A home loan is generally taken for the tenure of more than 10 years. It thus becomes important to choose the best deal that brings in budget-friendly EMI. The monthly installment depends firstly on interest rate, then tenure and loan amount. In the case of home loans, ICICI gives you the option to choose up to the maximum tenure of 30 years. The rate, however, is decided by the bank on the basis of your repayment capacity.
If you work with a reputed firm at a good position, your income is generally high. Your income is considered as the top most factor by the bank in deciding the suitable rate. Also, your credit history is taken into account to know your behavior towards present and past payments. Once all this is done, your application is forwarded. In this article, we are talking about the basic details related to the home loan offered by ICICI Bank. The focus is on the eligibility, different types of schemes and later an example showing the payment details based on a default input.
What is the eligibility required to apply for ICICI home loan?
The home loan eligibility at ICICI Bank is as follows:
- Both Salaried and Self-employed individuals with the regular source of income may apply
- The applicant must be between the age of 21-65 years
- Co-owners of the property must be the co-applicants
How can you calculate ICICI home loan EMI?
A ICICI home loan calculator is a tool that takes into account the loan amount, interest rate and the tenure and on the basis of which it tells the details of EMI, Total Interest Outgo and Total Amount (Interest+Principal). For example, if you are taking a home loan of ₹20 lakhs for the tenure of 20 years at the interest rate of 8.35% p.a. Your payment details will be as follows:
Total Interest Outgo- ₹21,20,094
Total Amount (Interest+Principal)- ₹21,20,094
How many schemes are available at ICICI Bank for home loans?
Below are the types of home loans offered by ICICI Bank:
- Pre-approved home loans- These offers are for the existing customers of ICICI Bank. The offers are extended to selected existing customers of ICICI Bank wherein you can get concession in the processing fee and the KYC documentation will be smoother.
- Step Up Home Loans– When it comes to availing this loan, those who earn a minimum monthly income of ₹20,000 can avail the same for a tenure of up to 20 years. The best part is that it comes with a maximum loan amount limit of ₹3 crore along with enhanced eligibility of up to 20%.
- Extraa Home Loans– This facility allows you to enhance your loan amount by up to 20% for the applicants living in Surat, Greater Mumbai, National Capital Region, and Bengaluru can avail the same home loan facility. It is designed to meet the needs of middle-aged salaried, self-employed and young salaried customers.
- Balance Transfer- If you have a running home loan from another bank, you can transfer your home loan to ICICI Bank and pay much lower EMIs. The interest rate on home loans is starting at 8.35% per annum.
- Balance Transfer and Top-Up- Through balance transfer and Top-Up facility, you can balance transfer your home loan by other bank and also apply for a Top-Up wherein you get extra loan amount.
- Personal loan linked home loan- You can avail a personal loan (top-up) linked to your home loan with ICICI Bank. You can use the funds up to 100% of the originally sanctioned home loan. The maximum tenure for this personal loan is up to 20 years.
- Pradhan Mantri Awas Yojana– This scheme was announced by the Prime Minister Narendra Modi for Middle Income Group (MIG), Economically Weaker Section (EWS) and Low Income Group (LIG) categories. With government’s vision of housing for all by the year 2022, the bank is offering this credit linked subsidy scheme to fulfill their dream home wish. The first time home borrowers can avail the subsidy benefit of up to 6.5% p.a. In fact, one can also get the upfront subsidy benefit on principal outstanding.
- Saral Rural Housing Loan– This housing loan scheme is for women borrowers and the weaker section of the society. The applicants can avail the loan up to 90% of the property value for a tenure of up to 3-20 years.