ICICI Bank Home Loan Review – Advisor Forbes INDIA
Amount granted in the form of a loan by ICICI Bank: Up to INR 7 crore and a minimum of INR 15 lakh (the minimum and maximum amount will depend on various factors).
Period of time: Maximum 30 years old (this will depend on the age of the person).
Moratorium period: 6 months
Credit score requirement: If the credit score is 750, the person can get a home loan at an interest rate of 6.50% and it can go up to 13.15%.
Prepayment or foreclosure charges: Early repayment for a variable rate home loan: None for a variable rate home loan.
Early full repayment for mortgages with variable interest rates: 2% + GST on outstanding principal upon full repayment of home loan.
Full prepayment of the recharge: 2% plus applicable + GST on outstanding principal upon full repayment of home loan top-up if end use is for commercial purposes.
The approval process for a home loan is a bit different and takes some time. Once an application has been accepted, the bank sends its employees to analyze the property and then submit the report to the bank. According to the report, the bank concludes whether a loan can be granted or not, how much can be granted and at what rate.
This process is time consuming and can take weeks or even a month. The process can be quick in metros and differ in different parts of the country.