Interest rates and charges of ICICI Bank home loan

Posted on Updated on

ICICI bank home loan interest rates and charges are determined on basis of convenience of loan seekers. ICICI bank ensures best deals on the several home loans at varying interest rates and facilities.

icici-bank-home-loan

A glimpse at the ICICI Bank home loan interest rates and charges

  • The floating ICICI bank home loan interest rates for women borrowers is 8.6% on up to Rs. 75 lacs, 8.70% on amount between Rs. 70lacs and Rs.5crore and 8.80% on amount above Rs.5crore.
  • The effective fixed interest rate for 5 years and 10 years is 8.70% on up to Rs.30 lacs, 8.80% on amount between Rs.30lacs and Rs.5crore, 8.90% on amount above rs.5crore.
  • ICICI bank home loan interest rates for full tenure is 9.70% on amount up to Rs.30 lacs, 9.80% on amount between 30 lacs and Rs.5crore and 10.05% on amount above Rs.5crore.
  • Weaker section borrowers have floating interest rate charged at 8.65% on up to Rs.28 lac.
  • Salaried borrowers have their ICICI bank home loan interest rates charged at 8.70% on amount up to Rs.75lacs, 8.75% on amount between Rs.75lacs and Rs.5crore and 8.85% on amount above Rs.5 crore.
  • The fixed interest rate for salaried borrowers for 60/120 months is 8.75% on up to Rs.30 lacs and 8.85% to 8.95% on above Rs.30 lacs.
  • ICICI bank home loan interest rates for self employed borrower are: floating interest rate 8.70% on up to Rd.75 lacs and 8.75% to 8.85% on more than Rs.75lacs.

In case of the above ICICI Bank home loan interest rates as specified, the woman borrower applying for the loan should be the main candidate for application and she should be either the owner to the property or the co-owner.

You can now apply for ICICI bank home loan online by filling a form wherein you will have to furnish information about the city where your property is, purpose of the loan, your current address, date of birth, type of employment and you want to include co-applicant income. You will instantly get a quote.

Now that you know the ICICI bank home loan interest rates, you will be interested to know the loan repayment options.

Repayment options

  • You may repay the loan through EMI. EMI actually refers to equated monthly instalment. This is a fixed amount which is paid and includes the principal amount and interest payment.
  • You may repay the loan under flexible loan instalment plan. This facility is given to borrowers whose income will reduce after a certain time because of the retirement of the borrower before loan maturity.
  • Partly disbursed home loan is yet another loan repayment option. This type of loan is paid as pre-EMI, which means that the borrower is required to reimburse the interest on the principal amount until the total loan is availed. This type of interest rate is called pre-EMI. This type of EMI is payable until the final disbursement is done. Only then the rest of EMIs will start.
  • Under partly disbursed home loan, the borrower may reimburse loan under the procedure ‘’EMI under construction’’. This type of loan is offered for structuring any home loan to help individuals start their EMIs as partly disbursed. When the EMI starts, it ensures repayment of loan towards principal amount. This ensures faster repayment of loan and savings in interest. This type of loan can be repaid as sanctioned loan amount or partly disbursed amount.
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s