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2 mins Read | 1 Year Ago

Different Types of Home loan in India and Their Usage

Making The Right Move: Home Loan Options for Today's Market

Making The Right Move: Home Loan Options for Today's Market

Buying a home is a cornerstone moment in everyone’s life. The sheer immensity of achievement, the joy of having something you can call your own and the security it brings makes having your home a priceless experience. However in today’s market property rates are exceptionally high and making up huge financials can be a daunting experience. From looking for the perfect place to securing financing, many moving parts move the home-buying cogwheels. However with the right guidance and support, purchasing a home can be a smooth and straightforward process. That's where we come in: as one of India's leading banks ICICI Bank offers several Home Loan options to help customers make the right decisions for their homes, their finances and their families.

Understanding ICICI BANK Home Loans

At ICICI Bank we have designed all our Home Loan offerings to make it easy for customers to buy or construct their dream home with competitive interest rates and flexible repayment options. Our products also cater to dynamic customer needs. Whether you're a first-time homebuyer or looking to upgrade your current home ICICI Bank has Home Loan solutions that will work for you.

The Home Loan Process - Simplified

The Home Loan process with ICICI Bank is as straightforward as it gets. You can start proceedings by checking their eligibility on ICICI Bank Home Loan page. Once you get clarity on your eligibility, use the Home Loan calculator and get an estimate of the monthly EMI payments you’ll have to make over the repayment tenure. The Home Loan calculator takes into account the loan amount, interest rate and loan tenure to give you an accurate estimate.

Next you can go on to apply for your loan online by filling out the application form and providing the necessary documents. ICICI Bank’s sophisticated application process will also let us go through your application super quick and you can get your loan amount in next to no time, once approval is received.

The Home Loan Calculator: Helping Borrowers Make Informed Decisions

Our Home Loan Calculator is a great tool that helps you make an informed decision about your Home Loan requirements and available options. You will be able to get an estimate of your monthly EMI payments which will help you determine the affordability of the loan. The calculator also allows you to compare different loan options and choose the one that best suits your needs.

Types of Home Loans Offered by ICICI Bank

At ICICI Bank we offer a range of Home Loan products to suit different customer needs. Here are some of the Home Loan options you can look at:

1. Regular Home Loans: We offer these Home Loans to individuals for purchasing a new home or for the construction of a new house. The interest rates for these loans will depend on the loan amount and tenure and customers can avail up to <90>% of the property value as a loan. You can easily apply for a Home Loan right here on our website. You could also visit the nearest ICICI Bank Branch to submit your application.

2. Home Improvement Loans - Our Home Improvement Loans offer an unending series of home decor solutions for the home you already have. Redesign your home with our design partners who will spruce up your place and even recommend ways to do it better. What’s more you can get online 3-dimensional consultation, fair and transparent pricing, long-term warranty, after-sales services and a wide range of home accessories right here at ICICI Bank. These loans also came with flexible repayment tenures at interest rates that are pocket friendly.

3. Top-Up Loans: These loans are offered to customers who already have an existing Home Loan with ICICI Bank and need some additional funds for home renovation or extension. Every property project in India be it buying or renovating has the possibility of overshooting the initial budget. Falling short will not stop you when you partner up with us. These loans are also available at competitive interest rates and can be availed without additional documentation.

4. Step Up Home Loans - ICICI Bank Step Up Home Loans are exclusively tailored for the young salaried Indian. With this loan you can avail of a higher loan amount than you could in relation to your loan eligibility for regular Home Loans. Furthermore in the initial years you only have to pay moderate EMI amounts to help ease the financial strain.

5. Land Loans: If you’re just looking to buy some land as a future investment you can get a Land Loan from us at the same interest as our regular Home Loans. The loan amount and eligibility criteria will change.

6. 30-Year Home Loans: 30-Year Home Loans offer you the option of extending your loan tenure to the maximum. Applying for an extended tenure will also improve your Home Loan eligibility and let you avail of higher loan amounts at lower EMIs.

CONCLUSION

You can also check out our Home Overdraft: a single answer to all your funding requirements. These multipurpose long-tenure options will help you manage both planned and unplanned expenses. In case you’re finding loan repayment expensive, we also have a Home Loan Balance Transfer facility that lets you transfer your outstanding loan to another lender who can offer you better rates. If you’re already repaying a loan that is heavy on your pocket you can have the outstanding amount transferred to us at a repo rate-based competitive interest. This is available to anyone who wants to reduce their debt burden.

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