How to Apply for an ICICI Bank Home Loan?
If you are searching for the best home loan deals from ICICI Bank home loan, here is a step-by-step guide on how to apply online. Firstly, log on to the bank’s website and open an account online. If you don’t have an account, you can also open one by providing personal details such as your name, email ID, bank account number, and address. Next, fill in the application form carefully with all the required details. You can either e-apply or fill it manually. Once done, you’ll receive an acknowledgment e-mail with the details of your application. Now, you’ll need to send the documents mentioned in the application form to the bank’s office specified in your application.
Here are some of the documents that you may require:
– Passbook income proof – income tax return – bank statement of last three months – property tax receipt – identity proof such as passport or Driving license – loan application form – loan processing fees statement – loan amount request / authorization letter for home loan.
After completing the application process, you’ll receive a home loan offer from the bank. Get the best home loan deals with ICICI Bank online now!
What is ICICI Bank Home Loan?
It’s a home loan offered by ICICI bank. It enables you to borrow money under the Bank’s credit loan scheme at attractive interest rates. The bank offers home loans of varying tenure of loan amount ranging from INR 10 lakhs to INR 1 Crore with repayment tenure of 10, 15, 20 and 25 years.
The bank home loan is a flexible amount of finance that can be availed by anyone. Home loan interest rate depends on tenure of loan and bank’s credit rating.
Its interest rate is fixed for the entire tenure of the loan amount, i.e., the rate remains the same throughout the loan tenure of interest-free period, interest-bearing period and repayment period. The bank home loans are tax-free for both income tax payers as well as non-tax payers.
Home loan interest rate is cheaper than other loans available in the market, which makes it an attractive option for home financing . Plus, home loan interest rates are also very low compared to bank rate credit card rates and personal loans rates.
ICICI Bank Home Loan Interest Rates
The interest rate on home loans offered by the bank is one of the most important factors to consider while choosing a bank home loan. The interest rate of the home loan issued by ICICI bank varies depending on the tenure of loan taken and loan amount.
For home loans of 10 years’ tenure, the interest rate of the bank home loan is fixed at 6.25% per annum. For home loans of 15 years’ tenure, the interest rate of the bank home loan is fixed at 7.25% per annum. The interest rate for home loans of 20 years’ tenure is fixed at 8% per annum. However, the interest rate on the home loan can vary from bank to bank depending on their rate card, credit worthiness of customers and other factors.
A House loan amount ranging from ₹ 50 lakhs to ₹ 25 crore would attract an interest rate of 6.25-7.25%.
ICICI Bank Home Loan Eligibility Criteria
-An applicant must have a bank account in the name of the home loan bank and be a resident of India
-Have income of up to Rs 2.5 lakhs per annum
-Verify your income through income tax e-filing or income certificates/ bank statements
-The loan amount should be affordable, with a repayment tenure of 25 years or more
-Have an annual income of Rs 5 lakhs or more
-Be a non-employer borrower
-Have a monthly salary of Rs 20,000 or more
-Not have any outstanding loan from other banks
Documents Required for ICICI Bank Home Loan
Documents Required for ICICI Bank Home loan
– One must have income proof of salary and bank account statements-
– Besides, proof of property or bank loan of the amount required-
– Also, proof of income of the amount required to meet the EMI-
– Besides, a copy of passport/surname/s of school/college admission
certificate.
Why Choose ICICI Bank Home loan?
– The bank offers home loan rates as low as 8% interest rate- which is the lowest interest rate among all banks- – Moreover, it provides home loan tenure of 15 years which is the most favorable tenure among all banks. The bank also offers home loan amounts up to Rs 30 lakhs with interest rate of 7.25% per annum. However, one must have income proof of salary and bank account statements besides proof of property or bank loan of the amount required.
Benefits of an ICICI Bank Home Loan
-Secure home loan to avail the benefits of interest rate lock-in, repayment tenure, loan amount and tenure of 10 years.
-Convenient home loan interest rate with flexible repayment options.
-Choose home loan tenure of up to 20 years for hassle-free monthly income.
-Eligible interest rate subsidies on housing loans amount up to Rs 2 lakhs.
-Apply online for a home loan with no credit checks.
-Get the best home loan interest rate from ICICI bank with flexible eligibility criteria and repayment tenure.
-Get the home loan amount of your choice between ₹25 lakhs and ₹75 lakhs for home loans of ₹10 lakhs and above.
