The moment you decide to buy a home, you can put in your application for a Home Loan with ICICI Home Finance. You can apply for a Home Loan even before you have selected the property. The loan amount would be sanctioned or approved, based on your repayment capability.
ICICI HFC offers loans up to 20 years, provided the term does not extend beyond 65 years of age or the retirement age, whichever is earlier.
Interest is calculated on monthly rest.
Security for the loan is a first and exclusive charge of the property to be financed, by way of deposit of title deeds and/ or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from any encumbrances.
An Equated Monthly Installment (EMI) has 2 components: interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in significant savings for the customer over the tenure of the loan.
An Equated Monthly Installment (EMI) has 2 components: interest and principal. When the interest is calculated on annual rests, the principal reduces only at the end of the year. Therefore, you continue to pay interest on a portion of the principal that you have already actually paid back to the lending company.
Through ICICI Home Search, you can identify a property that fulfills your requirements from a vast database of properties. We arrange for site visits to the properties short-listed by you, and also assist you with the legal documentation. This service comes to you free of cost for first sale properties. This facility is available in select cities only.
An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the break-up of every EMI towards repayment interest and outstanding principal of your loan.
As per IT rules, only one certificate can be issued for a Home Loan hence one certificate will be issued in the name of both the applicant and co applicant.
You can request for a provisional IT certificate that can be issued any time during the course of the year.The final IT certificate will be issued at the end of a financial year. You can expect to receive your copy in the month of April or May.