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ICICI Home Loan

ICICI Bank Home Loan 2022

Last Updated 20th Jan 2022

  • ICICI Bank is one of the leading private banks in India that offers home loan facilities at lowest rates.
  • ICICI home loan is an affordable and convenient home loan product designed to fulfil the housing dream. Check Best Offers
  • ICICI housing loan borrowers can avail of a home loan for different purposes for a long tenure of upto 30 years.
  • A borrower can avail home loan balance transfer if they want to transfer a home loan from another lender to ICICI.
  • ICICI Bank offers home loan rates linked to external benchmark Repo Rate.
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ICICI Bank Home Loan Details

ICICI Bank is one of the leading private banks of India which offers home loans at a competitive interest rate. There are various types of home loan schemes offered by the bank customised for every customer.

ICICI Home Loan Features and Benefits

Some of the benefits and features that ICICI home loans offer to the home loan borrowers are listed as follows:

  • Track your loan : ICICI Bank home loan customers can track their home loan with ICICI 'trackmyloan' feature.
  • Longer tenure : ICICI home loan customers can avail of home loans for longer than 30 years.
  • Attractive Interest Rates : ICICI Bank offers home loan rates linked to external benchmark Repo Rate which changes with change.
  • Instant loans : Salaried individuals can avail of instant home loan approvals from ICICI Bank.
  • Avail balance transfer : The bank offers easy home loan balance transfer to existing home loan customers in just three simple steps.

ICICI Home Loan Processing Fee and Charges

ICICI Home Loan Schemes Processing Fees
Home Improvement Loan Upto 0.25%, Maximum ₹ 5,000
ICICI Bank Saral Rural Housing Loan Upto 0.25%, Minimum ₹ 5,000 and Maximum ₹ 5,000
ICICI Home Loan Balance Transfer Upto 0.50%, Minimum ₹ 3,000
ICICI Home Loan Top up Upto 0.50%, Maximum ₹ 5,000
ICICI Step Up Home Loan Upto 1.00%
ICICI Land Loan Upto 1.00%
ICICI Instant Home Loan Upto 0.25%

ICICI Bank Home Loan Documents Required

To apply for a home loan in ICICI, the bank asks you to submit the following ICICI Home Loan Documents .

  • ICICI Bank home loan application form
  • Identity proofs : PAN, passport, Voter ID card or driving license.
  • Address or residence proofs : Copy of utility bills of last three months, passport, PAN card, driving license
  • Property papers : Permission for the construction of a property; allotment letter; stamped agreement for sale; property tax receipt; conveyance deed in case of new property; payment receipts or ICICI 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.
  • 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.
  • Income proof for self-employed: 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 Bank Home Loan Eligibility Criteria

To avail of the ICICI home loan, a borrower must fulfil the following eligibility criteria:-

ICICI Bank Housing Loan Eligibility for Salaried

  • Must be an Indian Resident
  • A borrower must be above 21 years and maximum of 65 years
  • Must have a salary of ₹ 10,000 monthly
  • Should have experience of at least 2 years

ICICI Bank Home Loan Eligibility for Self Employed

  • Must be an Indian Resident or NRI
  • Age must be between 21 years to 65 years
  • Must have a salary above ₹ 25,000 monthly

How to Get the Best Offer on ICICI Bank Home Loan?

A borrower can get the best offers if they keep the following factors in mind:-

  • Interest Rates : The lender offers home loans at an interest rate that starts from 6.70%. The interest rate is dependent on various factors such as CIBIL score, good repayment history, debt-income ratio, etc. So, maintain a good credit history to get a lower interest rate.
  • Other Charges : Always check the processing fees and other charges like foreclosure charges, documentation charges etc. A borrower can easily bargain on these rates if you have a good relationship with the bank.
  • Approval Process : If a borrower is an existing bank customer and maintains a minimum requirement in the account, then the bank easily approves their loan with an attractive interest rate.

How to apply for ICICI Home Loan

A borrower can apply for an ICICI home loan through the ICICI Bank official website or visit the bank branch. Furthermore, to avail best offers and rates, they can apply with MyLoanCare. Below-mention is the step-by-step guide:

  • Step 1 : Visit Home Loan Application Form
  • Step 2 : Fill in the form with necessary details like name, pin code, phone number, loan amount.
  • Step 3 : Click on 'Get Quote'.
  • Step 4 : Fill the OTP and click 'Submit.
  • Step 5 : Provide a few more details to get customised offers. Fill in the details and click 'Submit.
  • Step 6 : Compare your eligible offers and select the one that meets your requirements.
  • Step 7 : Get assistance from our loan advisors or choose to complete the online personal loan journey to get instant loan approval and disbursal.

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, salaried, government employees, 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 Bank Saral Rural Housing Loan

  • ICICI Saral Housing Scheme empowers women to build their dream house and avail of home loans upto 90% of the value of the property.
  • You can avail of the loan amount ranging from Rs. 5 Lakhs to 15 Lakhs.
  • The bank offers flexible home loan tenure upto 20 years.

ICICI Home Loan Balance Transfer

  • Loan comes with the attractive and affordable rate of interest.
  • Offers loan amount upto 100 percent in addition to the original home loan.

Home Improvement Loan

  • Loan is offered at home equity rate of interest for both internal and external furnishing at affordable rates of interest.

ICICI Home Loan Top up

  • 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

ICICI Land Loan

  • ICICI Bank offers a Plot Loan to purchase land for the construction of residential and commercial properties.
  • You can avail funds based on the construction estimate.
  • To avail of ICICI Bank Plot Loan, you must complete the development of the land in under two years.

ICICI Step Up Home Loan

  • ICICI Step Up Home Loan offers a higher loan amount upto Rs. 3 Crores.
  • Under this scheme, you can avail of a home loan for a tenure of upto 20 years.
  • The home loan offers 20 per cent greater home loan eligibility.

ICICI Instant Home Loan

  • To meet customers home loan needs for up to Rs 30 crore, the bank offers a home loan scheme called ICICI Instant Home Loan. This loan scheme is primarily for individuals who have a salary account in ICICI Bank. This is a pre-approved home loan offered at a lower interest rate; the loan gets disbursed within a few hours just by one click.

ICICI Bank Home Loan EMI Calculator

ICICI home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, 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 Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

ICICI Bank Home Loan Eligibility Calculator

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

Why Should I Take A Home Loan From ICICI?

ICICI Bank can be your option to take a home loan because a borrower gets it at a lower interest rate of 6.70%, minimal processing fees and other charges. Moreover, in terms of customer experience, ICICI Bank is rated 4.1/5 for home loans, making it a user trusted bank and a preferable option for housing loans. Also, you can avail of it online and offline by submitting identity proof, address proof, income proof and property documents.

FAQs

Can I apply for an ICICI home loan online?

Yes, you can apply for an 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 home loan interest rate 2022 starts at 6.70%.

How many types of ICICI home loans are there?

ICICI offers various home loan products for convenience of home loan borrowers. Various popular home loan products offered by ICICI are listed as follows: HOME IMPROVEMENT LOAN, ICICI Home Loan Balance Transfer, ICICI Home Loan Top up, 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, you can also check home loan status on the ICICI mobile app.

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

Yes, to avail home loan from ICICI Bank, you must fulfill the ICICI Bank Home Loan CIBIL requirement of a minimum CIBIL Score of 650 or above.

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 your spouse’s income 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. RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.

What is the minimum salary for an ICICI Bank home loan?

If you are a salaried borrower, then you must have a net monthly income of ₹ 10,000 and above to get a home loan from ICICI Bank and if you are self-employed, you must have a salary above ₹ 25,000.

Can I make a part pre-payment on my Home Loan Account through NEFT with ICICI Bank?

Yes, ICICI Bank accepts part prepayment on a home loan through NEFT. However, to make such a payment, a borrower will have to go to the nearest ICICI branch because they will give a Service Request number which needs to be mentioned in the remarks column when a borrower makes NEFT payments.

What is the minimum prepayment amount that I need to pay when I take a home loan?

If a borrower wants to make a prepayment, then it should be equivalent to 1 equated monthly installment.

Which type of customers will have pre-approved ICICI Bank Home Loan offers?

ICICI pre-approved home loan offers are available to those who pay all their dues on time and maintain a minimum banking requirement in a bank account.

How do I qualify for a home ICICI improvement loan?

To qualify for a home ICICI improvement loan, one must be above 21 years of age, the salary must be₹ 25,000 and should have work experience of more than 2 years.


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ICICI Home Loan News - Jan 2022
  • 2021-12-07 : ICICI Bank Partners with Flipkart to Offer Instant Overdraft Facility
    ICICI Bank has partnered with Flipkart to offer Instant Overdraft to sellers and businesses registered on the e-commerce portal for up to Rs. 25 lakh.
  • 2021-10-14 : ICICI Bank Introduces ‘Home Utsav’
    ICICI Bank has introduced the ‘Home Utsav’ offer, which is a virtual property exhibition that allows home buyers to select their dream home project by browsing through projects by sitting at home or office. A customer can also avail of benefits on a home loan like lower interest rates, special processing fees and much more.
  • 2021-10-01 : ICICI Bank Introduces Festive Bonanza Offer
    ICICI Bank has introduced a festival bonanza offer from October 1, 2021. Under the offer, a borrower can avail home loan at an interest rate of 6.70% and a processing fee starting at Rs 1100.
  • 2021-09-24 : ICICI Bank Revises Home Loan Interest Rate
    ICICI Bank has cut home loan interest to 6.70%. The lowest rate for salaried is 6.70% and self-employed is 6.80%. If a borrower has a low credit score then they will have to pay 7.40% of the principal amount.
  • 2021-07-09 : ICICI Bank Q1 Net Profit seen up 59.1% YoY to Rs. 4,136.5 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects ICICI Bank to report a net profit of Rs. 4,136.5 crore up 59.1% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 15.6% Y-o-Y to Rs. 10,731.6 crore.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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