A home loan from ICICI Bank is beneficial in many ways. It comes with a low rate of interest along with the facility to choose the tenure from the maximum time period of 30 years. The loan also has the option of a higher loan amount. All this is achievable to a borrower if he is eligible for the product, has a good credit history and a score of 650 or above, and earns well enough to repay the loan for the chosen tenure.
Using an ICICI home loan EMI calculator helps in knowing your repayment capacity. The tool takes into account some basic details and shows the result as mentioned in this article below. Talking about the eligibility, below the basic eligibility criteria that is required for ICICI home loan. You may also note that keeping property documents and choosing the property in an authorized location is another important factor that you need to keep in mind. In this article, we have tried to bring the basic yet important information of the product.
ICICI Home Loan Eligibility
The home loan eligibility at ICICI Bank is as follows:
- Salaried and Self-employed individuals with the regular source of income
- The applicant must be between the age of 21-65 years
- The minimum age of the applicant should be 18 years
ICICI home Loan Calculator
A home loan calculator is a tool that is used to calculate the EMI on the loan. This calculator takes into account the loan amount, interest rate and the tenure and on the basis of which it tells the details of EMI, Total Interest Outgo and Total Amount (Interest+Principal). For example, if you are taking a home loan of ₹20 lakhs for the tenure of 20 years at the interest rate of 8.35% p.a. Your payment details will be as follows:
EMI- ₹17,167
Total Interest Outgo- ₹21,20,094
Total Amount (Interest+Principal)- ₹21,20,094
How can you Apply for the Loan?
The application procedure for the loan is quite simple as you have the option to apply online as well as offline. The choice depends on you as in which way is convenient for you. The advantage of applying online for ICICI home loan is that you save your time as the whole process is available on the screen. You can go to the official website of the bank and follow the process which includes filling up your personal, professional, property details and whether you have any other loan running. You also have to mention if you have any relation with the bank, if yes, your KYC will be comparatively easier.
Just in case of query, you can contact the customer care department of the bank. ICICI Bank is known for its customer services and thus contacting them for any home loan related query is quite smooth. So, if you are recently planning to buy a home of your own, use ICICI home loan EMI calculator as per your requirement and apply for it to move into your dream home.