The practical facets of constructing, buying or renovating a house entails planning research and responsibility. For most of us, getting the right mortgage scheme (which perfectly suits our requirements ) and repaying it with an interest can be a mammoth job, or maybe quite impossible. It may not be the wisest option though some people settle for a mortgage. In this situation, the best thing is a home loan program. Most banks extend aid to customers in the form of home loans. ICICI Bank is one on of the largest private sector banks of India.
Features and Advantages of ICICI bank housing loan
- Affordable Rates of Interest and both floating and fixed options
- The house loan can be approved prior to selecting the property
- A really easy simplified documentation process and even quicker documentation process for existing customers
- You get the freedom of enjoying a longer tenure with lower EMIs
- The ‘Balance Transfer’ feature allows you to transfer your existing home loan availed from any other bank, to ICICI Bank. This is for you to enjoy long term savings.
- With the Balance Transfer attribute, you are able to enjoy up to additional top up loan sum. This can be up to 100% of their original mortgage.
- The bank's home loan page offers unique online tools like Eligibility calculator and EMI calculator. Together with the eligibility calculator you may get the mortgage amount you're eligible to avail for, and the EMI calculator calculates the monthly repayment sum to the loan.
- Selected customers may enjoy pre-sanctioned home loans.
- Up to 30 years loan tenure is available
- Enjoy a fixed interest rate for the initial 10 years, and thereafter a choice of fixed or floating interest rates.
Eligibility criteria ICICI home loan :
- Applicants must be at least 21 years old when the loan is sanctioned.
- The entire loan must be repaid at or before the age of 65 years.
- Applicant must be self-employed or salaried with a regular income source.
- The co-applicant’s age must be at least 18 years.
Home loan interest rates of ICICI bank
Before we get into the complete numbers, it's vital to understand how the rates of interest are in fact calculated. Like other house loans accessible from several other banks in India, ICICI Bank home loans also supply an MLCR established interest calculation. It's necessary to see that the ICICI Bank floating rate home loan is benchmarked to I-MCLR-1Y. Here mentioned floating prices are connected to I-MCLR-1Y (1 year MCLR) benchmark speed. I-MCLR-1Y is 8.55%. However, the rates of interest are calculated differently for various classes according to demographics
interest rate of ICICI home loan for self employed borrower (Floating Interest Rate)
| 30 lacs to 75 lacs |
9.15% |
I-MCLR-1Y + 0.50% |
| Above 75 lacs |
9.20% |
I-MCLR-1Y + 0.55% |
ICICI home loan interest rate for salaried borrower (Floating Interest Rate)
| 30 lacs to 75 lacs |
9.10% |
I-MCLR-1Y + 0.45% |
| Above 75 lacs |
9.15% |
I-MCLR-1Y + 0.50% |
ICICI home loan interest rate for women borrower- self employed (Floating Interest Rate)
| 30 lacs to 75 lacs |
9.10% |
I-MCLR-1Y + 0.45% |
| Above 75 lacs |
9.15% |
I-MCLR-1Y + 0.50% |
ICICI home loan interest rate for women borrower- salaried (Floating Interest Rate)
| 30 lacs to 75 lacs |
9.05% |
I-MCLR-1Y+0.40% |
| Above 75 lacs |
9.10% |
I-MCLR-1Y+0.45% |
EMI calculator of ICICI bank home loan
ICICI Bank offers exceptional and dynamic tools such as EMI calculator and Qualifications calculator to assist customers with picking the ideal home loan. With the usage of this eligibility calculator you may find the home loan amount you are eligible to avail , by inputting certain basic details/parameters, and the EMI calculator calculates the monthly repayment amount you want to make towards the loan. For this you have to enter basic information like the loan tenure and loan amount. Make use of those tools to find the best deal.
Pradhan mantri awas yojana by ICICI bank
The CLSS or Credit Linked Subsidy Scheme was announced by the Prime Minister of India, Narendra Modi under the Pradhan Mantri Awas Yojana. According to the CLSS beneath PMAY, everyone is going to have a home by 2022.
Beneath the home for all by 2022 strategy, interest subsidy could be availed by the consumers belonging to MIG (Middle Income Group), LIG (Lower Income Group) and EWS (Economically Weaker Section) for expansion, expansion, construction and purchase of houses.
Main Features of PMAY schemes:
- In case of MIG categories, the beneficiary household's Aadhaar numbers are compulsory.
- The interest subsidy benefit can be availed to the outstanding principal.
- The subsidy can be availed for maximum tenure of 20 decades or the tenure availed by the customer, whichever is lower.
- No limit is there on the home's cost or the amount of loan.
- The NPV or Net Present Value of this subsidy is calculated at a discounted rate of 9 percent.
- Any extra loan above the designated cap, will include a non-subsidized rate.
Qualification for applying PMAY scheme:
- In order to be eligible for this scheme, the beneficiary family shouldn't have received any fundamental assistance under Housing of 2022.
Beneficiaries under PMAY scheme:
- This particular scheme is provided to the families comprising of wifehusband and unmarried kids. Any adult member earning for himself/herself, no matter his marital standing, will be treated as separate household under the Middle Income Group class.
- The beneficiary family shouldn't have a pucca house in any part of India. Even the family members can't own a pucca home anywhere in India.
Further Reading: Pradhan Mantri Awas Yojana
ICICI home loan balance transfer
ICICI bank provides the privilege of decreasing the EMI burden to its clients, and permits them to make savings by shifting their present mortgage strategy from another Bank to ICICI bank. The balance transfer feature is quite innovative and a very thoughtful gesture to the lender's part.
Having a home is a intelligent investment and features fantastic tax advantages. Research Home Loans.
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