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ICICI Home Loan

ICICI Housing Loan 2021

Last Updated 14th Jul 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 6.75%. 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 Bank Home Loan Details

ICICI offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan ICICI

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 6.75%
Interest Rate Linked To RLLR
Processing Fee Upto 1.00%
Lowest EMI Per Lakh ₹ 649
  • Purpose of Loan: ICICI house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of ICICI Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 70%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 6.75% to 7.40%.
    • ICICI home loan EMI per lakh starts from ₹ 649. However, you can calculate your home loan EMI using ICICI home loan calculator 2021.
  • Special schemes: ICICI offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of ICICI are:

Features & Benefits of ICICI Bank 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 Processing Fee

ICICI Home loan schemes Processing Fees
HOME IMPROVEMENT LOAN Upto 0.25%, 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 Land Loan Upto 1.00%

How to Get Easy Home Loan from ICICI Bank?

Getting a home loan from ICICI is fairly easy with an online application process. 5 Steps for ICICI Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of ICICI 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 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’s representative will visit your home or office to collect your documents.
  • Step 4: ICICI 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 and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

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 .

  • 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 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 accounts 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 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 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 Bank 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 Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

ICICI Bank Home Loan Eligibility Calculator

ICICI Bank 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.

Compare ICICI Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan ICICI?

To apply for ICICI Bank Home Loan, you will be required to submit ICICI home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from ICICI Bank ?

Below-mentioned is the reason why you must avail a home loan from ICICI

  • Low Interest for High Credit Score
  • Nil prepayment fees for floating rates
  • Overdraft & Top up facility
  • Easy eligibility for high loan amount
  • Low PF on balance transfer

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 home loan interest rate 2021 starts at 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: 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, 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.

What is ICICI Bank Home Loan procedure?

There are two methods to complete the application for ICICI Bank Home Loan Process online:

  • Apply online at ICICI Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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.

Does ICICI Bank check CIBIL for home loan?

Yes, to avail home loan from ICICI Bank, you must fulfill ICICI Bank Home Loan CIBIL requirement of a min 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 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 . 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.


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ICICI Home Loan News - Jul 2021
  • 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.
  • 2021-06-03 : ICICI Bank revised its Marginal cost of lending rates
    ICICI Bank revised its MCLR, with effect from 1 June 2021. The overnight and one-month MCLR is 7.05%. The rate for three months, six months and one year are 7.10%, 7.25% and 7.30%, respectively.
  • 2021-05-12 : ICICI Bank cut its home loan rates to 6.75%
    With an aim to attract housing loan borrowers, ICICI Bank reduced the home loan rates for the month of May. The new home loans rates start at 6.75%. The revised home loan rates will help the home loan borrowers.
  • 2021-04-28 : ICICI Bank reported a massive hike of 261% in its Q4 profits
    ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
  • 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%.
*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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