Amount given as loan by ICICI Bank: Up to INR 7 Crores and a minimum of INR 15 Lakhs (minimum and maximum amounts will depend on various factors).
Time period: Maximum 30 years (it will depend on the person’s age).
Suspension period: 6 months
Advance payment or storage fees Prepayment for home loan with interest is no interest.
Exchange Rates for Home Loans: Exchange charges of INR 1000+ GST will be charged if prepayment charges are not applicable on the loan.
Prepayment for Single Home Loans with Interest Rate: 2% + GST on full repayment of home loan.
Full Advance Payment of Recharge: + GST applicable on full repayment of home loan if final use is for business purpose + GST.
The home loan approval process is slightly different and takes some time. Once the application is accepted, the bank sends their people to analyze the assets and then submit a report to the bank. Based on the report, the bank concludes that whether or not the bank can give a loan, how much it can give and at what rate.
This process is time-consuming and may take weeks or even months. The process may be faster in metros and may vary across the country.