home loan rate

ICICI Home Loan Interest Rate and Effective EMIs

A monthly installment on a loan is variable depending on the interest rate, loan amount and tenure. At ICICI Bank, the interest rates are available in two ways – floating rates and fixed rates. In this article, we have focused on the floating rate of interest offered by ICICI Bank on home loans.

Later in this article, we have given an example showing EMIs on minimum as well as maximum rate of interest. ICICI home loan interest rate and the effective monthly installments.

ICICI home loan interest rate

The interest rate offered by ICICI Bank ranges from 8.55% per annum to 8.80% per annum. There are special rates for women applicants and is 8.55% per annum.

ICICI Home Loan EMI Calculator

A home loan calculator is a tool that is used to calculate the EMI on the loan. For example, if you are taking a home loan of ₹25 lakhs for the tenure of 20 years at the interest rate of 8.55% p.a. Your payment details will be as follows:

EMI- ₹21,775

Total Interest Outgo- ₹27,25,942

Total Amount (Interest+Principal)- ₹52,25,942

If you do not get the lowest rate, your payments will differ. Now suppose you get the highest rate for your home loan which is presently 8.80% per annum. Your EMIs will vary as:

EMI- ₹22,173

Total Interest Outgo- ₹28,21,422

Total Amount (Interest+Principal)- ₹53,21422

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 schemes

The different types of home loan schemes based on the requirement of the borrower are mentioned-below:

  • Cashback Home Loans
  • Step Up Home Loans
  • Extra Home Loans
  • Pragati Home Loans
  • Pradhan Mantri Awas Yojana
  • Saral Rural Housing Loan

Please note that the interest rates may vary depending on the scheme you have applied for. Each of the scheme has different purpose to serve so the changes may occur. You can check details on the bank’s website.

ICICI Bank home loan documents

The list of documents required to apply for the home loan is as follows:

For Salaried

  • Application form with duly signed photograph
  • Age, Residence & Address Proof
  • Last 6 Months Bank Statements
  • Last 3 Months Salary Slips
  • Processing Fee Cheque
  • Form 16/Income Tax Returns

For Self-employed Professional

  • Application form with duly signed photograph
  • Age, Residence & Address Proof
  • Last 6 Months Bank Statements
  • Last 3 Months Salary Slips
  • Processing Fee Cheque
  • Form 16/Income Tax Returns
  • Education Qualification Certificate & Proof of Business Existence
  • Last 3 Years Income Tax Returns with Computation of Income
  • Last 3 Years CA Certified/Audited Balance Sheet and Profit & Loss Account

For Self-employed Non-Professionals

  • Application form with duly signed photograph
  • Age, Residence & Address Proof
  • Last 6 Months Bank Statements
  • Last 3 Months Salary Slips
  • Processing Fee Cheque
  • Form 16/Income Tax Returns
  • Proof of Business Existence
  • Business Profile
  • Education Qualification Certificate & Proof of Business Existence
  • Last 3 Years Income Tax Returns with Computation of Income
  • Last 3 Years CA Certified/Audited Balance Sheet and Profit & Loss Account

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