ICICI Home Loan

Note: The figures given in the table are indicative and are subject to change as per the loan scheme at ICICI Bank’s or RBI’s discretion without prior information.

ICICI bank home loan interest rate is 6.95% onwards. The bank offers a variety of home loan schemes at low processing fees and flexible loan tenure of up to 30 years. Both salaried and self-employed customers can apply for ICICI home loan. Customers can avail the loans under Pradhan Mantri Awas Yojana Scheme (PMAY). Check below various ICICI home loan schemes along with their features, benefits, interest rates and other charges.

ICICI Home Loan Features & Benefits

The key features and benefits of ICICI Home Loan are as follows:

• Facilitates pre-approved loans
• Offers Home Loan insurance to make ICICI Home loan repayment easier for borrower’s family in case of their demise.
• Get tax benefit of up to Rs. 1.5 lakh on home loan
• Offers a wide range of ICICI home loan schemes to cater to different home loan requirements of its customers
• Offers loans at attractive interest rates starting at 6.95% p.a.

Value-Added Offerings on ICICI Home Loan

Added benefits on ICICI Home Loan are given as follows:

• Approved projects: Get loan quickly with simple documentation by buying projects approved by ICICI Bank.
• Pre-approved home loans: ICICI bank facilitates pre-approved loans for its selected customers, thus reducing the burden of detailed documentation.
• Home loan insurance: ICICI bank keeping in mind any unforeseen incident in the user’s life, provides for Home Loan insurance to make ICICI Home loan repayment easier for the user’s near ones. These products come in two variants:
  • Home Insurance and Secure Mind: This scheme is also known as a single premium long-term plan that offers no medical checkup up to a premium of Rs. 3 crore. This plan is also helpful in a tax benefit and multiple applicants can be covered under one single plan.
  • Loan Protect: Provides for tax benefit and also gives the flexibility to continue life cover even after loan closure. Life coverage remains constant for 20 years. This plan also offers no medical test for premium up to Rs. 5 crore.

ICICI Home Loan Interest Rates

ICICI Bank offers floating rate interest rate on home loans, which currently is 8.10% onwards. As per the RBI guidelines, the ICICI home loan interest rates are linked to repo rate, which currently is 4.40% (as updated on October 4, 2019). The rates differ on the basis of the scheme, employment type, loan amount and credit score.

Compare ICICI home loan interest rates 2020

Note: The figures given in the table are indicative and are subject to change as per changes in ICICI Bank’s home loan schemes or RBI policy.

ICICI Home Loan Processing Fees & Other Charges

Note: GST and other applicable charges applicable as per prevailing rate will be levied over and above on the charges given in the table. The figures given in the table are indicative and are subject to change at the banks’ discretion without prior information.

ICICI Home Loan EMI Calculator

Home loans should be planned in advance to ensure timely repayment of a hefty sum. An EMI calculator can help borrowers plan ahead and pay off the borrowed amount with accrued interest within the loan tenure. Paisabazaar.com provides the facility of ICICI Home Loan EMI Calculator for free. It is easy to use and provides instant results. The steps to use Paisabazaar’s Home Loan EMI Calculator are:

• Visit the Home Loan EMI Calculator page
• Enter the following details:
  • Loan Amount
  • Rate of Interest
  • Loan Tenure

ICICI Home Loan EMI depends on loan tenure, loan amount and interest rate. The following table shows the effect of loan amount and loan tenure on loan EMIs. The values of loan amount and loan tenure are variable and the value of home loan interest rate is constant at 6.95% p.a.

In the table, you can notice that the monthly instalments or EMIs increase with the increase in the loan amount. Also, the EMIs reduce with the increase in the loan tenure. Choosing longer loan tenure might seem like the right choice but remember that even though longer tenure reduces your EMI but it increases the total interest payout. Hence, pick your home loan tenure after careful consideration.

ICICI Home Loan Eligibilty

ICICI home loan eligibility varies from one scheme to another. It majorly depends on the following factors:

• Current age – The age of the loan applicant helps the lending institutions set the loan tenure. They usually try to restrict the home loan tenure to the applicant’s retirement age.
• Employment – Depending on the home loan scheme, both salaried and self-employed individuals can apply for the ICICI Home Loan. The stability of the job or business also plays an important role in determining home loan eligibility.
• Income – The amount of income through job or business determines if the loan applicant will be able to repay the amount on time or not. The applicant must have sufficient and regular source of income.
• Financial obligations – The loan applicant’s current financial obligations reflect his/her loan repayment capacity. Getting another loan with an existing one increases the risk of loan default.

Your home loan eligibility can be further improved by adding a co-applicant to your loan.

ICICI Bank Home Loan Documents Required

Some of the common documents required for ICICI Home Loan are:

For Salaried Individuals:

• Application form with photograph duly signed
  • Identity, residence and age proof
  • Last 6 months bank statements
  • Last 3 months Salary-slips
  • Processing fee cheque
  • Form 16 / Income Tax Returns

For Self Employed Professionals / Self Employed Non-Professionals:

• Application form with photograph duly signed
  • Identity, residence and age proof
  • Last 6 months bank statements
  • Processing fee cheque
  • Form 16 / Income Tax Returns
  • Proof of business existence
  • 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 & Loss Account

ICICI Home Loan Schemes

Understanding that not all home loan requirements are same, ICICI Bank offers a wide range of home loan products for its customers. The ICICI home loan types include the following:

Compare ICICI Home Loan Offers

1. Instant Home Loan

Features & Benefits

• Get loan sanction in just a few clicks
• No documents required at the time of loan sanction
• Exclusive top offers for top corporates
• Online application process

Interest Rates

Processing Fees & Other Charges

Eligibility

• Customers who have ICICI Bank Salary Account can apply for this loan

To know more about ICICI Instant Home Loans, click here.

2. 30 Year Home Loan

Key Features & Benefits

• Attractive floating and fixed interest rates options
• EMI as low as 809 per lakh (T&C Apply)
• Longer repayment tenure up to 30 years
• Higher loan eligibility

Eligibility

• Women borrowers and other individuals working for a select group of companies can apply for this loan

3. ICICI Home Improvement Loan

Key Features & Benefits

• Cover a range of facilities internal as well as external to the structure without increase in the living space
• The loan will be extended for acquisition, construction, repairs, renovation or up-gradation of a house in rural areas
• Get the loan scheme at Home Equity rate of interest
• LTV: Loan up to 90% of property value
• Loan amount: Between 5 lakh and 15 lakh
• Tenure: 3-20 years

Eligibility

• Women and weaker section of the society are eligible to apply for this loan

4. ICICI Balance Transfer Plus Top Up

Balance Transfer Interest Rates

Top Up Interest Rates

Processing Fees & Other Charges

Prepayment Charges

Note:

• Pre-payment charges mentioned above are applicable on full repayment of the loan
• Nil charges on partial payment into the loan
• Charges will be calculated on the principal outstanding on the loan closure date

Key Features & Benefits

• Fast processing and quick disbursement with Express Balance Transfer
• Flexible end use
• Top up loan amount up to 100% of your original loan
• Attractive interest rates
• Can be availed to get Top Up on Home Loan, Loan Against Property (LAP), Non-Residential Premises Loan
• The loan amount offered is from Rs. 8 lakh to Rs. 5 crore
• Loan tenure is up to 30 years, as per the loan type

Eligibility

• Both salaried and self-employed (professionals& non-professionals) can apply for the loan
• The age of the loan applicant should be from 25 to 65 years (or lower retirement age)

Documents Required

For Salaried Individuals:

• Application form with photograph duly signed
  • Identity, residence and age proof
  • Processing fee cheque
  • A copy of title documents Form 16 / Income Tax Returns
  • List of documents with existing financier
  • Latest Outstanding Letter from existing financier
  • Repayment Track Record
  • Latest 6 months’ bank statement of Salary Account
  • Latest 3 months’ salary slips
  • Form 16/ Income Tax Returns
  • RTR for existing loans for the last 12 months

For Self Employed Professionals / Self Employed Non-Professionals:

• Application form with photograph duly signed
  • • Identity, residence and age proof
    • Last 6 months bank statements
    • Processing fee cheque
    • Form 16 / Income Tax Returns
    • Proof of business existence
    • Education qualification certificate and proof of business existence
    • Last 3 years Income Tax Returns with computation of income
    • Latest 6 months’ bank statement of Current Account for self-employed
    • Form 16/ Income Tax Returns
    • Educational qualification certificate
    • Latest 3 years’ Financials –
      • Computation of Income
      • Balance Sheet and Profit & Loss Accounts(with Schedules and Audit Report) – Audited or CA certified
    • RTR for existing loans for the last 12 months

5. ICICI Bank Insta Top Up Loan

Key Features & Benefits

The Top Up facility can be availed by eligible customers in just a few clicks

• • Digital experience with no need for physical documents
  • Eligible individuals can get the Instant Top Up Loan for up to 10 years
  • The maximum loan amount that the bank can lend is of up to Rs. 20 lakhs

To know more about ICICI Insta Top-up Loan, click here.

6. ICICI Bank 24 Hours Top Up Loan

Key Features & Benefits

• Pre-approved top up loan
• Loan disbursal in just 24 hours
• Can avail the loan for up to 10 years
• Documentation process is simple
• Loan Amount: Up to 25 lakh

Eligibility

All existing home loan borrowers can apply for the loan

7. ICICI Top Up Loan

Key Features & Benefits

• Can be used to fulfill any business or personal financial requirements
• Offers attractive interest rate
• Offers loan tenure up to 20 years
• Has simplified documentation process
• Facilitates quick loan processing

Eligibility

• Property construction to be completed within two years from the date of availing first disbursement of the loan
• The plot must be within municipal limits of hub locations or outside municipal limits in case of direct allotment by Development Authority

8. ICICI Bank Extra Home Loans

Key Features & Benefits

• Enhance your loan amount by up to 20%
• Depending on the loan variant, extend the repayment period up to 67 years of age
• Get dual advantage of improved affordability and a longer repayment period
• Enhancement in loan/repayment period is backed by Mortgage Guarantee
• Facility is offered in Greater Mumbai, National Capital Region, Bengaluru and Surat
• Available in 3 variants to address the needs of middle age salaried individuals, self-employed professionals and young age salaried individuals
• The loan is offered in association with Indian Mortgage Guarantee Corporation (IMGC), a joint venture between National Housing Bank, Genworth Financial Inc., Asian Development Bank and International Finance Corporation.

Eligibility

• Self-employed individuals and middle-age and young-age salaried customers can apply for this loan
• The age of middle-age salaried individuals must be up to 48 years
• The age of young-age salaried individual must be up to 37 years

 9. ICICI Bank Saral Housing Loan

Key Features & Benefits

• The loan will be extended for acquisition, construction, repairs, renovation or up-gradation of a house in rural areas
• LTV: Loan up to 90% of property value
• Loan amount: Between 5 Lakh – 15 Lakh
• Tenure: 3-20 years

Eligibility

Women and weaker section of the society are eligible to apply for this loan

10. ICICI Bank Pragati Home Loans

Key Features & Benefits

• Under this loan scheme, eligible customers can avail Home Loan, Home Improvement Loan and Non Residential Premise Loan (NRP)
• Loan amount:  From Rs. 5 lakh to Rs. 50 lakh
• Tenure: Up to 20 years
• Easy Balance Transfer facility available
• Maximum LTV (HL) to salaried borrowers is as prescribed by RBI guideline
• Maximum LTV (HL) for Self Employed Non Professional (SENP) borrowers is 65%
• Maximum LTV (NRP) is 60%

Eligibility

• Both salaried and self-employed individuals can apply for this loan
• The minimum income required for salaried individuals is 10,000 per month
• Salaried individuals must have the minimum work experience of 1 year
• Self-employed individuals must have a business vintage of 5 years (3 years in same business)

11. ICICI Bank Land Loan

Key Features & Benefits

• Enables the purchase of a residential plot of land for self-construction
• Property construction to be completed within two years from the date of availing first disbursement of the loan
• The plot must be within municipal limits of hub locations or outside municipal limits in case of direct allotment by Development Authority

12. Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY-CLSS)

Key Parameters of Credit Linked Subsidy

Note: *The House constructed/acquired should be in the name of the female head of the household or in the joint names of a male head of the household and his wife. Only in cases, where there is no adult female member in the family, the house can be in the name of a male member of the household.

However, this stipulation is applicable only for new purchases and not for new construction (on an existing piece of land) or for enhancement/repairs of an existing house.

** This Norm is currently relaxed.

Key Features & Benefits

• Features
• Upfront interest subsidy benefit on principal outstanding
• Aadhaar number(s) of the beneficiary family are mandatory for MIG category
• Interest subsidy will be available for a maximum loan tenure of 20 years or the loan tenure availed by the borrower whichever is lower
• There is no cap on the loan amount or on the cost of the property.
• The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
• The additional loan beyond the specified limits, if any to be at a non-subsidized rate.

Eligibility

• The scheme is offered to families, comprising of husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)
• The family should not own a pucca house in his/ her name or in the name of any member of the family, in any part of India.
• The interest subsidy on purchase/ construction/ extension/ improvement of a house is provided to customers belonging to Economical Weaker Section (EWS)/Lower Income Group (LIG)/Middle Income Group (MIG).
• The beneficiary family should not have received central assistance under the Mission “Housing for all by 2022”.

Apply for ICICI Bank Home Loan

Apart from visiting the branch personally, the individuals can apply for ICICI Bank home loans online. Some of the home loan schemes offered by the bank facilitate a complete digital experience. Customers can apply for these schemes online through internet banking without having to visit the bank branch personally or submit physical documentation.

An alternative way to apply for ICICI Bank home loan online is via Paisabazaar.com. The steps to do are given as follows:

• Visit the Home Loan page at Paisabazaar.com
• Fill out the required details such as type of home loan, required home loan amount, etc.
• Fill out some more details related to your home loan requirements and personal details such as property cost, your full name, date of birth, etc.
• Select the checkbox to agree on the terms and conditions
• Click the View Best Offers button to proceed

The best home loan offers as per your eligibility will appear for you to compare and choose.

• Apply for the home loan offer you think best suits your requirements

Instantly you will receive an acknowledgement message, which will include a reference number. From here, you will receive a call from Paisabazaar’s home loan expert to take the process forward.

ICICI Home Loan Customer Care

To get ICICI Housing Loan-related doubts or complaints resolved, customers can reach the lending institution through the following ways:

ICICI Home Loan Customer Care Number

1860 120 7777

ICICI Home Loan Alternate Customer Care Numbers

Delhi: 011 33667777

Kolkata: 033 33667777

Mumbai: 022 33667777

Chennai: 044 33667777

For any unresolved query, you may register grievances on the ICICI’s official website or dial the toll-free number 1800 200 3344 between 9 a.m. and 6 p.m. from Monday to Friday. Before dialling this number make sure you provide the Service Request Number (numeric digits only) which is not more than 2 months old.

ICICI Home Loan FAQs

What are the ICICI Home Loan benefits?

ICICI Home Loan benefits are:

• Offers home loan at 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 a 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)

How much home loan can a customer get on his/her salary?

The loan amount a home loan applicant will get on his/her salary depends on various factors such as net salary, credit score, current debt situation and value of the property.

Which ICICI Home Loan Scheme is the best?

All ICICI Home Loan Schemes are different from each other. Each has its unique features and benefits to cater to varied home loan requirements. Which ICICI Home Loan Scheme will be the best for customers depends on their requirements and credit profiles. If you are unable to decide on which home loan scheme is best for you, check out the options, here.

Which factors determine ICICI Home Loan Eligibility?

ICICI Home Loan eligibility is dependent on various factors. Some of them are:

• Age of the loan applicant
• Type of employment (Salaried or Self Employed)
• Work experience or total years in business
• Status of business or employment
• Monthly income or business turnover
• Credit history of company or individual
• Type of property being purchased under home loan

Which is better between fixed and floating home loan interest rates?

Here’s a comparison table between home loan floating and fixed interest rates to help you make an informed decision:

It is difficult to say which home loan interest rate is better. Choosing between fixed and floating home loan interest rate depends on the loan applicant’s needs, preferences and financial profile.

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

No, a home loan applicant cannot get a 100% loan to buy a new house. This is because as per the Reserve Bank of India guidelines, lending institutions cannot lend more than 90% on housing loans. For the loan amount up to Rs 30 lakh, lending institutions can sanction >80% and <=90% of the pledged property.