bank will always be your side.