ICICI Home Loan

ICICI Home Loan

As the time is changing and heading towards growth & development ICICI Bank comes up with the lucrative options of Home Loan. ICICI Bank knows its customers and understands their needs & requirements in changing times.
The process of House Loan availing is kept simple keeping in mind the different groups of people who might apply online. The bank also waives certain charges like pre-payment and pre-closure charges to attract more customers. Interest rates range from 8.85–9.10%. ICICI also links with the PMAY Scheme, offering home-buyers a boost with respect to buying a house.

Why Home Loan from ICICI Bank?

Apply online for Home Loan through ICICI Bank to avail great benefits and advantages. With the evolving technology, ICICI bank has introduced a new system by which you can go through the application process on Tablet or Smart phone. This ensures faster processing and quick disbursal of the loan. The loan is sanctioned at times in less than 8 hours.

You can trust upon the name when it comes to selecting Home Loan from ICICI Bank.

  •      Get a multi-purpose overdraft on mortgage loans
  •      ICICI’s list of approved home loans make your dreams come true
  •      Get your home loan insured with “Home Insurance and Secure Mind ” & “Loan Protect”
  •      Home loan sanctioned online
  •      Enjoy a fixed interest rate for the first 10 years, and thereafter a choice of fixed or floating interest rates.
  •     Best home loan rates in India
  •      Up to 30 years of loan tenure available
  •      A really smooth simplified documentation process and even faster documentation process for existing customers

Fees and Charges

The mentioned below are the fees and charges applicable which are levied by ICICI Bank:
TYPES OF FEESCHARGES APPLICABLE
Rate of Interest8.85% to 9.10%
Processing Fees0.5-1% of the loan amount + applicable taxes
Loan TenureUp to 30 years
Guarantor RequirementNo
Lowest EMIRs.906/lakh - Rs.919/lakh
Loan AmountUp to Rs. 10 crore
Late Payment Charges2% per month
Charges for CIBIL ReportRs. 50

Advantages of ICICI Bank Home Loan

ICICI Bank offers exciting advantages and offers which grab the attention of customers to choose them for availing ICICI Home Loan.

  • 1. Simplified documentation and quick loan processing
  • 2. Best home loan in India
  • 3. Higher loan amount
  • 4. Best home loan interest rates
  • 5. Facilitates pre-approved loans
  • 6. Get tax benefit of up to 1.5 lakhs on home loan
  • 7. Cheapest home loan
  • 8. Offers a wide range of ICICI home loan schemes to cater to different home loan requirements of its customers
  • 9. With the Balance Transfer feature, you can enjoy up to additional top up loan amount.
  • 10. Trust of banking with India’s leading private bank
  • 11. Home loan sanctioned online
  • 12. Mobile and internet banking services to get things handy for you
  • 13. The iLoan mobile application for easy processing of the part-payment of the loan

Types of Home Loans provided by ICICI Bank

ICICI Bank has designed variety of Home loans as per the varied needs of customers. Below are the types of ICICI Bank Home Loans:

TypeRemarks
ICICI Bank Saral Rural Housing LoanHome Loan for empowering women borrowers and underprivileged sections of the society. It provides for the purchase, maintenance, acquisition, renovation and repairs of property. This loan scheme is designed to uplift the backward sections of the society and rural women in particular.
ICICI Bank Extraa Home LoanIncrease loan amount up to 20% with this loan. The repayment of the loan can be extended up to 67 years of age. This loan provides longer repayment tenure and improved affordability to the borrowers. The loan is best suited to self-employed, salaried, young and middle-aged customers.
ICICI Bank Pragati Home LoansMeant for a much wider section of the society. Non-residential premise loan, home improvement and Home Loan are available to a borrower under this category. Salaried employees earning at least 10,000 are eligible. Also, self-employed individuals having an experience equal to 5 years can also apply for this loan.
Balance TransferEnables the customers to get reduced interest rate and lower the EMI obligation on their existing Home Loan from other bank or Non-Banking Financial Company (NBFC) by transferring it to ICICI Bank.
Home Improvement LoanThis loan is taken to improve or renovate an existing residence. The loan is available at a relatively low rate of interest.
Pradhan Mantri Awaas YojanaIt aims to provide houses to all by 2022. The scheme was launched by honorable Prime Minister Narendra Modi. This loan is meant for economically weaker sections of the society, lower income group and middle income group. Also the interest rate for the first year is as low as 4.67%.
Land LoanThis loan is for availing a residential piece of land
Home Loans for Non Resident Indians (NRIs)Home Loans to NRIs at attractive interest rates (fixed and floating both). The loan comes with zero part-payment charges, free personal accident insurance, and doorstep service till disbursement (in India).

Eligibility Criteria for applying for ICICI BankHome loan

Your application for loan can be approved once you meet the eligibility criteria. The applicant must satisfy the following conditions to be eligible for the home loan. Below mentioned are the home loan eligibility conditions:

  1. Applicants must be at least 21 years old when the loan is sanctioned.
  2. The entire loan must be repaid at or before the age of 65 years.
  3. Applicant must be self-employed or salaried with a regular income source.
  4. The co-applicant’s age must be at least 18 years.
  5. Home Loan amount is restricted to a maximum of 80% of the cost of property (Agreement value + Stamp Duty + Registration charges) or the cost of construction as applicable.

Documents required for applying for a Home Loan from ICICI Bank

As per the category in which an individual falls he/she needs to complete the required documents:

  1. Salaried Individuals
  • 1. A completely filled application form
  • 2. ID proof
  • 3. Residence proof
  • 4. Bank statements of last 6 months
  • 5. Salary slips of last 3 months
  • 6. Cheque for processing fees
  • 7. For 16 or income tax returns
  1. Self-Employed Professionals
  • 1. A completely filled application form
  • 2. ID proof
  • 3. Residence proof
  • 4. Bank statements of last 6 months
  • 5. Salary slips of last 3 months
  • 6. Cheque for processing fees
  • 7. For 16 or income tax returns
  • 8. Education qualification certificate of the last passed degree or business proof certificate
  • 9. Income tax returns of three years with proof of regular income by a CA
  • 10. A certified or audited balance sheet showing profit or loss
  1. Businessman
  • 1. A completely filled application form
  • 2. ID proof
  • 3. Residence proof
  • 4. Bank statements of last 6 months
  • 5. Salary slips of last 3 months
  • 6. Cheque for processing fees
  • 7. For 16 or income tax returns
  • 8. Education qualification certificate of the last passed degree or business proof certificate
  • 9. Income tax returns of three years with proof of regular income by a CA
  • 10. A certified or audited balance sheet showing profit or loss
  • 11. Proof of business
  • 12. Profile in business proof

Procedure for applying for ICICI Bank Home Loan Online

One can apply online for Home loan through our website with few simple steps by registering online:

  •    Enter the required details including your employment type, name, e-mail address, city you are currently living in, type of business, annual income, required loan amount, and mobile number.
  •    Provide your consent.
  •    Choose ICICI Bank as your Business Loan partner.
  •     Fill in the form by providing some basic details like your gender, marital status, PAN Number, and others and click proceed.

For further queries you can go through www.icicibank.com

Know more about ICICI Bank Home Loans – FAQs

Q. What are the ICICI Home Loan benefits?

A. The benefits of ICICI Home Loan are:

  • Offers home loanat affordable interest rates
  • Offers pre-approved home loans for urgent fund requirements
  • Provides a wide range of home loan schemes to suit different loan requirements
  • Offers home loan insurance to make home loan repayment easy in case of borrower’s demise
  • Allows to get home loan sanctioned before selecting the property (depending on the scheme)
  • Offers home loan online application facility
  • Has easy and quick documentation process
  • Offers longer loan tenure with lower EMIs (depending on the scheme)
Q. Which ICICI Home Loan Scheme is the best?

A. Each Loan Scheme is different & unique from the other. You can choose any as per your need and requirement.:

Q. Can a home loan applicant get 100% loan to buy a new home?

A. No. For the loan amount up to Rs 30 lakh, lending institutions can sanction >80% and <=90% of the pledged property.

Q. Can I transfer a house loan sanctioned from another bank to ICICI bank?

A. Yes

Q. Are the borrowers of ICICI bank Home Loan entitled to tax benefit?

A. Under section 80C and section 24 of the Indian Income Tax Act 1961, Indian residents can enjoy tax benefits on principle amount and interest component of a Home Loan.

QUICK OVERVIEW
Apply online at interest rate starting @8.85% p.a.
Free doorstep documents pick-up service/h5>
Quick approval and disbursal rate
Competitive and transparent process
One Click Home Loan eligibility check