Schemes Of Taking Out A Icici Home Loan To Buy A Home

Schemes of Taking Out a ICICI Home Loan to Buy a Home

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moneylaxmi

Acquiring that 3 bedroom flat in a posh locality may seem to be a daunting task for many. Home ownership doesn\’t just require vision and plan, it requires finances too. However, customers often shy away from taking the plunge and apply for hefty home loans. Yet with CIBIL reports pointing to an increase in housing loan ticket size amount across metros, actual situation may paint a different picture. While such an increase is attributed to growing property prices as well as growing buyer affordability, banks are leaving no stone unturned to contribute to such a growth in buyer affordability.

For that matter, the government too seems to be contemplating an increase in the income tax exemption for up to Rs 3 lacs paid as interest on housing loans in a year, from the existing limit of Rs 1.5 lacs. With the balance seems to be tilting in favor of prospective home buyers, all they require is a home loan vendor that offers them with the best loan package. ICICI bank housing loan scheme is seems to be doing just that. With the market flooded with competitors, now bullish about their home loan products, banks are vying to catch the customers\’ attention. However, with ICICI in attendance in the market, prospective home buyers need not to run from pillar to post anymore.

ICICI bank housing loan is one such bunch of words which is the buzzword today. Providing customized solution and delivering satisfaction to the prospective home buyers has seemed to become the hallmark for ICICI. With expertise backed by years of experience in delivering professional services through personal touch, the bank has been helping customers realize their dreams. Known for easy loan processing and speedy approval rates, ICICI bank provides more than just home loans for fresh property. Loans can be availed for extension, conversion or improvement and/or renovation purpose.

Behaving in a socially responsible manner, the bank appraise the applicant\’s for his/her credit worth before extending him loan so that there is no \’2007 crisis\’ repeat. For this, bank may ask for details like gross monthly income, whether any existing obligations, desired loan tenor etc. Other than this, one should also refer to the ICICI bank home loan eligibility criteria by taking into account the following:

One must be at least 21 years of age on sanction of the loan.

Termination of loan at an age of 65 years or age of retirement, whichever is earlier.

Must be salaried or self-employed with a regular source of income.

Minimum age of co-applicant should be 18 years.

Loan eligibility can be enhanced by clubbing the income of the spouse, in case, he/she is an earning member. ICICI home loan rates may be based on fixed interest or floating interest rates. The minimum rate that ICICI Bank will charge to its new customers is the base rate – 10%. Also, there may be administrative fees of 0.5% of the loan amount plus applicable service tax..

As far as the repayment is concerned,

ICICI home loan scheme

covers the extra mile in ensuring flexibility. Stepping right into the customer\’s shoe, the bank provides them with the option of dating the post dated cheques to the 10th of every month in case they don\’t receive their salaries on the 1st. With such an emphatic approach, the bank makes it sure that the borrowers feel as if they have sought assistance not from a lending institute but a friend – perhaps that can be the key to ICICI\’s continuing success.

Sandeep Yadav is an expert financial writer and currently write this article for icici home loan schemes, icici home loan interest rates,

icici bank home loan eligibility

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