Features and Benefits of ICICI Bank Home Loan
When you are looking for a home loan that is extremely flexible and offers you great interest rates then ICICI Home loan is definitely the one-stop solution. You have worked very hard to see the day when you finally own a great house. The home loan will not only help you buy a house that you and your family need, but also the one you deserve.
Below mentioned are the features and benefits that ICICI Bank Home Loan has to offer:
- You can choose either fixed interest rates or floating interest rates. The fixed interest rates offers you great stability as you have to pay the same instalment every month during repayment of loan. However, your interest rate keeps changing every time the bank reduces or increases the rates when you opt for floating rates of interests. So, once the rate decreases you can always enjoy paying lesser EMIs than what you were already paying.
- Even if you have outstanding loan amount you are still eligible to be covered under the free personal accident insurance plan offered by ICICI bank.
- The rates of interests offered on your home loan is extremely lucrative and the amount reduces every month
- No fees is required while you are pre-paying a part of the home loan
ICICI Housing Loan Fees and Charges
The processing fee amounts to 0.5% of the total loan amount. Service tax and surcharge are also applicable.
- The applicant must be 21 years old
- The maximum age of the applicant should be 60 years at the time of maturity of the loan amount
- In case of a salaried applicant, the person must have been staying in abroad for at least 1 year
- Self-employed applicants must have stayed in abroad for a minimum period of 3 years
- One copy of the latest passport size photograph is required. The photo must be signed across by the applicant
- Photocopies of valid Visa and passport of the applicant is required during the documentation process
- Power of attorney must be duly signed
- Form 60 and photocopy of PAN card of the applicant
- Photocopy of present residential address is required for verification
- Other documents that might be required for verification purposes are driving license, utility bills, bank statement etc.
- Appointment letter of the current employer and latest payslips are required
Personal Guarantor Documents
- Overseas residential address for verification purposes along with bank statement, utility bills, driving license, receipt of insurance premium, etc.
- All income documents and payslips of guarantor
- Photocopies of Visa and passport of guarantor
- In case you have availed just a part of the total loan amount then you are supposed to pay the interest on the loan amount that is disbursed. This payment can be done through post-dated cheques duly signed by you
- After the loan amount is fully disbursed, you can opt for the Direct Debit feature which allows you to make monthly payments from your bank account for the instalments of the home loan. Post-dated cheques from your account in the bank’s favour are also required
- There are no charges if you opt for part pre-payment of the total loan amount. The outstanding balance would be reduced accordingly after the pre-payment. The interest rate applicable, thereafter, would be calculated on the remaining outstanding balance. However, if there is a full pre-payment of the loan, a pre-closure charge of 2% will be levied on the total outstanding loan amount
FAQs - ICICI Bank Home Loan
The loan amount that you applied for is disbursed after you have produced all required legal documents and also selected a property. The property must be legally clean. The bank disburses appropriate loan amounts depending upon the current state of construction.
A co-borrower of the loan is known as the co-applicant. It is mandatory if you are applying for India home loan.
You can always go ahead and include your spouse as the co-applicant for the home loan. This would increase your chances of getting a bigger home loan. A personal guarantee is required from you in case there is no co-applicant.
A part of the home loan can be pre-paid at no additional charges, during the loan tenure.
Before the actual tenure expires it is possible for you to foreclose the loan. However, 2% will be charged on the outstanding loan amount and the amount that has been pre-paid in the last twelve months.