ICICI Home Loan
-
No Comments
ICICI is the largest private bank of the country, with a network of 2,532 branches and 6,244 ATMs. Including India, it has presence in 199 countries. The bank runs various credit schemes under different heads including home loan, personal loan, car loan, etc. Under these schemes, it claims to provide guidance throughout the process of loan and have a simplified documentation procedure. Let’s find out how useful it is to take help of ICICI home loans…
Interest Rates
Amount
Floating rate
Up to Rs 20 lakh
9.50%
Rs 20-30 lakh
9.75%
Rs 30-75 lakh
10%
Rs 75 lakh & above
10.25%
Charges
^All charges are liable to change, without notice, at the discretion of the bank.Charges^
Amount
Loan Processing Charges / Renewal Charges (Non-Refundable)
0.50%-1.00% of the loan amount or Rs 1,500 (Rs 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + applicable service tax & surcharge
Prepayment charges
2%-4% + applicable service tax & surcharge on full prepayment
Late payment charges
Home Loans: 2% per month
Home overdraft: 1.5% of the outstanding amount, subject to minimum of Rs 500 & Maximum of Rs 5,000Charges for changing from fixed to floating rates of interest, and vice-versa
1.75% on principal outstanding
Cheque swap charges
Rs 500
Document Retrieval Charges
Rs 500
Cheque bounce charges
Rs 200
Amortization schedule
Rs 100 per schedule (Inclusive of service tax)
Statement of Account
Rs.100 per statement (Inclusive of service tax)
Final prepayment statement
Rs 100 per statement (Inclusive of service tax)
Duplicate NOC/ No Due Certificate
Rs 100 (Inclusive of service tax)
Revalidation of NOC
Rs 100 per NOC (Inclusive of service tax)
Flexibility
- Eligibility: The customer must be at least 21 years of age, employed or self-employed with a regular source of income, at the time of sanctioning of loan.
- Loan Amount: The loan amount would depend on the repayment capability, up to a maximum of 80% of the cost of property or the cost of construction. It will also depend on the type of loan taken.
- Repayment Options: The loan must terminate on or before 65 years of age, or before retirement, whichever is earlier. The loan tenure will be fixed accordingly. ECS, post-dated cheques (PDC) and pre-EMI facilities are available. Tenure can be anywhere between 5 years to 20 years, according to the choice of individual.
- Time taken for processing: The time taken by ICICI bank to process home loans is higher as compared to the industry standards.
Example
Criteria
Amount
Loan amount
Rs 40 lakh
Interest rate
10.5%
Tenure in months
144 months (12 years)
EMI calculated
Rs 47,965
You end up paying
Rs 70,51,050
Total interest repaid
Rs 30,51,050
Other Details
- Pre-Sales Information: Pre-sales information on the official website is giving in a satisfactory format. The customer will be able to find all required information easily on the website.
- Customer Support: The bank does not score very well on the customer care front. The variety and depth of complaints on internet suggest that the customers are not treated well after sales. Apart from this, grievance redressal takes very long to get sorted out.
Documents Required
Documents required
Salaried applicants
Self-employed applicants
Income proof
Last 3 months' salary slips, Form 16
Income Tax Return/ Computation of total income/ auditors’ report/ balance sheet/ Profit & Loss account, certified by Chartered Accountant for last 2 years (3 years for Home Equity) (both for business and personal of partners/directors)
Bank proof
Bank statement for last 6 months from salary account
Bank statement for last 6 months from operating account
Repayment track record
Repayment details on any existing loans or loan closure letter
Repayment details on existing loans or loan closure letter
Proof of constitution
NA
- Board resolution, in case of a company
- Proof of existence of the business entity, proof of address
Additional Proofs
NA
Photo Identity Proof, Residence Address Proof, Signature Verification must be provided for all the main partners / directors
Property documents
Property documents, as required
Property documents, as required
Ratings
@ Customer service levels are adjudged through number and types of consumer complaints across consumer forums, user reviews, blogs and sample customer care calls.Parameter
Ratings out of 5
Speed of processing
2
Documentation
3
Customer service
2
Value for money
3.5
Overall
3
Published on June 9, 2011 · Filed under: Home Loan; Tagged as: ICICI home loan, ICICI home loan charges, ICICI home loan documents, ICICI home loan interest rates
Leave a Reply
|
||