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You also need to beware that the EMI consists of the principal loan amount and the interest component applicable on the loan. A home loan EMI calculator helps ease such complex interest and EMI calculations online. ICICI HFC’s affordable housing product, Apna Ghar, offers you a subsidy benefit of up to ₹ 2.67 lakhs on home loans under the Pradhan Mantri Awas Yojana’s .
However, since their need for capital is large, some lenders are usually hesitant to loan them a huge amount due to various financial regulation and scrutinies. Nevertheless, for certain special circumstances, a loan of a huge quantum is available for the HNIs. These Loans range from INR 5 Crore to INR 25 Crore depending on the banking regulations. Banks apply Marginal Cost Based Lending Rates in accordance with RBI guidelines in these scenarios. As long as the EMIs do not exceed 70% of the gross income, the upper range of the quantum of these loans can be reached.
Repayment Options for a Home Loan
The higher the LTV, the higher the risk to the lender, and the higher the interest rate on loan. The interest rate on your home loan has a direct impact on your EMIs. If the interest rate is high, your EMIs will increase, and vice versa. Therefore, keeping an eye on the interest rate when taking a home loan is essential to budget your EMIs accordingly. Buyers can increase their loan amount by up to 15% since this loan is secured by the India Mortgage Guarantee Corporation.
These loans are available in an amount up to 90% of the principal amount of the deposits. Customer can avail a home loan for purchasing a bungalow, row house, flats from pre-approved projects. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The maximum home loan available is 75-90% of the total property value if you are buying a house.
Key Features & Benefits – Home Loan for Salaried
If you own a property, with this option, you can get a loan against that property at a reasonable rate of interest for a maximum tenure of 15 years. Your EMI consists of the principal amount and the interest component. Your home loan amount will be calculated based on the EMI you can afford. You can reduce your EMI by choosing a longer tenure to repay your home loan. Our Home Loan EMI calculator will help you plan your finances based on how much EMI you can comfortably afford. When you take a loan from us, you become a part of the ICICI HFC family.
The lump-sum payment amount would be first adjusted for the interest, while the balance amount will go into the principal repayment. A Step-Up Repayment option involves an eventual increase in the EMI amount, as the loan tenure progresses. This means that during the initial years of repaying your Home Loan, you will have to pay less EMIs, and the amount will increase as the loan tenure progresses. The Step-Up Repayment option is suitable for borrowers who have recently started their career. This is because during the start of their career, they might not have enough funds to pay huge EMIs. However, as their career progresses and their financial prospects start to improve, they are in a better position to manage an increase in their EMIs.
Longer tenure
ICICI Bank’s Extraa Home Loans, meant for salaried, as well as self-employed people, also allows you to enhance your loan amount by up to 20% and your loan tenure period by up to 67 years of age. In fact, salaried customers up to the age of 48 years get a loan under this scheme. Leading private banks HDFC and ICICI Bank, both offer this facility to their borrowers. Loan to select ICICI Bank credit card customers based on their spends transactions pattern and payment history. ICICI Bank Credit Cards offer exclusive privileges and superior value to perfectly complement your distinct lifestyle needs.
Your total savings from an ICICI home loan prepayment is directly proportional to the tenure, the prepayment amount & the instalments that are already paid. This schedule will help you budget your payments and see how much your payment is towards principal and interest. It is important to remember that your interest payments will be lower during the early years of your loan when the majority of your payment is applied to the principal. Let's assume that an individual borrows a home loan of INR 25 lakhs at 7.60% p.a. It helps you determine how much you can afford to borrow and also gives you an estimate of the monthly payments you will need to make. This information is vital in ensuring you do not over-extend yourself financially and can also help you budget for the purchase.
Benefits of Home Loan Prepayment Calculator
It can help you to determine how much you can afford to borrow and estimate your monthly repayments. As one of the leading home loan providers, ICICI Bank Home Loans is here to help you lay the foundation for your dream home. With the experience of sharing the dream of millions of our customers, we offer you the most convenient home loan plans to suit your needs.
If you borrow for construction or home improvement, the limit is set at 75-90% of the entire building or improvement cost estimates. ICICI home loan ensures a dedicated team of experts and constant customer support for quick disbursement of the loan amount. The home loan EMI calculator and the EMI comparison calculator on the ICICI Direct website facilitate more tenure and interest rates. If you want to increase your home loan eligibility, you can add a co-applicant, even if they are not earning. You should choose very intelligently between the EMI reduction and loan tenure.
The tenure of a home loan refers to the period for which the loan is taken out. On the other hand, if you're going to save on processing fees and get home quickly, opt for a shorter tenure instead. The home loan products are designed to suit your individual needs and requirements, whether you are a first-time home buyer or looking to upgrade your existing home. The bank also offers various value-added services to make your home loan experience more convenient and hassle-free. This option is usually for purchase of under-construction properties. In this case, the entire loan amount is not disbursed in one go but based on the progress of the construction of the project.
If you are still looking for it, we will help you find the right home for you with our ‘Property Search’ feature. We have a team of legal and technical experts at each of our 135+ ICICI HFC branches to guide you and review your application on the spot, so you avoid multiple visits and requests for documents. If you have found it difficult to get a home loan in the past, you are not alone. If you find the loan application process complicated, we are here to help you at every step of the way.
We also require very less paperwork which helps ensure processing is faster. You can instantly find out if you are eligible with ourHome Loan Eligibility Calculator. Our neighbourhood experts can assist you through our quick and easy home loan application process. You can get your loan disbursed in as little as 72 hours.Click hereto find your nearest branch. If you don’t have an ICICI HFC branch near you, walk into your nearest ICICI Bank branch to start your loan application process. Getting a home loan is quicker with ICICI HFC due to our flexible eligibility norms and basic document requirements.
According to their banking policies, ICICI Bank does not provide a home loan equivalent to the full value of the property. ICICI Bank has certain parameters for providing home loans against the value of property in accord with their LTV ratio. If the property in question is valued less than INR 30 LAKH, ICICI Bank will provide a loan by 90 %LTV. If the value of the property ranges from INR 30 LAKH to INR 70 LAKH, ICICI Bank will provide home loans at 80%LTV. If the property is valued at more than INR 80 LAKH, ICICI Bank will provide a loan at 75%LTV.
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Filled home application with a signed passport-sized photographs of applications/co-applicants attached. Bank statements of candidates NRE and NRO account for previous six months. The individual must be co-applicant, co-borrower, or co-owner of the property in question. Several individuals who work or are settled abroad as Non-residential Indians or Person of Indian origins seek opportunities to invest in or buy houses in India.
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