Have salary account with ICICI Bank? You can get home loan in just few clicks
ICICI Bank eliminates this long-list of criteria, as you can avail for pre-approved home loan through the lender’s internet banking and generate home loan letter.
Wouldn’t it be quite helpful if you do not have to visit your bank for home loans. Just sit at home and apply for housing loan in few clicks. This is exactly what private lender ICICI Bank is offering. A customer can opt for ICICI Bank’s instant home loan plan. This scheme is sanctioned to customers with pre-approved home loan offers. One can even generate their sanction letters online in just few clicks. Generally, opting for home loan is a lengthy process, a bank looks into your credit history, bank account balance, monthly income, past dues and much more in order to check your capability. Also, there is list of forms which needs to be submitted while opting for home loan. However, ICICI Bank eliminates this long-list of criteria, as you can avail for pre-approved home loan through the lender’s internet banking and generate home loan letter. Among major features is that no documents are required at the time of loan sanction.
However, there is one criterion that needs to be fulfilled. For availing this option, you must have a salary account with ICICI Bank.
Here’s the list of features ICICI Bank’s instant home loan offers:
The sanction letter is valid for a period of 6 months, during which you can avail of the disbursement.
The maximum loan amount is based on your salary credit to your account and your existing obligations. The loan amount will be displayed when you log in to Internet Banking to avail of the offer. The maximum loan which can be availed of under the pre-approved Home Loan is Rs 1 crore.
Highest tenure that can be availed of is 30 years. However, the offer tenure based on your age will be displayed on the offer page. You can reduce the tenure if required but cannot increase it beyond the offer tenure.
If you need a higher loan amount, you need to add the income of spouse or other blood relatives which are acceptable as per ICICI Bank. Also, you can visit the nearest branch or contact your Relationship Manager as per the pre-approved sanction letter.
In case you reduce the offer tenure, your loan offer amount will get reduced according to the tenure so that the overall Equated Monthly Instalment (EMI) remains same.
For example, If your offer amount is Rs 1 crore and offer tenure is 30 years at ROI of 9%. The maximum EMI you can pay is Rs 80,460.
Suppose you reduce the tenure to 20 years. Now, since the maximum offer EMI is Rs 80,460, the revised loan amount will be computed at an EMI for Rs 80,460 but for a tenure of 20 years which comes to Rs 89.42 lakh.
So, the slider value for loan amount will reduce from Rs 1 crore to Rs 89.42 lakh when you reduce the tenure from 30 years to 20 years.
If you increase the tenure slider back to 30 years, the loan amount will be reset to the offer amount of Rs 1 crore.
Hence, if you are planning for home loan, you might want to check out ICICI Bank’s instant loan facility.