When you are given all the information on a product, it becomes easier to decide how are you supposed to get it. ICICI Bank is the top private bank in India where people go for instant banking solutions. Home loans needs a lot of understanding and trusted lender. To build that trust, banks try different ways such as promoting their customer service or making more move towards product understanding.
If you need a home loan recently but don’t know anything about it, you should read about ICICI home loans. You will be able to understand the functioning of the product and whether it is within your reach or not. In this article, we have given the eligibility criteria, documents and application procedure. Interest rate on a home loan is lowest of all other loans. At present, home loan interest rates at ICICI Bank starts from 8.85% per annum.
Eligibility criteria required for ICICI home loans
The basic criteria that the bank looks for is mentioned below:
The list of documents required to apply for the home loan is as follows:
At present, the interest rate on ICICI home loan starts from 8.85% per annum which goes up to 9.10% per annum. The rate is calculated and thus offered based on your income, age and property location. Suppose you want a home loan from ICICI Bank and get the lowest rate 8.85% per annum. You have planned to take it for 20 years with Rs. 50 lakh loan amount. Your EMIs will be as follows:
EMI - ₹ 44,505
Total Interest Outgo - ₹ 56,81,219
Total Repayment Amount - ₹ 1,06,81,219
How can you apply for ICICI Bank housing loan?
You can either apply online if you have all the documents as per the requirement. You can just visit the official website of ICICI Bank and apply online home loans. The steps will include filling up of basic details such as name, profession, income, age and loan details such as tenure and loan amount. Depending on information provided by you, another form will come where you are supposed to upload the documents.
If you need a home loan recently but don’t know anything about it, you should read about ICICI home loans. You will be able to understand the functioning of the product and whether it is within your reach or not. In this article, we have given the eligibility criteria, documents and application procedure. Interest rate on a home loan is lowest of all other loans. At present, home loan interest rates at ICICI Bank starts from 8.85% per annum.
Eligibility criteria required for ICICI home loans
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.
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
At present, the interest rate on ICICI home loan starts from 8.85% per annum which goes up to 9.10% per annum. The rate is calculated and thus offered based on your income, age and property location. Suppose you want a home loan from ICICI Bank and get the lowest rate 8.85% per annum. You have planned to take it for 20 years with Rs. 50 lakh loan amount. Your EMIs will be as follows:
EMI - ₹ 44,505
Total Interest Outgo - ₹ 56,81,219
Total Repayment Amount - ₹ 1,06,81,219
How can you apply for ICICI Bank housing loan?
You can either apply online if you have all the documents as per the requirement. You can just visit the official website of ICICI Bank and apply online home loans. The steps will include filling up of basic details such as name, profession, income, age and loan details such as tenure and loan amount. Depending on information provided by you, another form will come where you are supposed to upload the documents.
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