ICICI Bank Home Loans Review

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Being one of the largest banks in India, ICICI Bank has come up with a range of housing financing options for people of different needs. Depending upon your typical borrowing requirements, the financing can be customized and can even be changed during the course of the loan maturity.

Women borrowers have a reason to prefer ICICI home loans. They are offered with a lower-than-usual interest rate. For example, the minimum interest rate that the bank advertises at present is 10.15%, which becomes 10.10% for women home buyers seeking financing from the bank.

Distinguishing Features of ICICI Home Loans

Here are some other things that help ICICI stand out amidst the home loan lenders in India.

  • You can choose a home from the bank’s approved projects for quick loan approval.
  • You can get instant e-approval by filling out a simple questionnaire online.
  • With ICICI Bank’s pre-approved home loans, you can get approved for a loan even before you have selected a house.
  • You are offered with two insurance options – Home Safe Plus and Loan Protect – for extra protection.
  • Existing homeowner can avail loan against property by just messaging LAP to 5676766.
  • ICICI Bank home loans for NRI come with zero prepayment and part-payment fees.

Choose your Housing Finance Option

ICICI Bank offers a range of housing finance options; so you are likely to find the one meeting your requirements.

Buying a New Home

The basic home loan product comes with a variety of options, such as with fixed interest rate and with floating interest rate. Depending upon your repayment capability, you may choose a loan product that is just suitable for you. A longer tenure can help you keep EMI lower, while a shorter tenure helps reduce the interest cost over the term of the loan.

Transferring an Existing Loan to ICICI

To help home buyers avail the special interest rates and flexible repayment terms, the bank offers a balance transfer option with its housing loan product. You can refinance up to 100% of the original home loan. However, the basic idea behind a balance transfer is to lower EMI by reducing the rate of interest and extending the loan term.

Paying for Additional Expenses

Existing home loan borrowers may qualify for a Top Up product that allows them to lay their hands on additional funds, which they can use for a variety of purposes. The possible uses of this extra fund can be home remodeling, furniture purchase and meeting certain personal or business requirements. It is a better option than a personal loan as you can get up to 100% of the original loan amount with the same tenure as your original loan.

Improving an Existing Home

If you already own a home, but you want to extend it further or remodel it according to the current construction pattern. ICICI Bank can offer you a Home Improvement Loan at attractive terms and conditions to do so. You will have instant cash to do whatever you want to do with your home.

How to Begin with ICICI Home Loan?

Start with getting an estimate of how much you can afford. Use an EMI calculator and check your eligibility at the website of the bank. Then call its customer care and talk with a housing finance expert. You can apply either online or by visiting a brick-and-mortar branch. Moreover, you can either find your home first, then apply, or get pre-approved at ICICI Bank first, then begin to search for a home. The latter will be a better idea as you already know the maximum buying price you can afford.

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