1. ICICI Pre-Approved Loan: ICICI bank also facilitates pre approved loans for its selected customer, thus reducing the burden of heavy documentation.
2. ICICI Ltd. Home Loan Insurance: ICICI bank keeping in mind any unforeseen incident in the user’s life provides for Home Loan insurance in order to make ICICI Home loan repayment easier for the user’s loved ones.These products come in two variants:
- Home Safe Plus: It’s a single premium long term insurance plan which ensures insured sum remain constant during the policy period.It also ensures monthly payment of sum insured in case of PA or Permanent& total disability claims.
- Loan Protect: Provides for tax benefit and also gives the flexibility to continue life cover even after loan closure.
3. Personal Loan linked to Home Loan schemes: A customer already having an ICICI bank housing loan scheme can directly apply for a personal loan in linkage with the existing ICICI Bank Home loan. This provides the customer with some extra cash for meeting certain sudden expenses.The tenure period of the personal loan is same as the ICICI Bank home loan period.This kind of loan can also be referred to as top up loan and this ICICI Bank housing loan can be taken by both individuals as well as non individual customers.The top up can amount up to 100% of the existing amount and the tenure can range upto 20 years or the outstanding period of the original ICICI Bank Home loan.
4. ICICI Home Loan Transfer and Top Up: This is an extended facility for customers transferring their loan from other banks and non banking financial institutions to ICICI.This facility provides customer s with the power to apply for an additional top up loan at the time of transfer.The top up amount can be upto 100% of the transferred amount and the interest rates are also kept low.
5. ICICI bank Saral Rural Housing Loan: Ranging between Rs5.00 lakhs to RS.15.00 lakhs and a tenure of 3-20 years with an interest rate of 9.70%(of the base value), this loan is directed towards developing the rural area and empowering women and the weaker sections of the society.The ICICI rural home loan is generally sanctioned for acquisition, construction, repairs, renovation or up-gradation of a house in rural areas. ICICI Rural Housing Finance is meant for the welfare of the rural population.
6. Lease Rental Discounting: It facilitates raising loans against future expected rentals of self owned commercial property.The property should be occupied by a lessee. This loan is very helpful in raising funds for wedding, child’s education, business expansion or renovation work.
7. Office Premises Loan (Non Residential Property): With this loan, ICICI bank caters to the needs of its customers of owning their own business premises or office.This loan provides for purchase, construction, extension and improvement of its customer’s office premises. The loan may also be packaged to include the estimated renovation expenses .However; the loan can be extended only towards non residential property.
8. Land Loan: Contrary to the above mentioned loans, Land Loans can only be applied for purchase of residential property and can only be utilized for self construction. The plot must be within municipal limits of hub locations or outside municipal limits in case of direct allotment by Development Authority. However, the applicant must keep in mind that the construction has to be completed within two years of the first amount disbursement of the sanctioned loan.
9. ICICI NRI Home Loans: ICICI Bank Home Loan is also available to NRI’S and PIO’S.
At an attractive interest rate,easy home loan application and tracking facility and doorstep service this loan gives NRI’S the freedom to purchase a land, Home, Flat or any residential Property.The applicant must be minimum 21 years of age.The maximum age limit for an NRI candidate is 60 years or retirement age (whichever is earlier) at the time of maturity. The applicant if Salaried should have stayed abroad for a minimum period of 1 year and if Non-salaried,should have had spent a minimum of 3 years abroad.
The processing fee stands at 0.5% of the loan amount and the surcharges & applicable service tax.
The repayment of the loan amount can be done only in Indian Rupee through remittances from abroad, through normal banking channels or through NRE/NRO accounts.ICICI allows three modes of Repayment under NRI Loans:
- Before availing full disbursement of loan
- After availing full disbursement of loan
10. Pradhan Mantri Awas Yojana – in keeping with the vision of our honorable Prime Minister, ICICI bank offers Personal Loans under the Pradhan MantriAwasYojana Scheme which is for the welfare of the economically challenged class of individuals. This ICICI Bank home loan offers a ‘Credit Linked Subsidy Scheme’ which is meant for Economically Weaker Sections (EWS) and Lower Income Group (LIG) sector of the population. Tis scheme allows these economically weaker individuals avail a home loan to fulfill their housing needs. The beneficiaries of this scheme are those families which do not own a pucca house and belong to the Economically Weaker Sections (EWS) and Lower Income Group (LIG) part of the society. The family in question should consist of a husband, wife and unmarried children. The subsidy promised under this scheme would be in the form of a lower interest rate which would be 6.5% per annum for those who are buying their first house. This subsidized rate would be applicable for a period of 15 years of the loan for loans amounting up to Rs.6 lakhs. Loans higher than this amount would not attract the interest subsidy. An upfront subsidy benefit is given on the amount of principal outstanding as loan. The ICICI Bank Home loan granted under this scheme can be used for purchasing or constructing a new house and also for enhancing an existing dwelling unit.
The categories of individuals who can avail this subsidy, namely the EWS and LIG should comply with the prescribed income norms. Such income norms state that EWS households should have an annual household income of up to Rs.3 lakhs while LIG households should have an annual income of Rs.3 lakhs to Rs.6 lakhs. Documents supporting this income proof would be required to be submitted or else an Affidavit for the same is required. Moreover, the individuals not owning the pucca house and applying for the loan should also make a declaration of not owning a pucca house.
11. Balance Transfer: ICICI Bank also allows its customer to transfer their existing loans from other banks and non-banking financial institutions to ICICI at amazingly lower rates of interest,thus saving the customer a lot of money in terms of interest and also gives them longer tenure.