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ICICI Home Loans

Here is All You Need to Know About ICICI Bank Home Loans

ICICI Bank is one of the leading private sector banks that offers loans for home purchase at an interest rate starting at 6.70% per annum. Whether you are planning to buy your dream home or build a new one, you can take advantage of the wide range of services offered by ICICI Bank designed to meet all of your home financing requirements. The ICICI Bank mortgage loan can be used for up to 30 years at an attractive interest rate that is offered based on your CIBIL score.

ICICI Bank Home Loan- Features & Benefits

The prime features of ICICI Bank Home Loan are:

  1. Attractive Interest Rate: The interest rate offered by ICICI Bank on a home loan starts from 6.70% p.a. so that everyone is able to buy the house of their dreams and pay affordable EMIs in future
  2. Flexible Tenure: You can repay ICICI Bank home loan within a flexible tenure that goes up to 30 years. This flexibility allows you to choose the tenure after considering all the other monthly expenses
  3. Loan Amount: The home loan amount offered by ICICI Bank goes up to Rs. 5 crore and can be availed by an individual depending upon his requirements and eligibility

4.Multiple Schemes: To cater to the housing needs of various individuals, ICICI Bank offers multiple home loan schemes including express home loan, instant home loan, land loan, NRI home loan, etc.

ICICI Bank Home Loan- Interest Rate & Other Fees & Charges

Particulars

Applicable Fees & Charges

Interest Rate

6.70% p.a to 7.55% p.a

Processing Fee

0.50% to 2.00% of the loan amount

Prepayment Charges

-NIL for Home Loans and Home Improvement Loans having a floating rate of interest

-2% on the outstanding principal on full repayment for ICICI Bank Home Loan with a fixed rate of interest

-2% on the outstanding principal on full repayment for Top Up Loan if the applicant or co-applicant is Non-Individual

-4% on the outstanding loan amount. The loan is either given to non individual borrowers or with a fixed rate of interest to Individual borrowers

Late Payment Charges

-Home Loans: 2% per month

-Home OD: 1.5% of the outstanding amount subject to minimum of Rs. 500 and maximum of Rs. 5000

Conversion Charges for home loan

-If prepayment charges are not applicable in the loan: Rs. 1000 plus applicable taxes

-If Prepayment charges are applicable in the loan

Floating to Floating: 0.5% of the principal outstanding along with applicable taxes

Dual fixed rate to Floating: 0.5% of the principal outstanding along with applicable taxes

Floating to Dual fixed rate: 0.5% of the principal outstanding along with applicable taxes

Life time fixed to floating: 1.75% of the principal outstanding along with applicable taxes

Repayment mode swap Charges

Rs. 500

Document Retrieval Charges

Rs. 500

Cheque/AD/ECS bounce charges

Rs. 500

Duplicate No Objection Certificate / No Due Certificate

Rs. 100

Revalidation of No Objection Certificate

Rs. 100

CIBIL Report Charges

Rs. 500

ICICI Bank Home Loan- Products & Services

  1. Express Home Loan
  • Purpose: To avail a home loan on fast track basis via submitting the application online and getting it sanctioned digitally. The provisional sanction letter that you receive remains valid for 6 months only from the date of issue
  • Loan Amount: Up to Rs. 5 crores
  • Tenure: Up to 30 years
  1. Land loan
  • Purpose: To purchase a land or a plot
  • Loan Amount: From Rs. 8 lakhs to Rs 3 crore
  • Tenure: Up to 20 years
  1. Extra Home Loan
  • Purpose: To increase the home loan amount of your current scheme by 20% and increase the repayment period till 67 years of age.
  • Loan Amount: Up to Rs. 2 crores
  • Tenure: Up to 67 years of borrower’s age
  1. NRI Home Loan
  • Purpose: To allow NRI applicants to purchase a land/home
  • Tenure: Up to 30 years
  1. Instant Home Loan (Pre- Approved)
  • Purpose: To sanction an instant home loan for those having a salary account with ICICI Bank
  • Loan Amount: Up to 3 crores
  • Tenure: Up to 30 years
  1. Insta Home Pre- Approved Overdraft
  • Purpose: To offer a pre-approved digital top-up loan on your home loan and allow a quick access to the loan amount
  • Loan Amount: Up to Rs. 25 lakhs
  1. Pre-Approved Balance Transfer
  • Purpose: To allow the existing customers of ICICI Bank to transfer their existing home loan from other banks or NBFCs to ICICI Bank and enjoy a lower interest rate
  • Loan Amount: Up to Rs. 1 crore
  • Tenure: Up to 20 years

ICICI Bank Home Loan- Eligibility Criteria

The eligibility criteria to avail ICICI Bank Home Loan varies as per the scheme you select. Here are the eligibility criteria of all the ICICI Bank Home Loan schemes:

  1. For Express Home Loan
  • You must either be a salaried or a self-employed individual
  • You must either be an Indian resident or an NRI
  1. For Land Loan
  • You must either be a salaried or a self-employed individual
  • Your minimum age should be 25 years and maximum should be 65 years
  1. For Extra Home Loan

i). You should either be a

  • Middle aged salaried individual of up to 48 years of age
  • Or a young salaried individual of up to 37 years of age

ii). Or you should be a self-employed individual

  1. For NRI Home Loan
  • You should either be a salaried individual with 1 year of employment overseas or a self-employed individual with 3 years in current business overseas
  • Your minimum age should be 21 years and maximum should either be 65 years or retirement age (whichever is earlier during the maturity of the loan)
  • Your minimum income should be as follows:
Country/Employment Type Merchant Navy Other than Merchant Navy
GCC 26000 USD 84000 AED
Other Countries 26000 USD 42000 USD

ICICI Bank Home Loan- Documents Required

The documents required to apply for ICICI Bank Home Loan are:

Mandatory Documents:

  • Application form with photograph duly signed
  • Proof of Identity: Aadhar Card/ Voter ID Card/ PAN Card/ Driving License, etc.
  • Proof of Residence: Aadhar Card/ Voter ID Card/ Passport/ Driving License/Utility Bills, etc.
  • Proof of Age: Aadhar Card/ Voter ID Card/ PAN Card/ Driving License, etc.
  • Processing fee cheque

For Salaried Professionals:

  • Last 6 months bank statements
  • Last 3 months Salary-slips
  • Form 16 / Income Tax Returns

For Self-Employed Individuals:

  • Proof of business existence
  • Form 16 / Income Tax Returns
  • Income Tax Returns (ITR) of the last 3 years with all the sources of income
  • Education qualification certificate 
  • Proof of business existence
  • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Read More – Can You Get a Loan for Purchasing Plots?

How to Apply for ICICI Bank Home Loan on Official Website of ICICI Bank?

The process to apply for ICICI Bank Home Loan online is simple and requires a few steps.

  1. Click here
  2. Select whether you are a new customer of ICICI Bank or an existing customer.
  3. If you are an existing customer, all you need to do is to verify for relationship with the bank, check offers and get the sanctioned letter of your home loan
  4. If you are a new customer, enter your basic details, explore offers, get provisional approval and upload documents.

5 Things to Keep in Mind Before Applying for ICICI Bank Home Loan

  1. Maintain a Good CIBIL (credit) Score: The interest rate of ICICI Bank Home Loan starts from 6.70% but varies depending on your credit score. A credit score is a 3 digit numeric evaluation of your repayment history and a credit score (CIBIL score) of 750 or above is considered to be good by the lenders. Therefore, if you want to avail a home loan at a low interest rate, it is necessary to maintain a credit score of 750 or above
  2. Tenure: Before applying for ICICI Bank Home Loan, you must take all your expenses into consideration and then decide a tenure to repay the loan amount. Also, always remember that if you choose a longer tenure, your EMIs become affordable and easy to pay
  3. Processing fee: It is a fee that a lender pays to the bank to get the loan processed. ICICI Bank offers a low processing fee starting from 0.50% but it may vary depending on your loan amount and other factors. Therefore, it is important to have a clarity of the processing fee you are going to pay before you apply for a home loan
  4. Home loan documents: You must read all the documents that you will require to apply for a home loan and keep them handy to avoid any delay or hassle in future
  5. Additional charges: Apart from the processing fee, ICICI Bank home loan comes with additional fees and charges and you must be aware of them all to avoid any unnecessary shocks in future

ICICI Bank Home Loan is an affordable option for all those planning to purchase a plot or a home to settle down with their loved ones. The above information will help you to learn all the aspects related to the ICICI Bank Home Loan and apply for it from the comfort of your home or office.

Also Read – How to Pay Off Your Home Loan Faster – Aquireacres

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