ICICI Home Loan Details – Features, Benefits, Current Interest Rate

ICICI Bank, one of India’s leading financial institutions, offers a range of home loan products designed to meet the diverse needs of homebuyers. Whether you’re purchasing your first home, renovating an existing property, or refinancing a loan, ICICI’s home loans come with attractive features and benefits that cater to different financial situations. From competitive interest rates to flexible repayment options and quick processing times, ICICI home loans provide the support you need to make your dream home a reality.

ICICI Home Loan Details

• Interest Rates: 9.05% – 9.25%
• Processing Fees: Rs 10,000+ AT or 0.25% + AT ( Whichever is lower)
• Pre-payment Charges: Nil
• Loan Amount: 90% of market value
• Lowest EMI: Rs.906/lakh – Rs.919/lakh
• Min. Income: Rs.18000/- p.m.
• Loan Repayment: 1 to 30 years

ICICI Bank Home Loan Provides You Home Loan for Below-Mentioned Purposes:

1. Home Loan – If you want to purchase a new home, then you can make use of the ICICI home loans.
2. Home Improvement Loan – You can use ICICI home loan for your home improvement works. Availing home improvement loans will be very beneficial for all your reconstruction and renovation works.
3. EMI under construction – if you have started any project and it is under construction, and you have run out of funds, then you can make use of EMI under construction scheme. This scheme helps you to pay the payments in EMI.
4. Balance Transfer – if you have taken a home loan from a bank, then you can easily transfer it to ICICI in a very easy approach. ICICI banks let you transfer all your running loan to your ICICI bank.
5. Top-Up Loan – ICICI bank also provides the facilities of top-up loan. This can be used as additional funding for the security of your property.

ICICI Bank Offers Home Loans under many Schemes

ICICI Bank offers home loan schemes under a number of labels such as:

• ICICI Bank Extra Home Loans – When you avail home loan from ICICI bank, you can enhance the loan amount up to 20%. You also get an option to extend the repayment duration until 67 years of age. When you avail this facility, you get the dual advantage of the improved affordability and extending the repayment period.

• ICICI Bank Pragati Home Loans – The ICICI bank Pragati home loan can be opted by customers who have a dream of having their own house then this is considered one of the best resolutions. It comes under a very affordable housing loan segment.

• Pradhan Mantri Awas Yojana – ICICI bank offers Pradhan mantri Awas Yojana from customers who fall under the category of EWS and LIG. The honourable Prime Minister Narendra Modi declared the Pradhan Mantri Awas Yojana. As per the Yojana, the government has foreseen a vision for all to have their own house by the year 2022. The scheme is called a credit-linked subsidy scheme.

• Balance Transfer Home Loan – You can lower the EMI of your total loan amount by using the balance transfer home loan. In this scheme, you can transfer the home loan amount from other banks to ICICI bank. In this way, you can enjoy very long term savings.
• Top Up Loan linked to Home Loan – This type of home loan is usually taken by customers against their property. This is mainly taken to meet immediate needs. The tenure of repayment is usually the same as the existing home loan tenure. When you opt for this type of loan from ICICI bank, the process of loan repayment becomes very easy.
• Home Improvement Loans – ICICI banks lend their customers with home loans to customers who wish to improve their dwelling place. These loans are provided at a much lower rate of interest.
• Land Loan – ICICI bank also lends land loans to its customers who wish to purchase a piece of land and construct their own house. In the current scenario, you can opt for this type of loan, make use of the same in purchasing a residential plot of land, and then plan for reconstruction. As per the terms and conditions of the bank, you need to complete the construction of the house within a period of two years from the date of disbursement of the loan from the bank.
• Office Premises Loan (Non-Residential Property) – ICICI bank also makes available for non-commercial loans to self-employed businesspersons and professionals who necessitate a permanent address to set up a business. This scheme has helped numerous self-employed individuals to construct their own building. The home loan in this category covers purchase, Construction, improvement, and extension of the office premises.

Features & Benefits of ICICI Bank Home Loan

1. Striking Home Loan Rates
2. No charges on part prepayment of your Home Loan
3. Top Up & Home Improvement Loan facility available on existing Home Loan
4. Home loan amounts suited to your needs
5. Flexible home loan repayment duration up to 30 years
6. Simplified document verification process.
7. Doorstep carriage of home loan documents
8. Sanction approval without having designated a possession.
9. Free Personal Accident Insurance packages
10. Insurance selections for your home loan at a striking premium

Read Also: Home Loan Interest Rates : Compare and Apply