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.

1. Top home loan schemes of ICICI Bank

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.

2. Interest rates of ICICI Bank home loans

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%)

3. Features and benefits of ICICI Bank home loan

  • Prepayment, foreclosure charges are NIL for floating-rate loans.
  • Track your loan application status online with the Trackmyloan Application feature on the official website of ICICI Bank.
  • Quick and transparent processing.
  • Special benefits for premium banking customers.
  • Repay your home loan in smaller EMIs initially and step up eventually over a tenure of 30 years subject to conditions.
  • Avail attractive interest rates for different categories.
  • Choose the right home loan scheme based on your requirements.
  • Transfer the home loan from another bank to ICICI Bank and pay reduced EMI.

4. Who is eligible for ICICI Bank home loans

  • Any person in the age group of 21 to 60 years (salaried applicants) and 21 to 65 years (self-employed applicants) can apply for the home loan.
  • Existing and new bank customers.
  • Resident Indians.

A person’s eligibility is also determined by their monthly income, fixed monthly obligation, current age, retirement age, and other factors.

5. Documents required for ICICI home loans

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

6. Fees and charges

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

7. ICICI Bank home loan EMI calculator

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.


Frequently Asked Questions (FAQs)

Can I get a top-up option when I transfer my home loan from another bank?
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.
Is it mandatory to provide all the listed documentation to avail a home 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.
How does transferring home loan balance from another bank to ICICI Bank help me?

If you transfer the home loan to ICICI Bank, you can choose one of the three ways to save:

  1. Keep your loan tenure the same as before and reduce your monthly instalment amount.
  2. Keep your monthly instalment amount the same as before and pay off the loan earlier.
  3. Choose the maximum tenure that comes with a much-reduced instalment amount.
Are there specific criteria for Loan Against Property?

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

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