ICICI Home Loans, Interest Rates and Application Requirements

About the bank: ICICI being the largest private sector bank in India, with total assets over 75 billion USD is known for its stability even at times of financial crisis.With over 1500 branches and 5000 ATMS it is the largest ATM network in India.Home Loan Plans: The bank does not have predefined home loan packages in general. The plans are highly customizable depending on income, qualification, credit history, place of residence,assets, liabilities and bank transactions history. Provisions are there to include spouse or mother as co-applicant, which in effect increases the overall applicant’s value. Upon analyzing the repayment capability of the applicant and credibility of the documents, loan would be sanctioned.Home Loan Interest Rates: The rates are fixed for amounts below 20 lakhs. Generally an interest rate of 8 percentage can be expected. Interest rates can be as high as 9 percentage above 20 lakhs.However the interest rates can be customized based on the applicant’s credit history. For amounts greater than 80 to 90 lakhs the interests may shoot upto 12 percentage.Frequently the bank announces special offers. For example one can expect offers during big Indian festivals like Diwali, when the rates would be slashed by at least 1 to 1.5 percentage.Application Requirements: Resident address proof and personal identity proof are to be submitted along with the application. Ration card or Passport can be used. Also the design document of the house needs to be submitted. In case there are co-applicants, the documents to prove their relationship, their salary and credit history need to be submitted as well.

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