What are the latest ICICI Home Loan interest rates?

ICICI Bank is among the top home loan lenders providing a combination of a lower rate of interest and flexible tenure option without compromising on the quality of the service. The home loan offered by the bank comes with the option to choose tenure as per the choice of the borrower. The loan amount and interest rate are decided by the bank but you get the opportunity to know your EMIs in advance and make the right move.

What is the home loan interest rate at ICICI Bank?

ICICI Bank is presently offering home loans at a starting rate of 8.35% per annum for women applicants and 8.40% per annum for others. However, the customers not only get the chance to pay low EMI but also save on their total payment with this new scheme.

How can you calculate your home loan EMI?

A home loan calculator takes into account the loan amount, interest rate and the tenure on the basis of these details it provides the 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 8.65% p.a. Your payment details will be as follows:

EMI- ₹17,547

Total Interest Outgo- ₹22,11,233

Total Amount (Interest+Principal)- ₹42,11,233

What is ICICI Cashback Home Loans offer?

An Indian resident or non-resident can apply for the new home loan scheme at ICICI Bank. The cashback for the first time will be given at the completion of 36 EMIs and after that the borrowers will get the cashback at the end of each year. Through this scheme, there is a total saving of 10% on the principal loan.

Let us now look at the eligibility required to apply for the loan and the types of home loans available at ICICI Bank.

What is the eligibility required for ICICI Home Loans?

To apply for a housing loan at ICICI Bank, applicants have to match the below-mentioned eligibility.

  • All salaried, as well as self-employed Indians with a regular source of income
  • An applicant must be at least 21 years of age to a maximum of 65 years of age/retirement, whichever is earlier.
  • Family members such as an earning spouse can be the co-applicant
  • Co-owners must be co-applicants of the loan as well.

What are the schemes available for ICICI Home Loans?

The different types of 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

What are the documents that you must have?

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

Where can you apply?

You can either apply through the official website of ICICI Bank or visit the nearest bank branch. What you have to make sure is that you have checked your EMIs that you’ll be liable to pay for the loan. ICICI home loan interest rates will be accessible to you only when you match the criteria and checked your EMI so that there is smooth repayment.

News Reporter
Srishti Singh is a professional financial writer who has written on various financial products like personal loans, home loans, credit cards & mutual fund investment, etc. She believes in delivering best of her knowledge so as to help the readers understand the product and be aware of their financial decisions.

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