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ICICI Bank helps you own a house by offering several home loan schemes. ICICI bank understands how critical it is to choose the right home and how important it is to you and your family when looking for a home.
You have to view all your options, keeping in mind the factors that are important to you and starting your search using reliable sources. ICICI Bank can help you with both new constructions as well as resale property.
This article will highlight the important factors you should know before you apply for a home loan.
|Home Loan||This is the regular home loan scheme where you can get financing for purchase/construction of house/flat or renovate an existing home. Get a tenure of up to 30 years to repay the loan.|
|Loan Against Property||You can apply for this scheme to get some cash to fulfil your personal or business needs. Both residential and commercial property can be provided as collateral for this loan and get financing up to 70% of the property value. Tenure of up to 15 years is provided for repayment.|
|Home Loan Balance Transfer||Transfer the home loan from other banks to ICICI Bank at attractive interest rates, reduce EMI, and minimal documentation. The scheme works based on the repo rate and a 20-year tenure.|
|Pradhan Mantri Awas Yojana (PMAY)||This is a credit-linked subsidy scheme aiming to provide affordable housing for all by 2022. Interest subsidy offered on purchase/construction/enhancement/improvement of a house belonging to economically weaker sections and lower-income group individuals.|
|Step Up Home Loan||Designed for young salaried professionals to avail a higher loan amount compared to their eligibility under normal schemes. Initially, moderate EMIs are charged and gets stepped up eventually.|
As per RBI, the current repo rate (RR) is 4.00% effective from 22 May 2020.
|Slab||Interest Rate for Salaried Borrower||Interest Rate for Self-Employed Borrower|
|Up to Rs.35 lakh||RR + 2.80% (6.80%) to RR + 3.60% (7.60%)||RR + 2.95% (6.95%) to RR + 3.85% (7.85%)|
|Rs.35 lakh-Rs.75 lakh||RR + 2.90% (6.90%) to RR + 3.75% (7.75%)||RR + 3.00% (7.00%) to RR + 3.95% (7.95%)|
|Above Rs.75 lakh||RR + 2.90% (6.90%) to RR + 3.95% (7.95%)||RR + 3.00% (7.00%) to RR + 4.05% (8.05%)|
|Home Loan Balance Transfer||RR+2.80% (6.80%) to RR+3.35% (7.35%)||RR+2.95% (6.95%) – RR+3.50% (7.50%)|
A person’s eligibility is also determined by their monthly income, fixed monthly obligation, current age, retirement age, and other factors.
|Salaried||Self Employed Professional||Self Employed Non-Professional|
|Application form with photograph duly signed||Application form with photograph duly signed||Application form with photograph duly signed|
|Identity, residence, and age proof||Identity, residence, and age proof||Identity, residence, and age proof|
|Last 6 months’ bank statements||Last 6 months’ bank statements||Last 6 months’ bank statements|
|Last 3 months’ salary slips||Processing fee cheque||Processing fee cheque|
|Processing fee cheque||Form 16/income tax returns||Form 16/income tax returns|
|Form 16/income tax returns||Proof of business existence||Proof of business existence|
|Proof of business existence||Last 3 years’ income tax returns with computation of Income||Business profile|
|Education qualification certificate and proof of business existence||Last 3 years’ income tax returns with computation of income|
|Last 3 years’ CA Certified/Audited Balance Sheet and Profit and Loss Account||Last 3 years’ CA Certified/Audited Balance Sheet and Profit and Loss Account|
|Processing Charges/Renewal Charges||0.50%-2.00% of the loan amount or Rs.1,500 (Rs.2,000 for Mumbai, New Delhi and Bangalore), whichever is higher + applicable GST|
|Prepayment Charges||Home Loan, Land Loan and Home Improvement Loan with a floating rate of interest: Nil Home Loan, Land Loan, Home Improvement Loan & Top Up on Home Loan with a fixed rate of interest: 2% + applicable taxes on principal outstanding Top Up on Home Loan if the end use is for business purpose: 2% + applicable taxes on principal outstanding|
|Late Payment Charges||Home Loans: 2% per month Home Overdraft: 1.5% of the outstanding amount; Rs.500 up to Rs.5,000|
|CIBIL Report Charges||Rs.50|
Use our free home loan EMI calculator to understand how much EMI you will have to pay for what loan amount over the loan tenure.
You can get up to 100% of your original loan as a top-up loan when you transfer your home loan from another bank. If you are an existing customer of ICICI Bank, you may be eligible for a pre-approved balance transfer offer to get an instant sanction of your property loan.
It is necessary to provide all the listed documentation as long as you are an existing bank customer. Current customers may submit reduced documentation for the same purpose.
It is necessary to provide all the listed documentation as long as you are an existing bank customer. Currentx customers may submit reduced documentation for the same purpose.
If you transfer the home loan to ICICI Bank, you can choose one of the three ways to save:
Yes. A separate set of eligibility criteria apply to avail Loan Against Property.
|Loan Amount||Rs.10 lakh up to Rs.5 crore|
|Age||Minimum: 25 years|
Maximum: 65 years or retirement age, whichever is earlier
|Eligible Applicants||Salaried and Self-Employed|
|Loan Tenure||Up to 15 years|
|Purpose||Business, Personal Utility, and Debt Consolidation|
|Similar Banks Offering RD|
|SBI Bank||HDFC Bank||ICICI Bank||Indian bank|
|AXIS Bank||KOTAK Bank||Union Bank of India||Canara Bank|
|Bank of Baroda||IDBI Bank||Bank of India||Andhra Bank|
|Central Bank of India||Allahabad Bank||PNB|
|Syndicate Bank||Corporation Bank||RBL Bank|