ICICI bank is one of the largest banks in the Indian private lending sector. After all, it knows the needs of the people to own a place that they could call their home. It offers a variety of different ICICI home loan options to help the borrowers purchase their dream property. Applying for an ICICI home loan has become extremely easy; all thanks to the fact that the bank has started providing their lending services online. Thus, you can now easily obtain quotes, make use of the EMI calculator, get the loan amount disbursed into your bank account and start making repayments from the comfort of your home or office.
There are a number of benefits of opting for an ICICI home loan, and they are here as follows:
- The bank has waived off a number of charges such as pre-payment charges and pre-closure fees to help the customers with their repayments.
- ICICI bank offers home loan repayment options for up to 30 years; therefore, you cannot only plan out your repayments but ensure that you never default on one.
- The repayment of the ICICI home loan amount is done in the flexible form of EMIs (equated monthly installments). These EMIs are calculated on the basis of the principal amount, interest rates, and the repayment tenure.
- You get the option to choose between the fixed and floating type of interest rates.
- The ICICI bank also offers you with online tools such as an eligibility calculator and an EMI calculator on their online websites for free-of-cost. Therefore, by making use of the eligibility calculator-you can easily compute the amount of money you are eligible for, and by using an EMI calculator- you can smoothly calculate your installments and start making repayments.
The ICICI home loan rates for your borrowed loan amount depending on your income source, CIBIL score, credit history, age, the location of the property, property age and its evaluation. The ICICI home loan rates start at just 8.90% onwards.
However, ensure that you fit into the ICICI home loan eligibility criteria before applying for the capital amount. The reason being, ICICI bank has introduced these eligibility criteria to determine the risk factor involved in lending you with financial assistance. The ICICI home loan eligibility criteria are here as follows:
- The borrower needs to be of 21 years or above that to apply for the loan amount; so that you can repay the money before you turn 65 years old.
- The ICICI bank also gauges your repayment capability on the basis of your income source and employment stability- so make sure that you have a regular source of income.
- The co-applicant needs to be of 18 years or more in age.
Documents are the most integral part of your application process; thus, ensure that you have all the ICICI home loan documents before you think of opting for a home loan through them. The various documents that you need for an ICICI home loan are here as follows:
- You need to submit a signed photograph with a duly filled application form, ensure that you have put in all the relevant information. All the employed as well self-employed individuals have to submit this document.
- The second important thing that you need to remember is that you also need to submit an identity proof and the proof of residence. You also need to produce a processing fee cheque to the bank
- Form number 16, along with your ITR (Income Tax Returns) is also to be submitted by all the applicants.
- Your income proof- the last 6 months bank account statements along with you past 3 month’s salary slips. ICICI Bank may also ask you to submit your last 3 years audited balance sheet or P and L account; however, this document is only required for the self-employed applicants.