homeowner loans 7

ICICI Bank is the largest private sector bank in India and it offers home loans for the applicants. It has introduced some home loan products like "Maxmoney Home Loans", "Smart Fix Loans" etc. I will give more details on the same products.

ICICI Maxmoney Home Loans:

• Higher Loan amount eligibility i.e. 30% higher than current eligibility.
• Lower Initial Installment.
• Installment amount gets stepped up.
• The bank offers fixed rates or floating interest rates or the mix of both. The normal rate for housing loans is 12.75%. But it may vary according to the loan amount and the loan repayment period.

ICICI Smartfix Home Loans:

• This product has the benefit of both the fixed interest rates as well as floating interest rates. For the first three years the applicant will have fixed interest rates and from the fourth year he has to bear the prevailing floating interest rates.

ICICI Bank Home Improvement Loans:

• This loan is offered for the renovation of the old homes. The amount sanctioned is up to 50 lakhs and the time period of repayment may vary up to 15 years.
• The sanctioned amount covers 70% of the total cost involved for home improvement.
• The rates is similar to that of housing loans with the normal rates of 12.75%. You have to check the latest rates from the bank.

Application Requirements:

• The minimum age of the applicant should be 21 years.
• The applicant should be a salary holder or self employed with regular income. He should submit a proof for his regular income.
• The applicant should be a Indian. If he is an NRI, then he should be a salary holder.