ICICI Bank Home Loan interest rate, eligibility, documents required, home loan emi, registration process and more about ICICI bank home loan in this content.
About Home Loan
Amount of money borrowed from the Financial institutions to purchase House is known as Home Loan. Home Loan is considered on the home or for Home. Home loan is listed in one of loans which is demanded by the individuals to make the piece of land into Home.
Home loan is a type of loan subject to home. Home Loan is charge Interest rate which is adjustable or fixed. Home Loan is quite the same as the other loan as it charges interest , needs to pay installments , and follows the terms and conditions of home loan.
Buying our house is the dream of each and every individual, but this involves a lot of money which is not possible in a country like India wherein there is a huge gap between rich and poor and wherein there is an inequality, and hence rich are becoming richer and poorer are becoming poorer. Home loans are one of the ways that help people to buy their own house. Getting a huge amount of money is not always possible but home loans are one such by which we can get a huge amount of money in one, time, and that’s the biggest advantage of home loans.
About ICICI Home loan
Apna Ghar Dreams is a type of slogan used for the Home loan. Own home is for the people who had dreamt of their house but unable to make their dreams into fact.
ICICI home loan is a type of beneficiary scheme to provide home loan to people and repayment in installment or their flexible manner.
Home loan means who want to make their houses but due to economic problems or large amounts in sudden inability, but this Dream yojana pays the amount in large or as per the need and demand for the repay in small or easy ways of Home Loan.
Own home is a loan considered for those people who want a loan for their home or on their home. Own home dream means to make your own house with the help of bank facilities. Own home dreams provide individual to their own houses with share of bank with them due to loan assurance.
Firstly, it provides financial assistance that means monetary support or helping poor people financially so that they can have access to buying their own home. ICICI Bank Home Loans provides home loans at reasonable interest rates. Getting home loan from organized sector is very important because the organized sector involves moneylenders, and they are the people with power, so they can exploit people with higher interest rates, thus ICICI bank home loans is one of the most prominent organized sector which provides loan or bank home loans at a concessional interest rates.
ICICI Bank Home Loan Scheme
Buying our house is the dream of each and every individual, but this involves a lot of money which is not possible in a country like India but ICICI bank is making this possible because ICICI bank home loans is one of the most prominent organized sector which provides loan or bank home loans at a concessional interest rates.
As the ICICI Bank had introduced the policy of ‘home loan’ to provide the individual their own house with ease of loan facility. ICICI Bank had launched a scheme to help the people who are unable to fulfil their Dream of their own house.
ICICI Bank introduced a beneficiary scheme for their customers to build their own with easy and flexible facilities of the Bank known as Loan, actually Home Loan. ICICI Bank gives an amount of home loan on basis of their projects and paper of home.
ICICI Bank had scheme Home loan to schedule the projects of houses with easy amounts with ICICI Bank. ICICI Banks took the paper of the houses and gave them loan on the basis and Good will of them.
Features of ICICI Home Loan
Features of icici bank home loan scheme are as follows :
- People can go with the benefits of Pradhan Mantri awas Yojana with this they get subsidy especially the lower income groups.
- For the informal sector without any documents to get a loan from a financial institution.
- Amount would be credited between Rs.2 Lakh to Rs.50 Lakh.
- It provides flexibility of repayment of loan and provides home loan in various forms as considering the gold , papers , other assets equal to their loan amount not more than it.
Types of ICICI home loans
These are the types of home loans wherein, loan is being given for the purchase of the home that is already being made. ICICI is one of the most prominent banks that provides loans for home purchase.
ICICI Home Construction Loans: –
These are the loans that are being provided for the construction of the home. These are loans that i.e. meant for the making or construction of home.
ICICI Home Improvement Loans:-
These are the loans that are being given for the renovation or improvement of the home. People need this type of loan very much and this type is also immensely in demand.
ICICI Home Extension Loans:-
These are the loans that are being given for the extension of the house, say, adding one room to the house or adding one more floor to the house.
ICICI Land-Purchase Home Loans:-
These are the loans that are being given for the purchase of the land. These are the loans that are being given for the purchase of land for the home.
ICICI NRI Home Loans:-
These are the loans that are being given for the NRI, or we can say Non-Resident Indian. These are the loans that are being provided to non-resident Indian.
ICICI Bridge Loan:-
These are the loans that are being given for the purchase of a new house and old house is being sold at the same time.
Interest Rate of ICICI Bank Home Loan
As the Own home scheme is an Home loan which charges Interest rate. Margin of Interest Rate are as follows :
- Home Loan upto Rs.20 Lakh interest charged 20%.
- Home loan above Rs.20 Lakh will charge a higher interest rate which is 25%.
Purpose of Home Loan
Purpose of Home Loan scheme are as follows :
- It takes over the loans available at the other financial institutions.
- For the Repairs and Renovations of House
Benefits of ICICI Home Loan
Benefits of icici home loan scheme were as follows :
- Easy eligibility
- As the scheme eligibility for the home loan is easy , it asks for the flexible conditions and basic requirements such as documents , proof etc.
- Quick Loan
- ICICI Bank provides loan facility among the 72 hrs/within 3 days. ICICI Bank reviews the applications and analysis on it , if satisfied then quick process.
- Home level
- Home loan is assured between Rs.2 Lakh to Rs.50 Lakh but there is a condition , if the person is salaried then the amount of loan up to Rs.20 Lakh and then Self employed loan upto Rs.50 Lakh.
- Housing for all
- Apna ghar dreams provide loan to every individual whether he/she is a salaried person (as ration shop , barber ) or the owner of the business , but their loan amount is according to their Goodwill and their terms and process is simple and easy.
- Shift to HFC
- House loans of ICICI bank with the 2-3 years charge Interest rate more than 11% p.a. If the Home loan had 50 more basis points , shift to ICICI HFC with the balance transfer facility and decrease the burden of loan.
Eligibility For ICICI Bank Home Loan
Eligibility for the ICICI Home loan , you had to compel with these conditions :
- Should be Indian Citizen or resident of India.
- House or home would be based on the name of person who is applying for Loan
- Particularly with necessary documents as in aadhar card , pan card and bank statement of past 6 months.
- Person should have a bank account on ICICI Bank with the minimum balance of Rs.1500 for the loan of Rs.5 Lakh and Rs. 3000 on the above Rs.5 Lakh.
- Person should be equal to or above 18 years.
- Applicants should be earning and their portal of income should be considered.
- With the certificates of section of society means scheduled caste/schedule tribe/Other backward cast.
The candidate must have the age of at least 21 years and this would be the official approval for the loan. If the candidate is not having the age of 21 years or if the candidate is minor. He will not be approved for taking the loan, or we can say that person would not be sanctioned for the loan. The home loan that is being provided by the ICICI home loans must terminate or finish before or at 65 years of age or age of retirement, whichever is earlier. If the person is retired before 65 years then, the loan tenure would be taken as the age of retirement. If it is more than 65 years, then it would take 65 years. The person who is taking ICICI bank home loans must be salaried means’ that person should work under someone, it can be both say, private or government organization or self-employed with a regular source of income. The person who is taking ICICI bank home loans must be having a minimum age of co-applicant should be 18 years.
ICICI Bank Home loans Documents required
KYC documents — Identity Proof, Overseas & Indian Address Proof, Signature proof (PAN Card / Form 60 as per our format, Passport etc)
Residence Proof in India:-
Aadhar card/ Passport copy Bank interest rates are higher but ICICI bank home loans provide loans at reasonable interest rates.
Charges of Loan
- Loan within the Rs.2 Lakh then 0.50% amount sanctioned in the loan amount.
- Loan above Rs.2 Lakh then 1% amount is sanctioned in the loan amount.
These charges are assured by ICICI Bank in case of security /charges/fees.
Repayment of Loan
There is a Maximum limit of 9 years as the duration of home loan for the repayment of home loan, and under this special category of home loan is being taken into consideration and that is Home loan for repairs and Improvement of house. If there is a default in the repayment of loan regarding instalment, three warnings will be given first, and then strict action would be taken afterwards. There would be a penalty in case if there is any default in the repayment of loan. There is a maximum 20 years as the duration of home loan for the repayment of home loan, and under this special category of home loan is being taken into construction of home.
For repayment of Loan, following conditions :
- Maximum limit of 9 years on the home loan of Repairs and renovation.
- Maximum limit of 20 years consider home loan for the construction or build of a new house or flats.
- Installment payment at the fixed date with the interest charge , if not then other charges would apply.
- With the repayment any of delayed days , would give only 3 chances and then strict action would be taken.
Registration of ICICI Bank Home Loan
For registration of ICICI bank home loan, follow these steps :
- Visit the official website of ICICI Bank ‘https://loans.icicibank.com/loans/home-loan/#/home-loan-application’.
- Then, a web page will appear , asking for some questions.
- These questions are form , which requires your data , fill that form with the proper details.
- Within 72 hrs , you may get to know all the details about the loans assurance , with this message you can go to any nearby ICICI Bank , assure it with their terms and conditions.
With this registration , you assure the home loan and are liable to ICICI Bank for the repayment of loan and helping in making their own houses dream fact.
ICICI Bank offers many types of loans, for example ICICI Bank Business Loan, ICICI Bank Personal Loan, ICICI Bank Student Loan, ICICI Bank Car Loan, ICICI Home Finance Apna Ghar Home Loan, ICICI Bank Loan Against Securities, ICICI Bank Wedding Loan and ICICI Bank Gold Loan etc.
The writer of this “Valuable Content” is Priyansi Baheti.