ICICI Home Loan

Highlights

  • ICICI Bank offers instant and paperless housing loan approval up to INR 1 crore

  • Pay only INR 2,500/- processing fee on ICICI home loan by submitting all documents within 7 days

  • ICICI home loan rates within 6.95% - 8.05%

ICICI Home Loan Logo

About ICICI Home Loan

The low processing fee, higher loan amount and instant approval make ICICI home loan one of the best choices for customers. ICICI Bank also offers pre-approved home loan which is instant and paperless and can be taken for the loan amount up to Rs. 1 crore. If you are planning to apply for a home loan, get the details below:

  • ICICI instant home loan up to Rs. 1 crore
  • home loan interest rate
  • Fastest Sanction Process
  • Special processing fee of INR 1000 + GST on pre approved loans for ICICI Bank account holders
  • Maximum loan amount available for home loans
  • Eligibility criteria required to apply for the loan
  • List of documents
  • ICICI home loan schemes

Home Loan

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    ICICI Home Loan Interest Rates September 2020

    Below is the table showing the housing loan details of ICICI Bank.

    ParticularsDetails
    Interest Rate6.95% - 8.05%
    Processing Fee
    • Salaried - 0.25% of Loan Amount + GST or INR 10,000/- + GST whichever is less
    • Self Employed - 0.5% - 1% of loan amount + GST
    Loan AmountCustomized
    Loan Tenure30 Years

    Salaried

    Loan Amount SlabHome Loan Interest Rates
    Up to INR 35 lakhs6.95% - 7.60%
    INR 35 lakhs to INR 75 lakhs7.20% - 7.75%
    Above INR 75 lakhs7.30% - 7.95%

    Self Employed

    Loan Amount SlabHome Loan Interest Rates
    Up to INR 35 lakhs7.20% - 7.85%
    INR 35 lakhs to INR 75 lakhs7.35% - 7.95%
    Above INR 75 lakhs7.45% - 8.05%

    ICICI Bank Home Loan Processing Fee

    Those who submit all home loan documents to the bank within 7 days, will be charged only INR 2,500/- + GST Login fee.

    ICICI Home Loan Rates Based on CIBIL Score

    ICICI Bank offers home loan rates based on CIBIL score for both salaried and self-employed applicants across different loan amounts. Let’s check the rates for both of them below.

    Salaried

    Loan Amount (In INR)CIBIL Score >=750CIBIL Score 700-750CIBIL<=700New to Credit
    Upto 35 Lakh6.95%7.25%7.55%7.60%
    Above 35 Lakh-75 Lakh7.20%7.40%7.70%7.75%
    Above 75 lakh7.30%7.60%7.90%7.95%

    Self-employed

    Loan Amount (In INR)CIBIL Score >=750CIBIL Score 700-750CIBIL<=700New to Credit
    Upto 35 Lakh7.20%7.50%7.80%7.85%
    Above 35 Lakh-75 Lakh7.35%7.60%7.90%7.95%
    Above 75 lakh7.45%7.70%8.00%8.05%

    Pre-approved ICICI Home Loan Balance Transfer Interest Rates

    ICICI Bank offers special rates to individuals who have got pre-approved home loan balance transfer offers from the private lender. The rate depends on the amount of transfer as well as the top-up amount you request when doing a balance transfer to ICICI Bank. Let’s check out the rates as well as the processing fee on a pre-approved balance transfer.

    ProductLoan Amount (In INR)Types of Lending InstitutionsInterest Rate (In Per Annum)Processing Fee
    Home Loan<35 LakhMNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd.6.95%INR 3,100
    Others7.50%
    >35 LakhMNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd.7.05%
    Others7.50%
    Top Up on Home Loan<35 LakhMNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd.7.25%0.50% of the loan amount plus GST
    Others7.50%
    >35 LakhMNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd.7.35%
    Others7.50%

    Fees & Charges on Pre-approved Home Loan from ICICI Bank

    ICICI Bank has brought down the processing fee on pre-approved home loans much lower than the standard fee applicable. Check out the table below to know the same.

    ProductsStandard Processing Fee (In INR)Pre-approved Processing Fee (In INR)
    Home Loan/Land Loan10,000 + Applicable Taxes or 0.25% of the Loan Amount + Applicable Taxes, Whichever is Lower3,100 (Inclusive of Taxes)
    Home Loan Balance Transfer10,000 + Applicable Taxes or 0.25% of the Loan Amount + Applicable Taxes, Whichever is Lower3,100 (Inclusive of Taxes)
    Top-up on Home Loan Balance Transfer1.00% of the Loan Amount + Applicable Taxes0.50% of the Loan Amount + Taxes
    Administrative Charges5,000 + Applicable Taxes or 0.25% of the Loan Amount + Applicable Taxes, Whichever is Lower5,000 + Applicable Taxes or 0.25% of the Loan Amount + Applicable Taxes, Whichever is Lower
    Special Applicable Fee for Home Loans/Land LoansProcessing Fee
    Super Work SiteINR 2,500 + Applicable Taxes
    • Lower of Standard Fee or Special Applicable Fee as given above would be applicable
    • Currently, the processing for all online cases is capped to INR 10,000, excluding service taxes. However, this offer might change and the value will change accordingly
    • In the case of top-up on home loan balance transfer, the processing fee will be calculated separately, like the Processing Fee for Balance Transfer Amount and Processing Fee for the Top-up Amount.

    Special Home Loan Pricing for September 2020

    ICICI Bank has launched special pricing for a home loan and home loan balance transfer for September 2020. The rates are lower than 6.95% - 8.05%, usually charged by the renowned private lender. However, the rate is applicable if you have a CIBIL score of more than 750. Cases sanctioned till September 30 will be eligible for lower rates. Let’s check out the rates below.

    Loan Amount (In INR)SalariedSelf-employed
    Upto 35 Lakh6.90%7.05%
    > 35 Lakh7.00%-
    > 35 Lakh <= 75 Lakh-7.10%

    ICICI Home Loan Schemes

    Below are the schemes available for ICICI Bank home loan customers.

    ICICI Express Home Loan

    Arguably the first of its kind in the home loan segment, ICICI Bank has introduced an express home loan for borrowers looking to buy, construct, renovate and extend a housing unit. You don’t need to visit the bank branch as the loan sanction process is fully digital. Check your eligibility by visiting the Express Home Loan portal on the official website of the bank. Know ICICI Express Home Loan in detail.

    ICICI Bank New Home Loan Scheme – Cashback Home Loans

    This new scheme is valid for home loans irrespective of the loan amount. Customers will get the first cashback after paying the first 36 EMIs. 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, 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 INR 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 INR 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 an extended 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.

    ICICI Bank Pragati Home Loans

    This home loan scheme caters the needs of salaried and self-employed borrowers. Under this facility, borrowers can avail home improvement loan, non-residential premise loan (NRP) and home loan. But, to avail the same, salaried individuals need to earn a minimum monthly income of INR 10,000. The loan amount offered under this facility ranges between INR 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 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 INR 2.67 lakh.

    ICICI Bank Saral Rural Housing Loan

    This housing loan scheme is designed to helps women borrowers, as well as the weaker section of the society, fulfill their dream of owning a home. 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 INR 5-15 Lakh.

    How can you apply online for ICICI home loan?

    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 the lowest rate possible.

    What is the eligibility to apply for ICICI home loan?

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

    • All salaried, as well as self-employed Indians with a regular source of income can apply
    • 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 too.

    What are the documents required for ICICI home loan?

    Check out below the documents you need to submit to apply for ICICI Home Loan.

    Documents ChecklistFor SalariedFor Self-employed ProfessionalFor Self-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 the 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.

    For What Purposes Can You take ICICI home loan?

    You can get ICICI Home Loan for the following purposes:

    • Buying New House
    • 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, the bank makes sure you have a smooth home loan journey.
    • Loans for Property Across India: Applicants can avail the loan to buy any property located across 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 i.e. on your mobile. Things become much more convenient and easier for you and are just a touch away.
    • Pre-Approved Home Loan Offers: ICICI also gives you 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 need, the bank with its highly talented and proficient team of experts provides you the best doorstep services.

    How can you calculate EMI for ICICI home loan?

    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
    ₹ 30,00,0008.25%1₹ 2,61,312₹ 1,35,746₹ 31,35,746
    ₹ 30,00,0008.25%2₹ 1,36,024₹ 2,64,581₹ 32,64,581
    ₹ 30,00,0008.25%3₹ 94,355₹ 3,96,797₹ 33,96,797
    ₹ 30,00,0008.25%4₹ 73,591₹ 5,32,384₹ 35,32,384
    ₹ 30,00,0008.25%5₹ 61,189₹ 6,71,325₹ 36,71,325
    ₹ 30,00,0008.25%6₹ 52,967₹ 8,13,601₹ 38,13,601
    ₹ 30,00,0008.25%7₹ 47,133₹ 9,59,187₹ 39,59,187
    ₹ 30,00,0008.25%8₹ 42,792₹ 11,08,054₹ 41,08,054
    ₹ 30,00,0008.25%9₹ 39,446₹ 12,60,168₹ 42,60,168
    ₹ 30,00,0008.25%10₹ 36,796₹ 14,15,495₹ 44,15,495
    ₹ 30,00,0008.25%11₹ 34,651₹ 15,73,992₹ 45,73,992
    ₹ 30,00,0008.25%12₹ 32,886₹ 17,35,615₹ 47,35,615
    ₹ 30,00,0008.25%13₹ 31,412₹ 19,00,319₹ 49,00,319
    ₹ 30,00,0008.25%14₹ 30,167₹ 20,68,051₹ 50,68,051
    ₹ 30,00,0008.25%15₹ 29,104₹ 22,38,758₹ 52,38,758
    ₹ 30,00,0008.25%16₹ 28,190₹ 24,12,384₹ 54,12,384
    ₹ 30,00,0008.25%17₹ 27,396₹ 25,88,871₹ 55,88,871
    ₹ 30,00,0008.25%18₹ 26,704₹ 27,68,157₹ 57,68,157
    ₹ 30,00,0008.25%19₹ 26,097₹ 29,50,179₹ 59,50,179
    ₹ 30,00,0008.25%20₹ 25,562₹ 31,34,873₹ 61,34,873

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

    YearPrincipalInterestBalance Amount
    1₹ 61,535₹ 2,45,208₹ 29,38,464
    2₹ 66,809₹ 2,39,935₹ 28,71,655
    3₹ 72,534₹ 2,34,210₹ 27,99,120
    4₹ 78,749₹ 2,27,994₹ 27,20,371
    5₹ 85,497₹ 2,21,246₹ 26,34,873
    6₹ 92,824₹ 2,13,919₹ 25,42,048
    7₹ 1,00,778₹ 2,05,965₹ 24,41,270
    8₹ 1,09,414₹ 1,97,329₹ 23,31,855
    9₹ 1,18,790₹ 1,87,953₹ 22,13,064
    10₹ 1,28,970₹ 1,77,774₹ 20,84,094
    11₹ 1,40,021₹ 1,66,722₹ 19,44,072
    12₹ 1,52,020₹ 1,54,723₹ 17,92,052
    13₹ 1,65,047₹ 1,41,696₹ 16,27,004
    14₹ 1,79,190₹ 1,27,553₹ 14,47,813
    15₹ 1,94,546₹ 1,12,198₹ 12,53,267
    16₹ 2,11,217₹ 95,527₹ 10,42,050
    17₹ 2,29,316₹ 77,427₹ 8,12,733
    18₹ 2,48,967₹ 57,776₹ 5,63,766
    19₹ 2,70,301₹ 36,442₹ 2,93,464
    20₹ 2,93,639₹ 13,279₹ 0

    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-

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

    ICICI Bank Home Loan Application Status

    When you apply for a home loan through Wishfin, you get personalized assistance for your loan. The experts here will let you know when you can get the approval & disbursal.

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