Cibil Score For ICICI Home Loan


Check Cibil Score For ICICI Home Loan

 
 

Purchasing a home is a once in a life decision. Earlier, people used to save their entire life to fund a home. The affordability notwithstanding, almost all of us have a desire to have our own homes, right? Modern finances have paved the way for arranging the funds required for purchasing a home these days in the form of best Home Loan rates from many offline and online lenders.

If you have the required Home Loan eligibility such as good CIBIL or Credit Score, a consistent income source, clean repayment history, you can easily avail better-priced Home Loans in India. Availing a Home Loan also gifts you the benefits of tax benefits.

A credit score is an assessment of your financial performance. It takes your transaction history into account to validate your credibility for credit approval.

Here is a brief overview of what your credit score depends on:

  • Repayment history- Have you paid off your debts within the stipulated time?
  • Credit sources- Any lines of credit you have and the credit limit for each.
  • Credit history- How long have you been using credit for?
  • Credit application- How frequently do you apply for new credit?

Types of credit- The different types of credit you own such as credit cards, retail accounts, loans etc.

ICICI Bank, one of India’s largest home loan financiers, helps you own a house by offering support throughout the process and provide a loan based on your preference. In this article, we will highlight the important factors before selecting the perfect bank of your choice.

To understand the complexities involved in selecting the best home for you is a challenge in itself. ICICI bank understands how critical it is to choose the right home, and how important it is to you and your family when looking for a home. You have to view all your options, keeping in mind the factors that are important to you and start your search using reliable sources. ICICI Bank can help you with both new constructions as well as with resale property.

Features of ICICI Bank - Home Loan

  1. ICICI charges processing fee up to 1.00%
  2. Lowest EMI of Rs. 758 per lakh
  3. Prepayment, Foreclosure Charges are NIL for floating rate loans
  4. Any person between the age group of 21 to 60 years (salaried) and 21 to 65 years (Self Employed) can apply for the home loan
  5. Quick and transparent processing
  6. Special benefits for premium banking customers

Repay your home loan in smaller EMIs and over a longer tenure of 30 years, depending on the situation of your finances

Avail attractive interest rates for different categories

Benefits of ICICI Bank – Home Loan

To make ICICI home loan very lucrative and a sought after product of the bank, ICICI bank keeps introducing additional benefits schemes in a home loan from time to time. Some of the prominent benefits are as follows:

  1. ICICI Bank cashback offer of 1 percent on each EMI of home loan
  2. NIL repayment charges for floating rate home loans
  3. Additional benefits to existing customers of the bank
  4. Simplified documentation and approval process

It is generally advantageous to take a housing loan as it would enable you to get tax exemptions. However, you must consult your CA/ income tax advisor to know the benefits/disadvantages in your specific case.

Process of Applying of ICICI Bank – Home Loan

You can directly go to the bank or apply online on the bank website or you can also call the customer care service number. They will initiate the process by collecting and verifying your documents, your credit score, the value of your property for which you wish to take the loan and all other associated technical and legal terms. Once it is all done, you will be intimidated.

So, are you ready for buying a house?

  1. If the answer is YES, you must be having a lot of questions in your mind like:
  2. Where will I arrange the money from?
  3. Am I eligible for the loan?
  4. How much down payment do I have to make?
  5. How much EMI will I need to pay every month?
  6. How can I compare the EMIs of different banks on my own?
  7. Where will I arrange the down payment amount and EMI amount from?

FAQs on Cibil Score for ICICI Home Loan

What should be the minimum CIBIL score for an ICICI home loan?

Minimum CIBIL score for ICICI home loan was some were around 700, Higher credit score helps you to get it in low-interest rate.

Documents Required for Home Loan – Salaried

  1. Application form with photograph duly signed
  2. Identity, residence and age proof
  3. Last 6 months bank statements
  4. Last 3 months Salary-slips
  5. Processing fee cheque
  6. Form 16 / Income Tax Return
 
 

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At Millennium Credit Solutions, we believe that life is easier with excellent credit.
We have a dedicated staff devoted to assisting you with your future financial needs.
We provide advice and information on how to best manage your current credit to maximize the impact to your qualifying ability.
 
 

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