How The ICICI Bank Home Loan EMI Increases With Income?

ICICI Bank offers a wide range of home loan schemes for customers. And from them Step Up home loan is one such ICICI home loan that brings you a higher loan amount. Aren’t you happy with your loan eligibility and need to buy a 20% higher amount? Then apply for a Step Up ICICI bank home loan, read and now about the features of the home loan and its benefit on your payment. 

An affordable interest rate fixed to your borrowed amount!

On ICICI Bank home loan the interest rate is charged to your borrowed amount based on the repo rate that is 5.15%. The effective home loan interest rate for the salaried borrowers range from 8.25% to 9.25% per annum. ICICI home loan interest rates are floating and changes with the bank repo linked lending rate. So, you can take the help of online EMI calculators for choosing a suitable tenure for it.

And on the Step Up home loan ICICI bank charges the EMI lower at the beginning of the loan tenure. It is because the user can afford the high loan amount without any burden on the income. With the increase in your income, the EMI also increases with it.

What is the eligibility for Step Up loan?

Every salaried individual with the required income documents and a minimum salary of INR 25,000. The interest rate to your loan would be low if your credit score is high and shows a good track record of your repayment history to ICICI Bank. stability in the current job position is necessary because according to it the EMI is charged every year. The Step Up loan makes it easy for you to afford a high amount, to buy a new house or construct a new property at the desired location in India.
The eligible age for you to apply for the Step Up loan is 21 years and above. And the borrower whose age reaches 60 years or more during the tenure is supposed to get a shorter tenure for the loan payment compared to the regular customers. ICICI Bank home loan offers a maximum of 20 years for the loan payment.

How to apply for a Step Up loan online?

You can get your loan easily by following a simple online process.

• Visit the ICICI bank official website and choose home loan
• Select “Step Up” loan from the category 
• Fill up an online application form
• Upload a few of KYC and income documents

Once your details have been verified and approved by the bank you can complete the second procedure which is payment. The borrower needs to pay 0.25% of the borrowed amount to ICICI Bank for the processing of home loan. You can pay the borrowed amount and the charged interest rate of your ICICI Bank home loan in equated monthly installments. On your EMI payments, you could avail of tax deductions and save up to INR 2.5 lakh on your home loan.

So, get the right home finance for your new home at ICICI Bank and get your dreams true with the perfect housing finance partner.