Bank charge interest rate in two methods is fixed, and second, we call floating interest rate method. The fixed interest rate of the home loan where the rate will not change whatever you have decided to pay will be the same. Every month you have to pay interest rate would be same this also helps you when market price increase, another side you will see floating interest rate refers to various types of adjustable interest rate that constantly change according to the market value if the market rate is increasing then the rate would also increase if the rate is decreasing then you also have to pay less. Both methods have their own benefit; it depends on you which method you want to choose while availing of the loan.
Every bank always needs you to submit some of the necessary or essential documents that also verify the eligibility to help you get the home loan very simply. And there are some critical factors to consider whenever you take a home loan. Most of the bank offers the less interest rate and this also depends on your monthly income and CIBIL score if both are fine then the bank also tries to provide you with a home loan with a low rate. And also, try to compare EMI options in different types of the bank that provide you with low EMI then you can choose.
EMI also refers to a fixed sum of funds that you would be paying to any of the banks all the month at whatever rate is decided. The EMI also comprises both interest rate and the principal repayment. The fund of the EMI always depends on your CIBIL score. If the score is high, then the rate will be low. And the rate varies according to the market condition. You can easily avail the home loan at any time. You can apply for this after you have already decided to acquire the property.
You always need to submit some of the application forms along with essential documents. Most of the bank, after going through the application, would review this, and the lender would also ask some of the questions when they approved the form like how much fund you need to avail, what is the tenure period, or more of this question they will ask. A home loan takes around 14 or 15 days for processing the application. If every type of necessary document is acceptable, then it takes two weeks.
Most of the banks always take some of the additional securities, which are also called collateral securities. The collateral can be in the form of guarantees from one to another person. These types of other securities are always taken just in case the loan is not paid back, then the bank can sell these types of things. You also have the insured property for and different appropriate as required by the bank during the home loan tenure period. The bank would be more beneficiary of this policy. You would also have to produce proof when needed for any of the banks. This is another added cost that would add to the final purchase of any of the property.
Conclusion: ICICI home loan provides you loan amounts up to 90%. Very few banks will see they offer you loan amounts up to 90% because most of the banks always provide you loan amounts up to 80%, not more than. And this bank, you will also see age criteria 18 to 65 years, but other banks only provide you home loan if you are more than 21 years old, but this bank always provides you with many facilities, and ICICI Bank charges an interest rate of only 6.90%. These are the basic facilities this bank gives you when you avail of the loan and fulfill your criteria.
