The
ICICI Home Finance is widely used in a country like India. They provide unmatched services to the customers who opt for the
ICICI home finance by protecting them from all kinds of hassles.
The
ICICI Home Finance offers the following advantages to its customers
Attractive rates of interest:
The customer opting for the ICICI home finance can choose from the following interest rate regimes.
1. Adjustable rate home loan
2. Fixed rate home loan
3. Partially fixed home loan
4. Partially floating rate home loan
5. Smart fix home loans
The interest rate at the
ICICI home finance is a function of the ICICI Bank Floating Reference Rate (FRR). On line calculators are made available by the ICICI bank in order to analyze the effect of a change in the FRR on the existing home loan tenure.
Loan Amount: The amount loaned out from the ICICI Home Finance starts from Rs 2 lakhs. The amount to be loaned out depends on the capacity of the customers to repay. It considers factor such as income level, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability, savings history and continuity of operation.
Sanctioning of loans: Minimal documentation is required for attainment of ICICI Home Finance and they are:
1. Bank statement for the last six months
2. Income documents like the latest form 16, certified IT returns for the latest 3 years
3. Admin fee cheque
4. Loan enclosure letter
5. Individual borrowers require photo ID proof, residence address proof.
6. Non- individual borrowers require photo ID Proof, office address proof etc.
Loan disbursement: The following documents are required for the disbursement of loans:
1. Loan Agreements
2. Disbursement Requests
3. Post dated cheques
4. Personal guarantor's documents.
Repayment of loans under the ICICI Home Finance
The maximum loan tenure for ICICI home finance is 20 years. The loans are repaid by opting for different equated monthly installment schemes. The EMI is paid every month by post-dated cheques or the Electronic Clearing System. If the loan amount is partially disbursed, then monthly interest is paid only on the disbursed amount. Such interest payments are known as pre-EMI interest payments.
Home loan Insurance: The ICICI home finance offers insurance cover to home loans in order to protect the family of the loanee in the face of any mishap.
ICICI Home Finance for the Non Resident Indians (NRIs): The ICICI Home Finance offers home loans to the NRIs for the following purposes.
1. Purchase of Residential Property: For salaried individuals loan tenure is 15 years whereas for self-employed it is 10 years. 85% of the value of the property is the maximum loan limit.
2. Purchase of a plot of land: Both for salaried and self-employed individuals the loan is given for a period of 10 years. Here 75% of the total cost of the property is financed.
3. Loans are also sanctioned against existing residential property. For salaried and self-employed individuals the loan tenure is a maximum of 15 and 10 years respectively. The loanee receives 60% of the total cost of the property.
Tools provided by ICICI Home Finance: If the loan amount, loan term and the interest rate is known, then the EMI can be easily calculated using the EMI calculator.
Two types of EMI calculators are available:
1. Adjustable rate home loan EMI calculator and
2. Fixed rate home loan EMI calculator.