ICICI Home Loan

Highlights

  • Know the eligibility based on which ICICI Bank offers housing loans.
  • Check the list of documents required to apply for ICICI home loans.

With the combination of minimal processing fee, maximum loan amount and instant approval, the home loan offered by ICICI Bank is among the best choices. If you are planning to apply for a home loan, scroll down and get the following details:

  • Home loan interest rate
  • Processing fees applicable with GST
  • Maximum loan amount available for home loans
  • Eligibility criteria required to apply for the loan
  • List of documents
  • ICICI home loan schemes

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

    Almost done, few more details required.

    ICICI Home Loan Interest Rates July 2018

    Below is the table showing the housing loan details of ICICI Bank. You should know the processing fee also attracts 18% GST and is altogether one-time fee which is to be deducted from the disbursed amount.

    ParticularsDetails
    Interest Rate8.55% - 8.80%
    Processing Fee0.50% - 1.00% of the loan amount + GST
    Loan AmountCustomized
    Tenure30 Years
    Prepayment Charges0% (in floating rate) else 2% + GST on principal outstanding

    What is the eligibility required to apply for the loan?

    To apply for a housing loan at ICICI Bank, applicants have to match the below-mentioned eligibility.

    • All salaried, as well as self-employed Indians with a regular source of income
    • An applicant must be at least 21 years of age to a maximum of 65 years of age/retirement, whichever is earlier.
    • Family members such as an earning spouse can be the co-applicant
    • Co-owners must be co-applicants of the loan as well.

    What are the documents required for ICICI home loan?

    The documents checklist that the applicant must match to apply for a home loan at ICICI are mentioned in the table below:

    DocumentsSalariedSelf-employed ProfessionalSelf-employed Non-Professional
    Application form with duly signed photographYesYesYes
    Age, Residence & Address ProofYesYesYes
    Last 6 Months Bank StatementsYesYesYes
    Last 3 Months Salary SlipsYesYesYes
    Processing Fee ChequeYesYesYes
    Form 16/Income Tax ReturnsYesYesYes
    Proof of Business ExistenceYes
    Business ProfileYes
    Education Qualification Certificate & Proof of Business ExistenceYesYes
    Last 3 Years Income Tax Returns with Computation of IncomeYesYes
    Last 3 Years CA Certified/Audited Balance Sheet and Profit & Loss AccountYesYes

    Other 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 favor of legal heirs/nominees/surviving owners for handover of documents.

    How can you apply online?

    The online loan application procedure is simple with Wishfin. You can visit the website and apply for the lender that suits your purpose. If you match the eligibility criteria and have all the documents (including property papers), Wishfin experts will make sure you get instant approval with lowest rate possible.

    How can you calculate home loan EMI?

    Home loan or an interest rate calculator is one such magical, cost-effective and time-saving device that allows you to calculate your loan EMI in a very quick and easy manner. You just need to feed three basic components into the calculator:

    • Loan Amount
    • Interest Rate
    • Tenure

    Here is an example for your reference.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 30,00,0008.45%1₹ 2,61,590₹ 1,39,079₹ 31,39,079
    ₹ 30,00,0008.45%2₹ 1,36,298₹ 2,71,162₹ 32,71,162
    ₹ 30,00,0008.45%3₹ 94,633₹ 4,06,792₹ 34,06,792
    ₹ 30,00,0008.45%4₹ 73,874₹ 5,45,957₹ 35,45,957
    ₹ 30,00,0008.45%5₹ 61,477₹ 6,88,639₹ 36,88,639
    ₹ 30,00,0008.45%6₹ 53,261₹ 8,34,816₹ 38,34,816
    ₹ 30,00,0008.45%7₹ 47,434₹ 9,84,461₹ 39,84,461
    ₹ 30,00,0008.45%8₹ 43,099₹ 11,37,542₹ 41,37,542
    ₹ 30,00,0008.45%9₹ 39,759₹ 12,94,023₹ 42,94,023
    ₹ 30,00,0008.45%10₹ 37,116₹ 14,53,864₹ 44,53,864
    ₹ 30,00,0008.45%11₹ 34,977₹ 16,17,020₹ 46,17,020
    ₹ 30,00,0008.45%12₹ 33,218₹ 17,83,443₹ 47,83,443
    ₹ 30,00,0008.45%13₹ 31,751₹ 19,53,081₹ 49,53,081
    ₹ 30,00,0008.45%14₹ 30,511₹ 21,25,879₹ 51,25,879
    ₹ 30,00,0008.45%15₹ 29,454₹ 23,01,779₹ 53,01,779
    ₹ 30,00,0008.45%16₹ 28,545₹ 24,80,718₹ 54,80,718
    ₹ 30,00,0008.45%17₹ 27,758₹ 26,62,634₹ 56,62,634
    ₹ 30,00,0008.45%18₹ 27,072₹ 28,47,459₹ 58,47,459
    ₹ 30,00,0008.45%19₹ 26,470₹ 30,35,125₹ 60,35,125
    ₹ 30,00,0008.45%20₹ 25,940₹ 32,25,561₹ 62,25,561

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 60,069₹ 2,51,209₹ 29,39,930
    2₹ 65,346₹ 2,45,932₹ 28,74,584
    3₹ 71,086₹ 2,40,191₹ 28,03,497
    4₹ 77,331₹ 2,33,946₹ 27,26,165
    5₹ 84,125₹ 2,27,152₹ 26,42,040
    6₹ 91,516₹ 2,19,762₹ 25,50,524
    7₹ 99,555₹ 2,11,722₹ 24,50,968
    8₹ 1,08,301₹ 2,02,976₹ 23,42,666
    9₹ 1,17,816₹ 1,93,462₹ 22,24,849
    10₹ 1,28,166₹ 1,83,111₹ 20,96,683
    11₹ 1,39,426₹ 1,71,852₹ 19,57,257
    12₹ 1,51,674₹ 1,59,603₹ 18,05,582
    13₹ 1,64,999₹ 1,46,279₹ 16,40,582
    14₹ 1,79,494₹ 1,31,783₹ 14,61,088
    15₹ 1,95,263₹ 1,16,015₹ 12,65,824
    16₹ 2,12,417₹ 98,860₹ 10,53,407
    17₹ 2,31,078₹ 80,199₹ 8,22,328
    18₹ 2,51,378₹ 59,899₹ 5,70,949
    19₹ 2,73,462₹ 37,815₹ 2,97,486
    20₹ 2,97,668₹ 13,791₹ 0

    How many schemes are there under ICICI Home Loans?

    ICICI Bank New Home Loan Scheme – Cashback Home Loans

    This new scheme is valid for home loans with all loan amount. The customers will get the first cashback after 36 EMIs that is after completing 3 years of the tenure. Afterwards, the 1% cashback for each month will be credited to the account holder. The facility is available for the loan taken for the tenure of 15 years to 30 years. Hence the customers who are eligible under the CLSS scheme will not only get the interest subsidy but will also be able to save more on their home loan.

    ICICI Bank Step Up Home Loans

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

    ICICI Bank Extra Home Loans

    This housing loan scheme comes with a double benefit of improved affordability as well as a longer repayment period. The 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 Yojana

    This scheme is for Economically Weaker Section (EWS) and Low Income Group (LIG) categories under PMAY – Housing for All. 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 up to ₹2.67 lakhs.

    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.

    For what purposes can you take ICICI home loan?

    ICICI Home Loan can be availed for the following purposes:

    • Buying New Home
    • Buying Resale Home
    • Construction New Home/Buying a Property
    • Balance Transfer

    Benefits of ICICI Home Loan

    • 24×7 Assistance: 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: 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: 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 of pre-approved home loan offers. If you are an existing customer of the bank, you are eligible to get pre-approved home loan offers and that too with less documentation.
    • Easy Repayment Options: 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.

    Interest rate conversion option for existing customers

    The existing home loan borrowers of ICICI Bank have the option to reduce the current interest rate on their loan. The conversion cab be done for the following purposes:

    • Convert your existing margin to the applicable prevailing margin or
    • Switch your home loan from floating rate to fixed rate or vice versa.

    There are two ways through which you can know about the facility.

    1. By contacting the customers care department
    2. Visiting the nearest bank branch.

    You need to have the following documents to convert your home loan which are as follows:

    • Self-attested conversion request letter which can be downloaded from bank’s website.
    • Self-attested conversion fee cheque/cash for the payment
    • Identity proof of applicant and co-applicant (if applicable).

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    EMI Calculator