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ICICI Home Loan

ICICI Housing Loan 2021

Last Updated 08th Apr 2021

ICICI home loan is an affordable and convenient home loan product that is designed to fulfil the housing dream. ICICI housing loan borrowers can avail a home loan for different purposes such as the purchase of a new home, construction of a new house, or for home renovation for a long tenure of upto 30 years, at affordable interest rates beginning from 6.70%. ICICI Bank home loan processing fee begins from Upto 1.00%. Some of the popular home loan products offered by ICICI are Pradhan Mantri Awas Yojna, ICICI Home Loan Balance Transfer, Home Improvement loan, ICICI Home Loan Top up, and ICICI Land Loan.

  • Pradhan Mantri Awas Yojna - ICICI Bank offers the benefits of the Pradhan Mantri Awas Yojana to the economically weaker sections, lower-income groups and middle-income groups. These groups can avail an interest subsidy benefit of up to ₹ 2.67 lakhs and can avail home loans for a tenure of as long as 20 years.
  • ICICI Home Loan Balance Transfer - ICICI home loan balance transfer allows existing home loan borrowers who have taken a loan from other banks to transfer their home loan to ICICI by offering a low interest rate and low processing fees as well as a quick balance transfer process.
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

ICICI Home Loan Details

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 6.70%
Interest Rate Linked To RLLR
Processing Fee Upto 1.00%

Features & Benefits of ICICI Home Loans

ICICI offers home loans at affordable rates and transparent terms. One can apply for a home loan in ICICI, for various purposes such as the purchase of a house or a flat, for home construction loan, home renovation loan or home extension. Some of the benefits and features that ICICI home loans offer to the home loan borrowers are listed as follows:

  • ICICI Bank home loan customers can track their home loan with ICICI 'trackmyloan' feature.
  • ICICI home loan customers can avail home long for longer tenure up to 30 years.
  • ICICI Bank offers home loan rates linked to external benchmark Repo Rate.
  • Salaried individuals can avail instant home loan approvals from ICICI Bank.
  • The bank offers easy home loan balance transfer to existing home loan customers in just three simple steps.

ICICI Home Loan Offers

ICICI offers home loans to both salaried and self-employed home loan applicants. However, the interest rates vary by occupation, type of property and loan amount. Currently, the lowest ICICI home loan rate for salaried is 6.70%, and for self-employed home loan borrowers, the lowest home loan rate offered is 6.85%. Different interest rates for salaried and self-employed individuals across popular ICICI home loan schemes are listed below:

ICICI Home loan schemes Interest rate for salaried ICICI Interest rate of self-employed
ICICI Home Loan Balance Transfer 6.70% 6.85%
ICICI Home Loan Top up 6.70% 6.85%
HOME IMPROVEMENT LOAN 6.80% 6.80%
ICICI Land Loan 8.90% 8.90%

ICICI Home Loan Schemes

ICICI offers various customized home loan offers for different types of home loan borrowers. The home loan offers vary across different loan segments such as home loans for NRI, for salaried, for Government employees, for defence and army personnel, pre-approved home loans for existing customers, home loans for construction and upgradation of home amongst others. Some of the popular ICICI home loan products and their specifications are listed as follows:

ICICI Home Loan Balance Transfer

  • Loan to reduce EMI and interest paid on your loan amount to avail attractive discount and benefits on balance transfers.
  • Loan comes with the attractive and affordable rate of interest.
  • Offers loan amount upto 100 percent in addition to the original home loan.
    • Borrowers who wish to lower their EMI obligation on their existing home loan from other banks and non banking financial companies. Customers who wants additional funds for meeting their personal or business needs.
    Interest Rate 6.70%
    Processing Fee Minimum ₹ 3,000 and Maximum ₹ 0
    RLLR 6.9%
    Eligible Age 21 - 60 years
    Loan Amount ₹ 20 Lakh to ₹ 100 Cr
    Maximum Tenure 30 years

    HOME IMPROVEMENT LOAN

    • Loan to improve/renovate your dwelling unit by availing a loan at lower rate of interest.
    • Loan is offered at home equity rate of interest for both internal and external furnishing at affordable rates of interest.
      • Individuals who wants to renovate or refurnish their existing house property.
      Interest Rate 6.70%
      Processing Fee Upto 0.25%, Maximum ₹ 5,000
      RLLR 6.9%
      Eligible Age 21 - 60 years
      Loan Amount ₹ 20 Lakh to ₹ 7 Cr
      Maximum Tenure 30 years

      ICICI Home Loan Top up

      • Can be availed for meeting home furnishing, marriage expenses, funding children's higher education, holiday expenses etc
      • Avail loan amount up to 100% of originally sanctioned Home Loan
      • Tenure up to the remaining period of existing loan
      • Lower EMI and attractive interest rates
      Who is Eligible?
      • Salaried and self employed professional and businessman can take this loan
        Interest Rate 6.80%
        Processing Fee Upto 0.25%, Maximum ₹ 5,000
        RLLR 6.9%
        Eligible Age 21 - 60 years
        Loan Amount ₹ 20 Lakh to ₹ 7 Cr
        Maximum Tenure 20 years

        ICICI Land Loan

        • The loan is taken for the purchase of a plot to construct a home.
        • ICICI Land Loan is a loan product for the purchase of a plot of land for constructing a home. Customers can also avail credit for construction on this loan product, as per the construction estimate. However, the development of the land must be completed under two years.
        Who is Eligible?
        • The borrower must be aged between 25-65 years of age.
        • The loan amount should range between Rs 8 lakhs and Rs 3 crores.
        • The maximum tenure for this loan is 20 years.
        • ICICI Land loan can be taken by both salaried and self-employed people.
        Interest Rate 8.90%
        Processing Fee Upto 1.00%
        RLLR 6.9%
        Eligible Age 21 - 60 years
        Loan Amount ₹ 8 Lakh to ₹ 3 Cr
        Maximum Tenure 20 years

        ICICI Bank Home Loan Procedure

        Getting a home loan from ICICI Bank is fairly easy with an online application process. A home loan can be availed from ICICI Bank in five simple steps:

        Step 1: Visit the website, branch, or website of authorised online channel partner of ICICI Bank and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
        Step 2: An official of ICICI Bank or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
        Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a ICICI Bank’s representative will visit your home or office to collect your documents.
        Step 4: ICICI Bank will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
        Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from ICICI Bank and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

        ICICI Home Loan EMI Calculator

        ICICI home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. ICICI Home loan calculator helps the loan borrower pre-plan their home loan in advance. Apart, the results of home loan calculations that ICICI Home Loan EMI calculator offers is accurate and reliable.

        ICICI Home Loan Eligibility Calculator

        ICICI Home loan eligibility calculator is an online tool that helps the ICICI home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

        Documents Required for ICICI Home Loan

        To apply for a home loan in , one is required to submit the following documents:

        • Home loan application form with three attested photographs.
        • Identity proofs: PAN, passport, Voter ID card or driving license.
        • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
        • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or ICICI bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
        • Bank account statements for the last six months of all bank account held by the applicant.
        • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
        • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
        • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
        • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

        ICICI Pradhan Mantri Awas Yojana Subsidy 2021

        Pradhan Mantri Awas Yojana is a home loan subsidy initiated by the Government of India to promote housing for all. The scheme offers financial help to the lower-income groups of the society who earn an income below ₹ 18 Lakh, by offering them home loans at subsidised interest rates. These income groups are EWS or the economically weaker section, LIG or the lower-income group, MIG-1 or the Middle-income group-1 and the MIG-2 or the middle-income group. A maximum subsidy of approximately ₹ 2.67 Lakh can be availed with PMAY on ICICI home loans. The repayment tenure of ICICI PMAY Home loan is up to 15 years. Home loan applicants who are eligible to avail the PMAY subsidy can borrow a home loan with ICICI.

        PMAY Eligibility

        • Middle Income Group I: The Household with an yearly income from ₹ 6,00,001 to ₹ 12 Lakh.
        • Middle Income Group II: The household with an yearly income from ₹ 12,00,001 to ₹ 18 Lakh.
        • The beneficiaries are defined as a family comprising husband, wife and unmarried children.
        • An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
        • In case of a married couple, either of the partners or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.
        • The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

        Compare ICICI Home Loan with Other Banks

        FAQs

        Can I apply for an ICICI home loan online?

        Yes, you can apply for a ICICI home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

        Which is the best ICICI home loan scheme?

        Choosing the best ICICI home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best ICICI home loan scheme is based on one’s needs.

        Is ICICI good for a home loan?

        ICICI is one of the best home loan lenders in the country. Currently, ICICI lowest home loan interest rate is 6.65%.

        How many types of ICICI home loans are there?

        ICICI offers various home loan products for the convenience of the home loan borrowers. Various popular home loan products offered by ICICI are listed as follows: ICICI Home Loan Balance Transfer, ICICI Home Loan Top up, HOME IMPROVEMENT LOAN, ICICI Land Loan

        How can I check my ICICI home loan status?

        One can check their ICICI home loan status on ICICI’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the ICICI mobile app

        What is the eligibility for a Home Loan of ICICI Bank?

        The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

        Does ICICI Bank Home Loan include registration fees?

        Various charges charged by banks on Home Loans include processing fee, registration fee, legal and technical fee, or MODT charges. These may vary across lenders.

        What is ICICI Bank Home Loan procedure?

        You can apply for a ICICI Bank Home Loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online marketplace improves the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process, which includes checking your CIBIL score, property valuation, technical and legal checks on the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also apply by visiting ICICI Bank Home Loan apply online portal and can check your ICICI Bank online Home Loan status by logging into your customer account with MyLoanCare.

        What is the maximum loan tenure I can opt under ICICI Bank house loan?

        ICICI Bank offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

        Can I foreclose my Home Loan? What are the charges applicable?

        Yes, you can foreclose your loan with charges.

        Can I transfer my house loan from another bank to ICICI Bank?

        Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to ICICI Bank can allow you to save interest, pay lower EMIs, and save money.

        Can I club the income of my spouse with mine and apply for joint Home Loan?

        You can club the income of your spouse to increase your Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

        What is the benchmark applicable for a housing loan?

        The benchmark applicable for Home Loan in ICICI Bank is RLLR


        ICICI Home Loan News - Apr 2021
        • 2021-03-05 : ICICI Bank reduced the home loan rates to 6.70%
          ICICI Bank revised its home loan rates for March 2021. The new home loan rate stands at 6.70%. Further, the LAP rate for the bank stands at 8.35%.
        • 2021-03-04 : 10 lakh customers of other bank are using ICICI’s banking app, iMobile Pay
          ICICI Bank reported that 10 lakh customers of other banks have started using its app, ‘iMobile Pay’. The Bank has achieved the feat in three months after it made the app open for all to use, including those not its customers. The bank anticipates that the number is likely to double in two months.
        • 2020-12-21 : IIFL Home tied up with ICICI Bank for home and MSME loans
          IIFL Finance home loan subsidiary has join hands ICICI Bank. The tie-up is striving to provide affordable housing and MSME loans. Under the tie-up, IFL Home will originate and service customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing and in turn, ICICI Bank will provide funding to these customers.
        • 2020-12-15 : ICICI Bank plans to digitally source 75% of new home loans
          ICICI Bank is planning to offer 75% of its new home loans digitally in the next few years, aided by its digital initiatives. The bank in the past few years has invested to digitize and decongest the entire home loan process including loan application, sanction letter, instant top-up disbursements, document submission and even balance transfers.
        • 2020-12-08 : ICICI Bank launched interoperable banking app
          ICICI Bank launched a new version of its mobile payment app which is interoperable and allows payments and other banking services to customers of any other bank. The new app will allow customers to link their bank accounts, generate a UPI ID and avail services such as online transactions, opening savings accounts, making investments, applying for loans and credit cards without being an ICICI Bank account holder.
        *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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