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ICICI Bank is ruling the banking sphere across different products such as home loans that you can avail to buy a dream home for you. Even if you want to construct, renovate or extend a housing unit, you can get a loan from ICICI Bank. With around 5,000 branches across the country, ICICI Bank offers home loans to a wide range of applicants in both salaried and self-employed class. However, it is required that you meet the eligibility criteria laid down by the bank before being approved for a loan. Now, the eligibility can have broader connotations, it would also mean the amount of loan you are eligible for. So, letu2019s gear up for an interesting session on ICICI Home Loan Eligibility.
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ICICI Bank is ruling the banking sphere across different products such as home loans that you can avail to buy a dream home for you. Even if you want to construct, renovate or extend a housing unit, you can get a loan from ICICI Bank. With around 5,000 branches across the country, ICICI Bank offers home loans to a wide range of applicants in both salaried and self-employed class. However, it is required that you meet the eligibility criteria laid down by the bank before being approved for a loan. Now, the eligibility can have broader connotations, it would also mean the amount of loan you are eligible for. So, let’s gear up for an interesting session on ICICI Home Loan Eligibility.
ICICI Home Loan Eligibility Criteria • The loan is available to both salaried and self-employed having a regular flow of income • Your age must not be below 21 years. However, you must not be more than 65 years old or the retirement age, whichever is earlier, at the time of proposed loan maturity • You can have earning family members as a co-applicant • Co-owners must also be co-applicants These are some of the basic conditions you must meet to be eligible for ICICI Home Loan.
ICICI Home Loan Calculator for Eligibility You can use the ICICI Home Loan Eligibility Calculator to know the estimated loan amount. The calculator estimates the loan amount based on your income, current & retirement age, any running loan EMI, etc. You can increase the loan eligibility by adding the income of any earning co-applicant such as a spouse. With the increased loan, you can easily buy a house of your choice and join the coveted list of homeowners.
Does Your Job Finish by Checking ICICI Home Loan Eligibility? No, isn’t? You may know the estimated loan that you would service over a period of time. But how much EMI and interest will you pay to the lender? These are valid concerns, aren’t they? So, after getting an idea of the expected loan amount, you must know the installments payable to the lender. After all, the repayment can span for around 20-30 years. This makes it vital to know at least the indicative installments. You can use the ICICI Home Loan EMI Calculator to know the same. The calculator helps compute the Equated Monthly Installments (EMIs), a portion of both principal and interest payable to the lender. The calculator takes into the compounding interest formula to compute the EMIs. You can enter the loan amount, interest rate and tenure in the calculator to figure out the installments as well as the interest you pay to the lender over the due course of time.
What is ICICI Home Loan Interest Rate? You get loans at varied interest rates from ICICI Bank. The rates vary according to the profession of an individual as well as the loan amount applied. Plus, the rates are benchmarked to 1-year MCLR of 8.75%. Loans up to ₹35 lakhs can be granted to salaried at an interest rate of 9.05% per annum. Self-employed can get the same amount of loan at 9.10%. Loans above ₹35 lakhs to ₹75 lakhs can be offered to salaried and self-employed at 9.15% and 9.20%, respectively. Loans above 75 lakhs can be offered at 9.20% to salaried and 9.25% to self-employed. Now that you know the nitty gritty of ICICI Home Loan, you can figure out the right plan and implement to ensure the dream home is no longer a dream.
