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ICICI-(Industrial Credit and Investment Corporation Of India) Home Loan, India has become one of India's biggest Home Loans providers. Along with housing loans at attractive interest rates, ICICI Home Finance even provides insurance for the loan at a low premium amount. ICICI housing finance has a wide range of options for its esteemed customers to choose from like Adjustable Rate Home, Fixed Rate Home Loan, Part fixed & Part Floating Rate Home Loan, Smartfix Home Loan and Money Saver Home Loan.
Besides these, ICICI Bank also provides Land Loans, Office Premises Rooms, Home Improvement Loan as well as Home Loan for NRI. ICICI Home Loan, India facilitates its customers with the option of Loan against Property, Property Overdraft or Lease Rental Discounting.
ICICI Home Loan Eligibility
The requirements for the eligibility of home loans is as follows:
- You must be at least 21 years of age when the loan is sanctioned,
- The loan must terminate before you turn 65 or before retirement,
- One must be having a recognized source of income.
The amount of loan to be sanctioned depends on factors like income, age, dependants, and assets among others. An identification document like passport or PAN card is mandatory. The customer is further given a choice of fixed or adjustable loan rates. Non resident Indian as well as people of Indian origin from Australia, Canada, France, Germany, Italy, Japan, Malaysia, New Zealand, Singapore, US and UK can avail the home loan facilities offered by ICICI.
ICICI Housing Loan Advantage
ICICI Bank Housing Loan also provides other facilities for its customer's convenience like service at doorstop, free personal accident Insurance along with simplified & easy to understand documentation. ICICI Home Loan is sanctioned even without selecting a property beforehand. Other than this ICICI Bank also gives the provision of home improvement Loans for up to Rs. 50 Lacs or up to 70% of the cost for a period of 15 years.
The maximum loan amount is 1 crore and the minimum is 5 lakhs. Loans can be offered for purposes of renovation, construction or purchase of premises. For the sanctioning process, documents like bank statements (last six months), income documents and a loan enclosure letter are required. Your loan is issued after the satisfactory completion of all the prerequisite documents and sanctions. The interest rate on the home loan is determined by ICICI Bank Floating Reference Rate (FRR)/PLR. The maximum loan tenure of a home loan is 30 years. This provides a further advantage of affordability in that ample time is available to repay the amount. Once the full payment has been made, equal installments are applied from the next following month. Post-dated cheques are the most frequently used method of payments. In case of bounced cheques, dues are obtained according to the company policy already set. With all such facilities, you can even apply for a loan before deciding on the actual property!
Website:http://www.icicibank.com
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