ICICI Bank Home Loan

Home Home Loan ICICI Bank Home Loan

About ICICI Bank

ICICI Limited, an Indian Financial Institution founded ICICI Bank in 1994 as its wholly- owned subsidiary. ICICI Bank is the second largest private sector bank in India. 

The bank offers a complete spectrum of financial products and services to its retail and corporate customers. Some of the products and services include Credit Cards, Insurance, and Loans such as Personal Loan, Loan Against Property, Home Loan etc. The bank is spread across the country with the wide network of branches and ATMs. 

 

ICICI Bank Home Loan

About ICICI Bank Home Loans

ICICI Home Loans are quick as well as easy to access. Attractive interest rates, lower EMIs, and higher eligibility are the best features of ICICI Home Loans. Additionally, ICICI bank facilitates e-approval thereby ensuring faster processing and speedy disbursals.

You can avail an ICICI Home Loan either for purchasing your dream home or a home from any of a wide variety of ICICI's approved projects. They also offer pre-approved home loans to select customers.

All about ICICI Bank Home Loan

ICICI Bank Home Loan 
Loan TenureUp to 30 years
Loan AmountUp to 50 Crores
Loan Turnaround Period8- 15 days
Loan to Value (LTV)Ranges from 75% to 90% of the property value
Who can apply?
  • Indian Resident
  • NRIs
  • Salaried Employees
  • Self-employed Professionals
Co-applicantsUpto 4 co-applicants are allowed

ICICI Bank Home Loan Details

ICICI Bank Home Loan may be best utilized in anyone or more of the following situations:

1. When purchasing your home either individually or jointly.
2. If you wish to go for home renovation or home improvement.
3. EMI Under Construction helps in making payments in EMIs for a partly sanctioned loan for an under-construction project.
4. To transfer your current home loan that has been availed from any other bank to ICICI.
5. The bank also facilitates Top-Up Loans as an additional funding against your property.

ICICI Bank Home Loan Features & Benefits

  • Affordable and floating/fixed interest rate options.
  • Sanctioning of a loan before selection of property.
  • Simplified and hassle-free documentation.
  • Facility of longer tenure which facilitates lower EMIs.
  • Availability of "Balance Transfer" feature which allows transfer of existing home loan availed from any other bank to ICICI Bank.
  • Availability of top up loan which can be up to 100% of the original home loan.
  • Facility of pre-approved home loans to select customers.
  • Loan tenure of up to 30 years is available.
  • Facility of enjoying either fixed or floating interest rate after first 10 years of loan availed at fixed interest rate.

Home Loan

ICICI Bank Home Loan Eligibility Criteria

  • Age of the applicant should be 21 years or more at the time of loan sanctioning.
  • Maximum age for loan maturity is 65 years or date of retirement whichever is earlier.
  • Applicant must have a regular source of income.
  • Age of the co-applicant must be 18 years or more.
  • To increase the eligibility on Home loan, one can include the name of an earning member of the family as a co-applicant. The income of the co-applicant is considered to enhance the eligibility on a Home loan.
  • In case of co-owners of a property, they must necessarily be co-applicants on the Home loan.

  • Interest Rate 8.40% - 10%
  • Loan Amount 20L - 100Cr
  • Processing Fee 11500 - 0.25%
  • Tenure30 Years

  • Quick Apply

ICICI Home Loan Documentation


Along with the filled application form following documents are required for financial loan applicants and co-applicants:

Type of Document

Salaried Employee

Self-Employed

Salary slips/ Income Tax Return

  • Salary slip of 3 months or salary certificate
  • Bank statement/ copy of passbook of last 3-6 months
  • Income Tax Returns for last 2 years duly certified by CA
  • Bank statement/ copy of passbook of last 3-6 months

Salary proofs/ Business statements

Form 16/ PF statement/appointment letter

Balance sheet and P&L statement for last 2 years including schedules and Annexures

Identity proof

Passport/ Voter  ID/PAN/Driving License

Passport/ Voter ID/PAN/Driving License

Job/ Business stability

Full-time job stable for years

  • Proof of business registration
  • GST/ VAT/ Service tax or incorporation certificate.

Photographs

Two

Two

Residential address proof

Registered rent agreement/passport/ utility bill (up to 3 months old)/ leave and license

Registered rent agreement/passport/ utility bill (up to 3 months old)/ leave and license

Other documents

  • Employment contract or Appointment letter if the job is less than 1 year old
  • Cheque of processing fees in favor of ICICI Bank

Cheque of processing fees in favor of ICICI Bank

ICICI Bank Home Loan Fee & Charges

ICICI bank ensures that the best loans in terms of fee and interest rates are provided to its customers. A detailed chart showing charges applicable on ICICI Home loans is presented below.

 Description of Charges  Applicable Charges 
Loan Processing Charges (Non-refundable)Up to 1% of loan amount or 1,500/ 2,000 (Mumbai, Delhi &  Bangalore), higher among the two plus extra taxes
Late payment charges2% per month (Home Loan)

ICICI BANK LATEST HOME LOAN SCHEMES

 

ICICI Bank Step Up Home Loans

The bank has launched a new Home Loan scheme to help you in meeting your dream of owning a house. Under the scheme, you as a borrower can obtain a higher amount of a home loan as compared to your home loan eligibility. In this, the home loan eligibility is enhanced up to a certain percentage. Home loan eligibility is enhanced based on the expected growth in the borrower's salary income.

Features of ICICI Bank Step Up Home Loans

  • Percentage of enhanced eligibility: Under this scheme, the loan amount can be enhanced up to 20% subjects to the loan terms and conditions of the bank.
  • Loan Amount: The borrower can avail a maximum loan amount of 3 Crores.
  • Loan Tenure: The scheme is applicable only when the loan is taken for minimum 20 years.
  • Applicability of the scheme: The scheme is only applicable on the fresh loans. If the borrower has an existing home loan then he is not eligible for the Step Up new Home Loan Scheme. However, if the borrower has closed his previous home loan then he can apply for a home loan under this scheme.
  • The rate of Interest: The rate of interest on Step up Home Loans is same as the rates applicable on the standard Home Loan. Typically ICICI Bank Home Loan interest rates start at 8.35%. 

 

ICICI Bank 1% Cash Back Scheme

Under this scheme, the borrower will get 1% cash back on every EMI for the entire loan tenure. As per the bank, the amount of cash back will either be credited to the loan account of the borrower or will be adjusted against the principal outstanding of the Home Loan.

How does the scheme work?

The bank will accumulate the 1% cash back on every EMI for the first three years (36 months) and afterwards; the amount will be credited to the loan account or will be adjusted against the outstanding principal amount of the loan. After the first credit, the amount of cash back will be credited yearly till the loan closure.  

Features of the scheme

  • Loan Tenure: The benefit of the cash back scheme on a home loan can be taken up to 30 years. The minimum home loan tenure to avail the benefit is 15 years.
  • Applicability of the Scheme: The scheme is applicable to the fresh loans as well as on the existing Home Loans.
  • Balance transfer: The scheme of cash back is equally applicable to the Home Loan Balance Transfers.
  • ICICI Bank Account for a Home Loan Repayment: As per the scheme the borrower must have an account with ICICI Bank for repaying the loan. In order to avail the benefit of the scheme, he has to open a loan account with ICICI Bank.
  • NRIs can also apply: ICICI Bank is one of the banks that offer a home loan to NRI customers. NRI customers seeking a home loan under this scheme can apply. However, cash back benefits from them will only be available as a part pre-payment into their loan account.

Other Available products from ICICI Bank

EMI CALCULATOR

EMI Calculator

EMI Calculator

Loan EMI

Total Interest Payable

Total of Payments
(Principal + Interest)

ICICI launches festive scheme for home loan borrowers

March 16,2018

India's second largest private sector bank has launched an attractive scheme for new home loan borrowers. As per the scheme, the bank will give 1% cash back to borrowers on every EMI for the entire loan tenure. The scheme will apply to the loan with a minimum loan tenure of 15 years for both NRIs and Indian residents. However, the first cash back will be credited only after the repayment of EMIs for 36 months. 

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