Home Loan Apply17147 views
ICICI Bank offers instant and paperless housing loan approval up to Rs 1 crore
Pay only ₹2,500/- processing fee on ICICI home loan by submitting all documents within 7 days
ICICI home loan rates within 8.25%-9.35%
Table of Contents
- 1 About ICICI Home Loan
- 2 ICICI Home Loan Interest Rates January 2020
- 3 ICICI Bank Home Loan Interest Rate (Special Offer Valid Till December 31, 2019)
- 3.1 Special Pricing on Home Loan Products (Including Pre-approved Home Loan)
- 3.2 Special Pricing on Balance Transfer of Home Loan & Land+Construction with repayment mode Auto Debit (Applicable for NRI customers as well as for existing customers opting for conversion)
- 3.3 ICICI Bank Home Loan Processing Fee
- 4 ICICI Home Loan Schemes
- 5 How can you apply online for ICICI home loan?
- 6 What is the eligibility to apply for ICICI home loan?
- 7 What are the documents required for ICICI home loan?
- 8 Benefits of ICICI Home Loan
- 9 How can you calculate EMI for ICICI home loan?
About ICICI Home Loan
With the combination of low processing fee, higher loan amount and instant approval, ICICI home loan is among the best choices. 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
- 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
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
ICICI Home Loan Interest Rates January 2020
Below is the table showing the housing loan details of ICICI Bank. The fee is excluding 18% GST which is to be deducted from the disbursed amount.
|Processing Fee||₹10,000/- + GST or 0.25% of the loan amount + GST|
ICICI Bank Home Loan Interest Rate (Special Offer Valid Till December 31, 2019)
Special Pricing on Home Loan Products (Including Pre-approved Home Loan)
|Loan Amount (In ₹)||CIBIL > 780||CIBIL <=780|
|<= 35 Lakh||8.60%||8.75%|
|>35 Lakh-75 Lakh||8.65%||8.90%|
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- Additional 5 bps discount can be offered on above special rates if the repayment mode is Auto Debit
- Additional 5 bps discount can be offered on above special rates if Housing PSL is ‘Yes’
- Additional 5 bps discount** can be offered on above special rates if LTV is <75% for loan amount <=₹35 lakh and LTV is <70% for loan amount >₹35 lakh-₹75 lakh & above ₹75 lakh
Up to 15 bps discount can be offered on the above mentioned special rates, if all the above criteria is fulfilled (Auto Debit, PSL-Yes & LTV). If two conditions are met then10 bps discount can be offered. If one condition is met then 5bps discount can be offered.
Special Pricing on Balance Transfer of Home Loan & Land+Construction with repayment mode Auto Debit (Applicable for NRI customers as well as for existing customers opting for conversion)
|All Loan Amounts||8.45%||8.60%|
ICICI Bank Home Loan Processing Fee
Those who submit all home loan documents to the bank within 7 days, will be charged only ₹2,500/- processing fee.
ICICI Home Loan Schemes
Below are the schemes available for ICICI Bank home loan.
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.
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.
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 lowest rate possible.
What is the eligibility to apply for ICICI home 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:
|Documents||Salaried||Self-employed Professional||Self-employed Non-Professional|
|Application 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|
|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|
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.
For what purposes can you take ICICI home loan?
ICICI Home Loan can be availed 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, 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.
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
Here is an example for your reference.
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 30,00,000 9.10% 1 ₹ 2,62,494 ₹ 1,49,923 ₹ 31,49,923 ₹ 30,00,000 9.10% 2 ₹ 1,37,192 ₹ 2,92,606 ₹ 32,92,606 ₹ 30,00,000 9.10% 3 ₹ 95,539 ₹ 4,39,400 ₹ 34,39,400 ₹ 30,00,000 9.10% 4 ₹ 74,798 ₹ 5,90,288 ₹ 35,90,288 ₹ 30,00,000 9.10% 5 ₹ 62,421 ₹ 7,45,246 ₹ 37,45,246 ₹ 30,00,000 9.10% 6 ₹ 54,226 ₹ 9,04,245 ₹ 39,04,245 ₹ 30,00,000 9.10% 7 ₹ 48,420 ₹ 10,67,248 ₹ 40,67,248 ₹ 30,00,000 9.10% 8 ₹ 44,106 ₹ 12,34,214 ₹ 42,34,214 ₹ 30,00,000 9.10% 9 ₹ 40,788 ₹ 14,05,094 ₹ 44,05,094 ₹ 30,00,000 9.10% 10 ₹ 38,165 ₹ 15,79,834 ₹ 45,79,834 ₹ 30,00,000 9.10% 11 ₹ 36,048 ₹ 17,58,375 ₹ 47,58,375 ₹ 30,00,000 9.10% 12 ₹ 34,310 ₹ 19,40,654 ₹ 49,40,654 ₹ 30,00,000 9.10% 13 ₹ 32,863 ₹ 21,26,602 ₹ 51,26,602 ₹ 30,00,000 9.10% 14 ₹ 31,644 ₹ 23,16,146 ₹ 53,16,146 ₹ 30,00,000 9.10% 15 ₹ 30,607 ₹ 25,09,210 ₹ 55,09,210 ₹ 30,00,000 9.10% 16 ₹ 29,717 ₹ 27,05,712 ₹ 57,05,712 ₹ 30,00,000 9.10% 17 ₹ 28,949 ₹ 29,05,570 ₹ 59,05,570 ₹ 30,00,000 9.10% 18 ₹ 28,281 ₹ 31,08,698 ₹ 61,08,698 ₹ 30,00,000 9.10% 19 ₹ 27,697 ₹ 33,15,006 ₹ 63,15,006 ₹ 30,00,000 9.10% 20 ₹ 27,185 ₹ 35,24,405 ₹ 65,24,405 Year Principal Interest Balance Amount 1 ₹ 55,497 ₹ 2,70,723 ₹ 29,44,502 2 ₹ 60,763 ₹ 2,65,457 ₹ 28,83,739 3 ₹ 66,529 ₹ 2,59,691 ₹ 28,17,210 4 ₹ 72,842 ₹ 2,53,378 ₹ 27,44,367 5 ₹ 79,754 ₹ 2,46,465 ₹ 26,64,612 6 ₹ 87,322 ₹ 2,38,897 ₹ 25,77,289 7 ₹ 95,609 ₹ 2,30,611 ₹ 24,81,680 8 ₹ 1,04,681 ₹ 2,21,538 ₹ 23,76,998 9 ₹ 1,14,615 ₹ 2,11,605 ₹ 22,62,383 10 ₹ 1,25,491 ₹ 2,00,728 ₹ 21,36,891 11 ₹ 1,37,400 ₹ 1,88,820 ₹ 19,99,491 12 ₹ 1,50,438 ₹ 1,75,782 ₹ 18,49,052 13 ₹ 1,64,713 ₹ 1,61,506 ₹ 16,84,339 14 ₹ 1,80,344 ₹ 1,45,876 ₹ 15,03,994 15 ₹ 1,97,457 ₹ 1,28,763 ₹ 13,06,537 16 ₹ 2,16,194 ₹ 1,10,025 ₹ 10,90,342 17 ₹ 2,36,710 ₹ 89,510 ₹ 8,53,632 18 ₹ 2,59,172 ₹ 67,048 ₹ 5,94,459 19 ₹ 2,83,766 ₹ 42,454 ₹ 3,10,693 20 ₹ 3,10,898 ₹ 15,527 ₹ 0
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
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.
- By contacting the customers care department
- 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)
ICICI Bank Home Loan Application Status
When you apply for a home loan through Wishfin, you get personalized assistance for your loan. The customer-friendly assistance will help you know the approval time which will be as soon as possible if your application has everything as per the requirement.