Getting the keys of your dream home early in life is surely one of the best feelings, isn't it? And, to help you in fulfilling that dream, ICICI Home Loan is here. The bank with its unmatched and impeccable home loan product is actually too good to resist. Yes, you read that absolutely right! Lowest interest rates, easy repayment options and faster approvals offered by the bank will make your home loan journey a memorable experience. In fact, the bank also offers attractive interest rates to all women borrowers out there. So, let's understand more about home loan offered by ICICI.

ICICI Home Loan can be availed for the following purposes:

  • Buying New Home

  • Buying Resale Home

  • Construction New Home/Buying a Property

  • Transferring Your Existing Home Loan to ICICI

ICICI Home Loan Interest Rate

Particulars

Details

Interest Rate

For women - 8.35%-8.85% p.a.

For others - 8.40%-8.85% p.a.

Processing Fee

0.50% - 1.00% of the loan amount

Loan Amount

₹5,00,000-3,00,00,000

Tenure

30 Years

Prepayment Charges

Nil (in floating rate) else 2% plus applicable taxes on principal outstanding

Features and Benefits of ICICI Home Loan

24x7 Assistance: Whenever you are in doubt or looking for any expert assistance, ICICI team is always ready to serve you. By offering you complete assistance in property related issues, inside out, the bank makes sure that you will have a smooth home loan journey.

Loans for Property Across India: You know what is the best thing about this bank? Applicants can avail the loan to buy any property located across any location in India. The bank with its wide network is easy to access anywhere in India.

Home Loan Mobile: Now applying for a home loan has become much easier. Yes, now you don't need a laptop or desktop to apply or to know your loan status as ICICI home loan is in your pocket, on your mobile. Things become much more convenient and easy for you and are just a touch away.

Pre-Approved Home Loan Offers: ICICI also gives you an opportunity, wherein you can make your dream home a reality by availing the pre-approved home loan offers. If you are an existing customer of the bank and have maintained good terms, you might be eligible to get pre-approved home loan offers and that too with less documentation. Isn't it great?

Easy Repayment Options: With flexible and easy repayment options, this home loan is going to be light on your wallet. You can avail the loan for a tenure of up to 30 years, thus you have a lot of time to repay the same with flexible EMIs.

Door-step Service: No matter what sort of assistance you are in need, the bank with its highly talented and proficient team of experts provides you the best door-step service. From giving the complete information to picking-up the documents, the bank will always be your side.

Types of ICICI Home Loan

ICICI Bank Step Up Home Loans

This product is for all the young salaried professionals out there, who want the keys to their dream home early in life. When it comes to availing this loan, those who earn a minimum monthly income of ₹20,000 can avail the same for a tenure of upto 20 years. The best part is that it comes with a maximum loan amount limit of ₹ 3 crore along with enhanced eligibility of upto 20%.

ICICI Bank Extra Home Loans

This home loan scheme offered by the bank comes with a double benefit of improved affordability as well as a longer repayment period. This facility allows you to enhance your loan amount by up to 20% along with providing you an option to extend your repayment period by up to 67 years. Applicants living in Surat, Greater Mumbai, National Capital Region, and Bengaluru can avail the same home loan facility. It is designed to meet the needs of middle-aged salaried, self-employed and young salaried customers.

ICICI Bank Pragati Home Loans

This home loan scheme caters the needs of salaried and self-employed borrowers. Under this facility, the borrowers can avail home improvement loan, non-residential premise loan (NRP) and home loan. But, to avail the same the salaried individuals need to earn a minimum monthly income of ₹10,000. The loan amount offered under this facility ranges between ₹5-50 Lakh for up to a tenure of 20 years.

Pradhan Mantri Awas Yojna

This scheme was announced by the Prime Minister Narendra Modi for Economically Weaker Section( EWS) and Low Income Group ( LIG) categories. With government's vision of housing for all by the year 2022, the bank is offering this credit linked subsidy scheme to fulfill their dream home wish. The first time home borrowers can avail the subsidy benefit of up to 6.5% p.a., hence can avail up to ₹2.2 Lakh. In fact, one can also get the upfront subsidy benefit on principal outstanding.

ICICI Bank Saral Rural Housing Loan

This housing loan scheme is designed to meet the needs of women borrowers, as well as the weaker section of the society, helps in fulfilling their dream of owning a home. The applicants can avail the loan up to 90% of the property value for a tenure of up to 3-20 years. The loan amount offered by the bank ranges between ₹ 5-15 Lakh.

ICICI Home Loan Eligibility

When it comes to availing the ICICI home loan, applicants can easily avail the same by just meeting the eligibility criteria set by the set.

  1. All salaried, as well as self-employed Indians with a regular source of income, can avail the home loan if they fulfill the bank's set eligibility criteria. An applicant needs to be at least 21 years of age so as to avail the loan. One thing you need to make sure is that the loan must terminate before or at 65 years of age/retirement, whichever is earlier.

  2. However, if you are falling short of eligibility, the bank also allows you to add a co-applicant in your loan, whose age should be 18 years. Your close family members such as an earning spouse can be your co-applicant as his/her income will be considered to enhance your home loan eligibility.

  3. Whereas, if you are applying for a home loan as co-owners, in that case, both the co-owners must be co-applicants of the loan also.

ICICI Home Loan Calculator

Home loan calculator is one such magical, cost-effective and time-saving device that allows you to calculate your loan EMIs in a very quick and easy manner. How much EMIs, you need to pay each month so as to repay your home loan is actually one of the most common concerns of many. Thus, to solve this hassle, ICICI Home Loan EMI Calculator is here, providing the detailed information of your EMIs, interest outgo and total amount payable on the loan. You just need to feed three basic components into the calculator:

  • Loan Amount

  • Interest Rate

  • Tenure

The moment you fill in the required detailed mentioned, the calculator starts its magic and gives you the exact amount of EMIs that you need to pay each month so as to repay your loan.

Let's have some more clarity on the same with the help of an example below:

Suppose, Rajat Kapoor, a 30- year- old Software Engineer by profession is looking to avail a home loan of ₹25,00,000. Well, by looking at his profile, a lender has agreed to give him the same loan amount at an interest rate of 8.35% per annum for 30 years. Rajat is more than happy as his wish of buying a dream home is finally going to fulfill. But, before going for the same, he is also worried about his monthly installments and interest outgo towards his home loan. What is the simplest way to know the same? Well, nothing to worry as ICICI Home Loan EMI Calculator gives you the exact calculations in a hassle-free manner. So, he used the calculator for the same and his home loan calculation comes out to be:

EMI:₹18,958

Interest Outgo:₹43,24,774

Total Amount Payable (Principal + Interest):₹68,24,774

Documents Required for ICICI Home Loan

When it comes to availing a home loan from ICICI, you just need to follow an easy and quick process along with submitting a complete list of documents. You need to keep the documents ready for a hassle-free home loan journey. Take a look below to know about the required documentation.

Documents Salaried Self-employed Professional Self-employed Non-Professional

Applicantion form with duly signed photograph

Yes

Yes

Yes

Age, Residence & Address Proof

Yes

Yes

Yes

Last 6 Months Bank Statements

Yes

Yes

Yes

Last 3 Months Salary Slips

Yes

Yes

Yes

Processing Fee Cheque

Yes

Yes

Yes

Form 16/Income Tax Returns

Yes

Yes

Yes

Proof of Business Existence

   

Yes

Business Profile

   

Yes

Education Qualification Certificate & Proof of Business Existence

 

Yes

Yes

Last 3 Years Income Tax Returns with Computation of Income

 

Yes

Yes

Last 3 Years CA Certified/Audited Balance Sheet and Profit & Loss Account

 

Yes

Yes

Post closure of loan, documents required for handover of original property related documents

  • Power of Attorney format for the collection of original property documents

  • In the case of death of loan account holder:

  • Request letter from the legal heir/claimant/nominee(s) for handover of property documents

  • Letter of relinquishment for relinquishing right in the favour of legal heirs/nominees/surviving owners for handover of documents.