Having our dream home tops the list for many people. We all wish to build a home, where we can enjoy, relax and have parties & gatherings. Want to purchase a home of your choice? Don’t have enough funds? Why worry when ICICI home loan is there to give financial support to your dreams. Yes, that’s true. ICICI, one of the leading private sector banks offers home loan to suitable applicants for a tenure up to 30 years. Read this article to gain more information about the product offered by the bank.
Eligibility criteria:
- The applicant should have obtained at least 21 years of age when the loan is sanctioned
- 65 years is the age when the loan should be fully repaid
- The applicant should be salaried individual or a self-employed on if he/she wishes to secure funds from the bank
- The co-applicant must at least be 18 years old
- In order to enhance his loan eligibility, the applicant can add his/her spouse, who is earning well, as a co-applicant
Documents required for the loan:
Check the list of documents needed for obtaining finance from the bank-
Salaried:
- Completely filled application which is duly signed
- Photographs of passport size
- Proof of Identity, Age and Residence- Aadhar card/PAN card/Voter ID card
- Bank statement of the last six months
- Salary slip of the past three months
- Processing fee cheque
- Income Tax returns/Form 16
Self-employed Professional:
- Completely filled application which is duly signed
- Photographs of passport size
- Proof of Identity, Age and Residence- Aadhar card/PAN card/Voter ID card
- Bank statement of the last six months
- Salary slip of the past three months
- Processing fee cheque
- Income Tax returns/Form 16
- Proof of existence of Business
- Education qualification certificate
- Income tax returns of the past three years
- P&L account and Audited Balance Sheet of the previous three years which has been certified by a CA
Self-employed Non Professional:
- Completely filled application which is duly signed
- Photographs of passport size
- Proof of Identity, Age and Residence- Aadhar card/PAN card/Voter ID card
- Bank statement of the last six months
- Salary slip of the past three months
- Processing fee cheque
- Income Tax returns/Form 16
- Proof of existence of Business
- Education qualification certificate
- Business Profile
- Income tax returns of the past three years
- P&L account and Audited Balance Sheet of the previous three years which has been certified by a CA
Interest rates:
ICICI offers special interest rates to women applicants under three categories, so that they can build a home of their dreams. Let’s check them out-
Floating interest rate:
- Up to ₹ 75 Lakhs- 8.65%
- ₹ 75 lakhs to ₹ 5 crore- 8.70%
- Above ₹ 5 crore- 8.80%
Fixed interest rate for five and ten years:
- Up to ₹ 30 Lakhs- 8.70%
- ₹ 30 lakhs to ₹ 5 crore- 8.80%
- Above ₹ 5 crore- 8.90%
Full term fixed interest rate:
- Up to ₹ 30 Lakhs- 9.70%
- ₹ 30 lakhs to ₹ 5 crore- 9.80%
- Above ₹ 5 crore- 10.05%
The bank has also designed home loans for the weaker sections at lower interest rate. The borrower can avail a loan up to ₹ 28 lakhs at a floating rate of 8.65%.
The rate of interest for a salaried individual under four different sections have been mentioned below-
Floating interest rate:
- Up to ₹ 75 Lakhs- 8.70%
- ₹ 75 lakhs to ₹ 5 crore- 8.75%
- Above ₹ 5 crore- 8.85%
Fixed interest rate for two and three years:
- Up to ₹ 75 Lakhs- 8.70%
- ₹ 75 lakhs to ₹ 5 crore- 8.75%
- Above ₹ 5 crore- 8.85%
Fixed interest rate for five and ten years:
- Up to ₹ 30 lakhs- 8.75%
- Above ₹ 30 lakhs- 8.85%-8.95%
Full term fixed interest rate:
- Up to ₹ 30 lakhs- 9.75%
- Above ₹ 30 lakhs- 9.85%-10.10%
The rate of interest for self-employed individuals are as follows-
Floating interest rate:
- Up to ₹ 75 Lakhs- 8.70%
- Above ₹ 75 Lakhs- 8.75%-8.85%
Fixed interest rate for two and three years:
- Up to ₹ 75 Lakhs- 8.70%
- ₹ 75 lakhs to ₹ 5 crore- 8.75%
- Above ₹ 5 crore- 8.85%
Fixed interest rate for five and ten years:
- Up to ₹ 30 lakhs- 8.75%
- Above ₹ 30 lakhs- 8.85%-8.95%
Full term fixed interest rate:
- Up to ₹ 30 lakhs- 9.75%
- Above ₹ 30 lakhs- 9.85%-10.10%
ICICI Home loan EMI Calculator:
It is very important to keep in mind the monthly installments one has to pay for fully repaying the loan. In case, you don’t pay heed to the same, you can end up shaking your budget for the month. To help the customers calculate their monthly EMI without any hassle, the bank has designed home loan EMI calculator. It will give you results instantly about your EMI as well the total interest and total amount payable.
Suppose Devesh Ranjit, a software engineer secures a loan of ₹ 30 lakhs- from ICICI at an interest rate of 9.70% for a tenure of 20 years. Now we can easily calculate the monthly installments, he has to pay, with the help of this magical tool. It will come out to be ₹ 28,356 and the total interest payable will be ₹ 38,05,656. This means, that Devesh will pay a total of ₹ 68,05,656 to the bank within a period of 20 years.
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