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Financing your house is easy, quick and affordable with ICICI Bank’s home loan facility. While there are various factors which help the bank decide on the worthiness of a loan applicant, the most important is the CIBIL Score. Read on to understand the importance of this factor for home loan applications.
A good CIBIL Score is the most important pre-requisite while applying for a home loan. It is very important for ICICI Bank to ensure that the person to whom the loan is being given can repay it back in the future. The CIBIL Score tells the lender the credit worthiness of the loan applicant and helps them gauge the likelihood of default basis the past repayment trend.
ICICI Bank offers easy and quick home loans. Some of the key highlights of home loans offered by ICICI Bank are:
ICICI Bank specializes in offering customized home loans as per the needs of their customers. The various loan options are:
Additionally, ICICI Bank also offers special home loans to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIO)
A home loan application might be rejected by ICICI Bank due to one or more of the following reasons:
In order to improve the CIBIL Score, one needs to understand the factors that impact this metric. Broadly speaking there are three elements that are evaluated to arrive at this score.
Basis these factors, here are some tips to improve one’s CIBIL Score:
What are the Home loan rates of ICICI Bank?
ICICI Bank’s home loan rates are derived from the MCLR (Marginal Cost of Funds based Lending Rate) announced by RBI. Additionally, it also depends on the type of loan and the category of borrower.
The current rates are as follows:
The interest rates are floating in nature. • Salaried individuals: 8.95% (Women) and 9% (Others) • Self-employed individuals: 9% (Women) and 9.05% (Others) Other loans Floating Rates: The interest rates are linked to One Year MCLR
What is the eligibility criteria for getting ICICI bank home loan?
The following factors are taken into consideration while deciding the eligibility criteria for ICICI Bank Home Loan:
What if I have a low CIBIL score, will ICICI Bank still give me a home loan?
If the low CIBIL Score is due to defaults in the past, then the likelihood of loan request rejection is higher. However, if it is due to other reasons, then ICICI Bank might still consider the application.
Does skipping ICICI bank home loan payment affect my CIBIL score?
Yes. Defaults in repayment of loans severely impact the CIBIL Score of an individual. Misses or late payment of monthly dues pulls down the score significantly. This element has an approximate 30% weightage in the overall calculation.
Can I get more than 3 ICICI Bank home loans if I have a good CIBIL score?
Yes. There is no legal constraint on taking multiple home loans from a particular bank. If an individual has a good CIBIL Score and the bank feels that he or she has the capability to repay, they can issue multiple loans.