Everyone dreams to own a home but in the ongoing economic scenario owing a home is not as easy as it sounds. But in the current scenario of inflation, the prices of plots and houses have jumped in the recent past and this has raised the demand for home loans. There are various financial lenders, public and private sector banks that offer home loans. Buying a dream house is not tough anymore as banks and financial service companies stand by you offering you home loan with lowest interest rates. Loan applicants always look for lower home loan interest rates. One can easily get a home loan if he/she falls under the set eligibility criteria. In order to be eligible for the home loan, one should be either salaried individual or self employed or should be a professional. In precise, one should have a regular income source so as to meet the eligibility criteria because if the borrower is an earning person than there are high chances to get the loan repaid.

Besides aforementioned qualifying categories, there are some other factors that determine home lone eligibility such as income, age, interest rates, loan tenure existing loans and credit history. Although there are plethora of resources that provide you loan but searching a reliable bank and financial lender is imperative because buying a new home requires a huge amount and one can not afford risks in such huge money. There are many home loan providers in the country that offer lowest home loan interest rates and allow you to own a home within your own ease.

The home loan providers understand the specific needs and requirements of every individual client and hence they offer customized loan solutions that suits their lifestyle and requirements. Besides providing appropriate and right services to loan seekers these financial service providers also offer best consultation and stress-free processing of home loan applications. Interest rates for home loan differ as per the different financial lenders and banks. The rate of interest is based on two factors; the quantum of the loan and the loan period. Apart from this, interest rates for housing loan also depend on availability of money in the market, inflation and monetary policies of the Reserve bank of India. Banks provide two types of interest rates- floating interest rate and fixed interest rate. If a borrower opts for floating rate loan than his/her home loan installments will keep changing as per the fluctuations in interest rates. On the other hand, in fixed rate loan the monthly EMI payment is calculated at a fixed rate of interest irrespective to market liquidity and cheap funding. The decision to choose between floating and fixed rate depends on various economic factors and outlook. Floating rates offer more flexibility in regard with pre-payment while fixed rates provide protection from interest rate fluctuation and give a sense of security to the borrower.

Generally, interest rate for most loans is associated to the lender’s base rate which is determined by the banks based complying with the RBI’s guidelines. As the base rates of the financial lender are assessed quarterly by banks, this review oscillates the interest rates.

If you have any one of this wish, then you should avail a personal loan to accomplish them. Out of so many products in the market, ICICI Personal loan has turned out to be very popular amongst the loan applicants. It won’t matter whether you are a salaried employee or a self-employed individual, the product is for everyone. Salaried employees, self-employed people and doctors can avail a maximum amount of Rs. 20 Lakhs, Rs. 30 Lakhs and Rs. 40 Lakhs respectively. The tenure for the loan ranges from one year to five years. And the best part is- you don’t have to furnish any kind of collateral or security. Read this article for more information about the product.

Eligibility criteria: Anybody who wants to avail finance from the bank has to meet the below eligibility norms-

Salaried employee:

The applicant should fall in the age group of 23 to 58 years. It clearly means he/she should be at least 23 years old while applying for a loan and must not be above the age of 58 when the tenure expires.
He /she needs to earn a monthly salary of at least Rs. 17,500. In case of residents of New Delhi and Mumbai, the income should be Rs. 25,000. For people living in Chennai, Pune, Kolkata, Bengaluru and Hyderabad, the income should be at least Rs. 20,000.
The working experience of the interested applicant should be at least two years
He/she should be working with current employer for period of at least one year

Self-employed Individuals:

The applicant should fall in the age bracket of 28 to 65 years. In case of doctors, the minimum age is 25 years
A non-professional must post a turnover of at least Rs. 40 Lakhs and a professional must have turnover of a minimum of Rs. 15 Lakhs
The minimum profit after tax for non-professionals should be Rs. 1 Lakh and for self- employed/proprietorship firm it should be Rs. 2 Lakhs
They need to be employed in their present business for a minimum period of five years. In case of doctors, it is three years
A minimum of one year of liability or asset relationship with the bank in the past 36 months is required.

Documents needed for a loan:

In order to obtain finance from ICICI, the applicant has to complete the necessary documentation work. The documents which have to be deposited to the bank have been mentioned below-

Salaried employee:

Identity Proof:- Aadhar card/Driving License /Passport /PAN Card/ Voters ID card
Two Photographs of Passport size
Proof of Residence:- Utility Bill / Passport/Leave and License Agreement
Bank Statement of the past three months in which the salary is credited
Salary slips of the past three months.

Self-employed Individuals:

Proof of Identity- Aadhar card/PAN card/ Passport/Voter ID card
Address Proof- Utility Bill / Passport/Leave and License Agreement
Proof of Age- Passport/Birth certificate/ High school marksheet
Bank statement of the previous six months
Proof of continuity of business.
Proof of Income- Audited Balance Sheet and Profit & Loss account of the previous two years
Proof of Office address
Proof of office ownership.
Interest rate and processing fee:

The bank charges the applicants an interest rate of 11.59% to 22% per annum. The processing fee charged is 2.25% of the amount availed by him/her plus the service taxes applicable. A prepayment charge of 5% of the principal amount which is outstanding along with service tax is levied if someone wants to prepay his loan.

ICICI Personal loan EMI Calculator:

Knowing about the installment you will be paying each month is very important. Calculating the EMI can turn out to be a very confusing and time taking process. But why to worry when ICICI personal loan EMI calculator is there to give you instant results. Yes you heard it correctly. You can now know the amount of EMI you will have to give each month along with the total interest which is going to be payable. All you have to do is nothing but just type in your details like loan amount, interest rate and tenure. Let’s make it more easy for you with the help of an example.

Suppose Abhishek Mukherjee, programming head of Colors channel wants to go on an exotic vacation to New Zealand and he requires Rs. 2 Lakhs for the same. He approaches ICICI bank and secures the same amount at an interest rate of 12% for a tenure of five years. Now let’s use this calculator to find out his monthly EMI. It turns out that he will have to pay an EMI of Rs. 4,449 each month to repay his loan. The total interest payable will be Rs. 66,934. This means he will have to pay a total of Rs. 2,66,934 in order to ensure that his loan is successfully repaid.