Finance
Getting a loan can feel overwhelming — too many options, confusing paperwork, and uncertainty about eligibility. Whether you’re planning to buy a home, build one, purchase land, or just need financial support for business or personal needs, the right guidance makes all the difference.
That’s where we come in.
We are your one-stop solution for all kinds of loan-related services in Chhattisgarh and beyond. Through our platform, we help you connect with authorized banking partners, certified loan agents, and financial advisors who can provide the best loan options based on your needs — all in one place.
We have partnered with a wide range of banks to get the lending offers that you need. We assist clients throughout the process with our certified and professional loan officers .
We are efficient and systematic in our approach, assisting clients with eligibility criteria and document preparation.
We conduct all the work in the background, allowing you to skip the tedious branch visits.
If you are a new buyer, a buyer of investment properties, a business owner, or a person with an immediate need for finances, we pair you with the experts so that you are able to reach your objectives seamlessly.
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Information about home loan
When securing a Home Loan, it is essential to thoroughly understand and meet the RBI's eligibility conditions. These conditions are the foundation upon which your loan application is assessed:
Credit Score: A good credit score is essential to be eligible for a Home Loan. Your credit score is a reflection of your creditworthiness and financial responsibility. A high credit score demonstrates your ability to manage credit effectively, which is a significant factor considered by lenders.
Income and Identification Documents: To establish your eligibility, you must provide a comprehensive set of income and identification documents. This includes proof of your income source, such as salary slips for salaried individuals or income tax returns for self-employed individuals. Provide documents such as PAN Card, Aadhaar Card and passport to verify your identity.
Loan Agreement: Upon approval of your Home Loan application, borrowers are required to sign the loan agreement. This agreement outlines all the Terms and Conditions of the loan, including interest rates, repayment schedule and any applicable charges. By signing this agreement, you adhere to the terms throughout the loan tenure.
Home Loan Insurance: While not mandatory, RBI strongly recommends considering Home Loan insurance. This insurance acts as a safety net, safeguarding your Home Loan in the event of unforeseen circumstances, such as your unfortunate demise. Opting for Home Loan insurance alleviates the burden on your family members, ensuring they won't have to carry the repayment responsibility.
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Know Your Customer (KYC)
https://www.icicibank.com/blogs/home-loan/rbi-guidelines-for-home-loan .
One of the initial steps in your Home Loan application is submitting the KYC documents. These documents include proof of identity, such as passport, or driving licence and proof of address, like electricity bills or Aadhaar Card. Additionally, you'll be required to provide photographs as part of the KYC process.
Lenders require comprehensive income proof to evaluate repayment capacity. For salaried individuals, this involves providing salary slips and for self-employed individuals, income tax returns, audited financial sheets and certificates of practice, if applicable, serve as proof of income.
Property valuation is a critical step in the loan approval process. Lenders will appraise the property you intend to purchase to determine its fair market value. This valuation ensures that the loan amount aligns with the property's worth.
Lenders typically require borrowers to contribute a portion of the property's cost from their savings as margin money. This demonstrates your financial commitment to the investment and is a safeguard for lenders.
While Home Loans often offer a maximum tenure of up to 20 years, the specific terms can vary depending on the lender and the loan product you choose. Understanding the tenure and choosing one that aligns with your financial goals is essential.
When considering a Loan Against Property (LAP), as per RBI guidelines, it's crucial to take note of these key factors:
Property Type: The property against which you seek a loan should be in India, whether residential or commercial.
Age: Borrowers typically need to fall within the age bracket of 21 to 65 years to be eligible for a LAP.
Employment: Both salaried and self-employed individuals are eligible for LAP, with a minimum work experience requirement typically in place.
Credit Score: A credit score of 750 and above is often required to demonstrate your creditworthiness.
Income: Ensure that your income meets the minimum annual and monthly thresholds defined by the lender.
LTV Ratio: LAP allows borrowing up to a certain percentage of the property's value, typically up to 75%. This value is determined by property valuation.
Prepayment Charges: RBI has waived prepayment charges for floating interest rate LAP and capped penalties up to 3% for fixed-rate LAP. This change encourages borrowers to repay loans early, providing more financial flexibility.
RBI's guidelines for Home Loans and Loan Against Property aim to create a transparent and responsible borrowing environment. These regulations emphasise factors such as creditworthiness, income stability and property valuation, ensuring borrowers are well prepared for home ownership. As you navigate this journey, remember that ICICI Bank Home Loans offer streamlined digital processes and competitive interest rates, aligning with RBI guidelines for Home Loans to help you easily achieve your home ownership goals. Your dream home is within reach with ICICI Bank Home Loans.
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