About ICICI Bank

ICICI Bank can lay claim to being the largest private sector bank in India today with more than 4,800 branches situated all over India. When you add its 15,800+ ATMs, you find that ICICI Bank has nearly 21,000 touchpoints across the country. It has been 25 years since ICICI Bank first started providing banking services as a wholly-owned subsidiary of (ICICI) Industrial Credit and Investment Corporation of India.

Incorporated in 1994, with ICICI holding 100% shares in the bank, ICICI Bank offered its first IPO in 1998 to reduce the shareholding of ICICI. ICICI Bank acquired a prominent bank in South India, Bank of Madura to announce their presence in the southern part of the country. There have been many such mergers, with the most important one being with Bank of Rajasthan. Today, ICICI Bank, with a total business exceeding 12.50 trillion, stands tall amongst all banking institutions in India.

About ICICI Bank Home Loan

ICICI Bank offers an exhaustive range of banking products and other financial services to corporate and retail clients through numerous delivery channels and group companies. All ICICI Bank loans have been formulated, keeping the interests of customers in mind. Among its various loan offerings, the home loan has proved to be an instant hit with its customers. 

ICICI Bank offers home loans to satisfy all housing requirements of its Indian clientele.

  • Purchase of readymade homes and flats
  • Purchase of pre-owned apartments and houses
  • Construction of a house in land belonging to the owner
  • Purchasing a house or flat under construction
  • Purchase residential plots and construct house subsequently
  • First-time homebuyers can take advantage of interest subsidy under the Pradhan Mantri Awas Yojana
  • Facilities to transfer your existing housing loan from other banks and HFCs is available

Apart from offering a variety of home loans to cater to all home requirements, ICICI Bank Home Loan offers the following benefits and features.

  • Facility to apply for a home loan online
  • Instant home loan sanction in the form of a pre-approved home loan
  • Exciting Balance Transfer facilities including top-up loans
  • Convenient documentation procedure
  • Relaxed eligibility norms
  • Attractive interest rates that compete with the best in the industry
  • Facility to choose between fixed and floating rates of interest
  • No prepayment penalty for the individual borrower who opts for floating rates of interest
  • One of the most flexible loan repayment tenures in the industry
  • Higher loan eligibility depending on your age and income generation capacity
  • Home loans available to the resident as well as non-resident Indians
  • Doorstep service provided
  • Facility to calculate EMI and eligibility online
  • Hassle-free loan processing
  • Facility to avail step-up loans
  • Pre-approved home loan facilities to help choose the appropriate property
  • Online loan tracking feature
  • Top-up loan facility available to eligible borrowers
  • Facility to avail personal accident insurance

ICICI Bank Home Loans  - At a Glance

Loan Product Ideal for Loan Amount Loan tenure Rate of interest

ICICI Bank Home Loan

Meeting all home loan requirements

No limit

Maximum 30 years

8.10% to 9.20%

ICICI Bank Balance Transfer

Transfer home loan from other banks and HFCs

No limit

Maximum 30 years

8.25% to 8.55%

Instant Home Loan

Pre-approved home loans before deciding on the property

No limit

Maximum 30 years

8.10% to 9.20%

ICICI NRI Home Loan

Meet home loan requirement of NRIs and PIOs

No limit

Maximum 20 years

8.10% to 9.20%

PMAY Home Loan

Meet the demand of first-time homebuyers eligible under PMAY

No limit

Maximum 20 years

8.10% to 9.20%

ICICI Bank Home Loans - How to apply

ICICI Bank offers facilities to apply for a home loan online on the official website of the bank. Before applying for the home loan, the customer can check out the home loan eligibility amount and the prospective EMI, as well.

Home Loan Eligibility Calculator

  • Your home loan amount depends on various factors
  • Provide information about your occupation, whether salaried or self-employed
  • Submit details of your income and other immediate loan obligations that affect your income
  • You get your home loan eligibility amount along with the respective loan repayment tenure and EMI.
  • It helps you to determine your budget and locate the right property.

Home Loan EMI Calculator

  • Enter the home loan amount you wish to apply
  • Provide information about the loan repayment tenure and rate of interest
  • You get your prospective home loan EMI

Apply online

  • The customer has to provide details such as name, mobile number, email address, and the location where he/she would like to avail home loan facility.
  • ICICI Bank Customer Relationship Manager will give you a callback and provide all details of the various products on offer.
  • He/she will help you complete the online application as well as help in compiling the necessary documents necessary for the sanction of the loan.

ICICI Bank Home Loans -  Details

ICICI Bank Home Loan

Purpose

Meet all home loan requirements such as purchase/construction of the house, repairs, renovations to an existing house, and purchase of plot for future development

Stand-out feature

  • Track your home loan application online
  • Low EMI with an extended tenure
  • Step-up loans available for eligible borrowers
  • First-time homebuyers can explore possibilities to avail PMAY benefits, if eligible

Loan eligibility

  • The minimum age requirement is 21 years at the time of sanction of the home loan
  • The maximum age at the maturity of the loan should be the age of retirement or 65 years whichever is earlier
  • Salaried and self-employed persons with a regular source of income are eligible
  • The minimum age of a co-applicant to the home loan should be 18 years

Loan amount

  • No limit
  • The permissible loan amount depends on the value of the property and the repayment capacity of the borrowers

LTV Ratio

As per ICICI Bank norms

Loan tenure

Can extend up to 30 years subject to satisfying age requirements

Rate of interest

8.10% to 9.20%

Documents

KYC documents, financial statements, property papers

Home Loan Variant 1

Extra Home Loan with the following features

  • Extended repayment up to 67 years of age suits borrowers up to 48 years of age at the time of application
  • Facility available in the cities of Mumbai, Delhi NCR, Bengaluru, and Surat
  • Get enhanced loan amount up to 20% depending on your eligibility
  • Loan amounts available up to 2 Crores
  • Both self-employed and salaried customers are eligible

Home Loan Variant 2

Land Loan Purchase of residential plot

  • Eligible borrowers should be between 25 and 65 years of age
  • Salaried and self-employed persons with a regular source of income
  • Loan amounts ranging from 8 Lakhs to 3 Crores
  • Repayment tenure up to 20 years
  • Rate of interest Same as that of home loans
  • Construction loans also available on the same property
ICICI Bank Home Loan Balance Transfer

Purpose

Transfer balances from existing loan accounts with other banks to ICICI Bank and avail benefits of low interest

Stand-out feature

  • Balance Transfer for 100% of the existing loan amount
  • Additional top-up available subject to availability of security

Loan eligibility

Salaried and self-employed persons having a regular and consistent source of income are eligible

The minimum age at the application of Balance Transfer loan is 25 years, and the maximum is 65 years

Loan amount

  • The minimum amount of Balance Transfer loan is 8 lakhs, and the ceiling is 5 Crores
  • Top up facilities available subject to the satisfaction of LTV ratio

LTV Ratio

As per ICICI Bank norms, usually in the range of 75% to 90% depending on the loan amount

Loan tenure

The maximum loan tenure can extend to 30 years including for the top-up portion if availed

Rate of interest

8.25% to 8.55%

Documents

  • Standard documents as applicable to home loans
  • Additional documents for a Balance Transfer facility
ICICI Bank Instant Home Loan

Purpose

Pre-approved home loan to enable customers to search for the ideal house in their budget

Stand-out feature

  • Applicable only to select/premium customers
  • Customers get instant online sanction
  • No documentation required at the initial stage
  • This feature enables customers to negotiate with builders and property sellers for a better rate

Loan eligibility

  • Existing customers of ICICI Bank who maintain a salary account with the bank

Loan amount

  • Pre-approved offer No limit
  • The actual housing loan amount will depend on the value of the property offered and repayment capacity of the borrower

LTV ratio

As per ICICI Bank norms

Loan tenure

As per the standard home loan product - 30 years

Rate of interest

8.10% to 9.20%

Documents

No documents required at the stage of pre-approval

Instant Home Loan Variants

  • Instant Balance Take over - up to 3 crores with a facility to take over a maximum of two mortgage loans
  • Insta Top-up loan - up to 20 lakhs and repayment tenure up to 10 years
  • Insta 24-hour top-up up to 25 lakhs - Repayment in 10 years
ICICI Bank NRI Home Loan

Purpose

Home loan product that satisfies the requirements of the non-resident Indian community

Stand-out feature

  • Age of property can be up to 35 years at the time of application of the loan
  • Free personal accident insurance cover up to the extent of 25 Lakhs available to the first applicant

Loan eligibility

  • The minimum age at the time of application should be 25 years
  • The maximum age for an NRI borrower at the time of maturity of the loan should not exceed 60 years
  • Salaried persons should have minimum one year of employment, whereas self-employed NRIs should show business continuity of three years
  • The number of dependents should not be more than five persons.

Minimum Income

Country

Salaried

Self-employed

Merchant Navy

USA and other countries

$42,000

$42,000

$42,000

GCC

AED 84,000

AED 48,000

$42,000

Loan Amount

  • No limit
  • Depends on the value of the house and the repayment capacity

LTV Ratio

As per ICICI Bank norms

Loan Tenure depending on qualifications

  • Graduate/Diploma up to 10 years for salaried persons
  • Post-Graduate and Professional Degree Maximum 11 to 15 years in the Middle East and the USA
  • Self-Employed persons SSC or its equivalent is enough

Maximum tenure

  • Home Loan and Home Improvement Loan 20 years
  • Land Loan and Home Equity loan 10 years

Rate of Interest

8.10% to 9.20%

Documents

Specific documents as applicable to NRI home loans

ICICI Bank PMAY Home Loan

Purpose

Home loan requirements of first-time homebuyers eligible under the Government Scheme Pradhan Mantri Awas Yojana

Stand-out feature

  • Availability of upfront interest subsidy depending on the category of borrower

Loan eligibility

  • The applicant should be a first-time homebuyer
  • No member of the family should have a house in their names anywhere in India.
  • The beneficiary should satisfy income eligibility norms for being eligible to receive a subsidy

Income eligibility

Economically Weaker Section Aggregate annual family income < 3 Lakhs

Low-Income Group Total yearly family income < 6 Lakhs

Middle-Income Group  I Cumulative annual family revenue < 12 Lakhs

Middle-Income Group  II Yearly overall income of all members of the family < 18 Lakhs

Loan amount

Varies according to the repaying capacity of the borrower and subject to LTV norms

LTV Ratio

As per ICICI Bank norms

Loan tenure

Loan tenure can extend to 20 years

Rate of interest

8.10% to 9.20%

Documents

As applicable to ICICI Bank Home Loans

Subsidy

Category

EWS/LIG

MIG-I

MIG-II

Loan amount eligible for the subsidy

6 lakhs

9 lakhs

12 lakhs

Rate of subsidy

6.50%

4%

3.5%

Maximum grant

2.67 lakhs

2.35 lakhs

2.30 lakhs

ICICI Bank Home Loan Interest Rates

ICICI Bank Home Loan interest rates are linked to an external benchmark rate, the Repo Rate. As on date, i.e. 27.03.2020, the Repo Rate is 4.40.%

Salaried Individual

Loan Slab

Rate of Interest

The effective rate of interest

Up to 35 Lakhs

RR + (3.70% to 4.35%)

8.10% to 8.75%

More than 35 Lakhs and <= 75 lakhs

RR + (3.85% to 4.50%)

8.25% to 8.90%

Above 75 Lakhs

RR + (4.05% to 4.70%)

8.45% to 9.10%

Self-employed Persons

Loan Slab

Rate of Interest

The effective rate of interest

Loans <= 35 Lakhs

RR + (3.95% to 4.60%)

8.35% to 9.00%

Loans > 35 Lakhs and <= 75 Lakhs

RR + (4.05% to 4.70%)

8.45% to 9.10%

Loans > 75 Lakhs

RR + (4.15% to 4.80%)

8.55% to 9.20%

ICICI Bank introduces festive offers at times, where customers can avail the benefit of reduced interest rates.

ICICI Bank Home Loans  - Documents Required

The standard documents required from resident Indian home loan applicants are as follows.

Documents Salaried Self-employed (Professional) Self-employed (Non-professional)

Application form completed in all respects with a photograph

Yes

Yes

Yes

KYC Documents

Yes

Yes

Yes

Bank statements - 6 months

Yes

Yes

Yes

Salary slips - 3 months

Yes

NA

NA

A cheque for processing fee amount

Yes

Yes

Yes

IT Return or Form 16

Yes

Yes

Yes

Proof of the existence of business

NA

Yes

Yes

Business profile

NA

NA

Yes

Professional Qualifications

NA

Yes

NA

IT Returns - 3 years along with Computation of Income

NA

Yes

Yes

Financial statements -audited by CA

NA

Yes

Yes

Additional Documents to be obtained from Balance Transfer applicants
  • Sanction letter of the existing loan along with a statement of account for one year
  • List of documents certified by the current banker
  • Closure letter

ICICI Home Loans -  Documents Required for NRIs

Personal Documents and Declarations applicable to NRIs
  • Loan application form completed in every respect along with self-attested photographs of all applicants
  • Valid passport copies along with Visa of each co-applicant
  • Processing fee cheque
  • Power of Attorney in ICICI Bank format
  • PAN Card of primary applicant or Form 60
  • Proof of overseas residence
  • Proof of residence in India
  • Proof of age
  • Non-solicitation declaration if the NRI applies for a home loan when in India
Financial Papers - Salaried Individuals (copies of all documents)
  • Current appointment letter
  • Salary certificate mentioning the date of joining, designation, and current salary
  • Previous appoint letters if any
  • Fixed salary 3 months salary slip
  • Variable pay 4 months salary slip
  • Bank statement 6 months
  • Employment Contract Copy for proof of continuity of employment
  • Receipts for contributions made towards acquiring the property
Financial records -  Self-employed persons (copies of all documents)
  • Incorporation of business letter
  • Middle East country 2 years audited financials
  • US and Canada 2 years Certified Public Accountant, reviewed financials
  • Others 2 years financials certifies by CA
  • Bank statement 6 months in the company's name and individual's name
  • Proof of the existence of business
  • Ownership pattern for partnership firms and companies
  • Proof of office address
  • Business profile
  • Receipts for own contribution
  • Child support papers or Divorce settlement in the case of a divorced applicant
Balance Transfer Applicants
  • Bank statement of loan account 12 months
  • Declaration of legal documents submitted to the Home Finance Company
  • List of documents certified by current banker
  • Letter to builder/society on ICICI Bank format
NRI Personal Guarantor Documents
  • Passport and Visa copies
  • Proof of overseas address
  • Income documents of guarantor

ICICI Bank Home Loan -  Frequently Asked Questions

What documents qualify as KYC proof of identity and residence in ICICI Bank Home Loans?

The documents having the customer's name, photograph, signature, and address qualify as proof of ID and residence. Such documents include,

  • Passport
  • Voters ID card
  • PAN Card (though it does not contain address)
  • Aadhar Card
  • Driving Licence

What other papers can suffice as proof of residential address?

Apart from those mentioned above, the following documents are considered as proof of residential address.

  • The latest utility bill (not more than three months old) such as electricity, water, gas, or landline telephone
  • Ration Card

How can I track my loan application online?

ICICI Bank offers facilities to track your home loan application at any stage in the process.

  • Access the home loan webpage of ICICI Bank
  • Select the Track My Loan option
  • Enter the loan application and mobile number
  • This facility allows end-to-end tracking of home loans

What are the property records needed for the processing of an ICICI Bank Home Loan?

The applicant should provide the following documents related to the property for the processing of the home loan. The requirements can vary from one purpose to the other.

  • Photocopies of title deeds of documents for the last 30 years to establish the chain of ownership
  • Agreement for sale
  • Construction agreement detailing the schedules and stages of construction
  • Approved plan along with the permission to develop the property
  • In the case of home extensions and improvement, the estimate for repairs should be certified by a structural engineer
  • Non-encumbrance certificate
  • Possession certificate in case of a readymade house/flat
  • NOC from the builder or society to create a mortgage in favour of the bank

When should I submit the original title deeds to the bank?

You should submit the original title deeds to the bank at the time of creating the equitable mortgage.

Should I register the equitable mortgage with the respective SRO?

It depends on the State Laws. Many State Governments stipulate the registration of the memorandum of deposit of title deeds with the respective SRO. Under such circumstances, you should do so.

What type of interest rate does ICICI bank charge on its home loans?

ICICI Bank offers both fixed-rates and floating rates of interest. Usually, the floating rate is the default rate. However, the customer can choose the fixed rate of interest if required. One should note that the fixed rate of interest is comparatively higher than the floating rates.

Why should I not provide any documents when applying for an Instant pre-approved Home Loan?

The Instant Pre-approved home loan is available to only selected existing customers of the bank. The bank does its due diligence before offering the facility. Since you are an existing customer, the bank does not require you to furnish KYC documents.

What is the advantage of the pre-approved loans?

The pre-approved loans enable you to know your budget. It is an excellent negotiating tool in your hands. Builders and property sellers deal differently when they see the pre-approved home loan offer in your hands. The loan helps you to finalise the property before applying for the actual home loan.

Should I submit the standard documents after finalising the property?

Yes, on finalising the property, you should submit the income statements and property papers for the home loan processing.

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