ICICI Home Loan: Affordable loans through which you can build a home

Buying a home means you are securing an investment of a lifetime. Nothing can match an investment as precious and worthy as your own home. Living in a rented apartment won’t give you a joyous feeling as compared to living in your own house. Do you wish to buy a house of your own? In case, your answer is in affirmative, then I have something in store for you. You now buy or build a home of your dreams by securing an ICICI home loan.

ICICI Bank is one of the leading private sector banks in our country and it offers a home loan product to every eligible loan seeker. The bank offers a flexible repayment tenure which goes up to thirty years. Read this article properly to know everything about the product.

ICICI Home Loan Eligibility

ICICI Bank offers a home loan to every eligible loan applicant, whether he is a salaried employee or a self-employed person. The applicant needs to be at least 21 years old when the loan is applied. The applicant has to ensure that the entire loan amount along with interest is paid within the age of 65 years. In case, the applicant wants to add a co-applicant, then it must be ensured that he/she is at least 18 years old. One can enhance the loan eligibility by adding his/her spouse as a co-applicant who is earning well.

Documents needed for the loan:

The list of important documents which have to deposited to the bank  has been given below-

Salaried employees:

• Completely filled application which is duly signed
• Photographs of passport size
• Proof of Identity, Age and Residence- Aadhar card/PAN card/Voter ID card
• Bank statement of the last six months
• Salary slip of the past three months
• Processing fee cheque
• Income Tax returns/Form 16

Self-employed Professional:

• Completely filled application which is duly signed
• Photographs of passport size
• Proof of Identity, Age and Residence- Aadhar card/PAN card/Voter ID card
• Bank statement of the last six months
• Salary slip of the past three months
• Processing fee cheque
• Income Tax returns/Form 16
• Proof of existence of Business
• Education qualification certificate
• Income tax returns of the past three years
• P&L account and Audited Balance Sheet of the previous three years which has been certified by a CA

Self-employed Non Professional:

• Completely filled application which is duly signed
• Photographs of passport size
• Proof of Identity, Age and Residence- Aadhar card/PAN card/Voter ID card
• Bank statement of the last six months
• Salary slip of the past three months
• Processing fee cheque
• Income Tax returns/Form 16
• Proof of existence of Business
• Education qualification certificate
• Business Profile
• Income tax returns of the past three years
• P&L account and Audited Balance Sheet of the previous three years which has been certified by a CA

ICICI Home Loan Interest Rate

ICICI Bank offers a home loan to the weaker sections of the society at a lower interest rate. The loan applicant belonging to such category can avail a loan up to ₹ 28 lakhs at a floating rate of 8.65%. The bank provides women applicants special rate of interest under three categories. The categories have been mentioned below-

Floating interest rate:

• Up to ₹ 75 Lakhs- 8.65%
• ₹ 75 lakhs to  ₹ 5 crore- 8.70%
• Above ₹ 5 crore- 8.80%

Fixed interest rate for five and ten years:

• Up to ₹ 30 Lakhs- 8.70%
• ₹ 30 lakhs to ₹ 5 crore- 8.80%
• Above ₹ 5 crore- 8.90%

Full term fixed interest rate:

• Up to ₹ 30 Lakhs- 9.70%
• ₹ 30 lakhs to ₹ 5 crore- 9.80%
• Above ₹ 5 crore- 10.05%

In case of a salaried employee, the bank offers the product under four different sections. You can check them out right here.

Floating interest rate:

• Up to ₹ 75 Lakhs- 8.70%
• ₹ 75 lakhs to  ₹ 5 crore- 8.75%
• Above ₹ 5 crore- 8.85%

Fixed interest rate for two and three years:

• Up to ₹ 75 Lakhs- 8.70%
• ₹ 75 lakhs to  ₹ 5 crore- 8.75%
• Above ₹ 5 crore- 8.85%

Fixed interest rate for five and ten years:

• Up to ₹ 30 lakhs- 8.75%
• Above ₹ 30 lakhs- 8.85%-8.95%

Full term fixed interest rate:

• Up to ₹ 30 lakhs- 9.75%
• Above ₹ 30 lakhs- 9.85%-10.10%

In case of a self-employed person, the bank provides a home loan under four different categories.

  Floating interest rate:

• Up to ₹ 75 Lakhs- 8.70%
• Above ₹ 75  Lakhs- 8.75%-8.85%

  Fixed interest rate for two and three years:

• Up to ₹ 75 Lakhs- 8.70%
• Above ₹ 75 lakhs to  ₹ 5 crore- 8.75%-8.85%

  Fixed interest rate for five and ten years:

• Up to ₹ 30 lakhs- 8.75%
• Above ₹ 30 lakhs- 8.85%-8.95%

   Full term fixed interest rate:

• Up to ₹ 30 lakhs- 9.75%
• Above ₹ 30 lakhs- 9.85%-10.10%

ICICI Home loan EMI Calculator:

The home loan EMI calculator will help you in calculating your monthly EMI amount along with the total interest payable. All you have to do is feed in the information relating to your loan amount, tenure period and rate of interest. You will instantly get the results about the EMI amount. You can use the tool to compare the EMI amount on different rates of interest. Let’s clear things for you with the help of an example.

Suppose you obtain a loan of ₹ 30 lakhs at an interest rate of 9.70%/ Let’s say the bank gives you tenure of 20 years. With this tool, you can easily calculate your monthly installment amount. It turns out to be ₹ 28,356. This means you will have to pay the said amount every month to the bank till your tenure expires. You will also receive the amount of the total interest payable. This will turn out to be ₹ 38,05,656. This means you will have to pay the bank a total of ₹ 68,05,656 within a period of 20 years.