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Ultimate Guide to Follow Before Applying for ICICI Home Loan

The requirement of a home loan is maximum these days. Public banks ask for extreme documentation to assure the security of the return of the debt. The rules are slightly less stringent in the case of public banks. Also, the time for approval is comparatively low with private banks. ICICI is not an exception to this rule either.

ICICI Bank offers multiple loans, including home loans, education loans, and others, at a comparatively low rate. If you are looking for a speedy-approved home loan, ICICI is the best option you have to apply for. But before you step further in applying for the loan, you must ensure that you are aware of the whole process.

AreThere Any Particular Criteria for Applyingfor the ICICI Home Loan?

Borrowers should know about the application process and the other formalities to get an instant home loan to make their dream home a reality. Like other banks, ICICI also has specific rules you must follow to apply for a loan. Some of the basic criteria that you need to know to finance your home loan are as follows-

  • ICICI bank approves the loans depending on the borrower’s age and the years of job left in the career before retirement. The more years you have, the lesser rate you can get of interest.
  • The eligible age for home loan application in ICICI bank is 21-60 years.
  • You can get long tenure to return the debt. The tenure can be as long as 30 years.
  • The interest rate can be as low as 7.01% if the rest of the criteria also matches.
  • You need to provide a processing fee of 0.1% over your total cost.
  • You need to provide identity proof, residence proof, and your recent photograph to ensure your identity.
  • Submission monthly salary slips for salaried employees, and ITR for self-employed people are mandatory for loan approval.

In the case of a home loan, the tenure remains long for an easy and seamless return. Depending on the interest rate, the amount becomes high. But people with long years left in their job can manage to return the debt easily. Even the ICICI bank offers home loans to NRIs as well. Such borrowers need to offer the required documents to get approved instantly.

Like any other private bank, ICICI also prioritizes customer satisfaction above everything. They appoint experts who handle the customers individually. If you have any queries before applying for a loan, these experts will answer those queries and clear your doubts.

Make sure to read all the clauses and sections mentioned in the papers when you sign the loan papers. Once you agree to the terms and conditions, there is no looking back. You need to pay the amount the bank may claim from you as a combination of principal and interest.

You can be assured of such dealing in ICICI bank home loan when you apply for the loan from leading loan distributor agencies like Apnapaisa. From application to maintaining eligibility criteria for smooth approval and explaining the agreement details, experts from leading loan distribution agencies help you in every step.

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