ICICI Bank Home Loan: All You Need To Know

by MyMoney Mantra FinTech (Financial Technology)

So, you have been living in a busy city for several years in a rented flat! Now you have a family and you are all geared up to buy your dream home with an ICICI Bank Home Loan? Borrowing from India’s largest private sector bank, which is known for its transparency in dealings and good customer service, you do gain a competitive advantage. This bank offers a number of products to suit every borrower’s needs. But before you apply for a Home Loan, conduct a research on everything offered by this bank in this segment including all related terms and conditions. This will help you take the right buying decision of availing finance from a bank that offers maximum benefits.

Here are some minutiae that you should know about ICICI Bank Home Loan:

On sanction of the loan, you must be at least 21 years of age.
The termination age of the loan should be at or before 65 years or retirement, whichever is earlier.
You can avail finance for both new and resale properties.
You should have a steady source of income. You can be either self employed, salaried or a business owner.
You should have a co-applicant, whose minimum age should be 18 years. Banks accept only a few relationships for co-applicants, including husband and wife, father and son, brother and brother, mother and son, unmarried daughter and mother, and unmarried daughter and father only.
Adding a co-applicant with a regular source of income will enhance your eligibility criteria.
Your co-applicant will be entitled to avail tax benefits from your Home Loan, which is subject to his/her contributions.
Women borrowers enjoy lower interest rates; they enjoy a win-win situation on the overall pricing.
Submission of several documents would be required when you apply for Home Loan with ICICI Bank. Keep these documents ready before you apply. Documents include - application form with duly signed photograph, identity evidence, residence proof, age proof, bank statement of last six months, salary slips of last three months if you are salaried, business profile and proof of business existence if you are self employed, processing fee cheque, Form 16 of IT returns, education qualification certificate, Income Tax Returns with computation of income of last three years, and CA certified or audited balance sheet and profit and loss account of last three years (for self employed).
The reset period for Marginal Cost of Funds based Lending Rate (MCLR) of ICICI Bank Home Loan is 12 months, and it is reviewed and published every month. For example, in January 2017, the bank reduced its MCLR by 0.70%.
If you are seeking a Home Loan for a property under construction, the disbursal of the loan will happen in tranches upon demand.
You may apply for a Home Loan online through mymoneymantra, a leading online platform for all your financial needs, or by visiting your nearest ICICI Bank branch.
You should have a good credit score, and so should your co-applicant (if any).
ICICI Bank Home Loan interest rate will depend on your credit score. Typically, the higher your credit score (of applicant and co-applicant), lower the interest rates!

Avail your loan and step into your dream home! For availing Affordable Home Loans in India, visit mymoneymantra, or call our Mortgage Specialists toll free on 1800 103 4004.