Is ICICI Home Loan Interest Rate Low For The Instant Home Loan Scheme?

ICICI Bank offers different home loan schemes to customers at both fixed and floating ICICI home loan interest rate. You can make your home financing affordable with ICICI instant home loan. This scheme is for the ICICI account holders who have maintained a salary account in ICICI Bank. Read this article to know the ICICI home loan features and interest rate. 

ICICI instant home loan eligibility and interest rate for customers

This is a pre-approved home loan scheme for the ICICI salary account holders whose minimum net monthly income is INR 25,000 and above. ICICI home loan interest rate ranges from 8.95% to 9.25%, if you opt for a floating rate of interest. The interest rate is based on the ICICI bank repo rate that is 5.15% currently. You can opt for a suitable type of interest rate on your borrowed amount. The user can borrow a maximum of INR 1 crore from ICICI Bank for the house finance. And payment of the loan and interest can be done in equated monthly loan installments. 

Instant EMI calculation with ICICI Home loan EMI calculator

The bank gives you access to the home loan calculator for an instant calculation of the future EMIs. It helps in your loan management and provides a rough view of the ICICI home loan installments. You can use the online ICICI home loan EMI calculator tool by mentioning your loan details like principal amount, interest rate and loan tenure. After that, you just have to click on the “Calculate” button to generate your EMI. 

For instance, for the loan amount INR 85 lakh with a repayment duration of 28 years the estimated EMI would be INR 70,107 for 9.12% ICICI home loan interest rate. This is how the ICICI home loan EMI calculator works and gives you an accurate EMI result. 

How to get Instant home loan from ICICI Bank?

You can check for the pre-approved loan offers by visiting the bank’s official website or using the ICICI mobile banking app. There is no need for submission of any documents to the bank for the home loan and you can apply for the loan using ICICI online banking service. Visit the official website click on products and select “Home loan” choose “Instant home loan” then click on “check your offer”. Enter your account details to know whether you are eligible for an instant home loan or not. 

If you are eligible then you can borrow a maximum loan amount from ICICI Bank for your home improvement, purchase, extension or construction. ICICI home loan interest rate is low for the scheme and the bank charges a low processing fee that is 0.25% of the principal amount. And you can pay the loan and applied interest in a maximum of 30 years. To reduce the burden of loan interest rate you can make prepayment as ICICI Bank doesn’t charge any prepayment or foreclosure fee from the user.  Now, make home finance easier and affordable with the ICICI instant home loans.