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Home Loan from ICICI

ICICI Bank is India's largest private sector bank with total consolidated assets of Rs. 9,860.43 billion at March 31, 2017 and profit after tax of Rs. 98.01 billion for the year ended March 31, 2017. ICICI Bank currently has a network of 4,850 Branches and 14,164 ATM's across India. ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary.

ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its group companies. ICICI Home Finance Company Limited ("ICICI Home Finance" or "ICICI HFC"), a group company of ICICI Bank, is one of the leaders in the Indian mortgage finance and realty space. ICICI HFC offers a range of innovative products, from different type of home loans to property related services will help meet these dreams.

ICICI Home Loan Details

Interest Rate 8.35% - 8.80%
Processing Fee 0.50% - 1.00% of the loan amount or Rs. 1500/- (Rs. 2000/- for Mumbai, Delhi & Bangalore), whichever is higher + applicable Service Tax & Surcharge
Max Tenure 30 yrs
Lowest EMI Rs. 758 per lakh
Prepayment Charges Nil charges for floating rate loans
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed

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Know your approximate EMI ...

SPECIAL home loan schemes from ICICI

ICICI offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. 

ICICI Bank Saral Rural Housing Loan : 9.15% to 9.20%

Loan to support the socio economic development of women's and other weaker sections of the society. Also includes support in acquisition, construction, repairs, renovation or up gradation of rural houses.

Who is Eligible?

Rural women and other weaker sections of the society benefit the most from this loan as it is designed for their upliftment.

Key Features

Home loan available at the age of 21 - 60 years
Loan amount that you can borrow ranges from Rs. 15 Lakh to Rs. 10 Cr
Option to apply for a maximum ltv of 90% of value of the property
Housing loan for a maximum period of 30 years


emi mantra

 

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ICICI Bank Extra Home Loan : 8.50% - 8.70%

Loan that increases your loan amount by up to 20 percent and also extends the repayment period up to 67 years of age.

Who is Eligible?

Borrowers who could not meet eligibility criteria due to difference in their age or income. Most suitable for young and middle age, salaried customers and self employed customers.

Key Features

Home loan available at the age of Extended repayment tenure up to 65 years of age: salaried borrowers up to 48 years old
Loan amount that you can borrow ranges from Rs. 15 Lakh to Rs. 75 Lakh
Option to apply for a maximum ltv of 80% of value of the property
Housing loan for a maximum period of 30 years


emi mantra

 

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Pragati Home Loans : 8.50% - 8.70%

Specially designed loan to cater your home loan requirements. Under the scheme, a borrower can avail home loan, home improvement loan and non residential premise loan.

Loan to cater the home loan requirements of wider section of the society.

Who is Eligible?

Salaried individuals with a minimum income of Rs. 10,000 per month, self employed individuals with a business experience of 5 years.

Key Features

Home loan available at the age of 21 - 60 years
Loan amount that you can borrow ranges from Rs. 5 Lakh to Rs. 50 Lakh
Option to apply for a maximum ltv of 90% of value of the property
Housing loan for a maximum period of 20 years


emi mantra

 

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ICICI Home Loan Balance Transfer : 8.50% - 8.85%

Loan to reduce EMI and interest paid on your loan amount to avail attractive discount and benefits on balance transfers. Loan comes with the attractive and affordable rate of interest. Offers loan amount upto 100 percent in addition to the original home loan.

Who is Eligible?

Borrowers who wish to lower their EMI obligation on their existing home loan from other banks and non-banking financial companies. Customers who wants additional funds for meeting their personal or business needs.

Key Features

Home loan available at the age of 21 - 60 years
Loan amount that you can borrow ranges from Rs. 5 Lakh to Rs. 10 Cr
Option to apply for a maximum ltv of 80% of value of the property
Housing loan for a maximum period of 30 years


emi mantra

 

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Home Improvement Loan : 8.50% - 8.85%

Loan to improve/renovate your dwelling unit by availing a loan at lower rate of interest. Loan is offered at home equity rate of interest for both internal and external furnishing at affordable rates of interest.

Who is Eligible?

Individuals who wants to renovate or refurnish their existing house property.

Key Features

Home loan available at the age of 21 - 60 years
Loan amount that you can borrow ranges from Rs. 15 Lakh to Rs. 10 Cr
Option to apply for a maximum ltv of 80% of value of the property
Housing loan for a maximum period of 30 years


emi mantra

 

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ICICI Home Loan Top-up : 8.50% - 8.85%

Can be availed for meeting home furnishing, marriage expenses, funding children?s higher education, holiday expenses etc

Who is Eligible?

Salaried and self employed professional and business men can take this loan

Key Features

Home loan available at the age of 21 - 60 years
Loan amount that you can borrow ranges from Rs. 15 Lakh to Rs. 10 Cr
Option to apply for a maximum ltv of 80% of value of the property
Housing loan for a maximum period of 20 years
⇒ Avail loan amount up to 100% of originally sanctioned Home Loan
⇒ Tenure up to the remaining period of existing loan
⇒ Lower EMI and attractive interest rates


emi mantra

 

Call us on 9890013333  OR  Write to us at admin@emimantra.com  OR  Click here to leave your details for us to connect with you !!

For more details connect with your finance counselor NOW !!!

Call us on 9890013333  OR  Write to us at admin@emimantra.com  OR  Click here to leave your details for us to connect with you !!

 

Are these questions bothering you?

 

 

  • What is ICICI Bank home loan procedure?

You can apply for a ICICI Bank home loan by contacting the bank directly or by applying through online marketplaces like EMI Mantra (https://emimantra.com) who are the ICICI approved DSAs (Direct Service Agents). Availing a loan through DSA improves the chances of getting best loan rates, low processing fees and/or special offers in the form of cash backs (this will vary from time to time). Once you approach the bank/DSA , they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank, who remains the final authority to decide on the eligibility, will give a decision on your loan based on the evaluation results.

 

 

  • What is the maximum loan tenure I can opt under ICICI Bank house loan?

ICICI Bank offers you a longer tenure of 30 years (provided the applicant is not more than 70 years at the end of loan tenure) to repay your loan with a benefit of paying less EMI per month.

 

 

  • Do I get tax benefit on home loan from ICICI Bank?

As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C respectively, of the Income Tax Act.

 

 

  • If I opt to increase my EMI, can I decrease the EMI in the future?

The EMI once increased will not be decreased at a later date except in case of Part Pre-payment/ Conversion. You may visit to nearest ICICI Bank loan branch for further assistance.

 

 

  • Can I club the income of my spouse with mine and apply for joint home loan?

You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

 

How to increase my eligibility on ICICI Bank housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

 

 

 

  • Why should I opt for balance transfer to ICICI Bank?

ICICI Bank offers competitive home loan rates which best EMI of Rs. 758 per lakh availed at low interest rate of 8.35% for a maximum tenure of 30 years. If you are paying an EMI more than Rs. 758 per lakh, you should consider option for a loan transfer to ICICI Bank from your existing bank.

 

  • Can I transfer my house loan from another bank to ICICI Bank?

Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Availing loan transfer to ICICI Bank can allow you to save interest, pay lower EMIs and save money.

 

  • Can I foreclosure my home loan? What are the charges applicable?

The prepayment charges are as under:
a. Nil for Home Loans and Home Improvement Loans with floating rate of interest.
b. 2% plus applicable taxes on principal outstanding* on full repayment for Home Loans with fixed rate of interest.
c. 2% plus applicable taxes on principal outstanding* on full repayment for Home Loan Top Up loan if the applicant or co-applicant is Non Individual.
d. 4% plus applicable taxes on principal outstanding* where loan** is given to Non Individual borrowers or with fixed rate of interest to Individual borrowers. If the loan is sanctioned prior to March 1, 2011 then prepayment charges would be 2% plus applicable taxes.

*Current principal outstanding and all amounts tendered by the borrower towards prepayment of the Facility during the last one year from the date of final prepayment.

**Home Equity Loan/Home Equity Enhancement Loan, Office Premises Loan and Lease Rental Discounting Loan.

 

  • What is the effect of part prepayments on ICICI Bank housing loan EMI ?

Part prepayments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

 

 

  • What is the minimum part pre-payment amount that I need to pay when I take a home loan?

The minimum part pre-payment amount should be an amount equivalent to 1 EMI.

 

 

  • Can I make a part pre-payment on my Home Loan Account through NEFT with ICICI Bank?

Yes, ICICI Bank accepts part payment of your home loan through National Electronic Funds Transfer (NEFT). In case you want to make a part payment on your home loan account through NEFT, you need to visit the nearest ICICI Bank Asset Servicing Branch. The Service Request number received at the branch must be mentioned in the remarks column in the NEFT form while making part payment through NEFT. Please note that NEFT transactions with invalid request numbers will be rejected.

 

 

  • Can I convert my loan rate from fixed rate to floating rate or vice-versa? What are the charges applicable?

Yes, you can convert your home loan rates from fixed rate to floating rate and vice- versa. The charges applicable are as following:

1) On conversion of loan from fixed rate to floating rate, charges are 0.5% of the outstanding loan amount and applicable tax

2) On floating rate to fixed rate loan conversion, you will be charged 0.5% on the outstanding principal and applicable tax

 

 

  • What is the benchmark applicable for housing loan?

The benchmark applicable for home loan in ICICI Bank is 1 Year MCLR.

 

 

  • How will interest rate on ICICI Bank housing loan change in future?

Floating rate on ICICI Bank housing loan is linked to its 1 Year MCLR Rate. If it is at 8.20% then bank applies a premium of 0.15% to its MCLR Rate to arrive at this home loan rate of 8.35%.
When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

 

 

  • What is MCLR?

MCLR stands for Marginal Cost of Funds based Lending Rate.MCLR is the benchmark rate below which the banks cannot provide loans to the customers who are availing loans linked to MCLR. This new benchmark rate is applicable for new loans sanctioned from April 1, 2016 onwards.

 

 

  • What is the process for changing from an existing benchmark rate of FRR/PLR/I-Base to I-MCLR-1Y benchmark rate?

For changing from existing bench mark rate of FRR/PLR/I-Base to I-MCLR-1Y based benchmark rate, the customer will be required to visit the nearest loan servicing branch, execute an agreement for conversion into I-MCLR-1Y benchmark rate.

 

 

  • When will be the reset date decided for the loan? How will the reset impact the current rate of interest (ROI) in case the MCLR increases or decreases?

The reset period and date will be decided on the date of first disbursement.

In case of increase in MCLR on the reset date, the ROI will increase which in turn will impact the EMI/tenor of the loan depending on the option exercised by the borrower.

In case of decrease in MCLR on the reset date, the ROI will decrease which in turn will impact the EMI/tenor of the loan depending on the option exercised by the borrower.

 

 

  • Will the existing customers linked to FRR//PLR/I-Base based benchmark rate be allowed to migrate to I-MCLR-1Y based pricing without change in effective rate of interest?

All existing customers has an option to switch from the existing system of FRR/PLR/I-Base (FRR/PLR/I-Base +/- spread) to the new system of I-MCLR-1Y (I-MCLR-1Y + spread) without changing the effective rate of interest. No switch fee would be charged for this option. The effect of conversion in the system, from existing system of FRR/PLR/I-Base to new system of I-MCLR-1Y, will be provided on an immediate basis.

 

 

  • Will MCLR be different between Banks?

Yes, MCLR can be different between different banks as it will depend on marginal cost of funds, negative carry on account of CRR, operating costs, tenor premium of respective banks.

 

 

  • What does periodicity of reset means?

In case of floating rate loans, the Banks can specify dates of interest reset which will be linked to either the date of first disbursement or date of review of MCRL.

The periodicity of reset will be one year or lower. The exact periodicity of reset will form part of the terms of the loan contract.

For loans disbursed in a particular month, the reset date will be the 1st day of the month of the subsequent year(s). e.g. if the loan is disbursed during any day of April 2016, the reset date for the said loan will be April 1, 2017

If, however, the customer opts for any rate conversion in a particular month, then the annual reset date will be 1st day of the month (in which the conversion is effected) of the subsequent year(s). e.g. if the loan is disbursed on April 20, 2016 and subsequently in the month of September 2016, the customer opts rate conversion which is effected on September 12, 2016, the reset date for the said loan will be September 1, 2017

 

 

  • If a loan is partly disbursed and earlier rate is linked to I-Base, which benchmark (I-Base OR MCLR) would be applicable for subsequent disbursements?

All existing loans linked to the I-Base Rate will continue till its repayment. All existing borrowers will, however, have the option to shift to the MCLR linked loan at mutually acceptable terms.

Thus, in case of partly disbursed loan, for subsequent disbursements, the I-Base benchmark rate will continue to be applicable, provided the borrower does not exercise the option to move to the MCLR linked loan at mutually acceptable terms

 

 

  • What are the various types of benchmark under MCLR?

Currently, the Bank has published the following MCLR:
Overnight MCLR
One-month MCLR
Three-month MCLR
Six month MCLR
One year MCLR

 

For more queries connect with your finance counselor NOW !!!

Call us on 9890013333  OR  Write to us at admin@emimantra.com  OR  Click here to leave your details for us to connect with you !!