ICICI Bank ranks among the top home financing companies in India by offering loans to people belonging to both salaried as well as self-employed class. With a PAN India presence bolstered by around 5000 branches, the Mumbai-headquartered private lender has taken giant strides in taking many to their dream possession.
What has helped the bank achieve its objective is the interest rate that remains affordable to the most. As of now, ICICI Home Loan Interest Rate ranges from 8.55%-8.80% per annum, resulting in a starting EMI of ₹772 per lakh for a tenure of 30 years. Let’s chart out more on the EMI, as well as other stuff concerning the loan.
ICICI Home Loan Interest Rate for Existing Customers
The bank charges interest rates based on one’s gender as well as the loan amount applied. Women borrowers are servicing loans with an interest concession of 0.05% over their male counterparts. A loan of up to ₹30 lakhs is offered to women applicants at 8.55%-8.65% compared to 8.60%-8.65% per annum by male applicants.
Loan amount of ₹30 lakhs and up to ₹75 lakhs is getting serviced by women borrowers at 8.65%-8.70% p.a. The same goes up to 8.70%-8.75% in the case of male borrowers. On the other hand, loan beyond ₹75 lakhs is serviced by female and male borrowers at 8.70%-8.75% and 8.75%-8.80% per annum, respectively.
ICICI Home Loan Calculator
At the start, you got to know the minimum EMI payable. But did you wonder how that came? Well, it was a result of the EMI calculator that derives the installment using the loan amount, interest rate and tenure. As far as calculator’s availability is concerned, it’s there online to help you do all such calculations. Besides helping you know the Equated Monthly Installment (EMI), it also shows the interest payable from your end over the course of a debt.
ICICI Home Loan Documents
Be ready with the following documents while applying for a home loan.
Identity Proof – PAN Card/Voter ID/Driving License/Passport/ Aadhaar Card
Residence Proof – Voter ID/Driving License/Passport/ Aadhaar Card/Utility Bill
Income Proof – Last 3-month salary slip, Form 16, ITR (Salaried)
– ITR for the last 3 years with income computation & audited balance sheet and profit & loss account
Processing fee cheque
Education qualification certificate
Proof of business existence
Power of attorney format for original property document collection
ICICI Home Loan Apply Online
You can apply for ICICI Home Loan online as well as at the bank branch. Which should you opt for? You may feel like opting for the latter but the former would win over the point of convenience. Just enter a few personal and professional details before submitting your application to ICICI Bank for further processing.
It will then send its team to meet you at your current residence and workplace initially to judge your authenticity, as well as take away your documents. Afterward, technical and legal verification teams will visit the property you want to buy. These teams will assess the age and condition of the property before preparing a report. Based on the report findings, the value of the property will be ascertained. You can then expect to receive a loan amounting to 75%-90% of the property value.
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