Are you all set to have a place to call your own? Are you ready to invest in a home that you want? Well, then this piece is just what you need now! This article will walk you through the process of how to get a home for yourself and with the best interest rates, calculated properly with the ICICI home loan calculator. It will focus on the process, the necessity of a home loan and how you can make sure that you can finally have the dream home that you had always wanted for yourself!
Planning for a home and a home loan
Well, if you do want to own a home of your own, then there is one thing that you will have to do – plan. How can you go about with the planning part effectively? Here are a few tips that will surely help you to set out on a planned path:
- The first thing that you need to do is fix on a budget for your home. How much are you ready to spend on buying your new home or plot of land? Your base budget will determine what loan package you will opt for, what ICICI bank home loan interest rate will you have to opt for and thereafter.
EMI calculator available online
- The next thing that needs to be your planning is how much loan you are going to take and what will be the EMI or the amount of interest that you will have to pay every month. This can be done with the help of an EMI calculator available online. Then you will have to compare that amount and see whether you will be able to afford that amount every month, based on your current income. Then you can think of proceeding with the loan package that you are interested in.
- Once you are done with that, and you have used the ICICI bank home loan EMI calculator to formulate an idea, you will have to check for your eligibility and your credit score. Your credit score, which is formulated based on the loans that you have taken previously and returned it, will tell you whether you are eligible for the loan package that you are aiming for. It is also necessary to understand that for loan packages, you will have to make sure that you are salaried or have a source of income that you can show.
- It is important to remember that you might have to make a down payment, which might not be covered by your loan, which you will have to provide on your own. You will also have to pay registration fee apart from the sum that you pay as a part of your ICICI bank loan interest.
- Once you know all these details, then you can move ahead and get your loan application done.
Loan packages and interest rates from ICICI Bank
Well, if you want to form a general idea about the home loan interest rate that is offered by this bank, then you can easily try and do a bit of research on the ICICI bank home loan interest rate 2019 and the interest rate being offered now.
The interest rates are always floating and it will depend on whether you are salaried, self-employed and also the amount that you will be borrowing. Here is a current ICICI housing loan interest rate that you might want to take note of:
ICICI Housing Loan Interest Rate
- If you are a salaried employee applying for a loan Up to Rs. 35 lakhs then your floating interest rate will be between RR + 2.95% (6.95%) – RR + 3.60% (7.60%)
- If you are a salaried employee applying for a loan between Rs. 35 lakhs – Rs. 75 lakhs then your floating interest rate will be between RR + 3.20% (7.20%) – RR + 3.75% (7.75%)
- If you are a salaried employee applying for a loan above Rs. 75 lakhs then your floating interest rate will be between RR + 3.30% (7.30%) – RR + 3.95% (7.95%)
- If you are self-employed applying for a loan Up to Rs. 35 lakhs then your floating interest rate will be between RR + 3.20% (7.20%) – RR + 3.85% (7.85%).
- If you are a salaried employee applying for a loan between Rs. 35 lakhs to Rs. 75 lakhs then your floating interest rate will be between RR + 3.35% (7.35%) – RR + 3.95% (7.95%).
- If you are a salaried employee applying for a loan > Rs. 75 lakhs then your floating interest rate will be between RR + 3.45% (7.45%) – RR + 4.05% (8.05%).
There will be different ICICI bank home loan eligibility and interest rate if you apply for a repair of your home of any loan amount.
Q1. Can I get a loan for repairing my home?
Ans. Yes, you will be able to apply for a loan if you want to repair your home. The interest rates are generally somewhere between RR + 3.10% (7.10%) – RR + 3.35% (7.35%) for salaried employees and RR+3.25% (7.25%) – RR+3.50% (7.50%) for those who are self-employed.
Q2. Will I have to pay a registration fee?
Ans. Yes, along with your home loan interest rates, you will also have to pay a home loan registration fee. For example, if you are applying for a loan of say Rs. 35 lakhs and then your processing fee would be 1.75 lakhs. So, that is a sum of money that you will have to have in hand, along with the taxes that will apply to it.
Q3. Can I reduce my interest rate?
Ans. Yes, you can always lower the interest rate. Then you will have to take on a new lender and do a balance transfer to them and ask them to reduce the rate in general. You might also get in touch with the ex-financier if you are the new lender, based on your home loan eligibility ICICI and try to push for a lesser interest rate.