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Why Choose ICICI Bank Home Loans?

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ICICI Bank Home Loan - Loanfasttrack

ICICI bank is one of the largest home loan providers in India which provides home loans to purchase, repair, renovate or redecorate and construct your home with ICICI’s range of home loan products. The bank offers you with a variety of home loan schemes at low processing fees and attractive interest rates with extended loan tenures upto 30years in addition with easy repayment options and full waiver of prepayment penalty on floating interest rate loans. ICICI Bank’s attractive interest rates start from 6.95% p.a and flat processing fees of 0.30% on the loan amount.

Advantages Of ICICI Bank Home Loans

  • Wide range of products.
  • Over 900 Bank Branches pan India to service your loans.
  • Guidance throughout the process making home buying hassle free.
  • Pre-approved home loan facility available.
  • Sanction approval without having selected a property.
  • Simplified Documentation.
  • Flexible repayment options upto 30 years.
  • Quick loan approvals.
  • Faster disbursements.
  • Home loan insurance options available at attractive premiums to ease the burden of loan repayments on you and your family in any unforeseen incidents.
  • Attractive interest rates which starts from 6.95% pa.
  • Floating and fixed interest rate option available.
  • PMAY credit linked subsidy schemes available with subsidy upto Rs.2.67 lakhs.

ICICI Bank Home Loans Offers Home Loan For Following Purposes

1) Home Loan: Loan taken to purchase a new residential property, applied individually or jointly with a co-applicant.

2) Home Improvement Loan: Loan taken for renovations and repairs such as home interiors, painting, water-proofing, external repair work, electrical work, etc.

3) Balance Transfer: Loan transfer from another lender Bank/NBFC to avail the benefit of low interest rates and increased tenures.

4) Top-Up Loan: Loan taken on the already existing home loan to meet the immediate requirement of funds.

ICICI Bank Home Loan Details

Interest Rates: Starts from 6.95%p.a. The ICICI Bank’s interest rates are linked to repo rates. Below mentioned is the interest slab for salaried and self-employed as on July 14,2020. Current repo rate is 4%.

For Salaried Borrowers

Slab Floating Interest Rates
Up-to Rs.35lakhs RR + 2.95% (6.95%) – RR + 3.60% (7.60%)
Rs.35lakhs- 75lakhs RR + 3.20% (7.20%) – RR + 3.75% (7.75%)
Above 75lakhs RR + 3.30% (7.30%) – RR + 3.95% (7.95%)

For Self-Employed Borrowers

Slab Floating Interest Rates
Up-to Rs.35lakhs RR + 3.20% (7.20%) – RR + 3.85% (7.85%)
Rs.35lakhs- 75lakhs RR + 3.35% (7.35%) – RR + 3.95% (7.95%)
Above 75lakhs RR + 3.45% (7.45%) – RR + 4.05% (8.05%)

For Home Loan Balance Transfer

Segment Floating Interest Rates
Salaried (Any loan amount) RR+3.10% (7.10%) – RR+3.35% (7.35%)
Self-Employed (Any loan amount) RR+3.25% (7.25%) – RR+3.50% (7.50%)

Note: (i) Interest rates mentioned above may vary depending  upon the CIBIL score, profile, segments, different loan products, etc.

(ii) Interest rates are subject to change as per RBI’s discretion without prior notice.

Loan Amount: The home loan amount starts from Rs.5lakhs onwards. Maximum ceiling limit is of Rs.20crores.

Eligibility Criteria: A borrower with regular flow of income and within the age group of 21 years to 70 years.

  Age Bracket
Applicant 18 years – 70 years
Co-Applicant 21 years – 70 years
NRI 25 years – 60 years

Who Can Apply: Salaried, self-employed- (proprietor, partner), self-employed professionals, company- partnership firm, proprietorship firm, private limited and NRI.

Loan Tenure: Minimum tenure has to be 5 years and is available till 30 years.

CIBIL Score: Required CIBIL score is 750 and above.

Processing Fees & Other Charges:

Processing Fees (non-refundable) 0.30%-1% on the loan amount + applicable GST.
Administrative Charges (one time non-refundable) Rs.5000/- (legal and technical charge) + applicable GST.
Cheque/AD/ECS bounce Charges Rs.500/- + applicable GST.
Document Retrieval Charges Rs.500/- + applicable GST.
CIBIL Report Charges Rs.100/- + applicable GST.
Cersai Charges Rs.100/- + applicable GST.
Late Payment Charges Home loan: 2% per month   Home OD : 1.5% of the outstanding amount subject to minimum of Rs. 500/- & Maximum of Rs.5000/-
Foreclosure Charges For home loan with floating interest rates – NIL.   For home loan with fixed interest rates – 2%-4% on the outstanding loan amount + applicable GST.  
Conversion Charges If Prepayment charges are not applicable in the loan  – Rs. 1000/- plus applicable GST.   If Prepayment charges are applicable in the loan then below conversion charges are applicable Floating to Floating – 0.5% of the principal outstanding + applicable GST. Dual fixed rate to Floating – 0.5% of the principal outstanding + applicable GST.  Floating to Dual fixed rate – 0.5% of the principal outstanding  + applicable GST. Life time fixed to floating – 1.75% of the principal outstanding  + applicable GST.
Miscellaneous charges viz. Title search, etc and any other charges (as applicable) that are not budgeted or specified, but are incurred by the bank on behalf of the customer. At actual.

Note: Figures mentioned above are subject to change as per ICICI Bank’s discretion without prior notice.

Additional Read: DON’T GET FOOLED !! MUST KNOW ALL COSTS IN HOME LOAN

Loan To Value (LTV): Varies from 75%-90% depending upon the loan amount and the market value of the property.

Market Value Of Property LTV %
Upto 30lakhs 90% of market value of the property.
30lakhs – 75lakhs 80% of the market value of the property.
75lakhs and above 75% of the market value of the property.
home loan eligibility - loanfasttrack

ICICI Bank Home Loan Eligibility

Home loan eligibility with ICICI depends upon various factors such as your current age, retirement age, monthly income, net profits, professional/employment details, fixed monthly obligations, property valuation and LTV. Your eligibility is determined by two means

  1. Income Eligibility

Income eligibility is calculated @ FOIR (fixed obligation to income ratio) % on the net income subject to deductions.

Income eligibility for salaried is calculated @ 60%-65% of the net per month income.

Income eligibility for self-employed is calculated @ 65%-70% of the net profit.

((Net income per month X FOIR %) – Obligation OR Deductions) ÷ Per lakh EMI

  • Loan Eligibility as per the property funding.

As per the property valuation, your eligibility will be calculated as under:

Market value of the property X applicable LTV % (75%-90%).

The lower figure from 1) and 2) will be your final home loan eligibility.

To calculate income eligibility with ICICI bank other equally important factors considered are- your profile, segment, CIBIL score, income stability, job continuity, past repayment history, etc. Income eligibility can also be enhanced by adding an earning co-applicant to the application. (Click to Know The Co- Applicant In Home Loan). ICICI Bank uses the criteria such as gross turnover product, banking surrogate, salary multiplier, etc. to calculate the home loan eligibility.  

Additional Read: What Do You Mean By Loan Eligibility In Home Loan?

ICICI Bank Home Loan EMI Calculator

You can easily estimate your monthly installment by using the ICICI bank home loan EMI calculator. With the help of the calculator calculate how much EMI you can comfortably pay just at a single click. Knowing the kind of EMI you need to pay is important for planning a budget as lower EMIs weigh light on your wallet. The EMI calculator also calculates for you the total interest payable on the loan amount which helps you to choose a suitable loan tenure. At the same time you can also compare multiple EMIs with different loan tenures and interest rates and choose the one which is best within your budget.

The home loan EMI mainly depends on the principal amount, loan tenure and the rate of interest. With these details entered on the calculator you can easily come to know your EMI and the total interest payable till the loan tenure.

ICICI Bank’s Home Loan EMI for Rs. 1 Lakh loan amount at lowest 6.95% interest rate for different tenures           

Calculated Results For ICICI Bank Home Loan EMI Tenure  
  5 Years 10 Years 15 Years 20 Years
Per Lakh EMI Rs.1,978/- Rs.1,159/- Rs.896/- Rs.772/-
Total Interest Payable Rs.18,666 Rs.39,021/- Rs.61,286/- Rs.85,352/-
Total amount payable including principal and interest Rs.1,18,666/- Rs.1,39,021/- Rs.1,61,286/- Rs.1,85,352/-

ICICI Bank Home Loan EMI Calculator @ 7.45% Interest Rates

Loan Amount 10 Years 15 Years 20 Years 25 Years 30 Years
25 Lakhs Rs.29,610/- Rs.23,104/- Rs.20,063/- Rs.18,394/- Rs.17,395/-
50 Lakhs Rs.59,220/- Rs.46,209/- Rs.40,127/- Rs.36,787/- Rs.34,790/-
75 Lakhs Rs.88,831/- Rs.69,313/- Rs.60,190/- Rs.55,181/- Rs.52,185/-
1 Crore Rs.1,18,441/- Rs.92,417/- Rs.80,254/- Rs.73,574/- Rs.69,579/-

Different Home Loan Products Of ICICI Bank

Since all home loan requirements are not the same, ICICI bank offers you a variety of home loan products. There is a home loan product for renovation and repairs, home improvement, for additional loan requirements of top-ups, for loan transfers, for smaller incomes and for cash incomes earned.

1) Home Loan

Home loan with ICICI bank is available for all borrowers right from the small income earners to the maximum loan requirements @ attractive interest rates which starts from 6.95% p.a. with flexible loan tenures. Special discounted interest rates are available for women borrowers. Interest rates offered are floating as well as fixed. The interest rates are linked to repo rates -RLLR.  PMAY benefits upto Rs.2.67lakhs is also available for the eligible borrowers.

Home Loan Features

Age 25 Years – 70 years.
Eligible Profiles Both Salaried & Self-employed.
Tenure For salaried – Upto 30 years. For self-employed- Upto 15 years.
Minimum Income For salaried – Rs.18,000- per month. For self-employed – Rs.2.6 lakhs p.a. For affordable housing – Rs.10,000/- per month.
Interest Rates For salaried – 6.95% -8.05%
Processing Fees 0.30%-2% on the loan amount + applicable GST.
Transaction Type Builder purchase, resale, self-construction, extension, renovation and transfer of existing loans.

Click for Home Loan documentations – For Salaried resale case & builder case, For Self-Employed- Proprietorship Firm resale case & builder case, Private Limited Company resale case & builder case, Partnership Firm resale case & builder case.

2) Home Loan Balance Transfer

Home loan balance transfer is a loan product to switch your existing loan to ICICI bank to enjoy the benefits of low interest rate which starts from 6.95%*. The product requires a minimum CIBIL score of 750 and above and a mandatory condition of good repayment track history. With ICICI’s express balance transfer product, loan transfer is easy and quick because the loan is transferred only on the basis of your 18months repayment track record. Also enjoy the top-up benefit to meet your personal needs with balance transfer with top-up loan and get top-up upto 100% of the loan amount.

Home loan taken for under-construction property cannot be transferred.

Minimum Loan Amount For balance transfer – Rs.10 lakhs. For balance transfer with top-up – Rs.5 lakhs.
Precondition Good repayment history of 18 months.
Property Type Only completed properties are eligible for balance transfer loan.
CIBIL Score Above 750
Additional Documents Required 12 months – 18 months repayment track record.Outstanding principal letter.LOD (list of documents) from existing Bank/NBFC.

Click for Home Loan Balance Transfer documentations – For Salaried, For Self-Employed- Proprietorship Firm, Private Limited Company, Partnership Firm.

Click to switch your high interest rate home loan to 7%-7.50%.

3) Top-Up Loan

Top-up Loans are provided as additional funding on an existing ICICI bank home loan or on balance transfers of home loan. The top-up funds can be used for any business or personal use except speculative purposes. To avail the top-up you must have a good track record with ICICI bank. The top-up amount is subject to your income eligibility and the market value of the property.

Minimum Loan Amount Rs. 50,000/-
Maximum Loan Amount 100% of original loan amount sanctioned
Purpose Personal as well as business use.
Property Type Only completed properties eligible for top-up loan
LTV Upto 80%.
Maximum Tenure Balance tenure of existing loan or 10 years whichever is higher. (subject to max tenure defined as per the customer profile)

4) Instant Pre-Approved Loans

Instant Home Loan

The facility of instant home loan sanction is available only for the borrowers having a salary account with ICICI bank and pre-approved home loan offers (Pre-approved home loan is the loan amount based on the salary credits appearing in the bank account). You can generate your home loan sanction letter online in just a few clicks and no documents are required to get a loan sanction. Exclusive top offers are available for top corporates. 

Steps for Instant Home Loan:

Eligible Profile Salaried having a salary account with ICICI bank and pre-approved home loan offer.
Maximum Loan Amount Rs.3 crore.
Tenure Upto 30 years.
Sanction Validity 6 months.
Interest Rates 6.95% – 7.95%

Instant Balance Transfer

The Instant Balance Transfer sanction is available only for borrowers having a salary account with ICICI bank and pre-approved balance transfer offer. Pre-approved balance transfer offers are generated for customers on the basis of the ongoing loan(s) of the customers. You can transfer maximum 2 loans in instant balance transfer.

Generate instant sanction letter within 3 clicks.

Eligible Profile Salaried having a salary account with ICICI bank and pre-approved balance transfer offer.
Maximum Loan Amount Rs.3 crore.
Tenure Upto 30 years.
Sanction Validity 6 months.
Interest Rates 7.10% – 7.35%

Insta Top-Up

Insta top-up loan is an pre-approved loan available to meet your instant financial needs. It provides an instant solution to all your business and personal requirements. The loan can be applied in 3 simple steps.

Eligible Profile Salaried having a salary account with ICICI bank and pre-approved top-up offer.
Maximum Loan Amount Rs.1 crore.
Tenure Upto 10 years.
Sanction Validity 6 months.
Interest Rates 7.10% – 7.50%

5) Home Improvement Loan

Home improvement loan is available for refurbishing your house. Home improvement loan cover a range of facilities internal as well as external to the structure without increasing in the living space. Home improvement loan is based on the estimation of the cost of improvement to be approved by the bank. It cannot be sought under Instant Home Loan.

Loan Amount Minimum – Rs.5 lakhs. Maximum – Rs.15 lakhs.
Loan Tenure Minimum – 3 years. Maximum – 20 years.
Interest Rates 6.95% – 8.05%

6) Express Home Loan

Express home loan is available to get quick and easy home loan sanctioned online. Both salaried and self-employed can apply for this product without visiting the branch or the sales executives. By simply applying online, providing basic details, filling the application form and by uploading the required KYC & income documents you can generate your provisional sanction letter.

7) Extra Home Loans

Extra home loan provides dual advantage of improved affordability and a longer repayment period. Both salaried and self-employed are eligible to apply for this loan. It is available in 3 variants to address the needs of middle age salaried individuals (up-to 48years), self-employed professionals (earning higher income in some months of the year, given the seasonality of the business they are in) and young age salaried individuals (up-to 37years).

The product allows to enhance your home loan amount by upto 20% and therefore make yourself qualify for a higher loan amount. You can also extend your repayment tenure upto 67years of your age provided the enhancement in loan & repayment period is backed by mortgage guarantee.

The maximum home loan that can be availed under extra home loans is Rs.2crs.

The loan is offered in association with Indian Mortgage Guarantee Corporation (IMGC), a joint venture between National Housing Bank, Genworth Financial Inc., Asian Development Bank and International Finance Corporation.

8) NRI Home Loans

Both salaried and self employed NRIs can apply for a home loan to purchase a house, build a house or purchase a property in India provided he is not a citizen of Iran, Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Nepal, North Korea (Democratic People’s Republic of Korea), Cuba, Syria, Sudan, and Crimea Region of Ukraine, Macau, Nigeria, Hongkong or Bhutan.

NRI Home Loan Eligibility

Age Minimum: 21 Years Maximum: 65 Years or retirement age whichever is earlier at the time of maturity of loan.
Eligible Profiles Salaried: Minimum 1 year of employment overseas Self-Employed: Minimum 3 years in current business overseas
Tenure Home Loan: 30 Years Home Improvement Loan: 15 Years Land Loan: 20 Years
Minimum Income Rs. 2lakhs
Interest Rates For salaried – 6.95% – 7.95% For self-employed – 7.20% – 8.05%

Click to know the NRI List Of Documents For Applying Home Loan.

Additional Read: Everything You Must Know About NRI Home Loans

9) Home Overdraft

Home Overdraft is a special offering only for salaried customers having salary account or savings account with ICICI Bank or are salaried with selected corporate, wherein you can avail a home loan or mortgage loan or top-up loan or balance transfer with top-up loan in the form of an overdraft. The interest will be charged only on the utilized amount. The flexibility to withdraw and use funds whenever required is the USP of this product however the amount so withdrawn as overdraft cannot be utilized for speculative and restricted purposes.

The loan amount that can be drawn under this product is Rs.5lakhs-Rs.1crore. The overdraft offered with this product is renewable annually and will attract applicable renewal charges, which will be debited to the overdraft account.

10) 24 Hours Top-Up Loan

A 24 hours top-up loan is a pre-approved top-up loan available for the customers with a good repayment record. It is a hassle free loan with minimum documents required. The loan is disbursed in just 24 hours.

Eligible Profile Both salaried & self-employed.
Maximum Loan Amount Upto- Rs.1 crore.
Tenure Upto 10years.
Interest Rates 7.10% – 7.50%

11) Pratham Home Loan

Pratham home loan is an affordable home loan product for the customers with low income earnings. Cash income is not considered under this product. Both salaried and self-employed customers can apply for this product. Pratham home loan can be availed for home loan, home improvement loan and home loan balance transfers.

Eligibility Criteria For Pratham Home Loan

Eligible Profile Both salaried & self-employed.
Age Minimum: 21 Years Maximum: 70 Years
Loan Amount Minimum – Rs.5 lakhs. Maximum – Rs.50 lakhs
Tenure Upto 20years.
Work Experience Salaried – 1 year (6 months experience in current organization). self -employed – business vintage of 5 years (3 years in same business).
Income Per Month Minimum Rs.10,000/-
LTV For salaried – as per RBI guidelines. For self-employed – maximum 65%.
Processing Fees 2% of the loan amount + applicable GST.

12) Banking Product

The product is especially designed for self-employed borrowers. The borrower is not required to submit any ITRs or financials and the income eligibility assessment is based only on their bank statements. For higher income eligibility the borrower can also provide his multiple accounts for eligibility calculation and there is no cap on the number of accounts which can be considered.

Eligible Product Home loan, home loan balance transfer & top-up.
Loan Amount Minimum – Rs.10 lakhs. Maximum – Rs.3 crores. Loan Amounts for Professionals (CA, DR, CS, and Architect) basis savings account only – Rs.50 lakhs.
Maximum Loan Tenure 15 years.
LTV 70%
Accounts Credit Current Account- Minimum 3 business credits in main account and 1 in other accounts. Savings Account – Minimum 3 transactions per month.

The ADB-EMI Ratio

ADB stands for average daily balance. On the basis of your banking transactions, the bank determines your eligibility by using the ADB-EMI formula. For determining ADB, your total balance in the banking account is considered for all the subsequent dates of 1st, 11th and 21st for 36 months. The ADB figure so derived is then used to determine the eligible EMI.

Eligible EMI = ADB/ ADB-EMI Ratio.

The applicable ADB ratio depends on the ADB range. Mentioned below is the grid of ADB range and its applicable ratio along with the maximum loan amount as per the ADB range.

ADB Range (10 years) Applicable Ratio Maximum Loan Amount
<=107603 2 Upto Rs.25 lakhs.
>107603 and=<286942 3 > Rs 25 Lakhs and upto Rs 50 Lakhs
>286942 4 > Rs 50 Lakhs and upto Rs 3 Cr

Learn in detail about the banking product, read more on Banking Surrogate Product Of ICICI Bank.

13) Gross Turnover Product (GTP)

The GTP product is also especially designed for self-employed borrowers to calculate their eligibility on the basis of their gross profit (lower of actual or imputed) and therefore a higher loan amount of 3.3 times the normal eligibility can be funded under this product. The imputed margins to be taken for calculations are defined as per the business category. All manufacturers, services and traders are eligible for funding under GTP.

Eligible Product Home loan, home loan balance transfer & top-up.
Loan Amount Minimum – Rs.10 lakhs. Maximum – Rs.3 crores.
Maximum Loan Tenure 15 years.
Imputed Margins For manufacturer and services 10%. For trader – 7%.
Business Vintage Minimum 5 years.

14) Salary Multiplier

This product is specially designed for salaried borrowers availing home loan for the first time and working for elite corporates as per the bank’s specified list of companies. The USP of this product is that the other obligations of the borrower are not considered for determining the eligibility of the borrower.

Eligible Profile Only salaried resident Indians working for specified elite list of companies.
Maximum Loan Amount Rs.1.5 crores.
Minimum Salary Net Salary excluding overtime allowances, variable components. >= Rs 50,000 pm for MMR and NCR.>=Rs 40,000 for other locations.
Net salary multiplier for loan eligibility 58% of Net Salary
Documents waived Form 16.

15) SURF

SURF product is specially designed for the borrowers who are in the initial stage of their career and are expected to have a higher and consistent salary growth in their near future. SURF is a structured repayment facility. It is designed on the basis that the repayment capacity of the borrower will gradually increase over the time. The loan eligibility in this product is therefore 18% higher than the normal eligibility.

Eligible Profile Salaried- Employees of Elite, Super Prime and Preferred List of companies.
Minimum Qualification Professionally qualified/Post graduate.
Minimum Salary Rs.20,000/- per month.
Income Growth For Eligibility Elite – 7% Super prime – 6% Preferred – 5%.
Maximum Tenure 20 years (including under-construction period).
Outflow Primary term: Only interest on the disbursed loan amount Secondary term: EMI on the balance term
Particulars Primary Terms Secondary Terms
Under Construction APF Project. 3-5 years as per completion period. Balance tenure.
Completed Properties Maximum 3 years. Balance tenure.
Outflow Only interest. EMI on principal amount.
Re-schedulement Of Loan Not allowed. Allowed.
Top-Up Loan Not allowed. Allowed.

16) Flexible Loan Installment Plan (FLIP)

This new variant of ICICI bank is specially designed to provide higher loan tenure to the borrower especially in cases where one or more loan applicants, whose income is considered for eligibility is retiring early. FLIP is a special repayment facility wherein the EMI in the initial period of loan is higher than the later period and the EMI alongwith the loan amount is calculated separately for all the loan applicants. The eligible co-applicant in the loan can be father, mother, spouse or son. The loan borrower can either apply for floating or fixed interest rates.

Speak to our experts on 9321020476 or log on to https://www.loanfasttrack.com/ for additional details. You can also email on info@loanfasttrack.com.

Loanfasttrack is a direct sales associate with ICICI bank.

Loanfasttrack is the best online user friendly platform to compare and evaluate the best bank for home loan in India. Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in mumbai, unsecured business loans,home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

Additional Read:

Commercial Property Loan With ICICI Bank – By Loanfasttrack

by admin
Commercial Property Loan With ICICI Bank – By Loanfasttrack
Commercial Property Loans @ lowest interest rates with ICICI Bank starting from 8% p.a. with extended loan tenure of up-to 20 years.

Introduction: What is Commercial Loan?

A loan taken to purchase a commercial property – office premises, shop, factory, industrial unit, manufacturing unit, gala & commercial plot loan/ commercial land loan, loan for construction of commercial property, etc. used only for commercial purposes is referred to as Commercial Property Loan, also referred to as Non-Residential Premises i.e., NRP Loans.

Funding taken for the extension, improvement, repairs & renovations and construction of the commercial property is also covered under the head of NRP loans.

It is easier to find and apply for residential property loans i.e. home loans with Banks & NBFCs, but finding a Bank/NBFCs to fund your requirement for commercial real estate loans might not be that easier because of the limited know-how of the borrower and since the business property loan is provided by only limited Banks/NBFCs. But the most popular and the leading name in the mortgage industry -The ICICI Bank Ltd. has made it easier for the buyer of the commercial property to avail loan to fund their commercial property at an attractive low ICICI commercial property loan interest rates with maximum loan tenure for commercial property loan. The borrower can take a loan to buy a resale/ready to move or under construction commercial property/ office/ shop/ industrial unit either to be self-used or for investment purposes.

Features & Benefits of Commercial Property Loan ICICI Bank: –

  • Provider for a lowest interest rate for commercial property loan.
  • ICICI commercial property loan for purchase of commercial property -office premises, shops, loan for industrial property, for purchasing the ready to move or under-construction commercial property, loan for commercial land purchase and construction, etc. are available at competitive interest rates in the mortgage industry.
  • ICICI Bank commercial property loaninterest rate starts from 8% p.a.
  • Both salaried and self-employed/ self-employed professionals can apply for loan to buy commercial property with ICICI Bank.
  • Lowest per lakh EMI starting from Rs.836/- onwards.
  • Maximum funding up-to 70% of the cost of the property.
  • Various range of commercial property loans including the loan against commercial property & lease rental discounting & balance transfer of commercial property loan.
  • Faster loan processing.
  • Simplified documentation.
  • No hidden costs.

Commercial Property Loan Eligibility with ICICI Bank

  • Profile:
    * Both salaried and self-employed borrowers can apply for commercial loan with ICICI Bank.
    * ICICI’s commercial loan is also available for NRI loan borrowers. NRIs can apply for commercial loan in India with ICICI Bank.
  • Eligibility Criteria: Eligibility criteria for all eligible loan borrowers: –
    * Age – minimum 21 years & maximum up-to 70 years.
    * Minimum Income – Rs.25,000/- p.m. for salaried & net profit of Rs.2,50,000/- p.a. for self-employed.
    * Co-Applicant – An earning Co-applicant/s (spouse, children- son or daughter, parents-father or mother & siblings -brother or sister) with minimum 18 years can be added to the loan application in order to increase the loan eligibility. A Co-applicant has to be in blood relation to an applicant.
  • Minimum Sq. Ft. Area Requirement:
    Minimum area required for the commercial property is 200 sq. ft.
  •  Geographical Location of the Property:
    * The commercial property has to be within the approved corporation limits i.e., within the city limits.
    * Grampanchayat property or plot is not considered for the loan.
  • LTV (Loan To Value):
    ICICI provides the maximum LTV under loan for commercial purchase which is up-to 70% of the market value of the property.
  • Commercial Property Loan Rate Of Interest:
    Uniform commercial property interest rates for all (salaried/self-employed/self-employed professionals/NRI) (including loan against commercial property interest rates) starting from 8% p.a.

    Compare home loan interest rates of leading banks
  • Commercial Property Loan Tenure:
    Up-to 20 years is the commercial property loan maximum tenure with ICICI Bank.
  • Commercial Loan Takeover:

Commercial loan takeover is available for all eligible loan borrowers at lowest interest on commercial property loan starting from 8% p.a. with a good repayment history/ track record for 12 months.

 Also Read: Loan transfer requirements, Benefits of loan transfer.

  • Top Up Loan on Commercial Property Loan:

Existing loan borrowers can easily fulfil their personal & professional funding needs by applying for a top-up amount on commercial loan at attractive commercial property loan interest rates ICICI Bank (commercial shop loan interest rates, commercial building loan interest rates, commercial home loan interest rates commercial land loan interest rates). Pre-requisite to apply for top up loan – the loan must be at-least 3 months old & the borrower must have a satisfactory EMI repayment track record with no EMI bounce for the last 12 months.

Top up interest rate ranges from 8% p.a. – 8.50% p.a.

Know more on ICICI Bank home loan top up.

  • Foreclosure Charges:

Up-to 4% on the outstanding commercial loan amount.

  • CIBIL Score:

Minimum CIBIL score of required is 750 and above.

(Understand the significance of CIBIL in home loan & know how does an home loan inquiry impacts the CIBIL score.)

Additional Read: How To Apply For Home Loan With Bad CIBIL Score – By Loanfasttrack

  • Tax Benefits:  The tax rebate on commercial property loan is allowed in the year in which it accrues irrespective of the year in which it has been paid.
    * Principal Repayment: No deduction is available under Section 80C for repayment of principal for commercial property loan.
    * Interest Paid: The interest deduction is applicable for any loan amount whether borrowed from bank, private financer/ patpedi or friends or relatives.
    => The interest paid on loans taken for construction/ purchase/ repairs or reconstruction of the commercial property, can be claimed under section 24 of the Income Tax Act.
    => The processing fees and prepayment fee paid for commercial property loans is also treated as interest and can also be claimed under Section 24.
    => The borrower can claim tax on the whole interest amount paid. There is no limit for interest deduction on commercial property unless for the rent out commercial property which is up-to the net annual value i.e., the gross rent received p.a. Less municipal taxes paid on the property.
    => For under construction builder commercial property – no interest deduction available for loans taken for repairs/ renovations / reconstruction. However aggregate interest paid during the construction on the purchase/construction of the commercial property can be claimed in next 5 years on the completion of the construction.

(Read important loan facts before purchasing an under construction property.)

Commercial Real Estate Loan Documentation Checklist for ICICI Bank

  • KYC: Pan Card, Aadhar Card, Latest Passport size photograph, Office proof & Residence Proof.
  • Income Documents:
    * For Salaried:
    4 months Salary Slips, 6 months Bank Account Statement & 2 years Form 16
    * For Self-Employed:
    3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified & 12 months bank account statements of all bank accounts (savings + current account)
  • Property Documents:

Prior Chain of Agreement, OC/CC + approved plans, Index 2, Share Certificate, Society Registration Copy & Property Tax Receipt.

LOD, Outstanding Balance Letter & 18 months repayment track record.

  • Other Documents:

Duly signed ICICI Bank commercial loan application form & Processing fee cheque.

Click for detailed documents required for commercial property loan for salaried resale case, for salaried builder case, for self-employed proprietorship firm builder case / resale case, for self-employed partnership firm builder case / resale case, for self-employed private limited company builder case / resale case.

Apply for other loan products of ICICI Bank

Home Loan Mortgage Loan Home Loan Balance Transfer Mortgage Loan Balance Transfer Top Up Loan Mortgage Overdraft

Commercial Property Loan Interest Rate Comparison Chart of 2020

ICICI Bank 8% p.a. Up-to 20 years
HDFC Ltd. 8.25% p.a. – 9.75% p.a. Up-to 15 years
Canara Bank 12% p.a. onwards Up-to 10 years
Axis Bank 10.50% p.a. onwards Up-to 20 years
Bank Of India 10.50% p.a. onwards Up-to 15 years
PNB Housing Finance Limited 9.50% p.a. – 11% p.a. Up-to 15 years
Bajaj FinServ 10.10% p.a. – 14.50% p.a. Up-to 20 years
IDBI Bank 10.25% p.a. onwards Up-to 15 years
South Indian Bank 10.05% p.a. – 10.30% p.a. Up-to 12 years
Kotak Mahindra Bank 9.60% onwards Up-to 15 years

Additional Read: Why interest rates with NBFCs are higher than rate of interest with Banks.

Commercial Property Loan Questionnaire:

Q. Is it mandatory to have an ICICI Bank account to apply for a commercial loan?

Ans:Yes. It is mandatory to have an account with ICICI Bank in order to service the commercial loan EMIs.

Q. What is the commercial property interest rate today?

Ans: ICICI Bank provides the best commercial property loan rates starting from 8% p.a. Onwards.

Q. What is the processing charge for ICICI bank loan for commercial property?

Ans: ICICI Bank commercial real estate financing processing fees applicable is 1% of the loan amount plus applicable GST.

Q. Is it mandatory to have a co-applicant to the loan application?

Ans: Yes. It is mandatory to have a co-applicant to the commercial real estate loan application with ICICI Bank.

Q. How much loan can I get on the property value of Rs.1 Crore?

Ans: Maximum loan funding provided by ICICI bank is 70% of the market value of the property and therefore maximum commercial property finance that can be availed on a commercial property worth Rs.1 Crore is Rs.70 Lakhs.

Use Loanfasttrack’s commercial property loan eligibility calculator to calculate your loan EMI.

Q. I am an NRI working in London & investing in a commercial property in India. Can I get a commercial loan?

Ans: Yes. ICICI Bank commercial home loan is also available for NRIs.

Q. Is there any limitation on the property sq. ft. area?

Ans: The minimum sq. ft. area required for commercial property is 200sq. ft.

Q. How to find a commercial mortgage broker near me?

Ans: Simply visit Loanfasttrack on www.loanfasttrack.com.

You may also email on info@loanfasttrack.com or call on 9321020476.

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Loanfasttrack’s specialized services includes providing:

Home Loan Comparison Chart Of Leading Banks

by admin
Home Loan Comparison Chart Of Leading Banks

Home Loan Interest Rates Comparison Chart

Bank Name Home Loan Rate Of Interest Home Loan Processing Fees Loan Tenure
ICICI Bank 6.90% p.a. – 8.05% p.a. 0.30% of the loan amount + applicable GST Up-to 30 years
Limited period offer with ICICI Bank Zero processing fees (PF) for cases above Rs.1 crore. Applicable GST on the PF to be paid by the borrower. CLICK.
HDFC Ltd. 6.90% p.a. – 7.85% p.a. Up-to 0.50% – up-to 1.50% of the loan amount + applicable GST Up-to 30 years
Limited period offer with HDFC Ltd. Rs.5,900/- + GST (For Salaried) CLICK.
Canara Bank 6.90% p.a. – 8.90% p.a. Rs.10,000/- + applicable GST Up-to 30 years
Kotak Mahindra Bank 6.75% p.a. – 8.45% p.a. Up-to 0.50% of the loan amount + applicable GST Up-to 20 years
Limited period offer with Kotak Mahindra Bank Zero processing fees for online application of home loan. Speak to our experts on 9321020476 to know more on online home loan processing. CLICK.
Axis Bank   7.75% p.a. – 12% p.a. Up-to 1% on the loan amount + applicable GST Subject to minimum of Rs.10,000/- Up-to 30 years
SBI Bank 6.95% p.a. – 10.95% p.a. Up-to 0.40% of the loan amount + applicable GST Subject to a maximum of Rs 30000/- Up-to 30 years
Bank Of Baroda 6.85% p.a. – 8.70% p.a. Up-to 0.50% of the loan amount + applicable GST Subject to maximum of Rs.25,000/- Up-to 30 years
Bank Of India 6.85% p.a. – 8.25% p.a. 0.50% of the loan amount + applicable GST Subject to maximum of Rs.50,000/- Up-to 30 years

For the complete guide on home loan – CLICK.

Additional Read : Best Banks For Home Loan In India

Home Loan Balance Transfer Comparison Chart

Bank Name Home Loan Balance Transfer Rate Of Interest Home Loan Balance Transfer Processing Fees Loan Tenure
ICICI Bank 6.90% p.a. – 7.50% p.a. 0.30% of the loan amount + applicable GST Up-to 30 years
Limited period offer with ICICI Bank Rs.3,900/- + GST CLICK.
HDFC Ltd. 6.90% p.a. – 7.10% p.a. 0.25%of the loan amount + applicable GST Up-to 30 years
Limited period offer with HDFC Ltd. Rs.3,540/- + GST (For Salaried) Rs. 5900/- + GST (For Self-Employed) CLICK.
Canara Bank 6.90% p.a. – 8.90% p.a. Rs.10,000/- + applicable GST Up-to 30 years
Kotak Mahindra Bank 6.75% p.a.  Up-to 0.50% of the loan amount + applicable GST Up-to 20 years
Limited period offer with Kotak Mahindra Bank Zero processing fees for online application of home loan. Speak to our experts on 9321020476 to know more on online home loan processing. CLICK.
Axis Bank 7.75% p.a. – 12% p.a. Up-to 1% on the loan amount + applicable GST Subject to minimum of Rs.10,000/- Up-to 30 years
SBI Bank 6.95% p.a. – 10.95% p.a. Up-to 0.40% of the loan amount + applicable GST Subject to a maximum of Rs 30000/- Up-to 30 years
Bank Of Baroda 6.85% p.a. – 8.70% p.a. Flat Rs.8500/- + applicable GST Up-to 30 years
Bank Of India 6.85% p.a. – 8.25% p.a. 0.50% of the loan amount + applicable GST Subject to maximum of Rs.50,000/- Up-to 30 years

For the complete guide on home loan balance transfer – CLICK.

Mortgage Loan / Commercial Loan Comparison Chart

Bank Name Mortgage Loan Rate Of Interest Mortgage Processing Fees Loan Tenure
ICICI Bank 8.35% p.a. onwards. 1% of the loan amount + applicable GST Up-to 20 years
Limited period offer with ICICI Bank 0.50% Processing Fee waiver for cases above Rs.50 Lakhs CLICK.
Special ROI for commercial loan with ICICI Bank @ 8% p.a. Discounts available on processing fees. CLICK.
HDFC Ltd. 8.35% p.a. – 11.10% p.a. 0.50% of the loan amount + applicable GST Up-to 15 years
Limited period offer with HDFC Ltd. 0.25% Processing Fee waiver for cases above Rs.50 Lakhs CLICK.
Canara Bank 9.95% p.a. – 12% p.a. 0.50% of the loan amount + applicable GST Up-to 10 years
Kotak Mahindra Bank 9.25% p.a. onwards 1% of the loan amount + applicable GST Up-to 15 years
Axis Bank 10.50% p.a. 11.25% p.a. Rs.10,000/- or 1% of the loan amount (whichever is higher) + applicable GST Up-to 20 years
SBI Bank 8.80% p.a. – 9.65% p.a. 1% on the loan amount + applicable GST Subject to minimum of Rs.50,000/- Up-to 15 years
Bank Of Baroda 8.05% p.a. – 13.20% p.a. 1% of the loan amount + applicable GST Subject to maximum of Rs.1,50,000/- Up-to 10 years
Bank Of India 8.85% p.a. – 9.35% p.a. 1% of the loan amount + applicable GST Subject to maximum of Rs.50,000/- Up-to 15 years

For the complete guide on loan against property- CLICK.

Additional Read : Best Banks For Mortgage Loan In India

For the latest offers on home loans & mortgage loans visit us on Loanfasttrack. You may also reach us on 9321020476 or email on info@loanfasttrack.com.

Learn How To Apply Online For Home Loan, Mortgage Loan & Loan Transfers With Loanfasttrack

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans, car loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Kotak Mahindra Bank Home Loan

by admin

Kotak Mahindra Home Loan - Loanfasttrack
Offers customized home loan plans to eligible borrowers at lowest Kotak Mahindra home loan interest rate starting from 6.75% p.a. for flexible loan tenure of up-to 20 years with processing fees of up-to 0.50% of the loan amount.

Key Features & Benefits Of Kotak Mahindra Home Loan:

  • Kotak Bank/ Kotak Housing Finance is the lowest interest rate home loan provider.
  • Kotak Mahindra home loan rate starts from 6.75% p.a.
  • Lowest per lac EMI starting from Rs.760/- onwards.
  • Zero processing fees for Kotak Mahindra Bank online application for home loan.
  • In principle approval available for the borrowers.
  • Loan amount of up-to 90% of the cost of the property for home loan transfer to Kotak Mahindra bank.
  • Faster home loan processing.
  • Simplified documentations.
  • No hidden costs.
  • Nil prepayment charges for floating Kotak housing loan interest rate.
  • PMAY credit linked subsidy schemes available with subsidy up-to Rs.2.67 lakhs.

Kotak Mahindra Bank Home Loan Interest Rate 2020

While the Kotak Bank home loan rate applicable remains uniform irrespective of the loan amount, Kotak Mahindra home loan interest rate 2020 are subject to the LTV i.e. Loan To Value percentage on the property. Given below is the grid for Kotak home loan interest rate 2020.

    For LTV Up-to 80% For LTV Up-to 80% to 90%
Home Loan Salaried 6.75% p.a. – 8.30% p.a. 6.85% p.a. – 8.35% p.a.
  Self-Employed 6.85% p.a. – 8.40% p.a. 6.95% p.a. – 8.45% p.a.
Home Loan Balance Transfer 6.75% p.a.
Home Loan Top Up Interest Rates 7.50% p.a. onwards.
Home Improvement Loan 6.75% p.a. onwards.
Loan Against Property Kotak Mahindra Bank 9.25% p.a. onwards.

Note: Kotak Mahindra Bank housing loan interest rates are subject to change without prior notice.

Kotak Mahindra Bank Home Loan Details

Eligible Profiles Salaried, Self-Employed Professionals, Self-Employed Non-Professionals & NRIs/PIOs.
Age Criteria Minimum age is 18 years & maximum age is 65 years
LTV Loan Amount Rs.20 Lakhs – Rs.75 Lakhs – 80% of the cost of the property.   Loan amount Above Rs.75 Lakhs – 75% of the cost of the property.   For Home Loan Balance Transfer – 90% of the cost of the property.
Loan Tenure Up-to 20 years for salaried. Up-to 15 years for self-employed.
Kotak Bank Home Loan Interest Rate 2020 Kotak home loan rates range from 6.75% p.a. – 8.45% p.a.
Per Lakh EMI Kotak Mahindra Finance home loan per lakh EMI starts from Rs.760/- onwards.
Processing Fees Up-to 0.50% on the loan amount + applicable GST.   (Know the complete home loan charges – Click)
Processing Fees On Kotak Bank Online Application Of Home Loan Zero.
Kotak Mahindra Home Finance Foreclosure Charges Nil on floating Kotak Mahindra housing loan interest rate.
CIBIL Score 750 & Above
Turnaround Time For Home Loan Disbursement 2 working days.

Kotak Home Loan Eligibility

Kotak Bank home loan eligibility depends on the factors such as borrowers per month income, the source of his income, borrower’s qualification & his employment history, CIBIL score & credit history, borrower’s age, number of dependents on him if any, his future plans, etc.

Kotak Mahindra Bank Home Loan Eligibility Criteria

For Individuals For Partnership/ LLP/ Indian Company For HUF
Age:- Salaried – 18years – 60 years   Self-Employed – 18years – 65 years Business Vintage:- Should be in existence for at least 3 years. Should be in existence for at least 3 years.
Income:- Minimum income of Rs.20,000/- p.m. &   Rs.15,000/- p.m. (for cities other than Mumbai, Pune, Bangalore, Delhi & Chennai) Income:- Minimum net income of Rs.2,40,000/- p.a. &   Rs.1,80,000/- p.a. (for cities other than Mumbai, Pune, Bangalore, Delhi & Chennai) Income:- Minimum net income of Rs.2,40,000/- p.a. &   Rs.1,80,000/- p.a. (for cities other than Mumbai, Pune, Bangalore, Delhi & Chennai)  
Qualification:- Minimum graduation compilation for salaried working with Private Ltd. Company & Partnership Firm.   Income Documentation:- Mandatory HUF IT returns for 3 years.  

Mahindra Bank Home Loan Charges

Pre- Disbursement Charges
Kotak Bank Housing Loan Processing Fees For Home Loans up-to Rs.30 Lakhs – 0.25% & 0.50% of the loan amount + applicable GST respectively for salaried & self-employed.For Home Loans above Rs.30 Lakhs – 0.50% of the loan amount + applicable GST.For online application of Home Loans – zero processing fees.For Top-Up Loan – 1% of the loan amount + applicable GST.For Commercial Loans– 1% of the loan amount + applicable GST. For Kotak Mahindra Bank Mortgage Loan – 1% of the loan amount + applicable GST.
Documentation Charges For Home Loan – Rs.4,000/- + applicable GST.For Kotak Mortgage Loan – Rs.10,000/- + applicable GST.
Post Disbursement Charges
Account Statement / Interest Certificate Charges Free – once in a year.Rs.250/- + Applicable GST – thereafter.     
Switch Fee For floating to floating (lower rate): Maximum up-to Rs.15,000/- + applicable GST (For Home Loan/Home Extension Loan & Home Improvement Loan)Maximum up-to 0.40% of the outstanding loan amount + applicable GST (For Non-Housing Loan- Commercial Loan/Kotak Mahindra Loan Against Property)
Account Swap Charges Rs.500/- + applicable GST. (per instance)
Document Copy Charges Rs.500/- + applicable GST. (per instance)
Duplicate NOC Charges Rs.500/- + applicable GST. (per instance)
Cheque Dishonour Charges Rs.750/- + applicable GST. (per instance)
Prepayment Charges Nil – for micro & small finances, floating interest rate term loan for individuals for personal purpose, for home loan top up & floating interest rate  housing loan in Kotak Mahindra Bank.   Others (Post Lock-In Period Of 6 Months: Nil for payment of Rs.25,000 or up-to 25% of the total outstanding loan amount.4% + applicable GST for part payment in excess of 25% or full prepayment.
Commitment Fee (Non-Compliance of Sanction Terms) 2% of the loan amount + applicable GST – for Home Loan, Home Loan Top-up & Kotak Bank Mortgage Loan.4% of the loan amount + applicable GST – for Home Extension & Home Improvement Loan.

Kotak Mahindra Bank Home Loan Calculator

Calculate Kotak Mahindra home loan eligibility with Loanfasttrack’s Kotak home loan calculator. Loanfasttrack’s Kotak home loan EMI calculator is a hassle free simple generic calculator. The Kotak Mahindra Bank home loan EMI calculator provides accurate estimates of the EMI for various loan amounts & for various loan tenures. Home loan calculator Kotak also displays the total interest payable for home loan amount. The interest payable varies with the loan tenures. The longer the loan tenure the higher is the interest payable & vice-a-versa.

Home loan eligibility Kotak can be easily calculated using only the following 3 variables.

  • Loan Amount
  • Loan Tenure
  • Home loan interest rates Kotak Bank.

Simply enter these 3 variables to get the desired EMI amount.

While the loan amount and home loan rate of interest Kotak Bank are proportional to EMI the loan tenure is inversely proportional to the EMI.

  • The higher the loan amount the higher will be the EMI & vice-a-versa.
  • The longer the loan tenure the lower will be the EMI & vice-a-versa.
  • The higher the interest rate the higher will be the EMI & vice-a-versa.

EMI Amortization Chart

The amortization schedule determines the percentage of EMI outgo towards the interest component versus principal component till the loan is repaid. While each monthly payment remains the same, the payment is made up of parts that vary over a period of time. Since the EMI is made-up of the principal and the loan amount, higher interest will be deducted than the principal loan amount during the initial period of loan tenure & higher home loan principal & lower interest amount will be deducted towards the end of the tenure.

Home Loan Amortization Chart For Rs.75 Lakhs Housing Loan For 20 Years

(Assuming your loan is disbursed in the month of November @ 6.75% p.a.)

Yearly Chart

Year Total EMI Principal Interest Balance
2020 1,14,054 29,763 84,291 74,70,237
2021 6,84,324 1,85,764 4,98,560 72,84,473
2022 6,84,324 1,98,698 4,85,626 70,85,775
2023 6,84,324 2,212,533 4,71,791 68,73,242
2024 6,84,324 2,27,332 4,56,992 66,45,910
2025 6,84,324 2,43,163 4,41,164 64,02,750
2026 6,84,324 2,60,090 4,24,234 61,42,660
2027 6,84,324 2,78,200 4,06,124 58,64,459
2028 6,84,324 2,97,571 3,86,753 55,66,888
2029 6,84,324 3,18,291 3,66,033 52,48,598
2030 6,84,324 3,40,451 3,43,873 49,08,146
2031 6,84,324 3,64,156 3,20,168 45,43,990
2032 6,84,324 3,89,510 2,94,814 41,54,477
2033 6,84,324 4,16,633 2,67,691 37,37,844
2034 6,84,324 4,45,642 2,38,682 32,92,201
2035 6,84,324 4,76,672 2,07,652 28,15,529
2036 6,84,324 5,09,862 1,74,462 23,05,668
2037 6,84,324 5,45,363 1,38,961 17,60,306
2038 6,84,324 5,83,336 1,00,988 11,76,971
2039 6,84,324 6,23,951 60,373 5,53,020
2040 5,70,270 5,53,021 17,249 0

Kotak Mahindra Bank Home Loan Schemes

1) Kotak Bank Home Loan

  • Available for all eligible borrowers from 18 years to 65 years for purchasing a resale/ready to move/under-construction property and also for improving/extending the existing property. (Click to know the difference in home loan for resale & builder case)
  • Kotak Bank Home Loan is available for a tenure of up-to 20 years.
  • Maximum LTV of up-to 80% of the cost of the property.
  • Kotak Mahindra Bank home loan rate starts from 6.75% p.a.
  • Kotak Mahindra housing loan processing fee is up-to 0.50% on the loan amount + applicable GST.
  • Zero home loan processing fees for online home loan application.

Make Home Loan Processing Fee Comparison of other leading banks namely, ICICI, HDFC Ltd., Canara, SBI, Axis Bank, BOB & BOI.

  • Minimum income required is Rs.20,000/- p.m.
  • Minimum qualification required is – graduation for salaried working with Private Ltd. Company & Partnership Firm.
  • Mandatory to have a co-applicant for the home loan application.
  • Faster turnaround time of 2 working days disbursal for Kotak Mahindra Bank housing loan disbursement.
  • No hidden charges.
  • Nil foreclosure charges.
  • PMAY scheme interest subsidy available.

Compare Kotak Bank Home Loan With ICICI Bank Home Loan, HDFC Ltd. Home Loan, Canara Bank Home Loan, SBI Home Loan, Axis Bank Home Loan, Bank Of Baroda & Bank Of India Home Loan.

2) Quick Home Loan Approval (Approval Within 24 Hours)

  • Available for all eligible borrowers from 25 years to 45 years.
  • Quick Kotak housing loan sanction within 24 hours.
  • Quick home loan in Kotak Bank is available only for the eligible borrowers living in the cities of Mumbai, Pune, Surat, Ahmedabad, Delhi, Hyderabad, Bangalore, Gurgaon, Chennai, Indore, Jaipur & Chandigarh.
  • In principle approval for the borrowers through a paperless process by using their income tax credentials.
  • Simple process- by making an online home loan application, filling the form and uploading the documents.
  • Minimum income required is Rs.20,000/- p.m.
  • Kotak Mahindra Bank home loan interest rate starts from 6.75% p.a.
  • Documents required include – identity proof (Pan Card), address proof (Adhaar Card/Passport), income proof (salaried-3 months salary slips & self-employed- ITR copy).

(For borrowers having primary bank account with Kotak – only 6 months salary slips in PDF format is required)

Compare Kotak Mahindra Bank’s Quick Home Loan Approval With ICICI Bank’s Express Home Loan- Approval Within 8 hours.

3) Kotak Home Loan Balance Transfer

  • Nil prepayment charges.

Also Read: Home loan transfer requirements, Benefits of home loan transfer.

4) Home Improvement Loan

  • Available for all borrowers (salaried/self-employed/self-employed professionals/NRIs/PIOs/) from 18 years to 65 years for furnishing (purchasing new furniture, fittings, etc) and repairs & renovating of the house.
  • Maximum loan amount of up-to 90% of the cost of the improvement.
    (For loan amount Rs.30 Lakhs – Rs. 75 Lakhs – 80% of the cost of the improvement.
    For loan amount above Rs.75 Lakhs – 75% of the cost of the improvement.)
    Maximum loan amount for NRI is 80% of the cost of the improvement.
  • The loan will be disbursed in full or in suitable installments on the basis of progress of improvement works, as assessed by Kotak Mahindra Bank.
  • Maximum tenure of up-to 15 years. For NRI loan borrowers maximum loan tenure is for up-to 10 years.
  • Home loan rates Kotak Mahindra Bank for home improvement loan starts from 6.75% p.a. Onwards.
  • Processing fee of up-to 0.50% on the loan amount + applicable GST.
  • Nil foreclosure charges.

Additional Read: Difference In Applying Home Loan With Public Bank & Private Bank

5) Kotak Mahindra Top Up Loan On Home Loan

  • Kotak top up loan on home loan is available for all existing home loan borrowers (salaried/self-employed/NRIs/PIOs) from 18 years to 65 years to meet their personal and professional requirement of funds.
  • Top up home loan Kotak Mahindra Bank rate interest starts from 7.50% p.a. onwards.
  • Maximum funding of 90% of the market value of the property including the existing outstanding loan amount.
  • Kotak Bank top up loan tenure will be the outstanding tenure of the existing home loan or maximum up-to 15 years, whichever is earlier.
  • Kotak loan top upprocessing fee – 1% of the top up loan amount plus applicable GST.
  • Click to know the detailed list of documents required for applying top up loan for salaried loan borrowers.

Compare Kotak Home Loan Top Up Loan WithICICI Bank home loan top up.

6) Kotak Mahindra Bank NRI Home Loan 

  • Kotak Mahindra NRI home loan is available for all NRIs (Non-Resident Indians) & PIO (Persons Of Indian Origin) for the purchase of ready to move/under-construction property and for home improvement (renovation & furnishing) residing/working in the countries namely – North America-(USA and Canada), Europe-UK and all European countries, Australia, New Zealand, Asia (Japan, China, South Korea), South East Asian Countries (Singapore, Malaysia, Indonesia, Thailand, etc.), Gulf Countries (UAE, Saudi Arabia, Oman & Kuwait).
    (Read More About NRI Home Loans)
  • Available for home loan transfer to Kotak Mahindra Bank.
  • Maximum age of the borrower is 58 years at the loan maturity.
  • Maximum LTV is 80% of the cost of the property.
  • Maximum tenure of up-to 15 years.
  • NRI Home Improvement Loan:
    * Available for decoration, painting, renovation, furnishing, tiling, flooring, plumbing, waterproofing, electrical work, grills and aluminum windows, roofing, construction of underground/overhead water tank, paving of compound wall (with stone/tile/etc.) and borewell, etc.
    * Maximum loan of 80% of the cost of the improvement.
    * Maximum tenure of up-to 10 years.
  • Processing fees is up-to 0.50% of the loan amount.
  • Kotak Bank loan interest rates start from 6.75% p.a.
  • Minimum education qualification required is graduate.
  • NRI should be employed for a minimum of 3 years.
  • Minimum income criteria for NRI depends on the loan tenure.
For loan tenure up-to 5 years For loan tenures from 5 years to 15 years
USD 20,000 – for USA / UK USD 42,000 – for USA / UK
USD 20,000 – for Merchant Navy USD 26,000 – for Merchant Navy
Dirhams 36,000 – for Gulf Countries Dirhams 48,000 – for Gulf Countries

7) (PMAY) Pradhan Mantri Awas Yojana

  • Interest subsidy on housing loans of 3% – 6.50% for all eligible borrowers (salaried/self-employed/NRI/PIO/) from 18 years to 65 years having yearly income from Rs.3 Lakhs to Rs.18 Lakhs & belonging to the EWS, LIG & MIG segment for either acquiring or purchasing a new house or to upgrade an existing kuccha or semi-pucca house.
  • Maximum subsidy amount of up-to Rs.2.67 lakhs (6.50% p.a.).
  • The NPV (Net Present Value) of the interest subsidy will be calculated at a discount rate of 9%.
  • Maximum income to avail the benefits is up-to Rs.18 Lakhs p.a.
  • Maximum tenure for availing the interest subsidy is 20 years.
  • Maximum loan amount eligible for the subsidy is up-to Rs.12 Lakhs.
  • Maximum carpet areas of the property is up-to 200 sq meter i.e. 2153 sq. ft.

8) Kotak Mahindra Bank Loan Against Property (LAP)

  • Kotak loan against property is available for all eligible borrowers (Salaried, Self-employed & Self-employed Professionals) from 18 years to 65 years to meet their personal & professional needs against the security of their residential property, commercial property & industrial property. (Click to learn more on mortgage loans)
  • Maximum loan tenure of up-to 15 years
  • Minimum loan amount is Rs.10 Lakhs & maximum loan amount is Rs.5 Crores.
  • Maximum LTV of 65% of the cost of the property
  • Also available in the form of overdraft facility. (CLICK to know more on mortgage overdraft loans)
  • Turnaround time processing time of 21 working days.
  • Minimum income required is Rs.40,000/- pm for salaried borrowers % Rs.1,80,000/- p.a. annual income for self-employed & self-employed professionals.
  • Pure rental income of the borrower can be considered for Kotak Bank loan against property.

(Compare Kotak Bank loan against property with ICICI Bank’s Loan Against Property.)

  • Mandatory to hold a graduate degree for the salaried loan borrowers working with private limited company or partnership firm.
  • Minimum 3 years business vintage required for self-employed borrowers with consistent profits for the last 2 years.
  • Kotak Mahindra Bank LAP interest rate starts from 9.25% p.a. (Check out mortgage loan balance transfer @ lowest interest rates in India)
  • Processing charges of 1% on the Kotak Mahindra mortgage loan amount plus applicable GST.
  • Nil foreclosure charges for individual borrowers & for others – up-to 4% of the outstanding loan amount plus applicable GST.
  • For detailed documents required for applying for a mortgage loan please refer to the links:
  Self-Employed
Salaried Pvt. Ltd Company Partnership Firm Proprietorship Firm
Balance transfer for salaried.      

Click to find out the lowest interest rate loan against property with Loanfasttrack & which bank is best for Mortgage loan in India.

Additional Read: Difference Between Home Loan & Mortgage Loan

For the latest Kotak Mahindra Bank Loan Against Property interest rates call on 9321020476 or login to Loanfasttrack.

Housing Loan Tax Benefits 

Home loan tax exemption is available on both principal repaid & interest paid by the borrower.

Income tax benefits on housing loan as per the Indian Income Tax Act, 1961:

  • Tax rebate on home loan principal repayment, under U/S 80C and 80CCE of the IT Act of 1961:
    * First home self-occupied or vacant/rent out – Actual principal repaid subject to a maximum of Rs.1.5 Lakhs p.a.
    * Under-construction property – Nil income tax exemption for housing loan.
    * Second home/ additional property – Nil income tax rebate on housing loan principal repayments.
  • Tax saving on home loan interest paid:
    * First home self-occupied or vacant/rent out –
    1) Actual interest repaid subject to a maximum of Rs.2 Lakhs p.a. if the house construction is completed within 5 years & Rs.30,000/- p.a. If the house construction is not completed within 5 years.
    2) For property value up-to Rs.50 Lakhs & home loans with Rs.35 Lakhs additional benefits of Rs.50,000/- is available for interest on home loan deduction.
  • Under-construction property – The interest paid can be claimed in equal parts in five financial years after the possession of the property subject to Rs.2 Lakhs p.a.
  • Second home/ additional property – Actual interest repaid subject to a maximum of Rs.2 Lakhs p.a.

Kotak Home Loan Documents Required

The borrowers are required to submit the income proof, identity proof, address proof, age proof, signature proof, educational proof, relationship proof and the banking details. Given below is the detailed checklist for housing loans.

Kotak Mahindra Bank Home Loan Documents Required

SR. No. Documents Required For Salaried For Self-Employed
1 KYC Pan CardAadhar CardLatest Passport size photographOffice proof Residence Proof Pan CardAadhar CardLatest Passport size photographOffice proof Residence Proof
2 Income Documents 4 months Salary Slips6 months Bank Account Statement2 years From 16 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified12 months bank account statements of all bank accounts savings + current account
3 Property Documents Prior Chain of AgreementOC/CC + approved plansIndex 2Share CertificateSociety Registration CopyProperty Tax Receipt Prior Chain of AgreementOC/CC + approved plansIndex 2Share CertificateSociety Registration CopyProperty Tax Receipt
4 Additional Documents for home loan transfer LOD Outstanding Balance Letter18 months repayment track record LOD Outstanding Balance Letter18 months repayment track record
5 Other Documents Duly signed Kotak Bank home loan application formProcessing fees cheque Duly signed Kotak Bank home loan application form Processing fees cheque                     
6 For Kotak NRI Home Loan Please refer to the link – “https://www.loanfasttrack.com/blog/blog/finance/nri-list-of-documents-for-applying-home-loan/”.
7 Refer to the links for a detailed Kotak Bank home loan checklist. Documents required for resale case   Documents required for resale case:  Proprietorship firmPrivate Ltd. CompanyPartnership Firm
    Documents required for builder case Documents required for builder case: Proprietorship firmPrivate Ltd. CompanyPartnership Firm
    Documents required for home loan balance transfer Documents required for home loan balance transfer for: Proprietorship FirmPrivate Limited CompanyPartnership Firm

Click to know housing loan interest rates of different banks and to know which bank has the lowest home loan interest rate.

Similar Banks Offering Home Loans

ICICI Bank HDFC Ltd. Canara Bank SBI Bank
Axis Bank Bank Of India Bank Of Baroda  
Click For The Latest Kotak Bank Home Loan Offers

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans, car loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Visit www.loanfasttrack.com.

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Additional Read:

(BOB) BANK OF BARODA HOME LOAN

by admin
Bank of Baroda home loan
Bank Of Baroda Is Rated As One Of The Top Nationalized Banks In India. Home loan Baroda Bank is available for all eligible borrowers with EMIs starting from ₹655 per lakh. Bank Of Baroda current home loan interest rate starts from 6.85% p.a. over extended loan tenures up to 30 years with processing fees starting from 0.25% of the loan amount.

Key Features Of Bank Of Baroda Housing Loan:

  • BOB is the lowest interest rate home loan provider.
  • Bank Of Baroda home loan interest rate today starts from 6.85% p.a.
  • Lowest per lac EMI starting from Rs.655/-
  • Uniform Bank Of Baroda ROI for home loan for salaried, self-employed, self-employed professionals & NRIs.
  • Longer repayment tenure for 30 years available.
  • Pre-approved home loan facility available.
  • Home loan interest in Bank Of Baroda is calculated on daily reducing balance.
  • Home loan BOB interest rate is linked to repo rate.
  • Nil prepayment charges for floating Bank Of Baroda loan interest rates.
  • Top-up loans can be applied up-to five times during the loan tenure.
  • Loan applicant can add a close relative as a co-applicant to increase his home loan eligibility (co-applicant necessarily need not be a joint owner of the property).
  • Loan applicants receive a complimentary Bank of Baroda Credit Card.
  • Loan applicants get a free Bank Of Baroda home loan insurance cover with every home loan.
  • Loan applicants also get rewarded with a concession of 0.25% on Car Loans. 
  • Loan applicants get access to high-end banking technology for easy repayment of housing loans.
  • PMAY credit linked subsidy schemes available with subsidy up-to Rs.2.67 lakhs.

Bank Of Baroda Home Loan Interest Rates 2020 Of Various Home Loan Schemes

Baroda Home Loan 6.85% p.a. – 8.20% p.a.
Baroda Home Improvement Loan 6.85% p.a. – 8.20% p.a.
Baroda Home Loan Advantage 6.85% p.a. – 8.20% p.a. For loans up-to Rs.75 Lakhs.   7.10% p.a. – 8.45% p.a. For loans above Rs.75 Lakhs.
Baroda CRE Home Loan 7.10% p.a. – 8.45% p.a.
Baroda CRE Home Loan (Advantage) 7.10% p.a. – 8.45% p.a. For loans up-to Rs.75 Lakhs.   7.35% p.a. – 8.70% p.a. For loans above Rs.75 Lakhs.
Baroda Top Up Loan 7.45% p.a. – 8.80% p.a.
Baroda Mortgage Loan 8.05% p.a. – 13.20% p.a.
Baroda Ashray (Reverse Mortgage Loan) 9.20% p.a.

Note:    (i) Housing loan interest rates Bank Of Baroda are subject to change without prior notice.

(II) Home loan rate of interest bank of baroda is linked to the Baroda Repo Linked Lending Rate (BRLLR) of the bank.

Bank Of Baroda Home Loan Details

Eligible Profile Salaried, Self-Employed Professionals, Self-Employed Non-Professionals, NRIs, OCI & PIOs, firms & companies.
Age Criteria Minimum age is 21 years (co-applicant-18 years) & the maximum age is 70 years.
Loan Amount Maximum up-to Rs.10 Crores.
Repayment Tenure Maximum up-to 30 years.
Collateral Accepted Constructed or purchased homes, (at times also) insurance policies, government promissory notes, shares and debentures, gold ornaments etc.
Who Can Be The Loan Co-Applicants Spouse, Father, Mother (including Step Mother), Son (including Step Son), Son’s wife, Daughter (Including Step Daughter), Daughter’s husband, Brother/sister (Including step brother/sister), Brother’s wife, sister (including step sister) of spouse, Sister’s husband, Brother (including step brother) of spouse. Click to get complete information on Co-Applicant in home loans.
Bank Of Baroda Types Of Loans: – Bank Of Baroda repo linked Home Loan, Bank Of Baroda Top Up Loan,  Bank Of Baroda NRI Home Loan, Bank Of Baroda Pre Approved Home Loan, Bank Of Baroda Home Renovation Loan, Bank Of Baroda Home Improvement Loan, Bank Of Baroda Home Loan Takeover, Bank Of Baroda Plot Loan/Bank Of Baroda Land Loan, Bank Of Baroda Mortgage Loan,  BOB Reverse Mortgage Loan.
BOB Per Lakh EMI Bank Of Baroda home loan EMI starts from Rs.655/- per lakh.
BOB Bank Home Loan Interest Rate Bank Of Baroda bank home loan interest rate starts from 6.85% p.a.
Bank Of Baroda Home Loan ROI Bank Of Baroda housing loan rate is linked to repo rate.
Bank Of Baroda Repo Rate Home Loan Interest Rate Package Available Floating home loan interest Bank Of Baroda.
Housing Loan Interest Rate In Bank Of Baroda Housing loan interest in Bank Of Baroda is charged on daily reducing balance.
LTV (% on the market value of the property) 90%- for loan amount up-to Rs.30 Lakhs.80% – for loan amount from Rs.30 Lakhs – Rs.75 Lakhs.75% – for loan amount above Rs. 75 Lakhs.                              
FOIR (Fixed Obligation Against Income Ratio) Maximum FOIR of up-to 80%.
Bank Of Baroda Home Loan Charges Unified Bank Of Baroda home loan processing charges i.e. inclusive of processing charge, documentation charge, document verification/vetting charge, pre-sanction inspection charge, legal & technical cost, CIBIL cost, CERSAI cost as well as ITR verification charge.
Bank Of Baroda Home Loan Processing Time Minimum 30 – 45 working days.
Bank Of Baroda Home Loan Charges Processing fees of up-to 0.50% of the home loan amount + applicable GST. (Minimum Rs.8500/- & Maximum Rs.25,000/-)   (Read to know the complete list of charges on home loans – Click)
Bank Of Baroda Home Loan Prepayment Charges Nil on floating home loan interest of Bank Of Baroda.
Bank Of Baroda Loan Schemes Baroda Home Loan, Baroda Home Loan Advantage, Baroda Pre-Approved Home Loan, Bank Of Baroda Home Improvement Loan, Baroda Top UP Loan, Baroda Home Loan Takeover Scheme, ISHUP Schemes, CRGFS Schemes,  Bank Of Baroda PMAY Schemes & Baroda Ashray Reverse Mortgage Loan.

Bank Of Baroda Home Loan Calculator

Use Loanfasttrack’s Bank Of Baroda Home Loan EMI calculator to calculate your EMI outgo. Loanfasttrack’s Bank Of Baroda EMI calculator is a hassle free simple generic calculator which gives accurate estimates of the EMI for various loan amounts for various loan tenures. It also displays the total interest payable on the home loan amount. The interest payable varies with the loan tenures. The longer the loan tenure the higher is the interest payable to the bank & vice-a-versa.

The home loan EMI depends largely on the rate of interest, loan amount & loan tenure. Simply enter these 3 variables to get the desired EMI amount.

  • The higher the loan amount the higher will be the interest paid on housing loan and therefore higher will be the EMIs & vice-a-versa.
  • The longer the tenure the less will be the EMIs. & vise-a-versa.
  • The higher the interest rate of home loan in Bank Of Baroda the higher will be the EMIs & vice-a-versa.

EMI Amortization Chart 

The amortization schedule determines the percentage of EMI outgo towards the interest component versus principal component.

An amortization chart details the periodic loan repayments consisting of the principal & the interest amount till the loan is repaid. Each monthly payment remains the same & the payment is made up of parts that vary over time. The interest deduction in the EMI will be higher than the housing loan principal deduction during the initial period of tenure followed by lower interest deduction and higher home loan principal deduction towards the end of the tenure.

Home Loan Amortization Chart For Rs.60 Lakhs Housing Loan For 20 Years

(Assuming your loan is disbursed in the month of November @ 6.85% p.a.)

Yearly Chart

Year Total EMI Principal Interest Balance
2020 91,958 23,525 68,433 59,76,475
2021 5,51,748 1,46,918 4,04,830 58,29,556
2022 5,51,748 1,57,306 3,94,442 56,72,252
2023 5,51,748 1,68,425 3,83,323 55,03,828
2024 5,51,748 1,80,329 3,71,419 53,23,497
2025 5,51,748 1,93,077 3,58,671 51,30,419
2026 5,51,748 2,06,729 3,45,019 49,23,691
2027 5,51,748 2,21,342 3,30,406 47,02,349
2028 5,51,748 2,36,990 3,14,758 44,65,361
2029 5,51,748 2,53,739 2,98,009 42,11,619
2030 5,51,748 2,71,679 2,80,069 39,39,393
2031 5,51,748 2,90,886 2,60,862 36,49,054
2032 5,51,748 3,11,447 2,40,301 33,37,606
2033 5,51,748 3,33,465 2,18,283 30,04,141
2034 5,51,748 3,57,039 1,94,709 26,47,102
2035 5,51,748 3,82,278 1,69,470 22,64,823
2036 5,51,748 4,09,302 1,42,446 18,55,521
2037 5,51,748 4,38,236 1,13,512 14,17,284
2038 5,51,748 4,69,216 82,532 9,48,067
2039 5,51,748 5,02,387 49,361 4,45,681
2040 4,59,790 4,45,679 14,111 0

Bank Of Baroda Home Loan Schemes

1) Baroda Home Loan

  • Available for purchasing a plot (Bank Of Baroda plot purchase loan), for construction of a house on plot, purchasing a resale/ready to move/under-construction property and also for improving/extending the existing property. (Click to know the difference in home loan for resale & builder case)
  • Available for all salaried, self-employed, self-employed professionals, NRIs (Read About NRI Home Loans), PIOs & OCIs from 21 years to 70 years.
  • Available for home loan transfer to Bank Of Baroda. (Get complete knowledge on home loan balance transfer-CLICK)
  • Maximum loan amount ranges from Rs.5 Crore – Rs.10 Crore.
  • Longer repayment tenure of up-to 30 years.
  • BOB home loan interest rates range from 6.85% p.a. – 8.20% p.a.
  • Bank Of Baroda home loan top up interest rate is charged on daily reducing balance.
  • Bank Of Baroda home loan top up can be availed up-to maximum of 5 times during the BOB home loan tenure.
  • Bank Of Baroda home loan processing fee
    * Up-to Rs.50 Lakhs – 0.50% of the loan amount plus applicable GST subject to minimum of Rs.8,500/- and maximum of Rs.15,000/-
    * Above Rs.50 Lakhs – 0.25% of the loan amount plus applicable GST subject to minimum of Rs.8,500/- and maximum of Rs.25,000/-
    * Flat Rs.8,500/- for home loan transfer Bank Of Baroda.
  • FOIR (Fixed Obligation Against Income Ratio)percentage:
For Salaried Loan Borrowers (Bank Of Baroda home loan eligibility based on salary) For Self-Employed Loan Borrowers
Gross Monthly Income FOIR % Latest 2 Years Average Gross Annual Income FOIR %
< Rs.20,000/- 50% Up-to Rs.6 Lakhs 70%
Rs.20,000/- to Rs. 50,000/- 60% Above Rs.6 Lakhs 80%
Rs.50,000/- to Rs.2 Lakhs 65%    
Rs.2 Lakhs to Rs.5 Lakhs 70%    
Above Rs.5 Lakhs 75%    
  • Maximum funding of up-to 90% on the value of the property.
  • Bank Of Baroda home loan eligibility:
    * For salaried residents – minimum 1 year of employment.
    * For self-employed- minimum 2 years of business vintage.
    * For NRIs/PIOs/OCI –
    (a) minimum 2 years valid job contract / work permit OR must be staying abroad for at least 2 years.
    (b) Minimum gross annual income of Rs.5 Lakhs.
    (c) Should not be the citizens of the countries- Bangladesh / Pakistan / Sri Lanka / Afghanistan / China / Iran / Nepal & Bhutan.
  • A close relative (Spouse, Father, Mother (including Step Mother), Son (including Step Son), Son’s wife ,Daughter (Including Step Daughter), Daughter’s husband, Brother/sister (Including step brother/sister), Brother’s wife, sister (including step sister) of spouse, Sister’s husband, Brother (including step brother) of spouse) can be added to the home loan application as an co-applicant in order to enhance the BOB home loan eligibility.
  • Nil prepayment charges on home loan by Bank Of Baroda.
  • Free credit card with every home loan.
  • 0.25% concessions on car loans.

Compare BOB Home Loan With ICICI Bank Home Loan, HDFC Ltd. Home Loan, Canara Bank Home Loan, SBI Home Loan, Axis Bank Home Loan & Bank Of India Home Loan.

For the latest BOB Bank Home Loan, Bank Of Baroda Home Loan Transfer interest rates & processing fees offer call on 9321020476 or login to Loanfasttrack.

2) Baroda Home Loan Advantage

  • Available for all salaried, self-employed, self-employed professionals, NRIs, PIOs & OCIs from 21 years to 70 years for purchasing a residential plot, for purchase + construction of the plot, for construction of house, for purchasing a resale/ready to move/under-construction property and also for improving/extending the existing property. (Read: Everything You Must Know Before Purchasing A Land & Availing The Land Loans)
  • Also available for Bank Of Baroda-BOB home loan transfer.
  • Key features of Baroda Home Loan
    * Sanctioned home loans are linked to the borrower’s BOB saving account (zero rate of interest on this savings account).
    * The borrowers can deposit his savings in the linked SB account to avail maximum benefit of interest in the Home Loan account.
    * BOB home loan interest is calculated on daily reducing balance i.e. on the daily outstanding balance in the borrower’s BOB savings account.
    * EMI’s are auto recovered from the linked savings account.
  • Maximum loan amount is Rs.10 Crore.
  • Longer repayment tenure of up-to 30 years.
  • Bank Of Baroda home loan rate ranges from 6.85% p.a. – 8.45% p.a.
  • Processing fees of up-to 0.50% on the home loan amount.
  • Bank Of Baroda loan eligibility:
    * For salaried residents – minimum 1 year of employment.
    * For self-employed- minimum 2 years of business vintage.
    * For NRIs/PIOs/OCI –
    (a) minimum 2 years valid job contract / work permit OR must be staying abroad for at least 2 years.
    (b) Minimum gross annual income of Rs.5 Lakhs.
    (c) Should not be the citizens of the countries- Bangladesh / Pakistan / Sri Lanka / Afghanistan / China / Iran / Nepal & Bhutan.
  • FOIR (Fixed Obligation Against Income Ratio)percentage:
For Salaried Loan Borrowers (Bank Of Baroda home loan eligibility based on salary) For Self-Employed Loan Borrowers
Gross Monthly Income FOIR % Latest 2 Years Average Gross Annual Income FOIR %
< Rs.20,000/- 50% Up-to Rs.6 Lakhs 70%
Rs.20,000/- to Rs.50,000/- 60% Above Rs.6 Lakhs 80%
Rs.50,000/- to Rs.2 Lakhs 65%    
Rs.2 Lakhs to Rs.5 Lakhs 70%    
Above Rs.5 Lakhs 75%    
  • LTV up-to 90% on the market value of the property.
  • Nil prepayment charges on BOB housing loan.

Compare Baroda Home Loan Advantage with BOI’s Star Smart Home Loan with SBI’s Maxgain Product, Axis Bank Super Saver Home Loan & ICICI Bank Home Overdraft Product.

3) Baroda Pre-Approved Home Loan

  • Available for all salaried, self-employed, self-employed professionals, NRIs, PIOs & OCIs from 21 years to 70 years.
  • Bank Of Baroda pre-approved home loan provides in-principle approval for home loan which enables the loan applicant to get home loan sanctioned even before finalizing the property.
  • In-principle approval will be valid for 4 months from the date of its issue.
  • Maximum loan amount is Rs.10 Crore.
  • Maximum LTV of up-to 90% on the market value of the property.
  • Longer repayment tenure of up-to 30 years.
  • Bank Of Baroda housing loan interest rate ranges from 6.85% p.a. – 8.70% p.a.
  • Bank Of Baroda home loan processing charges range from 0.25% – 0.50% on the loan amount plus applicable GST. Upfront applicable fees is Rs.7500/- + GST, rest to be collected after the loan is sanctioned.
  • Nil prepayment charges.

4) Bank Of Baroda Home Improvement Loan

  • Available for all salaried, self-employed, self-employed professionals, NRIs, PIOs & OCIs from 21 years to 70 years for repairs and renovation of the home, for purchase of new furniture, fittings and furnishings, etc.
  • Maximum loan amount is Rs.10 Crore.
  • BOB home loan rates range from 6.85% p.a. – 8.20% p.a.
  • Longer repayment tenures of up-to 30 years.
  • BOB home loan processing fee
    * Up-to Rs.50 Lakhs – 0.50% of the loan amount plus applicable GST subject to minimum of Rs.8,500/- and maximum of Rs.15,000/-
    * Above Rs.50 Lakhs – 0.25% of the loan amount plus applicable GST subject to minimum of Rs.8,500/- and maximum of Rs.25,000/-
  • FOIR (Fixed Obligation Against Income Ratio)percentage:
For Salaried Loan Borrowers (Bank Of Baroda home loan eligibility based on salary) For Self-Employed Loan Borrowers
Gross Monthly Income FOIR % Latest 2 Years Average Gross Annual Income FOIR %
< Rs.20,000/- 50% Up-to Rs.6 Lakhs 70%
Rs.20,000/- to Rs.50,000/- 60% Above Rs.6 Lakhs 80%
Rs.50,000/- to Rs.2 Lakhs 65%    
Rs.2 Lakhs to Rs.5 Lakhs 70%    
Above Rs.5 Lakhs 75%    
  • LTV up-to 90% on the market value of the property.
  • Bank Of Baroda housing loan eligibility:
    * For salaried residents – minimum 1 year of employment.
    * For self-employed- minimum 2 years of business vintage.
    * For NRIs/PIOs/OCI –
    (a) minimum 2 years valid job contract / work permit OR must be staying abroad for at least 2 years.
    (b) Minimum gross annual income of Rs.5 Lakhs.
    (c) Should not be the citizens of the countries- Bangladesh / Pakistan / Sri Lanka / Afghanistan / China / Iran / Nepal & Bhutan.
  • Nil foreclosure charges.

Additional Read: Difference In Applying Home Loan With Public Bank & Private Bank

5) Baroda Top UP Loan

  • BOBO top up home loan is available for all existing home loan borrowers (salaried/self-employed/NRIs/PIOs) from 21 years to 70 years to meet their personal and professional requirement of funds.
  • BOB home loan top up amount – minimum Rs.1 Lakh and Maximum Rs.2 Crores.
  • Maximum funding of 90% of the market value of the property including the existing outstanding loan amount.
  • Top-up tenure will be the outstanding tenure of the existing home loan.
  • FOIR (Fixed Obligation Against Income Ratio)percentage:
For Salaried Loan Borrowers (Bank Of Baroda home loan eligibility based on salary) For Self-Employed Loan Borrowers
Gross Monthly Income FOIR % Latest 2 Years Average Gross Annual Income FOIR %
< Rs.20,000/- 50% Up-to Rs.6 Lakhs 70%
Rs.20,000/- to Rs. 50,000/- 60% Above Rs.6 Lakhs 80%
Rs.50,000/- to Rs.2 Lakhs 65%    
Rs.2 Lakhs to Rs.5 Lakhs 70%    
Above Rs.5 Lakhs 75%    

Compare BOB Top Up Loan With BOI Star Top Up Loan & ICICI Bank home loan top up.

6) Baroda Home Loan Takeover Scheme

Learn How To Apply For Home Loan With Bad CIBIL Score – By Loanfasttrack

* For Non-Individuals i.e. Firms/Companies

=> Mandatory to have an individual applicant in the home loan application.
=> Minimum 18 months EMI must have been paid.
=> The company must have been incorporated for a minimum 5 years.
=> Minimum 2 years business vintage required.
=> The company must be profitable for the minimum last 2 years.
=> Company’s net worth must be positive.
=> Good CIBIL score of the company.

Additional Read Home Loan Transfer For NRIsFOIR (Fixed Obligation Against Income Ratio)percentage

For Salaried Loan Borrowers (Bank Of Baroda home loan eligibility based on salary) For Self-Employed Loan Borrowers
Gross Monthly Income FOIR % Latest 2 Years Average Gross Annual Income FOIR %
< Rs.20,000/- 50% Up-to Rs.6 Lakhs 70%
Rs.20,000/- to Rs.50,000/- 60% Above Rs.6 Lakhs 80%
Rs.50,000/- to Rs.2 Lakhs 65%    
Rs.2 Lakhs to Rs.5 Lakhs 70%    
Above Rs.5 Lakhs 75%    
  • LTV up-to 90% on the market value of the property.
  • Free credit card with every home loan.
  • 0.25% concessions on car loans.

Also Read: Home loan transfer requirements, Benefits of home loan transfer.

For the latest BOB HL interest rates for home loan transfer in Bank Of Baroda & processing fees offer call on 9321020476 or login to Loanfasttrack.

7) Interest Subsidy Scheme For Housing The Urban Poor (ISHUP)

  • The ISHUP scheme is applicable for the urban LIG (Low Income Group having income of up-to Rs.5,000/- pm) & EWS (Economically Weaker Sections having income up-to Rs.10,000/- pm) borrowers only from 21 years to 70 years for the purchase/construction of a house or to extend the existing house.
  • 5% interest subsidy (Net Present Value) available for a maximum principal amount of Rs.1 Lakh.
  • Maximum loan tenure of up-to 20 years.
  • Home loan eligibility:
    => For salaried – 48 X (average gross salary for last 3 months)
    => For others – (Max) 4 X (average annual income of last 2 years)
  • Maximum funding of 80% on the market value of the property.
Category Maximum Loan Amount Maximum House Area
For EWS Rs.1 Lakh 25 Sq. Meter
For LIG Rs.1.6 Lakhs 40 Sq. Meter

8) Credit Risk Guarantee Funds Scheme For Low Income Housing (CRGFS)

  • Available only for the borrowers belonging to EWS & LIG categories in the urban area.
  • The scheme provides loans to the borrowers without any collateral/security or third party guarantor according to the Credit Risk Guarantee Fund Trust established by Indian Government’s Ministry of Housing and Urban Poverty Alleviation.
  • Under this scheme the Trust will provide credit risk guarantee to lending institutions (Banks) for the home loans they provide to the EWS & LIG category borrowers for acquisition and purchase of new/resale home, home construction and improvement.

Click to find out the merits and demerits for investing in resale & builder property.

  • Maximum house area is up-to 430 sq. ft. carpet i.e. 40 sq. meter.
  • Maximum loan amount is Rs.5 Lakhs.
  • For loans up-to Rs.2 Lakhs guarantee cover provided is 90% of the loan amount & for loans from Rs.2 Lakhs-Rs.5 Lakhs guarantee cover provided is 85%.
  • Tenure for guarantee cover is maximum up-to 25 years or loan termination date whichever is earlier.

9) (PMAY) Pradhan Mantri Awas Yojana Bank Of Baroda

  • Interest subsidy on housing loans of 3% – 6.50% for all eligible borrowers (salaried/self-employed/NRI/PIO/OCI) from 21 years to 70 years having yearly income from Rs.3 Lakhs to Rs.18 Lakhs & belonging to the EWS, LIG & MIG segment for either acquiring or purchasing a new house or to upgrade an existing kuccha or semi-pucca house.
  • Maximum subsidy amount of up-to Rs.2.67 lakhs.
  • Maximum income to avail the benefits of this scheme is maximum up-to Rs.18 Lakhs p.a.
  • Maximum carpet areas of the house under PMAY Bank Of Barodascheme is up-to 200 sq meter i.e. 2153 sq. ft.
  • Maximum loan amount is Rs.10 Crores while maximum loan amount eligible for the subsidy is up-to Rs.12 Lakhs..
  • Maximum loan tenure of up-to 30 years with subsidy up-to 20 years of the loan tenure.
  • Maximum funding of 90% on the market value of the property.
  • Bank Of Baroda housing loan interest starts from 6.85% p.a.
  • Bank Of Baroda home loan eligibility criteria:
    => For salaried residents – minimum 1 year of employment.
    => For self-employed- minimum 2 years of business vintage.
    => For NRIs/PIOs/OCI –
    (a) minimum 2 years valid job contract / work permit OR must be staying abroad for at least 2 years.
    (b) Minimum gross annual income of Rs.5 Lakhs.
    (c) Should not be the citizens of the countries- Bangladesh / Pakistan / Sri Lanka / Afghanistan / China / Iran / Nepal & Bhutan.
  • FOIR (Fixed Obligation Against Income Ratio)percentage:
For Salaried Loan Borrowers (Bank Of Baroda home loan eligibility based on salary) For Self-Employed Loan Borrowers
Gross Monthly Income FOIR % Latest 2 Years Average Gross Annual Income FOIR %
< Rs.20,000/- 50% Up-to Rs.6 Lakhs 70%
Rs.20,000/- to Rs. 50,000/- 60% Above Rs.6 Lakhs 80%
Rs.50,000/- to Rs.2 Lakhs 65%    
Rs.2 Lakhs to Rs.5 Lakhs 70%    
Above Rs.5 Lakhs 75%    
  • Processing fees up-to 0.50% of the loan amount plus applicable GST.(Minimum Rs.8,500/- & Maximum Rs.25,000/-)
  • Nil prepayment charges.

10) Mortgage Loan Bank Of Baroda

  • Available for all borrowers (salaried/self-employed/NRIs) to meet their immediate personal & professional fund requirement against the mortgage of residential/ commercial property and non-agricultural plots.(Click to learn more on mortgage loans)
  • Also available in the form of overdraft facility. (CLICK to know more on mortgage overdraft loans)
  • Minimum loan amount for mortgage loan is Rs.2 Lakhs & maximum loan amount is up-to Rs.10 Crores.
  • Maximum funding of 60% on the market value of the property.
  • Maximum loan tenure of up-to 10 years.  (Check out mortgage loan balance transfer @ lowest interest rates in India)
  • FOIR (Fixed Obligation Against Income Ratio)percentage:
Gross Monthly Income (GMI) FOIR %
Up-to Rs.75,000/- 50%
Rs.75,000/- to Rs.3 Lakhs 60%
Above Rs.3 Lakhs 70%

Compare Bank Of Baroda home loan against property with ICICI Bank’s Loan Against Property.

(Check out mortgage loan balance transfer @ lowest interest rates in India)

  • Unified processing charges.
For Term Loan For Overdraft Loan
1% on the loan amount plus applicable GST Up-to Rs.3 Crores 0.35% of the limit. (Maximum Rs.7,500/-)
(Minimum Rs.7,500/- & Maximum Rs.1,50,000/-) Above Rs.3 Crore 0.25% of the limit.

Click to know the documents required for applying for a mortgage loan for salaried, self employed – Pvt. Ltd Company, Partnership firm, Proprietorship Firm, mortgage loan balance transfer for salaried.

Click to find out the lowest interest rate loan against property with Loanfasttrack.

Additional Read: Difference Between Home Loan & Mortgage Loan

For the latest Bank Of Baroda LAP interest rate call on 9321020476 or login to Loanfasttrack.

11) Baroda Ashray Reverse Mortgage Loan

  • Ashray reverse mortgage loan is a mortgage loan for senior citizens of India above 60 years (spouse 55 years in case of joint loans) to meet their post retirement expenses, day-to-day expenses, medical expenses, etc. against the mortgage of their self-occupied and self-owned residential property (commercial property not allowed).
  • Maximum tenure is 15 years. (The tenure may further be extended till survival of the borrower subject to advance value of the property.)
  • Maximum loan amount inclusive of interest is up-to Rs.1 Crore (subject to value of the property).
  • Property insurance needs to be taken by the borrower regularly.
  • Reverse mortgage interest rate applicable is 9.20% p.a.
  • Processing fees 0.20% of the loan amount, maximum of Rs.10,000/-
  • Processing charges are waived 100% on all Bank of Baroda’s home loans and top-up loans.

Click to get complete information on reverse mortgage.

Bank Of Baroda Home Loan Tax Benefits 

Income tax benefit on home loan is available on both interest paid as well as on the principal amount repaid by the borrower.

Exemption on home loan, as per the Indian Income Tax Act, 1961:

  • The principal repaid can be claimed for home loan tax deduction under section 80C of the Income Tax Act up-to Rs.1.5 Lakhs p.a.
  • Interest on housing loan deduction –
    => The interest paid can be claimed for income tax exemption on home loan as deduction under section 24 of Income Tax Act up-to Rs.2 Lakhs p.a. for the property ready to move/self-owned by the borrower.
    => Home loan interest exemption of Rs.30,000 if construction is not completed within five years.
    => For home loans up-to Rs.35 Lakhs & cost of the properties up-to Rs.50 Lakhs, an additional housing loan tax exemption on interest of up-to Rs.50,000 is applicable on the interest paid for first time home buyers.
    => Housing loan interest exemption for rented properties-

Entire interest amount can be claimed in a year for the property which is rented out by the borrower subject to the maximum exemption limit of Rs.2 Lakhs for the interest paid.

Bank Of Baroda Home Loan Documents List

SR. No. Documents Required For Salaried For Self-Employed
1 KYC Pan CardAadhar CardLatest Passport size photographOffice proof Residence Proof Pan CardAadhar CardLatest Passport size photographOffice proof Residence Proof
2 Income Documents 4 months Salary Slips6 months Bank Account Statement2 years From 16 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified12 months bank account statements of all bank accounts savings + current account
3 Property Documents Prior Chain of AgreementOC/CC + approved plansIndex 2Share CertificateSociety Registration CopyProperty Tax Receipt Prior Chain of AgreementOC/CC + approved plansIndex 2Share CertificateSociety Registration CopyProperty Tax Receipt
4 Additional Documents for home loan transfer LOD Outstanding Balance Letter18 months repayment track record LOD Outstanding Balance Letter18 months repayment track record
5 Other Documents Duly signed Bank Of Baroda home loan application formProcessing fees cheque Duly signed BOB home loan application form Processing fees cheque                     
6 For NRI Home Loan Please refer to the link – “https://www.loanfasttrack.com/blog/blog/finance/nri-list-of-documents-for-applying-home-loan/”.
7 Refer to the links for a detailed Bank Of Baroda home loan checklist. Documents required for resale case   Documents required for resale case:  Proprietorship firmPrivate Ltd. CompanyPartnership Firm
    Documents required for builder case Documents required for builder case: Proprietorship firmPrivate Ltd. CompanyPartnership Firm
    Documents required for home loan balance transfer Documents required for home loan balance transfer for: Proprietorship FirmPrivate Limited CompanyPartnership Firm

Click to know housing loan interest rates of different banks and to know which bank has the lowest home loan interest rate.

Similar Banks Offering Home Loans

ICICI Bank HDFC Ltd. Canara Bank SBI Bank Axis Bank Bank Of India
Click For The Latest Bank Of Baroda Home Loan Offers

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans, car loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Visit www.loanfasttrack.com.

Seek expert advice on 9321020476.

You can also email on info@loanfasttrack.com.

Loanfasttrack’s specialized services includes providing:

Additional Read:

BANK OF INDIA (BOI) HOME LOAN

by admin
BOI Home Loan
Bank Of India offers home loans to eligible borrowers with EMIs starting from ₹655 per lac. Interest rates start from 6.85% p.a. overextended loan tenures up to 30 years with processing fees starting from 0.25% of the loan amount.

Key Features Of Bank Of India Housing Loan:

  • BOI is the lowest interest rate home loan provider.
  • BOI home loan interest rates 2020 starts from 6.85% p.a.
  • Lowest per lac EMI of Rs.655/-
  • Longer repayment tenure available for 30 years.
  • BOI housing loan interest is calculated on daily reducing balance.
  • Discounted interest rates for women borrowers.
  • BOI bank home loans are also available for NRIs.
  • No administrative charges.
  • Nil prepayment charges for floating interest rates.
  • Free personal accident insurance cover.
  • PMAY credit linked subsidy schemes available with subsidy upto Rs.2.67 lakhs.

Current Home Loan Interest Rates BOI 2020 Chart  

CIBIL Score Salaried Borrowers Self-Employed Borrowers
  Womens Others Womens Others
760 & Above 6.85% p.a. 6.85% p.a. 6.85% p.a. 6.85% p.a.
Between 725 – 759 7.% p.a. 7.05% p.a. 7.10% p.a. 7.15% p.a.
Between 675 – 724 7.10% p.a. 7.15% p.a. 7.70% p.a. 7.75% p.a.
For CIBIL Score of -1 & 0 7.% p.a. 7.05% p.a. 7.10% p.a. 7.15% p.a.

Note:    (i) Interest rates are subject to change without prior notice.

(ii) Interest rates applicable only for Star Home Loan/Star Smart Home Loan/Star Diamond Home Loan

(iii) Interest rates are based on CIBIL scores of the borrowers.

(iii) 0.50% additional BOI housing loan interest rates for CRE-RH home loans i.e. for borrowers who own multiple properties i.e. 2 or more.

Click to understand the significance of CIBIL in home loan & to know how your home loan inquiry can impact your CIBIL score.

BOI Bank Home Loan Interest Rates For Various Home Loan Schemes

BOI Star Home Loan 6.85% p.a. – 7.75% p.a.
BOI Star Smart Home Loan 6.85% p.a. – 7.75% p.a.
BOI Star Diamond Home Loan 6.85% p.a. – 7.75% p.a.
BOI Star Top Up Loan 7.35% p.a – 8.25% p.a. 
BOI Star Pravasi Home Loan 6.90% p.a. – 6.95% p.a.
BOI Earnest Money Deposit (EMD) Scheme 6.85% p.a. – 11.85% p.a.
Pradhan Mantri Awas Yojana (PMAY) 6.85% p.a.
BOI Star Loan Against Property 8.85% p.a. – 9.35% p.a.

BOI Home Loan Details

Eligible Profile Salaried, Self-Employed Professionals, Self-Employed Non-Professionals, Corporates (Proprietorship Firm, Partnership Firm, Private Ltd. Company), NRIs, PIOs & HUFs.
Age Criteria Minimum 21 years & maximum 70 years.
Loan Amount Maximum up-to Rs.5 Crores.
Repayment Tenure Maximum up-to 30 years.
Loan Funding Maximum up-to 85%* of the market value of the property.
Types Of BOI Home Loan BOI Plot Loan, BOI Home Improvement Loan, BOI Plot Plus Construction Loan, BOI Home Loan, BOI Home Loan Balance Transfer, BOI Top Up Loan, BOI Home Repairs & Renovation Loan, BOI Loan Against Property.
BOI Home Loan Interest Rates Starts from 6.85% p.a. (Discounted interest rates for womens)
BOI Per Lac EMI Starts from Rs.655/- (Rs.655/- is the per lakh EMI calculated @ of 6.85% p.a. for 30 years)
Rate Package Available Floating & Fixed interest rate.
BOI Home Loan Processing Fees For individuals 0.25% of the loan amount + applicable GST (Minimum Rs.1,500/- & Maximum Rs.20,000/-)   For Partnership Firms & Corporates – 0.50% of the loan amount + applicable GST (Minimum Rs.3,000/- & Maximum Rs.40,000/-)   (Read to know the complete list of charges on home loans- CLICK)
Prepayment Charges Floating interest rates – Nil. Fixed interest rates- 0.65% – 2.25% of the outstanding balance.
BOI Home Loan Schemes Available BOI Star Home Loan, BOI Star Smart Home Loan, BOI Star Diamond Home Loan, BOI Star Pravasi Home Loan, BOI Earnest Money Deposit (EMD) Scheme, Pradhan Mantri Awas Yojana (PMAY), BOI Star Loan Against Property.

BOI Home Loan Calculator

Use Loanfasttrack’s BOI Home Loan EMI calculator to calculate your EMI outgo.It  is a hassle free simple generic calculator which gives you accurate estimates of the EMI for various loan amounts as well as the loan tenures. The calculator also displays the total interest payable for the said home loan tenure.

Simply enter 3 variables to get the desired EMI amount i.e. the loan amount, home loan rate of interest & loan tenure.

EMI Amortization Chart

An amortization chart provides details on periodic loan repayments compromising the principal & the interest amount until the loan is repaid. While each monthly payment remains the same, the payment is made up of parts that vary over time. The amortization schedule determines the percentage of EMI outgo towards the interest component versus principal component.

Home Loan Amortization Chart For Rs.30 Lakhs Housing Loan For 20 Years

(Assuming your loan is disbursed in the month of October @ 6.85% p.a.)

Yearly Chart

Year Total EMI Principal Interest Balance
2020 68,970 17,695 51,275 29,82,306
2021 2,75,880 73,879 2,02,001 29,08,427
2022 2,75,880 79,099 1,96,781 28,29,326
2023 2,75,880 84,692 1,91,188 27,44,633
2024 2,75,880 90,678 1,85,202 26,53,953
2025 2,75,880 97,091 1,78,789 25,56,863
2026 2,75,880 1,03,954 1,71,926 24,52,909
2027 2,75,880 1,11,303 1,64,577 23,41,606
2028 2,75,880 1,19,172 1,56,708 22,22,436
2029 2,75,880 1,27,595 1,48,285 20,94,840
2030 2,75,880 1,36,617 1,39,263 19,58,225
2031 2,75,880 1,46,273 1,29,607 18,11,952
2032 2,75,880 1,56,613 1,19,267 16,55,339
2033 2,75,880 1,67,683 1,08,197 14,87,655
2034 2,75,880 1,79,538 96,342 13,08,117
2035 2,75,880 1,92,230 83,650 11,15,886
2036 2,75,880 2,05,820 70,060 9,10,067
2037 2,75,880 2,20,368 55,512 6,89,698
2038 2,75,880 2,35,949 39,931 4,53,750
2039 2,75,880 2,52,627 23,253 2,01,123
2040 2,06,910 2,01,123 5,787 0

BOI Home Loan Schemes

1) BOI Bank Home Loan

  • Maximum loan amount of Rs.5 Crores.
  • Additional 15% of the home loan amount maximum up-to Rs.5 Lakhs can be availed for furnishing the house which will be available at the same BOI home loan rate with the maximum repayment tenure of 10 years.
  • Loans for the installation of the solar PVs are also available at the BOI housing loan rate of interest.
  • LTV funding:
    * 80% on the agreement value/ cost of the property (excluding stamp duty, registration and other documentation charges) for loan amount below Rs.75 Lakhs.
    * 75% on the agreement value/ cost of the property (excluding stamp duty, registration and other documentation charges) for loan amount above Rs.75 Lakhs.
  • BOI home loan eligibility will be calculated as lower of the two.
For Salaried Home Borrowers 72 times of gross monthly salary or 6 times of gross annual income based on IT returns.
For Self-Employed Home Borrowers 6 times of Gross annual income based on IT returns.
For HUF/Proprietorship /Partnership Firm/ Pvt. Ltd. Company 6 times of cash accruals (Profit after tax + depreciation) as per Balance Sheet/P&L Account.

or

  For Salaried Home Borrowers Net Take Home Pay (NTH):-
Gross Monthly Income   Up-to Rs.1 Lakh Rs.1 Lakh – Rs.5 LakhAbove Rs.5 Lakhs  NTH     40%   30%   25% FOIR (Fixed Obligation Against Income Ratio)   60% 70%   75%
For Self-Employed Home Borrowers
For HUF/Proprietorship /Partnership Firm/ Pvt. Ltd. Company Minimum 1.5 DSCR (Debt-service Coverage Ratio).
  • For the borrowers purchasing the 2nd house, notional rental income from the property can be considered for higher home loan eligibility.
  • BOI star home loan interest rates range from 6.85% p.a. To 7.75% p.a.
  • Home loan interest rate in BOI is charged on daily reducing balance.
  • BOI home loan processing fee
    – For salaried/self-employed proprietor/ self-employed professional – 0.25% of the loan amount plus applicable GST subject to minimum of Rs.1,500/- and maximum of Rs.20,000/-
    – For Partnership Firm & Pvt. Ltd. Comp – 0.50% of the loan amount plus applicable GST subject to minimum of Rs.3,000/- and maximum of Rs.40,000/-
  • Nil prepayment charges on floating BOI house loan interest rate.
  • Step-up & Step-down EMI facility available.
  • Free personal accident insurance cover.

Compare BOI Home Loan With ICICI Bank Home Loan, HDFC Ltd. Home Loan, Canara Bank Home Loan, SBI Home Loan & Axis Bank Home Loan.

For the latest BOI Home Loan, Home Loan Transfer interest rates & processing fees offer call on 9321020476 or login to Loanfasttrack.

2) BOI Star Smart Home Loan

  • It is an overdraft home loan scheme of BOI which provides interest relief without compromising the liquidity.
  • Eligible profiles from 21 years to 70 year:|
    – BOI’s existing saving account customers or current deposit customers who have maintained an average balance of Rs.5000/- for the last 1 year.
    – BOI’s new customer who opens a saving account or current deposit account with them with an opening balance of Rs.5000/-
    – Salaried customers having salary accounts with BOI.
    – Self-employed & self-employed professional with uninterrupted flow of income.
  • Minimum loan amount is Rs.5 Lakhs for salaried & for others is Rs.10 Lakhs.
  • Maximum loan amount:
    – For construction/purchase of home – Rs.5 Crores.
    – For repairs, renovation & extension of home – Rs.50 Lakhs.
    – For plot purchase – Rs.3 Crores. (Read: Everything You Must Know Before Purchasing A Land & Availing The Land Loans)
    – For home furnishing – Rs.5 Lakhs.
  • Longer repayment tenures up-to 30 years.
  • BOI rate of interest home loan for Star smart overdraft scheme range from 6.85% p.a – 7.75% p.a.
  • Interest is charged on daily reducing balance.
  • Processing fees 0.25% of the loan amount + applicable GST (Min Rs.1,500/- & Maxi Rs.20,000/-) – for individuals &

0.50% of the loan amount + applicable GST (Min Rs.3,000/- & Max Rs.40,000/-) – for Partnership Firms & Corporates.

  • The surplus amount in savings/current deposit account automatically gets transferred to the home loan account thus reducing the interest burden.
  • Drawing limit and sanction limit is simultaneously reduced on every repayment of EMI.
  • Provides cheque book, debit card, mobile banking and online banking facility to the borrowers who wish to manage their saving’s account while dealing with the home loan.
  • Loan funding of 80%.
  • Nil prepayment charges on floating interest rate home loan.

Compare BOI’s Star Smart Home Loan with SBI’s Maxgain Product, Axis Bank Super Saver Home Loan & ICICI Bank Home Overdraft Product.

3) BOI Star Diamond Home Loan

  • Available for all high net worth salaried, self-employed, self-employed professionals, firms/ corporates for residential accommodation of their partners/directors from 21 years to 70 years, only for cities of Mumbai, Pune, Ahmedabad, Delhi, Chennai, Kolkata, Bangalore, & Hyderabad.
  • High net worth = individuals & firms/corporates with average minimum gross income of Rs.1 Crore and above as per the audited balance sheets for the last 3 years.
  • Maximum loan amount available is Rs.5 Crores.
  • Funding of 75% on the cost of the property / agreement value.
  • Minimum income for individuals is 25% of the gross income & minimum 1.5 DSCR (Debt-service Coverage Ratio) for firms/ corporates.
  • Maximum loan tenure of up-to 30 years.
  • Interest rates range from 6.85% p.a. – 7.75% p.a.
  • Interest is charged on daily reducing balance.
  • Step-up & Step-down EMI facility available.
  • One-time processing fees of Rs.50,000/- plus applicable GST.
  • Nil prepayment charges on floating interest rate home loan.

4) BOI Star Top Up Loan

  • Available only for existing loan borrowers (salaried, self-employed and self-employed professional) from 21 years to 70 years with good repayment track records of minimum 24 months.
  • BOI loan top up amount can be used for any business or personal purposes except the speculative purposes.
  • Minimum loan amount is Rs.2 Lakhs and maximum loan amount should not exceed 75% of the market value of the property inclusive of the existing outstanding home loan amount.
  • Repayment tenure of maximum 12 years for BOI top up loan on home loan.
  • Top up loan BOI interest rates range from 7.35% p.a. – 8.25% p.a.
  • Processing fees 0.25% of the loan amount + applicable GST (Min Rs.1,500/- & Maxi Rs.20,000/-) – for individuals & 0.50% of the loan amount + applicable GST (Min Rs.3,000/- & Max Rs.40,000/-) – for Partnership Firms & Corporates.

Compare BOI Star Top Up Loan with ICICI Bank home loan top up.

5) BOI Star Pravasi Home Loan

  • Minimum loan amount is Rs.1 Lakh & maximum loan amount is Rs.5 Crores.
  • Longer repayment tenure of up-to 30 years.
  • Interest rate of home loan for women borrowers is 6.90% p.a. and for others is 6.95% p.a.
  • Interest is charged on daily reducing balance.
  • Processing fees 0.25% of the loan amount (Min Rs.1,500/- & Maxi Rs.20,000/-) & 0.50% of the loan amount (Min Rs.3,000/- & Max Rs.40,000/-) + applicable GST.
  • Home loan eligibility:
For Salaried Home Borrowers 72 times of gross monthly salary or 6 times of gross annual income based on IT returns.
For Self-Employed Home Borrowers 6 times of Gross annual income based on IT returns.
For HUF/Proprietorship /Partnership Firm/ Pvt. Ltd. Company 6 times of cash accruals (Profit after tax + depreciation) as per Balance Sheet/P&L Account.
  • Net take home pay (NTH)/ DSCR:
  For Salaried Home Borrowers Net Take Home Pay (NTH): –
Gross Monthly Income   Up-to Rs.1 Lakh Rs.1 Lakh – Rs.5 LakhAbove Rs.5 Lakhs  NTH     40%   30%   25% FOIR (Fixed Obligation Against Income Ratio)   60% 70%   75%
For Self-Employed Home Borrowers
For HUF/Proprietorship /Partnership Firm/ Pvt. Ltd. Company Minimum 1.5 DSCR (Debt-service Coverage Ratio).
  • Nil prepayment charges on floating BOI house loan interest rate.
  • Step-up & Step-down EMI facility available.
  • Free personal accident insurance cover for loan up-to Rs.5 Crores.

Click to get the complete list of documents required for NRI Home Loans.

6) BOI (EMD) Earnest Money Deposit Scheme

  • EMD are short term loans available for all eligible borrowers with a minimum age of 21 years to finance them to pay the booking amount for the residences/plots sold by the urban development authorities, housing boards and other government entities.
  • Maximum loan amount is Rs.10 Lakhs.
  • Loan Eligibility:
    – For Salaried – Gross salary p.m. X 12 times.
    – For others – Last year annual income as shown in the ITR.
  • Maximum funding of 90% available.
  • Interest rates applicable are 6.85% p.a. for loans below 1 year and for loans above 1 year 11.85% p.a.
  • Processing fees of Rs.500/- (one time) per application.
  • No prepayment charges.

Click to find out the merits and demerits for investing in resale & builder property.

7) Pradhan Mantri Awas Yojana (PMAY)

  • Interest subsidy on housing loans of 3% – 6.50% for all eligible borrowers (salaried/self-employed/NRI) from 21 years to 70 years having yearly income from Rs.3 Lakhs to Rs.18 Lakhs & belonging to the EWS, LIG & MIG segment for the purchase / construction of their first house.
  • Maximum subsidy amount of up-to Rs.2.67 lakhs provided for the borrower who does not own any pucca house in his name.
  • Maximum carpet areas of the house under PMAY scheme is up-to 110 sq meter i.e. 1184 sq.ft.
  • Maximum income to avail the benefits of this scheme is maximum up-to Rs.18 Lakhs p.a.
  • Longer repayment tenure up-to 30 years with subsidy up-to 20 years of the loan tenure.
  • Interest rate applicable for all is 6.85% p.a.
  • Maximum loan amount eligible for the subsidy is up-to Rs.12 Lakhs.
  • Processing fees – nil up-to maximum loan amount eligible for subsidy and above standard processing fees charges will be applicable which are- 0.25% of the loan amount (Min Rs.1,500/- & Maxi Rs.20,000/-) & 0.50% of the loan amount (Min Rs.3,000/- & Max Rs.40,000/-) + applicable GST.
  • Nil prepayment charges.

8) BOI Star Loan Against Property (BOI Mortgage Loan)

  • Processing fees – maximum up-to Rs.20,000/- plus applicable GST.

Compare BOI Star Loan Against Property with ICICI Bank’s Loan Against Property.

  • Processing fees for overdraft mortgage loan:
For Loan Repayment By Instalment For Mortgage OD (Reducible) For Mortgage OD (Non-Reducible)
1% of the loan amount + applicable GST For 1st Year: 0.5% of the loan amount + applicable GST 0.50% of the sanctioned amount /reviewed limit + applicable GST  
(Minimum Rs.5,000/- & Maximum Rs.50,000/-) (Minimum Rs.5,000/- & Maximum Rs.30,000/-) (Minimum Rs.5,000/- & Maximum Rs.30,000/-on annual basis)  
  For Subsequent Years: 0.25% of the reviewed limit + applicable GST  
  (Minimum Rs.2,500/- & Maximum Rs.15,000/-)  

Click to know the documents required for applying for a mortgage loan for salaried, self employed – Pvt. Ltd Company, Partnership firm, Proprietorship Firm, mortgage loan balance transfer for salaried.

Click to find out the lowest interest rate loan against property with Loanfasttrack.

For the latest BOI Mortgage Loan interest rate call on 9321020476 or login to Loanfasttrack.

BOI Home Loan Income Tax Benefits

Income tax benefits are available on both- interest paid as well as on the principal amount repaid by the borrower.

As per the Indian Income Tax Act, 1961:

  • The principal repaid can be claimed for tax deduction under section 80C of the Income Tax Act up-to Rs.1.5 Lakhs p.a.
  • The interest paid can be claimed for tax deduction under section 24 of the Income Tax Act up-to Rs.2 Lakhs p.a. for the property self-owned by the borrower.
  • Entire interest amount can be claimed in a year for the property which is rented out by the borrower.

BOI Home Loan Documents Required

1) KYC – Pan Card, Aadhar Card, Latest Passport size photograph, Office proof & Residence Proof.

2) Income Documents

  1. Documents required for home loan for salaried person – 4 months Salary Slips, 6 months Bank Account Statement, 2 years Form 16.
  2. Documents required for home loan for self-employed – 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified, 12 months bank account statements of all bank accounts savings + current account.

3) Property documents

  1. Prior Chain of Agreement
  2. OC/CC + approved plans
  3. Index 2
  4. Share Certificate
  5. Society Registration Copy
  6. Property Tax Receipt.

4) Additional documents required for home loan transfer

  1. LOD
  2. Outstanding Balance Letter
  3. 18 months repayment track record.

5) Other documents

  1. Duly signed BOI home loan application form.
  2. Processing fees cheque.

6) Click for documents required for NRI home loan

7) Please refer to the links for detailed documents for BOI home loan apply.

a) Home loan documents required Resale Case for salaried, for self-employed for Proprietorship firm, Private Ltd. Company, Partnership Firm. 
b) Documents required for home loan from builder for salaried, for self-employed Proprietorship firm, Private Ltd. Company, Partnership Firm.  
c) Housing loan documents required for home loan balance transfer for salaried, self-employed – Proprietorship Firm, Private Limited Company, Partnership Firm.

Click to know housing loan interest rates of different banks and to know which bank has the lowest home loan interest rate.

Similar Banks Offering Home Loans

ICICI Bank HDFC Ltd. Canara Bank SBI Bank Axis Bank
Zero Processing Fees For Home Loan Balance Transfer. Click To Avail The Offer.

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans, car loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Visit www.loanfasttrack.com.

Seek expert advice on 9321020476.

You can also email on info@loanfasttrack.com.

Loanfasttrack’s specialized services includes providing:

Additional Read:

Axis Bank Home Loan

by admin
Axis Bank Home Loan
Customized Axis home loan available to meet the various needs of the loan borrowers be it Salaried, Self-Employed or Corporate Entities at competitive home loan interest rates in Axis Bank starting from 7.75% p.a. & flat 12% p.a. in floating and fixed interest rates respectively for home loan starting from Rs.3 Lakhs.

Key Benefits & Features Of Axis Bank Housing Loan

(Axis Bank Home Loan Information)

  • Axis housing loans available for the purchase, construction, repairs, improvements & renovations of the house.
  • Axis Bank repo rate linked home loan starts from Rs.3 Lakhs.
  • Longer repayment tenures up-to 30 years.
  • Fixed and floating housing loan interest rate in Axis Bank.
  • Axis Bank home loan rate starts from 7.75% p.a. for floating interest rates.
  • Axis home loan interest rate of flat 12% p.a. on any loan amount for fixed interest rate home loans.
  • Axis NRI home loan product available for NRIs.
  • Nil Axis Bank foreclosure charges for floating interest rate home loans.
  • 12 months EMI waiver to the borrowers.
  • Home loan available in the form of overdraft.
  • PMAY credit linked subsidy schemes available with subsidy up-to Rs.2.67 lakhs.

Axis Bank Home Loan Interest Rates 2020

Axis Bank Loan Schemes Interest Rates for Salaried Interest Rates Self-Employed Fixed Interest Rates (Salaried & Self-Employed)
Axis Home Loan 7.75% p.a. – 8.40% p.a. 7.95% p.a. – 8.55% p.a. 12% p.a.
Axis Asha Home Loan 10.05% p.a. – 11% p.a. 10.30% p.a. – 11.50% p.a. 12% p.a.
Axis Bank Quikpay Home Loan 7.75% p.a. – 8.40% p.a. 7.95% p.a. – 8.55% p.a. –
Axis Shubharambh Home Loan 7.75% p.a. – 8.40% p.a. 7.95% p.a. – 8.55% p.a.  –
Axis Bank Fast Forward Home Loan 7.75% p.a. – 8.40% p.a. 7.95% p.a. – 8.55% p.a. –
Axis Bank Home Loan Top Up 8.65% p.a. onwards 8.90% p.a. onwards 12% p.a.
Axis Super Saver Home Loan 7.75% p.a. onwards 7.95% p.a. onwards –
Axis Bank Power Home Loan 8% p.a. onwards 8.50% p.a. onwards 8.40% p.a.

Note: Interest rates are subject to change without prior notice.

Axis Bank Home Loan Details

Axis Bank home loans are available for constructions of property, purchase of resale or ready to move/ under-construction property, Axis top up loan on existing loans and redevelopment, Axis bank home loan balance transfer, etc.


Axis Bank Home Loan Criteria

Eligible Profile Salaried, Self-Employed Professionals, Self-Employed Non-Professionals, NRIs, PIOs, Corporate Entities
Age Criteria Minimum 21 years and Maximum 65 years.
Loan Amount Starts from minimum of Rs.3 Lakhs.
Home Loan Tenure Axis Bank home loan maximum tenure is up-to 30 years.
Minimum Income For Home Loan Minimum salary for home loan is Rs.12,000/- p.m.
Rate Packages Available Floating & Fixed rate AXIS Bank housing loan rate.
Axis Bank Current Home Loan Interest Rate Axis Bank housing loan interest rates start from 7.75% p.a. 7.75% p.a. – 11.50% p.a. – Axis Bank home loan floating interest rate12% p.a. – Axis Bank home loan fixed interest rate
Interest Rates Linked To Repo Rate
Axis Bank Home Loan Types Types of home loan in Axis Bank: – Home Renovation Loan Axis Bank, Home Improvement Loan Axis Bank, Pre Approved Home Loan, Axis Bank Home Construction Loan/Axis Bank Construction Loan, Axis Bank Plot Loan, Axis Bank Overdraft Home Loan, Axis Bank Home Loan For Women, Axis Bank Home Loan Take Over, Axis Bank Top Up Loan, Axis Bank NRI Home Loan, Axis Bank Loan Against Property.
Axis Bank Home Loan Charges Axis Bank Home Loan Processing Fee of Up-to 1% of the loan amount subject to minimum of Rs. 10,000/-Stamp duty charges – 0.20% of the loan amount. (Read to know the complete list of charges on home loans- CLICK)
Axis Bank Home Loan Foreclosure Charges   Nil – Floating interest rate home loan.Up-to 2% on the outstanding loan amount – Fixed interest rate home loan.
LTV Up-to 90% of the property market value.
Axis Bank Home Loan Eligibility Depends on the borrower’s age, income, profile, CIBIL score, co-borrower’s details and property details.
Minimum CIBIL Score For Home Loan In Axis Bank   750 and above. (Understand the significance of CIBIL in home loan)

For the latest Axis Bank Home Loan Offers call on 9321020476.

Axis Bank Home Loan Processing Charges Schedule List 

Particulars Applicable Charges
Axis Home Loan Processing Fee Up to 1% of the loan amount subject to minimum of Rs 10,000/-
Prepayment Charges Nil – Floating interest rate. 2% of the amount prepaid – Fixed interest rate.
CERSAI Charge Rs 50/- for loans up-to Rs.5 Lakhs. Rs 100/- for loans above Rs.5 Lakhs.
Valuation fee in Construction Linked Loan cases Nil – Within 60 km. Rs. 500 (for first visit) and Rs. 750 (for subsequent visits) – Beyond 60 km.
Penal Interest Rate 24% per annum (2% per month)
Switching Fees Floating to Fixed Rate -1% on the outstanding principal with a minimum of Rs.10,000/- (Not Applicable on Shubh Aarambh, Fast Forward and Empower Home Loan variants) Higher Floating to lower Floating Rate – 0.5% on outstanding principal with minimum of Rs.10,000/- for Shubh Aarambh and Fast Forward Home Loans.Higher Fixed to Lower Fixed Rate – 0.5% on outstanding principal with minimum of Rs. 10,000/-. (Not applicable on Fast Forward Home Loan & Shubh Aarambh Home Loans) Fixed to Floating Rate – 2% on the outstanding principal (Not applicable under Fast Forward Home Loan & Shubh Aarambh Home Loans)
Equitable Mortgage Creation Charge As applicable in the state.
Other Charges                           
Cheque Bounce Charges Rs.500/- per instance.
Cheque/Instrument Swap Charges Rs.500/- per instance.
Duplicate NOC Rs.500/- per instance.
Duplicate Statement Issuance Charges Rs.250/- per instance.
Duplicate Amortization Schedule Issuance Charge Rs.250/- per instance.
Duplicate Interest Certificate (Provisional/Actual) Issuance Charge Rs.250/- per instance.
For Issuing Title Documents Rs.250/- per document set.
Documents copies Rs.250/- per document set.
GST will be applicable on all the charges and fees (wherever GST is applicable).

Axis Bank Home Loan Calculator

Loanfasttrack’s Axis Bank Home Loan EMI calculator is a hassle free simple generic calculator. It gives you an accurate estimate of the EMI for various tenures and loan amounts. You can calculate your monthly EMI outgo easily with the help of Loanfasttrack’s housing loan EMI calculator by entering only 3 simple variables i.e. the loan amount, interest rates and loan tenure. The calculator also shows you the total interest payable for the said home loan tenure.

Axis Bank Home Loan Eligibility Calculator For Different Loan Amount And Tenure @ Axis Bank HL Rate (Floating Interest Rate) Of 7.75% p.a.

Loan Amount EMI For 10 Years EMI For 15 Years EMI For 20 Years EMI For 25 Years EMI For 30 Years
Rs.25 Lakhs Rs.30,003/- Rs.23,532/- Rs.20,524/- Rs.18,883/- Rs.17,910/-
Rs.30 Lakhs Rs.36,003/- Rs.28,238/- Rs.24,628/- Rs.22,660/- Rs.21,492/-
Rs.50 Lakhs Rs.60,005/- Rs.47,064/- Rs.41,047/- Rs.37,766/- Rs.35,821/-
Rs.75Lakhs Rs.90,008/- Rs.70,596/- Rs.61,571/- Rs.56,650/- Rs.53,731/-
Rs.1 Crore Rs.1,20,011/- Rs.94,128/- Rs.82,095/- Rs.75,533/- Rs.71,641/-

Axis Bank Home Loan Interest Rate Calculator For EMI Calculation @ 7.75% P.A. Interest Rate For Rs.50 Lakhs Housing Loan.

Loan Tenure EMI For 50 Lakhs Total Interest Total Amount Payable (Principal + Interest)
10 Years Rs.60,005/- Rs.22,00,638/- Rs.72,00,638/-
15 Years Rs.47,064/- Rs.34,71,482/- Rs.84,71,482/-
20 Years Rs.41,047/- Rs.48,51,383/- Rs.98,51383/-
25 Years Rs.37,766/- Rs.63,29,931/- Rs.1,13,29,931/-
30 Years Rs.35,821/- Rs.78,95,420/- Rs.1,28,95,420/-

Home Loan Amortization Chart For Rs.50 Lakhs Housing Loan For 20 Years

(Assuming your loan is disbursed in the month of October @ 7.75% p.a.)

Yearly Chart

Year Total EMI Principal Interest Balance
2020 1,23,141 26,437 96,704 49,73,563
2021 4,92,564 1,11,007 3,81,557 48,62,557
2022 4,92,564 1,19,921 3,72,643 47,42,635
2023 4,92,564 1,29,552 3,63,012 46,13,083
2024 4,92,564 1,39,956 3,52,608 44,73,126
2025 4,92,564 1,51,198 3,41,366 43,21,928
2026 4,92,564 1,63,340 3,29,224 41,58,587
2027 4,92,564 1,76,460 3,16,104 39,82,128
2028 4,92,564 1,90,631 3,01,933 37,91,497
2029 4,92,564 2,05,943 2,86,621 35,85,555
2030 4,92,564 2,22,481 2,70,083 33,63,074
2031 4,92,564 2,40,349 2,52,215 31,22,725
2032 4,92,564 2,59,651 2,32,913 28,63,073
2033 4,92,564 2,80,506 2,12,058 25,82.567
2034 4,92,564 3,03,035 1,89,529 22,79,533
2035 4,92,564 3,27,372 1,65,192 19,52,161
2036 4,92,564 3,53,665 1,38,899 15,98,497
2037 4,92,564 3,82,068 1,10,496 12,16,429
2038 4,92,564 4,12,751 79,813 8,03,677
2039 4,92,564 4,45,902 46,662 3,57,775
2040 3,69,423 3,57,774 11,649 0

Axis Bank Home Loan Schemes

1) Axis Bank Home Loan (Regular Home Loan)

  • Available for all borrowers from 21years to 65 years for constructions of property, purchase of constructed residences (resale/builder property) and loan for top-ups for existing loans and redevelopment etc., also including options for repayment and subsidy benefits. (Click to know the difference in home loan for resale & builder case)
  • Axis Bank current home loan rate starts from 7.75% p.a.
  • Axis Home loan rates available are Fixed & floating interest rates.
  • Axis Bank floating home loan rates are available from 7.75% p.a. – 8.55% p.a.
  • 12% p.a. is the fixed rate of interest of home loan in Axis Bank.
  • Longer repayment tenure up-to 30 years.
  • Minimum loan amount is Rs.3 Lakhs & maximum is Rs. 5 Crores.
  • No prepayment penalty on floating home loan interest of Axis Bank.
  • LTV funding up-to 90%.
  • Axis Bank home loan processing fee charges -up-to 1% on the loan amount plus applicable GST subject to minimum of Rs.10,000/-.

Compare Axis Bank Home Loan with SBI Home Loan, ICICI Bank Home Loan, HDFC Ltd. Home Loan & Canara Bank Home Loan.

2) Quickpay Home Loan Axis Bank

  • Available for all borrowers from 21years to 65 years to purchase under-construction / ready to move/ resale house, self-construction, Axis Bank land purchase loan plus construction loan or home extension or improvement. (Also Read: Everything You Must Know Before Purchasing A Land & Availing The Land Loans)
  • Axis housing loan interest rate available with reducing monthly instalments.
  • Higher amount of principal repaid earlier in the loan tenure. The principal proportion in EMI amount will be higher than the interest portion during the earlier loan tenure thus reducing the monthly instalments and making savings on interest.
  • Longer repayment tenure up-to 30 years.
  • Minimum loan amount is Rs.3 Lakhs & maximum is Rs. 5 Crores.
  • Only floating housing loan rate of interest in Axis Bank Quickpay Home Loan.
  • Nil prepayment charges on floating rate of interest in Axis Bank for home loan.
  • Option to avail home loan balance transfer facility.
  • Current Axis Bank home loan interest rate for Quickpay Home Loan starts from 7.75% p.a. Onwards.
  • Home loan processing fee of up-to 1% on the loan amount plus applicable GST subject to minimum of Rs.10,000/-.

3) Axis Bank Shubh Aarambh Home Loan

  • Available for all salaried and self-employed borrowers from 21years to 65 years to purchase under-construction / ready to move/ resale house, self-construction, Axis Bank land loan plus construction loan or home extension or improvement.
  • Not available for NRI home buyers.
  • 12 months EMI waiver. 4 EMI each waived at the end of 4th, 8th & 12th year provided:  
  • The loan should remain with Axis Bank for at least 48 months from the date of disbursement.
  • Clear track record must be maintained during the lifetime of the loan. (Only 3 instances of dues pending for 30 days and above will be allowed but not over 90 days.)
  • Minimum loan amount is Rs.1 Lakh and maximum loan amount is Rs.30 Lakhs.
  • Minimum tenure is 20 years & maximum loan tenure is 30 years.
  • Only floating home loan rate of interest of Axis Bank’s Shubh Aarambh Home Loan.
  • Current home loan interest rate of Axis Bank’s Shubh Aarambh Home Loan ranges from 7.75% p.a. – 8.55% p.a.
  • Processing fees of up-to 1% on the loan amount plus applicable GST. (Minimum Rs.10,000/-)
  • Nil prepayment charges for Shubharambh Home Loan Axis Bank.
  • Prepayment of the loan can be done as long as the loan tenure does not fall below 4 years in order to avail the benefits of the EMI moratorium.
  • EMI cycle date available is only 5th of every month for all loan borrowers.
  • PMAY credit linked subsidy schemes available with subsidy up-to Rs.2.67 lakhs.
  • Balance transfer facility available for Shubh Aarambh Home Loan Axis Bank.

4) Fast Forward Home Loan Axis Bank

  • Available for all salaried and self-employed borrowers from 21years to 65 years to purchase under-construction / ready to move/ resale house, self-construction, plot purchase loan Axis Bank plus construction loan or home extension or improvement.
  • Not available for NRI home buyers.
  • EMI waiver for 12 months. 6 EMI each waived at the end of 10th, 15th year provided:  
  • The loan should remain with Axis Bank for 10 years from the date of disbursement.
  • Clear track record must be maintained during the lifetime of the loan. (Only 3 instances of dues pending for 30 days and above will be allowed but not over 90 days.)
  • Minimum loan amount is Rs.30 Lakh and maximum loan amount is Rs.5 Crores.
  • Minimum tenure is 20 years & maximum loan tenure is 30 years.
  • Only floating Axis Bank home loan percentage.
  • Today Axis Bank home loan interest rate for Fast Forward Home Loan starts from 7.75% p.a. onwards.
  • Processing fees of up-to 1% on the loan amount plus applicable GST. (Minimum Rs.10,000/-)
  • Nil prepayment charges.
  • Prepayment of the loan can be done as long as the loan tenure does not fall below 10 years in order to avail the benefits of the EMI moratorium.
  • The Fast Forward Home Loans cannot be clubbed with any other schemes such as subvention scheme, etc.
  • EMI cycle date remains 5th of every month for all loan borrowers.

5) Axis Bank Asha Home Loan

Axis Bank Asha Home Loan Details: –

  • Customized loan scheme on the basis of banking behavior or previous repayment track history. Specially designed for those who are buying their first house.
  • Affordable housing loan scheme for the purchase of under-construction / ready to move/ resale property, plot purchase and construction of house thereon or construction of house on a plot already purchased.
  • Asha Home Loan Eligibility:
  • Available for all salaried and self-employed borrowers from 21years to 65 years.
  • Minimum income required – combined salary of the family- Rs.8,000/- pm or Rs.10,000/- pm depending upon the location.
  • Cash salary of the borrower counted.
  • Minimum loan amount is Rs.1 Lakh and maximum loan amount is Rs.35 Lakh.
  • Minimum tenure is 20 years & maximum loan tenure is 30 years.
  • Loan funding of 90% of the market value of the property for the property value up-to 30 Lakhs.
  • Home loan available for properties with minimum built up area starting from 200 sq.ft.
  • 12 EMIs waived off. 4 EMI each waived at the end of 4th, 8th & 12th year provided:  
  • The loan should remain with Axis Bank for at least 48 months from the date of disbursement.
  • Clear track record must be maintained during the lifetime of the loan. (Only 3 instances of dues pending for 30 days and above will be allowed but not over 90 days.)
  • Axis Bank Asha Home Loan interest rate:
  • Fixed & floating interest rates available.
  • Fixed interest rates offered only for tenure up-to 20 years.
  • Axis Bank Asha Home Loan rate of interest for floating rate home loans start from 10.05% p.a.to 11.50% p.a.
  • 12% p.a. flat Asha Home Loan rate of interest for fixed rate home loan.
  • Processing fees of up-to 1% on the loan amount plus applicable GST. (Minimum Rs.10,000/-)
  • Nil prepayment charges for floating interest rates. Foreclosure charges of up-to 2% on the outstanding loan amount for fixed interest rate home loans.
  • Prepayment of the loan can be done as long as the loan tenure does not fall below 4 years in order to avail the benefits of the EMI moratorium.
  • PMAY credit linked subsidy schemes available with subsidy up-to Rs.2.67 lakhs.
  • Balance transfer facility available for Asha Loan Axis Bank.

6) Axis Home Loan Top Up

  • Available for all existing borrowers and for borrowers with balance transfer of home loan at competitive Axis Bank top up loan interest rate.
  • Top up loan in Axis Bank can be used for personal and business requirements, for construction of residential/commercial property, etc.
  • Maximum Axis Bank home loan top up amount is Rs.50 Lakhs.
  • Maximum tenure for Axis top up loan will be the same as outstanding home loan tenure.
  • Axis Bank home loan top up interest rate starts from 8.65% p.a. Onwards.
  • Processing fees of up-to 1% on the loan amount plus applicable GST. (Minimum Rs.10,000/-)
  • Axis Bank home loan top up criteria:
  • Top up loan on home loan Axis Bank is available for all salaried, self-employed & NRI borrowers.
  • Axis Bank top up loan eligibility – 21years to 65 years.
  • Home loan top up Axis Bank for the existing borrowers can be applied after completion of the 6 months tenure for home loan.
  • Clear repayment track for 6 months is mandatory for existing borrowers and 12 months for the borrowers seeking Axis Bank home loan balance transfer and top up.
  • Only 1 EMI bounce is allowed provided the bounced EMI is cleared before the next EMI due.

Compare Axis Home Loan Top Up with ICICI Bank home loan top up.

7) Axis Bank Super Saver Home Loan

  • It is an overdraft facility loan available for all borrowers from 21 years to 65 years.
  • Super saver home loan Axis Bank – is not available for NRI home buyers.
  • Excess funds are parked in the Super Saver Account to save on the interest.
  • The monthly installment will be debited from the funds parked in the Super Saver Account itself.
  • Minimum loan amount is Rs.50 Lakhs & maximum loan amount is Rs.5 Crores.
  • Maximum tenure for super saver Axis Bank is 20 years for full loan disbursement/ ready possession property & 22 years for partial loan disbursements/under construction properties.
  • Alterations in the loan tenure (increase or decrease) is not allowed.
  • Only floating interest rates are available.
  • Axis Bank Super Saver Home Loan interest rate is charged on the outstanding principal amount i.e. the principal loan amount – (minus) the excess funds parked. The excess funds parked can be withdrawn whenever required.
  • Cheque book, ATM card and online banking plus phone banking facility are provided to the loan borrowers who wish to manage their saving’s account while dealing with the home loan.
  • Nil prepayment charges.
  • Home loan balance transfer facility available.
  • Top up facility also available, but the benefits of this plan will not be extended to the top up loan.
  • Existing home loan borrowers can also shift their loan to Super Saver Home Loan scheme.
  • Interest rates starting from 7.75% p.a. onwards.
  • Interest rate is charged on daily reducing balance.
  • Processing fees of up-to 1% on the loan amount plus applicable GST. (Minimum Rs.10,000/-)
  • EMI cycle date will be 10th of every month for all loan borrowers.
  • No tax deductions under section 80C for the money parked in the super saver account and section 24 for the unpaid interest amount i.e. the interest saved.

8) Axis Bank Power Advantage Home Loans

  • Available for all borrowers salaried, self-employed as well as NRIs from 21 years to 65 years for the purchase of under-construction / ready to move/ resale house, self-construction, plot plus construction or home extension or improvement.
  • Interest rate is fixed for the first 2 years and then floating interest rates applicable for the balance loan tenure.
  • Longer repayment tenure up-to 30 years.
  • Maximum loan amount of Rs. 5 Crores.
  • Interest rate starting from 8% p.a. onwards.
  • Processing fees of up-to 1% on the loan amount plus applicable GST. (Minimum Rs.10,000/-)
  • Nil foreclosure & part payment charges if paid during the floating rate tenure. Pre & part payment charges of 2% plus applicable GST if the loan is closed during the first 2 years of fixed interest rate tenure.
  • PMAY credit linked subsidy schemes available with subsidy up-to Rs.2.67 lakhs.
  • Home loan balance transfer facility available.

Click to read Is pre-EMI is better than full EMI. Also find out the merits and demerits for investing in resale & builder property.

9) Pradhan Mantri Awas Yojana (PMAY)

  • Interest subsidy on housing loans for all eligible borrowers (salaried/self-employed/NRI) from 21 years to 65 years belonging to the EWS, LIG & MIG segment for the purchase / construction of their first house.
  • Subsidy amount of up-to Rs.2.67 lakhs provided the borrower does not own any pucca house in his name.
  • Maximum income to avail the benefits of this scheme is maximum up-to Rs.18 Lakhs p.a.
  • Longer repayment tenure up-to 30 years with subsidy up-to 20 years of the loan tenure.
  • Processing fees of up-to 1% on the loan amount plus applicable GST. (Minimum Rs.10,000/-)

10) Axis Bank NRI Home Loan

  • Available for NRI, PIO (Person of Indian origin), OCI (Overseas Citizen of India) & Merchant Navy employees.
  • Minimum loan tenure is 1 year and maximum loan tenure of 25 years.
  • Axis Bank NRI home loan eligibility:
  • Minimum age is 24 years and maximum 60 years or retirement age whichever is earlier for Axis Bank NRI loan.
  • The NRI, PIO & OCI should not be the citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, or Bhutan.
  • Total work experience required is 2 years with minimum 6 months overseas work experience required for Axis NRI loan.
  • Minimum income required is 5000 AED pm for GCC countries & 3000 USD pm for USA & other countries and 2000 USD pm for 9 months for merchant navy.
  • Fixed and floating Axis Bank NRI loan interest rates available for housing loans.
  • Axis Bank NRI home loan interest rate:
  • Floating interest rates starting from 7.75% p.a.
  • Flat fixed interest rate of 12% p.a.
  • Processing fees of up-to 1% on the loan amount plus applicable GST. (Minimum Rs.10,000/-)
  • NRI can also apply for top up loans. Benefits and terms and conditions will remain same as per the regular top-up loan product.
  • Home Loan For Self-Employed NRIs:
  • Self-employed NRIs can also apply for home loan for the purchase of ready to move/resale/under-construction property, self-construction, home extension or improvement and for balance transfer of the home loan.
  • Self-employed NRI home loan is not available for the purchase of plot, commercial property and agricultural land.
  • Minimum cost of the property purchased has to be Rs.30 Lakhs.
  • Maximum loan tenure of 15 years.
  • Minimum loan amount is Rs.20 Lakhs & maximum loan amount is Rs.50 Lakhs.
  • 60% funding on the cost of the property for ready to move projects and 90% for under-construction property while 50% for cases other the two.
  • The NRI, PIO & OCI should have their own office set up with minimum 5 years of work experience out of which 3 years should be in 1 country.

Click to get documents required for NRI Home Loans.

Additional Read On: NRI home loans & NRI home loan transfer.

Tax Benefits On Axis Bank Home Loan

The borrowers can enjoy the income tax benefits on the interest paid as well as on the principal amount repaid as per the Indian Income Tax Act.

  • Tax deduction available up-to Rs.1.5 Lakhs per year on the principal repayment of the loan under section 80C of the Income Tax Act.
  • Tax deduction up-to Rs.2 Lakhs towards the interest repayment in the year under section 24 of the Income Tax Act for the property self-owned by the borrower.
  • Entire interest amount can be claimed in a year if the borrower has given the property on rent.

List Of Documents Required For Home Loan In Axis Bank

1) KYC – Pan Card, Aadhar Card, Latest Passport size photograph, Office proof & Residence Proof.

2) Income Documents

  1. Documents required for home loan for salaried person – 4 months Salary Slips, 6 months Bank Account Statement, 2 years Form 16.
  2. Documents required for home loan for self-employed – 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified, 12 months bank account statements of all bank accounts savings + current account.

3) Property documents

  1. Prior Chain of Agreement
  2. OC/CC + approved plans
  3. Index 2
  4. Share Certificate
  5. Society Registration Copy
  6. Property Tax Receipt.

4) Additional documents required for home loan transfer

  1. LOD
  2. Outstanding Balance Letter
  3. 18 months repayment track record.

5) Other documents

  1. Duly signed Axis Bank home loan application form.
  2. Processing fees cheque.

6) Click for documents required for NRI home loan

7) Please refer to the links for detailed documents for Axis Bank home loan apply.

  1. Home loan documents required Resale Case for salaried, for self-employed for Proprietorship firm, Private Ltd. Company, Partnership Firm. 

Click to know housing loan interest rates of different banks and to know which bank has the lowest home loan interest rate.

Similar Banks Offering Home Loans

ICICI Bank HDFC Ltd. Canara Bank SBI Bank

For the latest home loan interest rates in Axis Bank & processing fees offer call on 9321020476.

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans, car loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Visit www.loanfasttrack.com.

Seek expert advice on 9321020476.

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Additional Read:

Why Apply Home Loan With ICICI Bank – By Loanfasttrack

by admin
Why Apply Home Loan

Owning a house is a dream of all, but finding and choosing the right bank which will fund the purchase of your house for the required amount is not an easy task. ICICI Bank is an answer to your home loan search. Though the mortgage industry in India has numerous banks including the private sector/ nationalized/ co-operative banks & NBFCs, all providing the housing loans to the borrowers, home loan with ICICI Bank can be a suitable option for the borrowers looking for home loan with lowest interest rates in India. ICICI bank home loan interest rates start from 6.90%* p.a.

ICICI home loan can be the borrower’s preferred choice for the following home loan benefits:

  • It is the lowest home loan interest rate bank providing the lowest home loan interest rates starting from 6.90%*p.a. rate of interest in housing loan.
  • Choice available to select between fixed interest rates and floating interest rates.
  • Discounted home loan rates for women borrowers are available.
  • Housing loan to varied sectors and profiles available be it salaried, self-employed, company, or NRI.
  • Availability of flexible repayment options up-to 30 years.
  • Borrowers enjoy higher ICICI home loan eligibility.
  • Easy home loans for low-income earners- home loans available for salaried borrowers earning 10k per month.
  • The cash income of the self-employed borrowers can be considered for calculating home loan eligibility i.e. the income eligibility.
  • The self-employed borrower without ITR or any other financial documents can apply for a home loan only on the basis of banking statements, under the banking surrogate product of ICICI bank.
  • ICICI pre-approved home loan facility available.
  • Quick home loan approvals (approvals within 8 working hours) available under ICICI’s express home loan product.
  • Borrowers need not visit the branch or meet the sales representative to apply for a housing loan. The borrowers can apply online with the “home loan apply online” option of ICICI bank.
  • PMAY credit linked subsidy schemes available with subsidy up-to Rs.2.67 lakhs.
  • Home loan balance transfer with top up at lowest home loan rates in the market. Home loan balance transfer rate of interest starts from 7% p.a. (Click to know how to deal with the increasing interest rates of housing loans)
  • Top-up facility available with minimum documentation and fast disbursals.
  • ICICI top-up loan interest rate available at home loans rate.
  • A borrower retiring soon can still get higher loan tenure under the Flexible Loan Retirement Plan (FLIP) repayment facility with ICICI.
  • Repayment option of paying higher EMIs during the initial period of loan tenure than the later period available for borrowers under FLIP product.
  • Experience 18% higher eligibility than the normal eligibility under the SURF structured repayment facility of ICICI bank especially for the borrowers who are expecting consistent salary growth in their near future.
  • Borrowers can apply for home loan in the form of overdraft facility.

For detailed information on ICICI bank home loan, please refer to our post “Why Choose ICICI Bank Home Loan”.

Benefits Of Applying Home Loan Through Loanfasttrack

  • Loanfasttrack is a direct sales associate with ICICI bank. It is a free service provider in Mumbai.
  • Loanfasttrack’s user friendly portal offers comparison of more than 13+ best banks for home loan in India.
  • Loanfasttrack shortlists for you the banks with the best home loan in India.
  • Experts at Loanfasttrack helps you to secure a low cost home loan deal.
  • Experts at Loanfasttrack helps you to get a low-cost home loan balance transfer.
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  • Get associated with Loanfasttrack and get lifetime free financial advice free of cost.
  • Loanfasttrack will make you qualify for higher home loan eligibility.
  • Worried of how to get a home loan with low CIBIL scores? – find a solution with Loanfasttrack. (Read – “CIBIL & Its Significance In Home Loan”)
  • Loanfasttrack excels in providing fast and prompt services and therefore experience the disbursement of your home loan within 15 working days.

So hurry up and don’t miss this golden opportunity. Apply ICICI Home Loan today- contact Loanfasttrack on 9321020476. You may also reach us by email at info@loanfasttrack.com.

Visit www.loanfasttrack.com.

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai.

Services Offered By Loanfasttrack Includes – Housing Loan In Mumbai, Mortgage Loan In Mumbai, Personal Loan In Mumbai, Business Loan In Mumbai, Unsecured Business Loans, Home Loan Transfer, Top-up Loans, Car Loans, Educational Loans And Loan Transfers.

Express Home Loan – ICICI Bank

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Express Loan ICICI Bank - Loanfasttrack
Icici Bank Home Loan Apply Online @ Lowest Interest Rates Of 6.95%*P.A. With Loanfasttrack.

Benefits Of Express Home Loan

  • Quick home loan approvals – approvals within 8 working hours once complete documents are uploaded.
  • No physical pickup of documents before case approval.
  • The customer receives a ‘sanction letter’ as against an ‘offer letter’ which is issued by competition.

ICICI Bank’s Express Home Loan enables quick and easy home loan sanctioned online. It is the easiest way to get home loan for both salaried and self-employed. The loan applicant need not visit the branch or the sales executives to get his home loan sanctioned. By simply applying online, providing basic details, filling the ICICI Bank home loan application form and by uploading the documents required for home loan i.e. the KYC & income documents the loan applicant can generate ICICI home loan sanction letter online which will be the provisional sanction letter. (Additional Read: How To Read Home Loan Sanction Letter Of Bank.)

Details of Express Home Loan

  • Eligible Profile: All applicants residing in India.
  • Maximum Loan Amount: 3Crores.
  • Maximum Tenure: Up-to 30 years. (Tenure is subject to the age of the applicant. The applicable tenure for the applicant will be displayed online while availing of loan sanction.)
  • Processing Fees & Charges: Flat processing fee of Rs 3,100/- at time of sanction. For disbursement, normal fees will be collected for property and other checks which includes administration charge of Rs 5,900/-. Processing fee chargeable will be displayed online to the applicant while availing of sanction.

(Additional Read: Must Know all Costs In Home Loan)

  • Home Loan Interest Rate: Starts from 6.95%*p.a. (Home Loan Rates are dependent on parameters such as CIBIL score, loan amount, etc. The housing loan interest rates will be displayed online to the applicant when availing of the offer.)
  • Sanction Validity: The home loan sanction letter availed by applying online housing loan through ICICI home loan online apply is valid for 6 months.
  • Financial Parameters For Loan Approvals: Credit bureau checks, salary credits, average bank balances, monthly obligations, income credits from other sources, etc.
  • Documents of both applicant and co-applicant must be uploaded online to apply for instant home loan. ICICI Bank Credit Manager will assess the submitted application & documents and will thereby approve the loan appropriately. The applicant has to submit the following documents:
  • Passport size color photograph of all applicants.
  • KYC Documents- Pan card, Aadhar card, residential proof (electricity bill/passport copy/landline bill/gas bill).
  • Income Documents – (a) Salaried – 4 months Salary Slips, 6 months Bank Account Statement, 2 years Form 16. (b) Self-employed – CA certified copies of 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account.
  • Bank Statement – 12 months.
  • Signature Verification Document.

(Note: Income documents to be uploaded of only those applicants whose income is being considered for sanctioning the loan.)

Check your home loan eligibility online with the help of Loanfasttrack’s EMI Calculator before you apply home loan online.

ICICI Bank is the easiest bank to get home loan sanctioned within 8 working hours with its online home loan application process. Know the complete step by step process to apply housing loan online with ICICI Bank through its official channel partner “Loanfasttrack”. Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai.

Services Offered By Loanfattrack Includes – Housing Loan In Mumbai, Mortgage Loan In Mumbai, Personal Loan In Mumbai, Business Loan In Mumbai, Unsecured Business Loans,Home Loan Transfer, Top-up Loans, Car Loans, Educational Loans And Loan Transfers.

Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Visit www.loanfasttrack.com.

Seek expert advice on 9321020476.

You can also email on info@loanfasttrack.com.

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