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2 mins Read | 2 Months Ago

20 Lakh Home Loan

20 lakh Home Loan

 

When it comes to owning your  home, everyone has their own vision. Whether it's a cosy cottage in the hills or a beachside abode, homeownership is a universal aspiration. If you've been envisioning your home with a budget of Rs. 20 lakhs, ICICI Bank has the perfect solution for you.

With Home Loan offers of Rs. 20 lakhs at competitive interest rates, coupled with flexible tenure options extending up to 30 years, ICICI Bank makes your homeownership achievable.

Applying for a Rs 20 lakh Home Loan with ICICI Bank

At ICICI Bank, the process of applying for a Rs. 20 lakh Home Loan is streamlined  to ensure a seamless and hassle-free experience. 

Here's a step-by-step guide to kickstart your journey toward homeownership

  1. Provide Basic Details: Start by providing your essential information

  2. Assess Eligibility: Determine your eligibility for a Rs 20 lakh Home Loan

  3. Complete the Processing Fee Payment: Proceed to pay the processing fee

  4. Upload your Documents: Submit the necessary documents

  5. Acquire Provisional Sanction: Experience the convenience of Instant Provisional Sanction of your Home Loan.

Eligibility Criteria for a Rs 20 lakh Home Loan

Your eligibility for a Rs 20 lakh Home Loan is influenced by various factors, including your monthly income, fixed monthly obligations, current and retirement age. ICICI Bank carefully evaluates your eligibility to ensure your Home Loan aligns with your affordability.

Documents required for a Rs 20 lakh Home Loan

The application process for a Rs 20 lakh Home Loan with ICICI Bank is user-friendly and requires minimal documentation. 

Here are the documents you'll need to kick-start your application:

  • Last 3 months’ Salary Slips

  • Identity, Residence and Age Proof

  • Form 16/Income Tax Returns

  • Last 6 months' Bank Statements

  • Processing Fee Cheque

  • Application form with signed photograph.

EMI on a Rs 20 lakh Home Loan

Now, let's dive into the heart of the matter - the specifics of ICICI Bank’s Rs. 20 lakh Home Loan EMI. 

The following table showcases the EMI for different tenures at an illustrative interest rate of 8.75%:

Loan Tenure: 10 years

Monthly EMI: Rs 25,065

Loan Tenure: 20 years

Monthly EMI: Rs 17,674

Loan Tenure: 30 years

Monthly EMI: Rs 15,734

Achieve your home ownership aspirations with ICICI Bank's Rs 20 lakh Home Loan EMI Offer. Competitive interest rates, a hassle-free application process and flexible repayment terms ensure a smooth journey towards owning your property. Let ICICI Bank be your trusted partner in transforming your dream home into a reality.

With ICICI Bank, owning a home with a budget of Rs 20 lakh can become a reality. ICICI Bank simplifies your journey towards home ownership, offering competitive interest rates and flexible repayment options. Apply for your Home Loan today and take the first step towards making your dream home a reality.

Frequently Asked Questions (FAQs)

What is the EMI for a Rs 20 lakh Loan?

The EMI for a 20 lakh Home Loan depends on the loan tenure. For instance, with a 25-year tenure at an illustrative interest rate of 8.75%, the EMI is approximately Rs. 16,443 monthly.

Can I get a Home Loan of Rs 20 lakh?

Yes, ICICI Bank offers Rs 20 lakh Home Loans to eligible applicants, making it easier to finance your home purchase.

What is the Rs 20 lakh Home Loan EMI for a 30-year tenure?

If you opt for a 30-year tenure for a 20 lakh Home Loan with ICICI Bank at an illustrative interest rate of 8.75%, your monthly EMI would be approximately Rs. 15,734.

What is the monthly interest on a Rs 20 lakh Home Loan?

The monthly interest on a 20 lakh Home Loan can vary based on the interest rate. With ICICI Bank your monthly interest will be calculated accordingly.

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