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ICICI Bank Home Loan: ICICI Bank is one of the leading banks in India that offers a wide range of financial products and services to its customers. One of its most popular products is the ICICI Bank Home Loan.
In this article, we will discuss the features, eligibility criteria, and other important details about the ICICI Bank Home Loan.
Table of Contents
Features of ICICI Bank Home Loan
Loan Amount
ICICI Bank Home Loan offers a loan amount ranging from Rs. 1 lakh to Rs. 10 crores. This means that you can avail of a loan as per your requirements.
Flexible Repayment Options
ICICI Bank Home Loan offers flexible repayment options to its customers. You can choose a repayment tenure ranging from 3 years to 30 years, depending on your repayment capacity.
Attractive Interest Rates
ICICI Bank Home Loan offers attractive interest rates to its customers. The interest rates start from 6.70% p.a. and vary based on the loan amount, repayment tenure, and your credit score.
Quick Processing
ICICI Bank Home Loan offers quick processing of the loan application. Once you submit all the required documents, the loan application will be processed within a few days.
Balance Transfer Facility
ICICI Bank Home Loan also offers a balance transfer facility to its customers. If you have an existing home loan with another bank, you can transfer the balance to ICICI Bank and enjoy lower interest rates.
Interest Rates
ICICI Bank Home Loan interest rates start from 6.70% p.a., and the rates are subject to change based on various factors such as the loan amount, repayment tenure, and credit score of the applicant. The interest rate is a crucial factor while choosing a home loan as it determines the overall cost of the loan.
Eligibility Criteria
- Age: The minimum age of the applicant should be 21 years, and the maximum age should be 65 years.
- Income: The minimum income of the applicant should be Rs. 25,000 per month. However, the income requirement may vary based on the loan amount and repayment tenure.
- Employment Status: The applicant should be either salaried or self-employed.
- Credit Score: The applicant should have a good credit score, preferably above 650.
Documents Required
- Identity Proof: Aadhaar Card, Passport, Voter ID Card, Driving License, PAN Card.
- Address Proof: Aadhaar Card, Passport, Voter ID Card, Driving License, Utility Bills.
- Income Proof: Salary Slips, Bank Statements, Income Tax Returns, Business/Professional Proof.
- Property Documents: Sale Deed, Agreement to Sell, Property Tax Receipts, NOC from Society/Builder.
Also Read : How Automation is Transforming the Future of Banking, 10 Things to Know
Conclusion
ICICI Bank Home Loan is a popular financial product offered by ICICI Bank. It comes with various features such as flexible repayment options, attractive interest rates, quick processing, and balance transfer facility.
However, before applying for a home loan, it is important to check your eligibility criteria and documents required. It is also advisable to compare the interest rates and terms of other banks to make an informed decision.