ICICI Bank Home Loan
Features
- Doorstep service
- Speedy loan sanction
- Simplified documentation
- Attractive interest rate options: Floating Rate, Fixed Rate or Part-fixed and Part-floating Rate
- Loan amounts ranging from Rs. 3 lakh to Rs. 3 crore
- Sanction prior to selection of property
- Insurance options for your Home Loan at attractive premium
- Prepayment charges shall not be applicable if the loan is prepaid (pre-closed) out of own sources of funds.
- Free Personal Accident Insurance
Eligibility
ICICI offers Home Loans to Resident as well as Non Resident Indians- Applicant must be at least 25 years of age when the loan is sanctioned
- The loan must terminate before or when applicant turn 65 years of age or age of retirement, whichever is earlier.
- Applicant must be salaried or self-employed with a regular source of income.
Loan Amount
It is restricted to a maximum of 80% of the cost of property (Agreement value + Stamp Duty + Registration charges) or the cost of construction as applicable.Documents Required
- Completed application form
- Passport size photograph
- Proof of Identity PAN Card/ Voters ID/ Passport/ Driving License
- Proof of Residence, Recent Telephone Bill/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID
- Proof of business address in respect of businessmen/ industrialists
- Sale Deed, Agreement of Sale, Letter of Allotment, Non encumbrance certificate, Land/ Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)
- Copy of approved plan and approval from the Local Body
- Statement of Bank Account/ Pass Book for last 6 months
Benefits of Applying Online
When Banks Compete, you win.
Apply for a Home Loan at ApnaPaisa and we will match your requirements with the best offers from our network of over 400 service providers. We will get a maximum of five providers to compete for your business. WHEN BANKS COMPETE YOU WIN. You can then decide which home loan is best for you based on:
- Lowest Interest Rate
- Lowest EMI
- No Pre-payment charges
- Lowest Processing Fees
- Maximum Eligible Loan Amount
- Mandatory Documents Required
- Lowest Processing Fees
Or any other factor that is important to you.
Negotiating Tips
1) If you have a good credit record and your income is sufficient to justify the loan you can negotiate on interest rates. You can also try and get Processing fees or legal or valuation fees reduced or completely waived.
2) If you go for a floating rate loan then pre-payment charges are not payable.
3) When interest rates are high and are expected to go down you should go in for a floating rate loan as it makes no sense to lock into high fixed rates or the so called Dual rate loans where rates remain fixed for a couple of years before shifting to regular floating rate loans. Please review this decision at least once every 6 months
4) Take term insurance and critical illness and accidental disability policy for the full loan amount to make sure you or your loved ones don't have to worry about loan repayment should you die or are disabled due to a critical illness or accident. You cannot be forced to buy this policy from the insurance company chosen by the lender - you should choose your own insurer.