home loan rates

What are the present ICICI Home Loan Interest Rates?

Finance

Recently, ICICI Bank has introduced a new cashback scheme on home loans wherein the new home loan applicants have the chance to get 1% cashback for the whole tenure of the loan.

The rate on the loan is, however, same as a regular ICICI home loan. Under the housing loan segment, there are different types of schemes which you may read in this article.

What is the home loan interest rate at ICICI Bank?

At present, ICICI home loan interest rate is 8.35% per annum for women applicants and 8.40% per annum for others. However, the customers not only get the chance to pay low EMI but also save on their total payment with this new scheme.

ICICI New Home Loan Scheme – Cashback Home Loans

Any Indian residents or non-resident can apply for the new home loan scheme at ICICI Bank. The cashback for the first time will be given at the completion of 36 EMIs and after that the borrowers will get the cashback at the end of each year. Through this scheme, there is a total saving of 10% on the principal loan.

1% Cashback on Every Home Loan EMI

ICICI Bank has become the first ever lender to provide cashback offer on home loans. The trend of giving cashback offers always creates an excitement amongst the people and when it came to home loans there was nothing less than ‘grab the opportunity’ type.  

Let us now look at the eligibility required to apply for the loan and the types of home loans available at ICICI Bank.

What is the eligibility required for ICICI Home Loans?

To apply for a housing loan at ICICI Bank, applicants have to match the below-mentioned eligibility.

  • All salaried, as well as self-employed Indians with a regular source of income
  • An applicant must be at least 21 years of age to a maximum of 65 years of age/retirement, whichever is earlier.
  • Family members such as an earning spouse can be the co-applicant
  • Co-owners must be co-applicants of the loan as well.

What are the schemes available for ICICI Home Loans?

The different types of schemes based on the requirement of the borrower are mentioned-below:

  • Cashback Home Loans
  • Step Up Home Loans
  • Extra Home Loans
  • Pragati Home Loans
  • Pradhan Mantri Awas Yojana
  • Saral Rural Housing Loan

What are the documents that you must have?

The list of documents required to apply for the home loan is as follows:

For Salaried

  • Application form with duly signed photograph
  • Age, Residence & Address Proof
  • Last 6 Months Bank Statements
  • Last 3 Months Salary Slips
  • Processing Fee Cheque
  • Form 16/Income Tax Returns

For Self-employed Professional

  • Application form with duly signed photograph
  • Age, Residence & Address Proof
  • Last 6 Months Bank Statements
  • Last 3 Months Salary Slips
  • Processing Fee Cheque
  • Form 16/Income Tax Returns
  • Education Qualification Certificate & Proof of Business Existence
  • Last 3 Years Income Tax Returns with Computation of Income
  • Last 3 Years CA Certified/Audited Balance Sheet and Profit & Loss Account

For Self-employed Non-Professionals

  • Application form with duly signed photograph
  • Age, Residence & Address Proof
  • Last 6 Months Bank Statements
  • Last 3 Months Salary Slips
  • Processing Fee Cheque
  • Form 16/Income Tax Returns
  • Proof of Business Existence
  • Business Profile
  • Education Qualification Certificate & Proof of Business Existence
  • Last 3 Years Income Tax Returns with Computation of Income
  • Last 3 Years CA Certified/Audited Balance Sheet and Profit & Loss Account

How can you calculate your home loan EMI?

A home loan calculator takes into account the loan amount, interest rate and the tenure on the basis of these details it provides the EMI, Total Interest Outgo and Total Amount (Interest+Principal). For example, if you are taking a home loan of ₹20 lakhs for the tenure of 20 years at the interest rate of 8.65% p.a. Your payment details will be as follows:

EMI- ₹17,547

Total Interest Outgo- ₹22,11,233

Total Amount (Interest+Principal)- ₹42,11,233

What are the factors affecting the eligibility for ICICI home loans?

Just like any other loan, there are certain factors based on which the bank considers your application for the loan and for a good rate of interest. These parameters help the bank know your repayment capacity to its maximum potential.

  • Age of the applicant
  • Monthly income of the applicant
  • Property value
  • Credit history of the applicant
  • Employment/Profession status
  • The category of the employer (for salaried)
  • Relationship with the lender

Srishti Singh is a professional financial writer who has written on various financial products like personal loans, home loans, credit cards & mutual fund investment, etc. She believes in delivering best of her knowledge so as to help the readers understand the product and be aware of their financial decisions.

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