ICICI Bank Home Loan

ICICI Bank home loan interest rates start from 8.75% p.a. onwards to its pre-approved customers depending on their credit profile.

The home loan eligibility of the applicants depends upon their age, monthly income, customer’s profile, credit history, retirement age, etc.

ICICI Bank has not specified the necessity of having a co-applicant while applying for an ICICI Bank Home Loan. However, having a co-applicant combines their income and creditworthiness with the primary applicant, thereby, increasing the eligibility and loan amount for the home loan.

Existing home loan borrowers of ICICI Bank can request the bank to reduce their interest rates. However, the bank would charge a conversion fee of 0.50% of the outstanding principal on switching to lower interest rates. In case, the bank does not reduce your home loan interest rates, you can transfer your home loans from ICICI Bank to other lenders offering home loans at lower interest rates.

ICICI Bank has set the minimum monthly salary eligibility of Rs 25,000 for its home loan applicants.

You can download your ICICI Bank Home Loan certificate through the ICICI Bank Home Loan mobile app, iMobile Pay. You can also get your ICICI Bank Home Loan certificate by visiting the ICICI Bank branch.

Once you opt to increase your home loan EMI, ICICI Bank may not allow you to decrease the EMI later. Moreover, decreasing the EMI would result in loan restructuring, which is considered as a credit negative even for the borrower and may adversely impact.

ICICI Bank offers pre-approved instant home loans to its premium/select customers maintaining their salary account with the bank. The loan amount offered is based on the salary credits appearing in the salary account.

The sanction letter is valid for up to 6 months during which you get your home loan disbursed.

ICICI Bank offers home loans at floating rates only.

Yes, you can prepay your home loan availed from ICICI Bank. It does not levy any prepayment charges on floating rates of interest.

Prospective home loan applicants should use online home loan EMI calculators to plan their monthly EMIs prior to making home loan applications. This is because lenders prefer home loan applicants whose total EMIs, including existing and planned home loan EMIs, are between 50 and 60% of their monthly income.

If prepayment penalties apply to your ICICI Bank home loan, you will be charged conversion fees equal to 0.5% of the remaining balance for lowering the floating interest rate, 2% of the remaining balance for changing the loan from semi-fixed to floating interest rate, 0.5% of the remaining balance for changing the loan from floating to semi-fixed interest rate, and 2% of the remaining balance for switching from fixed to floating interest rate. ICICI Bank levies conversion fees of Rs 1,000 for home loans in which prepayment penalties are not applicable in all of the aforementioned situations.

In the case of home loans partially disbursed by ICICI Bank, the borrowers are required to service only the interest component till the full disbursal of the loan amount. ICICI Bank has termed the ‘interest-only payment’ period as Pre-EMI (PEMI). The payment of the full EMI, which includes interest and principal components, starts after the final disbursal of the loan amount.

You can get your ICICI Bank Home Loan details either through the official website of ICICI Bank or through its official mobile banking app, iMobile. You can also contact customer care or visit the ICICI Bank branch for any queries related to your ICICI Bank Home Loan.

ICICI Bank has not specified any special home loan interest rates for female borrowers. The ICICI Bank home loan interest rates offered to female borrowers are the same as those offered to regular home loan borrowers. Hence, the interest rates for female borrowers of ICICI Bank start from 8.75% p.a. onwards.

ICICI Bank Home Loan borrowers can download their home loan statements either through the official website of ICICI Bank or through its mobile app, iMobile. Alternatively, borrowers can also visit ICICI Bank branches to get their home loan statements.

Yes, you can track your ICICI Bank Home Loan application status either through the official website of ICICI Bank or through its mobile banking app, iMobile. You can also check the status of your home loan application through the ICICI Bank branch or by contacting the ICICI Bank Home Loan customer care service.

The customer care email ID for ICICI Bank Home Loan is customer.care@icicibank.com.

Once an applicant receives a home loan sanction from ICICI Bank, the lender would ask the applicant to sign the mandates, disbursement request form and facility agreement of loan amount. The applicant would have to also submit the original documents related to the home purchase transaction for validating the collateral security. Once these processes are completed, ICICI Bank will make loan disbursements depending on the banking proof submitted and the s date of EMI, date of disbursement and mode of disbursement chosen by the applicant.

ICICI Bank claims to take around 1-2 weeks to sanction home loans. However, the processing time can vary depending on the accuracy and verification of the applicant’s financial documents and the time taken for property and legal checks. The time taken for home loan sanction would also depend on how promptly the applicants submit the required documents. Post-sanction of the home loan application, the bank would carry out legal and technical evaluation of the property and the applicant would have to sign the disbursement-related documents. Once all the processes are ticked, the bank will make disbursements depending on the disbursement date, EMI date and mode of disbursement chosen by the applicant.