INTEREST RATE | 8.25% - 9.35% |
LOAN TENURE | 30 Years |
PROCESSING FEE | 0.50% of the loan amount, subject to maximum Rs 11,800 |
GUARANTOR REQUIRED | Please Contact Bank Branch |
PRE CLOSURE CHARGES | Nil charges under floating rate option & 2% for fixed rate option 2% plus applicable taxes on principal outstanding for Home Loans with fixed rate of interest. |
Calculate Icici Bank Home Loan EMI Calculate EMI Now
Icici Bank Limited is a private sector bank in india with total assets 10300 crore. It has headquarter in Mumbai. Icici Bank Limited was founded on 1996. It has 4450 branches and total assets 1030013900 ATMs across India. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Icici Bank Limited which includes Icici Bank Limited Official Website, Icici Bank Limited ATMs accross the India, Icici Bank Limited Branches accross the India, Icici Bank Limited Contact Numbers, Icici Bank Limited official EmailID, Icici Bank Limited Headquarter and Icici Bank Limited Headquarter Address. Find Icici Bank Limited Home loan purpose, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.
Particulars | Description |
---|---|
Type | Private Sector Bank |
Industry | Banking & Financial Services |
Founded in | June, 1994 |
Headquarter | Mumbai, Maharashtra, India |
Website | https://www.icicibank.com/ |
Products | Retail Banking, Corporate Banking, Finance, Credit Cards, Insurance, Asset Management, Wealth Management, Insurance, Loans & Private Equity |
ICICI Bank is India's largest private sector bank in terms of total consolidated assets as on March 31, 2018. It has a brand image with rich 24 years of performance having more than 4.5 million satisfied customers. In 2017, it is the third largest bank in India in terms of assets and fourth in term of market capitalisation. ICICI bank has a wide network of 4,867 branches and 14,367 ATMs in India, and has a presence in 18 other countries. ICICI Bank has also helped in setting up Credit Information Bureau of India Limited (CIBIL), India's first national credit bureau in 2000. It offers a wide range of Home Loan Schemes to different classes of customers to fulfil their dream of owning a home.
ICICI Bank provides home loan for different needs and purposes such as for purchase, construction, and extension of dwelling unit, repairs/ renovation of home, for purchase of house which is under construction, for purchase of plot, etc. ICICI Bank offers customised Home Loan solutions, best-in-class services and simplified loan process. It offers competitive, attractive and affordable home loan interest rates.
Particulars | Details |
---|---|
Interest Rate | Starting from 8.25% |
Processing Fee | 1% of the loan amount |
Loan Amount | Customised |
Loan Tenure | Up to 30 Years or upto the age of 70 years, whichever is earlier |
Margin | 10% to 25% of the loan amount |
Pre-closure Charges | Nil prepayment charges under floating rate option |
Partial prepayment charges | Nil Partial prepayment charges under floating rate option |
Guarantor requirement | Guarantor is not required |
Security | Equitable | Registered Mortgage of the Property in question |
Basis | Salaried Customers | Non Salaried Customers |
---|---|---|
Age | Minimum 21 years & Maximum 60 Years | Minimum 21 years & Maximum 65 Years |
Income | Applicant should have a regular source of income | Applicant should have a regular source of income |
Job/ Business Experience | 1 Year | 2 Years |
Age of Co-applicant | Minimum 18 years | Minimum 18 years |
Basis | Salaried Customers | Non Salaried Customers |
---|---|---|
Application | Application form with 3 photographs | Application form with 3 photographs |
Processing Fee | Processing fee cheque | Processing fee cheque |
Identity Proof | Passport/ PAN card/ Driving License/ Voter ID Card/ Any other valid ID proof | Passport/ PAN card/ Driving License/ Voter ID Card/ Any other valid ID proof |
Address Proof | Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card | Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card |
Financial Documents |
|
|
Category | Fee & Charges |
---|---|
Processing Fee | 1% of the loan amount |
Bounced cheque/ECS or SI dishonours charges | Rs. 500 on each such transaction |
Tenor | MCLR (In %) |
---|---|
Overnight | 7.95 |
1 Month | 7.95 |
3 Months | 8.00 |
6 Months | 8.15 |
1 Year | 8.20 |
Loan offered to the borrower is completely customised as per the requirement and the eligibility criteria of the customer. The value of loan depends upon applicant's income, repaying capacity, age, assets and liabilities, credit score, tenure of the loan, cost of the proposed property, previous credit history.
The bank offeres home loans in the range of Rs. 5 lakhs to Rs. 10 crores.
Margin for ICICI Bank Home loan ranges from 10% to 25% of the loan amount. It depends upon the scheme and loan amount availed by the borrower.
The repayment of ICICI Bank Home Loan can be done in Maximum 30 years or upto 70 years of the age of borrower, whichever is earlier.
Being it a secured loan, the borrower is required to do Equitable | Registered Mortgage of the Property in question in favour of the bank. However, the bank may ask for other security also based on the case.
ICICI Bank Home Loan Interest Rate (Salaried)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.25% to 8.90% |
Rs 30 lakhs to Rs 75 lakhs | 8.40% to 9.05% |
Rs 75 lakhs | 8.60% to 9.25% |
ICICI Bank Home Loan Interest Rate (Self-Employed)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.50% to 9.15% |
Rs 30 lakhs to Rs 75 lakhs | 8.60% to 9.25% |
Rs 75 lakhs | 8.70% to 9.35% |
Sr No | Scheme | Brief Description |
---|---|---|
1 | ICICI Bank Home Loan | Regular and most demanding scheme |
2 | ICICI Bank Pre-Approved Home Loan (PAL) | Sanction of loan limit before finalizing property |
3 | ICICI Bank Step Up Home Loan | Offers higher loan amount as compared to your actual loan eligibility |
4 | ICICI Bank Balance Transfer of Home Loan | Transfer home loan from other institution to ICICI Bank |
5 | ICICI Bank Pradhan Mantri Awas Yojana (PMAY) | Subsidised home loan for eligible urban beneficiaries |
6 | ICICI Bank Top Up Loan | Borrow amount over and above home loan amount |
7 | ICICI Bank Home Loan Insurance | 2 exclusive and innovative insurance plans to insure your Home Loan |
8 | ICICI Bank Home Overdraft | Home Overdraft facility on your Mortgage Loan to offer flexibility to access funds anytime |
9 | ICICI Bank 30 Year Home Loan | Home Loan with a longer repayment tenure & higher loan amount |
10 | ICICI Bank Fixed Home Loan 24/36 months | Fixed interest rate for first 2/3 years |
11 | ICICI Bank Fixed Home Loan 60/120 months | Fixed interest rate for first 5/10 years |
(1) ICICI Bank Home Loan: This is a regular and most demanding home loan scheme that offers Housing Loan at attractive rates and ensure a house for all.
Important Features:
ICICI Bank Home Loan Interest Rate (Salaried)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.25% to 8.90% |
Rs 30 lakhs to Rs 75 lakhs | 8.40% to 9.05% |
Rs 75 lakhs | 8.60% to 9.25% |
ICICI Bank Home Loan Interest Rate (Self-Employed)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.50% to 9.15% |
Rs 30 lakhs to Rs 75 lakhs | 8.60% to 9.25% |
Rs 75 lakhs | 8.70% to 9.35% |
(2) ICICI Bank Pre-Approved Home Loan (PAL): This scheme provides sanction of Home Loan limits to the customers before finalization of the property.
Important Features:
ICICI Bank Home Loan Interest Rate (Salaried)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.25% to 8.90% |
Rs 30 lakhs to Rs 75 lakhs | 8.40% to 9.05% |
Rs 75 lakhs | 8.60% to 9.25% |
ICICI Bank Home Loan Interest Rate (Self-Employed)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.50% to 9.15% |
Rs 30 lakhs to Rs 75 lakhs | 8.60% to 9.25% |
Rs 75 lakhs | 8.70% to 9.35% |
(3) ICICI Bank Step Up Home Loan: Step Up Home Loan a home loan given on a case-to-case basis on an assumption that the borrower's salary would increase by a certain percentage annually in the future. In this scheme, the loan amount will be calculated on the basis of increase in income rather than borrower's existing salary. Hence, the loan amount is greater than the normal eligible loan amount.
Features of ICICI Bank Step Up Home Loan:
Feature | Description |
---|---|
Enhanced loan eligibility by | Max. up to 20% |
Maximum loan tenure | 20 years |
Minimum income required | Rs. 20,000 per month |
Interest rate and other charges | Same as applicable to a standard home loan |
Max. loan amount | Up to Rs 3 Crores |
Max. age at entry | 40 years |
ICICI Bank Step Up Home Loan is suitable for whom?
Eligibility Criterion for ICICI Bank Step Up Home Loan
To be eligible for this product, the borrower:
Repayment Schedule of ICICI Bank Step Up Home Loan
Repayment Schedule is as follows:
ICICI Bank Home Loan Interest Rate (Salaried)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.25% to 8.90% |
Rs 30 lakhs to Rs 75 lakhs | 8.40% to 9.05% |
Rs 75 lakhs | 8.60% to 9.25% |
ICICI Bank Home Loan Interest Rate (Self-Employed)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.50% to 9.15% |
Rs 30 lakhs to Rs 75 lakhs | 8.60% to 9.25% |
Rs 75 lakhs | 8.70% to 9.35% |
(4) ICICI Bank Balance Transfer of Home Loan: This scheme enables a customer to transfer home loan from any other institution to ICICI Bank.
Important Features:
ICICI Bank Home Loan Interest Rate (Salaried)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.25% to 8.90% |
Rs 30 lakhs to Rs 75 lakhs | 8.40% to 9.05% |
Rs 75 lakhs | 8.60% to 9.25% |
ICICI Bank Home Loan Interest Rate (Self-Employed)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.50% to 9.15% |
Rs 30 lakhs to Rs 75 lakhs | 8.60% to 9.25% |
Rs 75 lakhs | 8.70% to 9.35% |
(5) ICICI Bank Pradhan Mantri Awas Yojana (PMAY)- EWS/ LIG & MIG-I/ MIG-II: This scheme offers Housing Loan to Individuals from Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG) I and II category at attractive rates.
Important Features:
Particulars | EWS | LIG | MIG-I | MIG-II |
---|---|---|---|---|
Interest Subsidy (% p.a.) | 6.5% | 6.5% | 4% | 3% |
Maximum loan tenure (in years) | 20 | 20 | 20 | 20 |
Eligible Housing Loan Amount for Interest Subsidy (Rs.) | 6 lakhs | 6 lakhs | 9 lakhs | 12 lakhs |
Max. Dwelling Unit Carpet Area | 30 Sq. m. | 60 Sq. m. | 120 Sq. m. | 150 Sq. m. |
Maximum Subsidy Amount | 2,67,280 | 2,67,280 | 2,35,068 | 2,30,156 |
ICICI Bank Home Loan Interest Rate (Salaried)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.25% to 8.90% |
Rs 30 lakhs to Rs 75 lakhs | 8.40% to 9.05% |
Rs 75 lakhs | 8.60% to 9.25% |
ICICI Bank Home Loan Interest Rate (Self-Employed)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.50% to 9.15% |
Rs 30 lakhs to Rs 75 lakhs | 8.60% to 9.25% |
Rs 75 lakhs | 8.70% to 9.35% |
How to apply home loan from ICICI Bank under Pradhan Mantri Awas Yojana (PMAY)?
First of all, you apply for home loan from ICICI Bank and along with your loan application, you need to fill the Pradhan Mantri Awas Yojana (PMAY) Form and submit it with your loan application form with the bank. Bank will take care of its processing. Bank will check your eligibility and if you are eligible in the category you have applied for like EWS/ LIG, then accordingly the interest subsidy would be credited in your bank account.
(6) ICICI Bank Home Top-Up Loan: ICICI Bank offers customers to borrow certain amount over and above their home loan amount.
Important Features:
(7) ICICI Bank Home Loan Insurance: It provides cover to your Home loan in the face of any unforeseen event happening to your life. Home loan insurance supports your family in paying for the outstanding home loan amount.
Key Benefits of Home Insurance and Secure Mind
ICICI Bank Home Loan Interest Rate (Salaried)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.25% to 8.90% |
Rs 30 lakhs to Rs 75 lakhs | 8.40% to 9.05% |
Rs 75 lakhs | 8.60% to 9.25% |
ICICI Bank Home Loan Interest Rate (Self-Employed)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.50% to 9.15% |
Rs 30 lakhs to Rs 75 lakhs | 8.60% to 9.25% |
Rs 75 lakhs | 8.70% to 9.35% |
(8) ICICI Bank Home Overdraft: ICICI Bank introduces a multipurpose Home Overdraft facility on your Mortgage Loan. ICICI Bank Home Overdraft will now give you the flexibility to access funds at your convenience.
ICICI Bank Home Overdraft is an innovative offering in our product suite for the salaried customers. This facility is available for existing Mortgage Loan customers and will be linked to your Salary / Savings Account. With Home Overdraft, you can now avail instant funds to meet your personal needs.
(9) ICICI Bank 30 Year Home Loan: It offers Home Loan with a longer repayment tenure & higher loan amount. This is very demanding home loan scheme that offers Housing Loan at attractive rates and ensure a house for all.
Important Features:
ICICI Bank Home Loan Interest Rate (Salaried)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.25% to 8.90% |
Rs 30 lakhs to Rs 75 lakhs | 8.40% to 9.05% |
Rs 75 lakhs | 8.60% to 9.25% |
ICICI Bank Home Loan Interest Rate (Self-Employed)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.50% to 9.15% |
Rs 30 lakhs to Rs 75 lakhs | 8.60% to 9.25% |
Rs 75 lakhs | 8.70% to 9.35% |
(10) ICICI Bank Fixed Home Loan 24/36 months: This scheme provides customer fixed interest rate for initial 2/3 years.
Important Features:
ICICI Bank Home Loan Interest Rate (Salaried)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.25% to 8.90% |
Rs 30 lakhs to Rs 75 lakhs | 8.40% to 9.05% |
Rs 75 lakhs | 8.60% to 9.25% |
ICICI Bank Home Loan Interest Rate (Self-Employed)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.50% to 9.15% |
Rs 30 lakhs to Rs 75 lakhs | 8.60% to 9.25% |
Rs 75 lakhs | 8.70% to 9.35% |
(11) ICICI Bank Fixed Home Loan 60/120 months: This scheme provides customer fixed interest rate for initial 5/10 years.
Important Features:
ICICI Bank Home Loan Interest Rate (Salaried)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.25% to 8.90% |
Rs 30 lakhs to Rs 75 lakhs | 8.40% to 9.05% |
Rs 75 lakhs | 8.60% to 9.25% |
ICICI Bank Home Loan Interest Rate (Self-Employed)
Loan Amount | Interest Rate |
---|---|
Upto Rs 35 lakhs | 8.50% to 9.15% |
Rs 30 lakhs to Rs 75 lakhs | 8.60% to 9.25% |
Rs 75 lakhs | 8.70% to 9.35% |
There are two types of tax benefits associated with home loan for Resident Indians:
Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).
Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.
After April 1, 2016, all bank loans (including home loans) are linked to the bank's MCLR with or without a mark-up or spread (bank margin). Earlier, they were linked to the bank's base rate. All banks are required to disclose their MCLR each month.
Banks generally hike MCLR, whenever there is a hike in Repo Rate by the RBI. Banks may increase MCLR due to surging bond yields and higher provisioning requirements, even when the RBI has not hiked Repo Rate.
Home Loan Interest Rate can be equal to the MCLR or have a 'margin' or 'mark-up' or 'spread' but can never be lower than MCLR.
"Home Loan Interest Rate is linked to the bank's MCLR. If MCLR goes up, the home loan rates will also go up. Home Loan Interest Rate will not be impacted by hike in MCLR only if banks reduce the mark-up (margin) in the home loan. If MCLR goes down, the home loan rates will also go down."
For MCLR-linked home loans, the rate is reset after 6 or 12 months according to the agreement between the borrower and the bank. The interest rate applicable on the reset date will become the new rate on which the future EMI's will be calculated.
Home Loan Interest Rate of old home loan borrowers (who had taken home loans before April 1, 2016) are linked to the base rates of the banks. Hence the EMI which they are paying is also linked to base rate. Banks have always remained very sluggish for passing on the benefits of RBI rate cuts to the borrowers.
Now after April 1, 2016, Home Loan Interest Rate is linked to MCLR (Marginal Cost of funds based Lending Rate) for home loan borrowers in order to resolve the problems of the Base Rate regime.
It will be beneficial for them to switch to MCLR linked rate if the difference between what they are paying (under base rate) and what the bank is offering (under MCLR) is significant. So they must switch to MCLR linked rates, if outstanding loan is high and the remaining tenure is also long.
In that situation, Base Rate Borrowers have following two options:
(1) Switch to MCLR linked home loan with the same bank: It is beneficial, in case the bank is charging a nominal switching fee such as 0.50% or less on outstanding amount.
(2) Transfer the loan to another bank on MCLR: It is feasible, if new bank has waived off processing fee (which they generally do in order to attract the customer and increase their business) or is charging very less processing fee and legal and transfer costs.
The borrower must compare both the above-mentioned options and opt for the one which is more beneficial to them in terms of money saved. It will result not only in reduction of future EMIs but also a huge amount of interest will be saved during remaining tenure.
One may as well continue the loan on base-rate especially if the maturity is near and need not go through the process of conversion.
Further, the Reserve Bank (RBI) is going to link the base rate for loans given by banks to the MCLR from April 1, 2018. Once it happens, the base rate will automatically increase or decrease along with the MCLR without any specific action required for adjustment. This will be very beneficial for the home loan borrowers whose rates (EMIs) are still linked to the base rate.
ICICI Bank offers convenient repayment options to its customers. Following repayment options are being offered currently:
For a fully disbursed loan
For a partly disbursed loan
You can repay ICICI Bank home loan in any of the following methods:
(1) Electronic Clearing Service (ECS): Electronic Clearing System is preferred for faster payments and collections. If you have an account with other bank than ICICI Bank then you can use ECS for loan repayment. You will have to fill up a form and submit the same with your bank for debiting EMI every month from your account. In this case, your EMI will be automatically debited every month from your bank account and credited to ICICI Bank towards loan repayment instalment.
(2) Standing Instruction (SI): If you maintain your account with ICICI Bank, then you can use this method. Under this method, you will have to issue a Standing Instruction to ICICI Bank to debit your EMI amount on a due date every month from your ICICI Bank account and credit to ICICI Bank loan account towards loan repayment instalment. You save a lot of time and energy by giving standing instructions to the bank to carry out the transaction on your behalf each time.
(3) Post-Dated Cheques (PDCs): In this method, you need to submit post-dated EMI cheques to ICICI Bank for a certain period of time, which are deposited by the ICICI Bank on the due date. This alternative is cumbersome and time-consuming and involve a manual procedure of visiting the ICICI Bank in a timely manner.
Points to Note Regarding EMI Payment Methods
One can pre-pay ICICI Bank Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:
Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.
Yes, you can opt for Automated Repayment and your EMIs will be directly repaid from your ICICI Bank Savings Account, thus saving you the trouble of procuring, signing and tracking post-dated cheques.
Pre-EMI is an option in which the borrower has to pay only interest on loan amount during the progress on the construction of the project. The actual EMI payment will be started only after his/ her possessing the house.
Interest rates offered vary for women borrowers and others. Women borrowers are offered home loan at lower interest rate in ICICI Bank.
The eligibility criteria for ICICI Bank Home Loan is as follows:
Basis | Salaried Customers | Non Salaried Customers |
---|---|---|
Age | Minimum 21 years & Maximum 60 Years | Minimum 21 years & Maximum 65 Years |
Income | Applicant should have regular income | Applicant should have regular income |
Job/ Business Experience | 1 Year | 2 Years |
Age of Co-applicant | Minimum 18 years | Minimum 18 years |
No, the OD limit will remain the same until closure of the home loan account, irrespective of the part-payments made into the home loan account.
Yes. Joint applicants can be made for ICICI Bank Home Loans.
Yes, the overdraft offered with this product is renewable annually, and will attract applicable renewal charges, which will be debited to the overdraft account.
No. Under the Multi Advantage Product, the common set of KYC documentation will be used for home loan, savings account as well as the linked OD account. Addendum applications for savings and OD account will be collected together with the home loan application form.
Yes, you can structure your ICICI Bank Home Loan as Partly Fixed or Partly Floating as per your needs.
You can own as many properties as you want.
Down payment is the amount that is paid by the borrower on an up-front basis. Banks usually pay around 75% to 85% of the cost of the property, hence the rest amount the borrower needs to pay as down payment.
Home loans average tenure ranges generally between 3 and 30 years.
Yes. You can pre-pay your ICICI Bank home loan with nil penalty for floating rate home loan and with upto 2% of pre-payment penalty for fixed interest home loan.
The property purchased out of the loan is taken by ICICI Bank as the security. However, if ICICI Bank feels then it can ask for additional securities too.
NRI or Non Resident Indian is a citizen of India or a foreign national of Indian origin living outside India for the purpose of employment, business or any other vocation, which would indicate his intention to stay outside India for an indefinite period of time. An Indian would also be termed as an NRI if his stay in India is less than 182 days.
Generally, payments are made through NRI Account like NRO, NRE, NRNR and FCNR accounts. NRI home loan can be paid by way of direct remittances from abroad through normal banking channels or from other financial accounts as may be permitted by RBI.
You can either be a salaried employee or self-employed for obtaining this loan. However, the only condition is that you should be earning a regular income and should be able to furnish proofs of the same.
As per Section 80C of the Income Tax Act, in case of the principal amount, you can claim a deduction of upto Rs 1.5 lakhs while in case of interest, it is upto Rs. 2 lakhs.
It dependes on the financial status of the borrower. If he wants lower EMIs then Long-term loans, if not, then he can go with short-term loans with higher EMIs with the benefit of lesser interest.
No, you have the option to choose any kind of rate of interest you want to pay. You can pay floating rate of interest which is linked with the MCLR and keeps changing from time to time.
EMI increases with the increase in the rate of interest if you have opted for floating rate. You may ask your bank for increasing the loan tenure, if you want to get your EMI reduced or you can make some part pre-payment to your bank for reduction in EMI.
The EMI can be paid through various modes such as Post dated cheques, Electronic Clearing Service (ECS), Standing Instruction (SI), etc.
Yes, you can apply for home loan for any purpose such as buying a home, constructing a home, repairing of your home, home improvement, balance transfer and home renovation.
You repay your home loan through Equated Monthly Instalments (EMI), which includes principal and interest component. EMI repayment starts from the month subsequent to the month of final disbursement. Pre-EMI is only a simple interest, which you are required to pay every month till the loan is not fully disbursed.
Income Tax certificate will be despatched to your after the end of financial year by ICICI Bank. You may also contact your nearest ICICI Bank branch or your can also send a request through its website for the same.