It is always not possible to buy a house by arranging the finance by yourself at one go. You can always take loans from financial companies that give home loans.
You can consider icici home loans when you want to purchase a house. The features of ICICI Bank Home Loans are discussed below:
1. Eligibility for Home Loans – The eligibility to apply for loans varies from person to person. Financial institutions will give you a loan depending on your requirements and needs. You have to be sure of your eligibility first. You have to fill up some forms to check if you are eligible or not.
2. Amount of Home Loan – The amount of loan depends on your capability to repay the loan. The maximum amount that is given as loan is 80% of the total cost of the house. In some cases, they give you 90% of the total cost as well.
3. Time Period of Home Loans – The maximum time period for which you can obtain a home loan is 20 years. If you are a salaried person, your loan can extend to the time of your retirement.
4. Interest rates – The rates of interest depends on the kind of home loan that you have taken. If you have taken loan which is less than equal to 3 million, then the rate of interest will be 10.25% if the loan amount is more than 3 million then the rate is 10.50 – 11%.
Interest rates are also dependent on the duration of the loan. The early interest rates are more or less fixed. For the first two years, the interest amount will be 10.25% if the loan amount is less than equal to 3 million and 10.50% if it is more than 3 million. For 3 years, the rate of interest is 10.50% and 10.75% respectively. For 5 years, the rate is 10.75% if the loan amount is less than equal to 3 million and 11.00% if it is more than 3 million.
5. Documents Required – It is easy to get a home loan from ICICI Bank. To quicken and make the entire process easier, they keep the paperwork to the least. You have to fulfill the basic formalities. You need your identity proof, income and bank statements, and address proofs to apply for the ICICI Bank Home Loan. You may have to furnish more documents, if required.
6. EMI Calculator – Banks provide easy methods to calculate the EMIs that you have to pay. On the basis of the calculations, you can decide which category of loan you will apply for.
Decide on a good financing company. Do your research well before you finalize on anything. This is an important decision. Read the offer documents provided by them very well before you enter into a contract with them.