Be it any lender, the person looking for a loan wants to know the rate of interest. The next thing on the list is the eligibility as to whether this particular lender would approve his/her loan or not. A home loan is the only loan that may continue for 30 years. So, every borrower wants to have the lowest rate possible so the EMI is also within the budget.
Among the best options available for home loans is ICICI home loan. The bank is quite famous for its customer services and for housing loan as well, it has a huge customer following. You can get funds for various purposes as there are many schemes for which the bank provides funds. You will read about it in this article along with other details such as the eligibility criteria required, current interest rate and how can you calculate the monthly installment.
ICICI Home Loan Schemes
The different schemes you will find at ICICI Bank are mentioned below:
- Cashback Home Loans
- Step Up Home Loans
- Extra Home Loans
- Pragati Home Loans
- Pradhan Mantri Awas Yojana
- Saral Rural Housing Loan
Eligibility for ICICI Home Loan
The basic criteria that the bank looks for is mentioned below:
- 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.
You should also know that documentation is very important to get the approval. The most important document that you must have is the property documents. You should also look for a property in an authorized location because then only the bank would accept your application. Below are the documents you must keep:
Documents for ICICI Home Loans
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
ICICI Home Loan Interest Rate
At present, the housing loan rate ranges from 8.35%-8.85% per annum. Applicants who match the eligibility criteria have all the documents and CIBIL score of 650 or above can get a good rate and faster approval.
EMI Calculator
For example, if you get the approval for the loan amount or want ₹20 lakhs for the tenure of 20 years at the interest rate of 8.35% p.a. Your ICICI home loan payment details will be as follows:
EMI- ₹17,167
Total Interest Outgo- ₹21,20,094
Total Amount (Interest+Principal)- ₹21,20,094