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ICICI Home Loan |
ICICI Home Loan has enabled a large number of low and moderate income families to finance their dream home. ICICI Bank is one of the leading providers of home loan to Indian customers. It endeavors to offer the best available loan programs to meet the needs of every borrower. With a low rate home loan from the bank, you will be able to lay the foundation of your dream home. ICICI Bank home loans highlight a range of attractive features that helps the borrowers to buy or construct their desired home without any hassles. Every type of home loan from ICICI Bank comes with the following benefits;
- Assistance throughout the loan processing process
- Loan amount that suits your needs
- Home loan term upto 20 years
- Less and simplified documentation
- Free personal accident insurance
- Loan approval even before selecting a property
- Insurance options with affordable premiums
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ICICI Bank Home Loan Interest Rate
ICICI home loan rates are linked to the floating reference rate (FRR/PLR) offered by the bank from time to time. There has been a reduction of 50 basis points (0.50%) in ICICI Bank FRR with effect from 4th June 2009. The bank offers both fixed rate as well as adjustable rate home loans depending on the financial ability of the borrowers. ICICI has also reduced the home loan floating interest rate by 0.50%. Getting a fixed rate home loan will allow you to make fixed repayment for the entire loan period. On the other hand, adjustable rate loan will have some changes in the payment amount according to the market condition.
ICICI Home Loan Calculator
If you are a first time home buyer then use the home loan EMI calculator offered by the bank. You can use the adjustable rate loan calculator if you are thinking to avail an adjustable rate home loan. Using this effective tool, you will be able to compute your equated monthly installment by providing details like the loan amount, term of loan and the rate of interest. Moreover, use the fixed rate EMI calculator if you need a fixed rate home loan from ICICI. With the help of this calculator, you can compare different loan terms and find out the one that suits you best.
ICICI Home Loan Eligibility
ICICI home loan branches are located in various urban cities like Mumbai, Delhi, Kolkata, Chennai and many others. The bank has some eligibility conditions, which the applicants are required to fulfill in order to get approval for their home loan. Upon approval, the bank offers upto a maximum of 80% of the total cost of the property. Certain factors such as the age, income status, number of dependants, assets, liabilities and savings history are considered while approving the application of a borrower. ICICI home loans can be obtained by salaried or self-employed Indian residents as well as by salaried non-resident Indians. The followings are the eligibility requirements for Indian residents.
- Applicants must be of at least 21 years
- The loan term should terminate before or when the applicant turn 65 years or before retirement
- Borrowers can be employed or self employed with a stable source of income
ICICI Bank has also introduced home loan insurance plans that will provide coverage for home loan payment when borrowers face some unfortunate events. The bank presents HomeSafePlus and HomeAssure/HealthAssure plans for home loan borrowers. It is recommended for the borrowers to seek the assistance of ICICI home loan agents before making their application. Borrowers can enjoy making online payment of their home loan by making login to their home loan account. To make online application or to find several details on ICICI home loan customer care number, loan statement, prepayment, home loan foreclosure and loan processing fee, visit the official website of the bank.
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