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Home loan eligibility checklist for ICICI

home loan eligibility checklist for icici bank

Table of Contents

The precise requirements for qualifying for an ICICI Bank home loan may change depending on the loan type and other variables.

ICICI Home Loan Calculator

Home Loan from ICICI Bank With the help of the hassle-free and user-friendly EMI Calculator, you can quickly and consistently get 100% accurate results when calculating your monthly installments.

Entering the desired loan amount, interest rate, processing fee, and tenure is all that is required. Click on the Calculate to see the outcome.

An amortization chart provides a comprehensive analysis of your repayment schedule.

Calculation of ICICI Bank Home Loan EMIs


Amount

10 years

20 years

30 years

Rs. 10 Lakh

Rs.12,803

Rs.9,159

Rs.8,227

Rs. 20 Lakh

Rs.25,607

Rs.18,317

Rs.16,454

Rs. 30 Lakh

Rs.51,213

Rs.36,635

Rs.32,907

Rs. 40 Lakh

Rs.64,016

Rs.45,793

Rs.41,134

The lowest interest rate, 9.25% p.a., has been factored into this loan amortization schedule. Depending on the rate that the bank offers you, your ultimate EMI amount may change.

Schemes for Home Loans from ICICI Bank

The following are the standard interest rates for home loan programs offered by ICICI Bank-

Salaried-


Slab

Floating Interest Rate

Up to 35 lakhs

9.25% to 9.65%

35 lakhs to 75 lakhs

9.50% to 9.80%

More than 75 lakhs

9.60% to 9.90%

Self Employed-


Slab

Floating Interest Rate

Up to 35 lakhs

9.40% to 9.80%

35 lakhs to 75 lakhs

9.65% to 9.95%

More than 75 lakhs

9.75% to 10.05%

Instant Home Loan from ICICI Bank

  • Preapproved home loans up to Rs. 1 crore are only offered to clients who have a payroll account with the bank.
  • No documentation is required at the time of approval.
  • Reduced processing charge

A 30-year home loan from ICICI Bank

  • Competitive interest rates on loans with both fixed and adjustable rates
  • 30-year maximum loan period extended for convenient payback
  • EMIs as low as Rs. 808 per lakh

Bank of India Increases Home Loans

  • Ideal for youthful, middle-class salaried professionals
  • Required minimum monthly income: Rs. 20,000
  • Maximum 20-year loan length
  • The interest rates are identical to those of conventional house loans.

NRI Home Loan from ICICI Bank

  • No fees for partial payments, competitive interest rates
  • Interest rates are computed using a monthly decrease.
  • Processing Fee: 2% maximum of the loan amount plus relevant taxes

ICICI Bank Yojana Pradhan Mantri Awas

Under the Pradhan Mantri Awas Yojana (PMAY), ICICI Bank provides the Credit Linked Scheme (CLSS) to qualified beneficiaries. The following groups of beneficiaries are eligible for the scheme-

  • Section Designated for Economic Weaker People (EWS) 
  • Low Income Group (LIG)
  • The first Middle Income Group (MIG-I) and,
  • The second Middle Income Group (MIG-II)

The CLSS is available to clients who want to.

  • Buy a new apartment or property
  • Build a home
  • Extend or enlarge a current home
  • Enhance or change a property’s existing structure

Advantages of the PMAY Program

  • Interest subsidy is offered upfront on the outstanding principal amount, with a range of 3.00% to 6.50%.
  • A maximum loan subsidy of Rs. 2.67 lakh may be granted, contingent upon the beneficiary’s eligibility category.
  • For up to 20 years during the loan duration, interest subsidies are available.
  • The interest subsidy’s Net Present Value (NPV) was calculated with a 9.00% discount.

ICICI Bank Home Loan Eligibility Criteria


Age

Applicant:

Minimum Age: 18 yearsMaximum Age: 65 years

                            Co-applicant:

Minimum Age: 21 yearsMaximum Age: 65 years

NRIs:

Minimum Age: 25 yearsMaximum Age: 60 years

Residency Status
Resident IndianNon-Resident Indian (NRI)

Type of Employment
SalariedSelf-employedSelf-employed professional

All ICICI Bank Home Loan Applicants Must Provide This Document



Identity Proof (any one)
Voter IDAadhaar CardValid PassportDriving LicencePAN Card


Proof of Residence (anyone)
Driving LicensePassportCopy of Utility BillsAadhaar CardVoter ID


Age Proof (any one)

Birth CertificateAadhaar CardValid PassportVoter ID


Proof of Income

The last six months’ worth of bank account statementsLatest Form 16 or Income Tax Returns

Other Documents

Check processing charge payable to the bankA properly completed loan application that includes passport-sized photos

Benefits and features of the house loan from ICICI Bank

  • Reasonably priced interest rates, as well as both fixed and floating alternatives
  • Before choosing the house, the home loan might be approved.
  • A really easy and streamlined paperwork process that is even quicker for current clients
  • With reduced EMIs, you can enjoy a longer tenure with greater freedom.
  • With the ‘Balance Transfer’ function, you can move your current house loan to ICICI Bank from any other bank. You can benefit from long-term savings from this.
  • You can benefit from an additional top-up loan amount of up to ICICI Balance Transfer. It may cover up to 100% of the initial house loan.
  • Eligibility and EMI calculators are two of the exclusive online tools available on the bank’s home loan page. The EMI calculator determines the monthly loan payback amount, while the eligibility calculator shows you how much of a house loan you can qualify for.
  • Preapproved home loans are available to a select group of clients.
  • There are loan terms available for up to 30 years.
  • For the first ten years, take advantage of a fixed interest rate; after that, you can choose between fixed and floating rates.

Transfer of the ICICI home loan balance

Customers of ICICI Bank have the option to reduce their EMI load and earn savings by moving their existing home loan plan from another bank to ICICI Bank. The bank’s creative and considerate gesture is the balance transfer option.

ICICI Bank Home Loan Eligibility

ICICI Bank, a financial institution renowned for its creative solutions, has distinct features regarding house loan eligibility-

  • Step-Up Repayment Plan- ICICI provides a step-up repayment plan with lower beginning installments that progressively rise over time. Perfect for people hoping for a pay increase.
  • Part-Prepayment Charges- Examine ICICI’s policy regarding part-prepayment charges. Having a better understanding of any related fees will help you create a more accommodating repayment plan.
  • Benefits of a Balance Transfer- ICICI has enticing offers for home loan balance transfers, which may result in interest expense savings. Examine these possibilities for improvement.

FAQs

What paperwork is needed in order to apply for an ICICI home loan?

The following documentation is needed in order to apply for an ICICI home loan: evidence of identification, proof of address, proof of age, proof of income, etc.

Does ICICI provide mortgages at 90% APR?

In the event that the subject property is valued at less than Rs. 30 lakh, ICICI Bank will provide a loan at 90% LTV. Mortgages with an 80% loan-to-value (LTV) are available from ICICI Bank for properties valued between INR 30 lakh and Rs. 70 lakhs.

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