Affordable Home Loan from ICICI

Affordable Home Loans

When it comes to buying a dream home don’t settle for anything except the best. ICICI bank is offering home loans to ensure you get a chance to build a dream home at affordable rates. In India getting a home loan is not tough, but it is considered that you are lucky if you can get a home loan from ICICI bank. The facilities and benefits offered by this bank is very impressive and it is the very reason every third person who is looking to take home loan prefers ICICI bank.

Highlights of ICICI Bank Home Loans are:

  • This bank offers flexible loan repayment option
  • Less documentation
  • More than 900 branches across India that serves for home loans
  • Door service are offered
  • Apart from buying a home, home loan is available for renovation, reconstruction, under construction property and also for purchase of land for housing purpose
  • Financial counseling and home buying guidance is offered
  • Total 2500 branches in India for ICICI bank
  • Insurance is offered on home loans
  • Housing Development Authority Approved property will be sanctioned with home loan
  • Reward points “MySavings” is offered on EMI payment made through auto-debit mode
  • Lowest rate of interest on home loans is 8.35%

ICICI bank understands the value of every penny and thus helps you with all available options to get the best deal. Having said that, ICICI bank is one of the largest private sector banks in India. Apart from being one of the best banks in India, it has foot prints all over the globe. Thus its accessibility and network connectivity is high. According to varied requirements of customers, the bank offers specially designed home loan schemes in India. This bank is well recognized for its innovative approach. Getting home loan from ICICI bank is quite easy and quick. If you have good credit score and eligibility, the bank will offer home loans at lowest rate of interest.

Interest rates at ICICI bank for home loans are:

ICICI Bank Home Loan Details
Interest Rate 8.40% to 8.85% for General Borrowers
8.35% to 8.80% for Women Borrowers
Processing Fees 0.50% of the loan amount or Rs.11500 whichever is minimum
Loan Tenure 3 year to 30 years
Partial pre-payment Charges Nil
Pre-closure Charges Nil
Guarantor Requirement No Guarantor Required

 

Floating Interest Rate
Category Effective Rate of Interest Rate
₹ 30 lacs to ₹ 75 lacs 8.70% I-MCLR-1Y + 0.50%
₹ 75 lacs to ₹ 5 crore 8.75% I-MCLR-1Y + 0.55%
Above ₹ 5 crore 8.85% I-MCLR-1Y + 0.65%
Fixed Interest Rate for 2 Years, 3 Years
Category Fixed rate for 24/36 months Floating rate pricing from 25th/37th month
₹ 30 lacs to ₹ 75 lacs 8.70% I-MCLR-1Y + 0.50%
₹ 75 lacs to ₹ 5 crore 8.75% I-MCLR-1Y + 0.55%
Above ₹ 5 crore 8.85% I-MCLR-1Y + 0.65%
Fixed Interest Rate for 5 Years, 10 Years
Category Fixed rate for 60/120 months Floating rate pricing from 61st/121st month
Up to ₹ 30 lacs 8.75% I-MCLR-1Y + 0.55%
Above ₹ 30 lacs 8.85% to 8.95% I-MCLR-1Y + (0.65% to 0.75%)
Full Tenor Fixed Interest Rate

 

Category Effective Rate of Interest

 

Up to ₹ 30 lacs 9.75%

 

Above ₹ 30 lacs 9.85% to 10.10%

 

 

With the introduction of technologically advanced features such as home loan accessibility through smart-phones and tablets, customers are finding it quite convenient and saves a lot of time and efforts. Along with these ICICI bank also has a very unique and user-friendly EMI calculating tool. Everyone who wishes to know about interest rate and EMI on their loan amount can make use of this EMI calculator to ascertain up to what amount loan can be availed, what will be the rate of interest and also monthly EMI amount. The eligibility checker is a similar tool offered by ICICI bank to everyone who wishes to know how much home loan amount they are eligible for and if they are eligible for home loan with ICICI bank.

Apart from applying for fresh  home loan, if you are looking for an option to lower your monthly EMI on home loan, make use of the home loan balance transfer option. This will help in reducing the rate of interest on the loan which will also reflect on the monthly repayment amount. Get to know more details on home loan balance transfer with ICICI bank and apply for it right away.

Every home loan borrowers have the option to choose between fixed, floating and adjusted rate of interest. Fixed and floating rate of interest is common with all banks, but adjusted rate of interest is something new, innovative and not all banks are offering. ICICI bank offers Adjusted rate of interest on home loans, through this the ICICI Bank Home Loan borrower can have fixed rate of interest for a specific period and post this period, the rate of interest on the home loan will be on the basis of floating rate of interest. This flexibility comes to great help who wants to have fixed EMI for a specific period. Example: Mr. Rahul takes a home loan for 10 years with adjusted rate of interest. Per this he choose to have rate of interest fixed for first 4 years and the remaining 6 years floating rate of interest will be applicable on the home loan.

Women borrowers are offered with special concessions on home loans. This benefit can be enjoyed only if the women borrowers are the main applicant of the home loan or she should be he co-owner of the property for which home loan is offered.

Rate of interest for women applicants are:

Floating Interest Rates
Home Loan Amount Rates Effective Interest Rates
₹ 30 lakhs to ₹ 75 lakhs I-MCLR-1Y+0.45% 8.65%
₹ 75 lakhs to ₹ 5 crore I-MCLR-1Y+0.50% 8.70%
Above ₹ 5 crore I-MCLR-1Y +0.60% 8.80%

ICICI bank is well known for offering best home loan services. It offers a mix of loans that is of low rate of interest, user-friendly technologically support and easy accessibility for loans.

 

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