ICICI Bank Home Loan Interest Rates & Eligibility
8.85%
For Salaried - 8.85%For Salaried Women - 8.80%
For Self-Employed - 8.95%
For Self-Employed Women - 8.90%
ICICI Bank Home Loan Overview
Overview
ICICI bank is a leading name among India’s private sector banks. As of March 2015, the total assets of ICICI is valued at Rs6,46,129Crores with a network of 4,070 branches across the country. Including India, it has its presence in 17 countries. The bank prides itself at being a credible help to its customers when it matters the most.
Advantages
ICICI is well-known for their customer service. The documentation process is quite fast as compared to other public sector banks. It also has the lowest interest rate amongst all private sector banks, despite the misperceptions suggesting otherwise.
Disadvantages
ICICI takes a biased approached towards its customers in terms of a loan amount. If you’re taking a loan of a higher amount, ICICI will be that much keener to work with you. Whereas, if you are taking a loan with a small amount, there are chances that you might not be their priority.
Current Interest Rate
8.85% is the General Interest Rate
For Salaried - 8.85%
For Salaried Women - 8.80%
For Self-Employed - 8.95%
For Self-Employed Women - 8.90%
Rate trends:
ICICI Bank Home Loan Eligibility
Eligibility
- Minimum age limit: 21 years
- Maximum age limit: 60 years
- Any individual irrespective of being salaried or self-employed can apply for a home loan, provided he has a steady income.
ICICI Bank Home Loan Documentation
KYC (Know
your Customer)
documents
- Personal ID
- Address Proof
- Pan Card
Income proof
- Salary Slip for 3 Months &
- Income Tax Returns or Form 16.
Property
Documents
- Agreement
- Index 2
- Architectural Certificate
For Switching your Home Loan, the documents needed will be Current Bank Documents & Bank Statement.
This top-up loan is quite unique as it lets customers meet their business and personal needs together. It acts as a top up loan which helps a borrower address his immediate needs. The tenure for both the loans remain the same.
Home Improvement LoanThis loan is suitable for borrowers looking to refurnish or develop their existing homes. It covers both the external and internal part of the structure. This helps the borrower do a makeover of his house at a lower rate of interest.
EMI under constructionThis type of loan can be availed by borrowers who have opted to buy an under construction property. The EMI remains constant during the tenure of the loan. As your EMI’s start immediately after the 1st Disbursement, it reduces the interest burden while ensuring a faster repayment of the loan. Know More.
Home Loan for NRI’sThis loan has been designed for the NRIs and PIOs. A borrower can avail attractive interest rates on the loan they wish to opt for. A salaried individual should be working abroad for a minimum period of 1 year. Whereas a self-employed individual should be working abroad for at least 3 years to be eligible for this loan.
A. When RBI declares rate cut, the banks then slashes their interest rates depending on their internal financial numbers. This cut in ICICI’s interest rate will lead to a change in their home loan rate. Check the above rate cut graph to see ICICI’s history.
Q. What happens to a home loan customer with renewable fixed rate of interest, if the fixed rate tenure expires?A. The loan is fixed for a specified period of time, as per the fixed rate home loan. This information will be intimated to you in the loan sanction letter. Once the fixed rate period is over, your interest category of the loan would get converted into a floating rate. This rate will be the base rate, which prevailed during the completion of fixed rate period. The new benchmark rate is an addition of base rate and margin.
Q. Can I choose the category of interest rate on my ICICI bank home loan?A. ICICI bank provides its borrowers with an opportunity where they can enjoy fixed interest rate for the first 10 years, and after that you have the choice of fixed or floating rates. The rates may vary according to certain factors like the loan amount, the category a borrower belongs to, and the period of a given loan.
Q. Does ICICI offer any special concession on home loan interest rates to women borrowers?A. The starting rate for women borrowers for home loan is 9.60%. The woman borrower has to be the co – owner or the main applicant of the loan.
Q. Are there any charges for prepaying the loan, if I plan to close my loan early?A. There is no pre-payment charge if the loan is availed on floating rate of Interest. On the contrary, if it is availed on a fixed rate of interest, then a charge of 2%on outstanding amount needs to be paid.
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