Why Choose ICICI Bank Home Loan for Your Dream Home

The way of by which the home of your dreams come to reality goes via a home loan. Availing a home loan to fund the purchase of a home has become near to essential for almost all home buyers.  When a home buyer takes a home loan from the best lender, from the application to repayment, the whole journey becomes smooth. One of the such trusted banks of the nation for home loans is ICICI Bank.

'Industrial Credit and Investment Corporation of India' commonly known as ICICI bank is the second largest bank in India by assets and by market capitalization. This bank provides various services among which the most renowned one is credit products. This bank provides credit products of various kinds such as personal loan, auto loan, home loan etc. ICICI bank home loan is one of the best products of ICICI bank.

Here are the reasons which make an ICICI Bank home loan worth of choice

Interest Rate Based on MCLR

MCLR based interest rates are always lower than the fixed rate of interest. ICICI bank provides a competitive interest rate on home loans which is linked with MCLR (Marginal Cost of Funds Based Lending Rate). This banks has lowered its MCLR by 0.10% to 8.2% which is directly  benefiting the borrowers. One can even transfer their existing costlier home loans to ICICI to avail better rates.

Minimal Documentation

The house loan taken from ICICI bank is very easy in processing. The documentation process of ICICI home loan is very simple. The bank demands only the basic documents which almost all of us possess. The minimal documentation makes a home loan from ICICI bank one of the best home loans.

Fast Processing

Home loans in India have become faster and easier with the internet access in the finance sector. ICICI home loans are also not an exception. One can apply for a home loan through TABLET and Smartphone applications which ensures faster approval of your home loan.

Top-Up On Home Loans

A Top-up home loan is a facility which can be availed by the borrowers who have transferred their loan to ICICI along with the regular borrowers. One can take a top-up loan which means extra amount on the basis of their home loan. The top-up loan is a multipurpose loan which can be used for any purpose. The interest rate on a top-up loan is always certain to be less than the general multipurpose personal loans.

Long Tenure

ICICI bank offers its customers to avail a tenure as long as 30 years. When a person goes for a long tenure, his EMI becomes small. Paying an EMI which is small in amount can make a person live in his own home without bringing any change in his lifestyle.

Doorstep service

As mentioned above, ICICI bank home loans can be applied online. Once you have applied for a home loan, the Relationship Manager will provide you with the rest of the services at your doorstep. The other formalities like submitting documents, signing the loan agreement etc are done at the home or office of the customer. This doorstep service saves much time and effort for the customer.

Online Access

Once a person will apply for a home loan he will be given an access to his credit account by which he can track the loan processing as well as the repayment process. An online access is a useful tool to keep the loan on track.

Refinance Facility

ICICI bank provides an option to the home loan borrowers of other banks to transfer their loan to ICICI bank at a nominal cost. One can transfer his costlier home loan to ICICI at any stage of the loan. A balance transfer of loan reaps the maximum profit when it is done at the earlier stage of the loan.

Pre-payment and part payment

ICICI bank provides prepayment and part payment facility without any penalty. One can go for a part-payment or pre-payment once the lock-in period is over which is 18 months for home loans. If a persons finance allows him to prepay the total outstanding amount at a time then he can easily go for it. If not one can even contribute a lump sum amount towards the principal repayment so that either the EMI or the tenure of the loan will go down.

To avail a home a home loan from ICICI bank one must fulfill the ICICI Loan Eligibility criteria. One can apply for a home loan from ICICI through online marketplaces like Finance Buddha, which will make the process even easier. Opt ICICI Bank for home loans at its best and make your dream home come true.