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ICICI Home Loan

Last Updated 19th Aug 2017

ICICI Housing Loans

Rate of Interest 8.35% - 8.85%
Maximum Loan Tenure From 5 years to 30 years
Loan Amount Between Rs. 1,500,000 to Rs. 100,000,000
Lowest EMI per lakh Rs. 758 per lakh
Age Between 21 years to 60 years
Processing Fee 1.00%
Apply Home Loan @ 8.35%*
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ICICI Home Loan Details

ICICI Bank home loan is dependent on various factors and varies from person to person. These factors are -

Loan Tenure - ICICI Home loans are of shorter tenure ranges from 5 years to 30 years and carry lower rate of interest compared to shorter term loans.

Repayment Capacity - Before giving home loan to the borrower, ICICI Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

Relationship with the bank/NBFCs - ICICI offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit from the bank.

ICICI Home Loan Document List

Documents Salaried Self Employed
Signed Application Form Yes Yes
Passport Size Photo Yes Yes
Copy of Income Tax PAN Yes Yes
Identity Proof Passport/ Driving License/ Voter ID/ PAN Passport/ Driving License/ Voter ID/ PAN
Income Proof Latest pay slip, Form 16, 3 months bank statement showing salary credit and any EMI debit 6 months bank statement, ITR of last 2 years
Address Proof Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
Business Proof VAT/ service tax registration, incorporation details in case of companies, partnership deed, business address proof

ICICI Home Loan Apply

ICICI Bank gives the facility of home loan to the people who want money to meet their urgent requirements. There are some features and benefits of taking house loan from ICICI Bank:

ICICI Home Loan Calculator

Interest Rate Calculator - This helps you in identifying the interest rate charged on applied loan amount for effective tenure.

Interest rate on ICICI Home loan depends upon

Loan Amount - Higher the loan amount, lesser will be the interest rate

Benchmark Rate - Home loan floating of ICICI depends upon 1 Year MCLR which is currently 8.20%.

Eligibility Calculator - This calculator calculates your House loan eligibility depending upon your monthly income, loan tenure, interest rate and existing obligations (if any). Apply for only that much loan amount, what you are eligible for. This calculator calculates eligibility based on salary. You can also calculate your home loan eligibility online and based on that apply for loan. Eligibility depends on:

  • NTH – Higher monthly income increases your eligibility to get ICICI Housing loan. ICICI requires a minimum income of at least Rs. 25000 to avail you loan
  • Loan Tenure – You can get home loan for maximum tenure of 30 years depending upon your current age
  • Obligations – Your existing obligations can reduce your chances of getting Home loan from ICICI. So, complete your existing obligations first and then apply for loan
  • There are various methods of calculating eligibility

  • Multiplier method – This method calculates your loan amount based on your income and company profile
  • FOIR (Fixed Obligation Income Ratio) – Your loan amount eligibility is calculated on the basis of your maximum EMI or monthly installments in respect to your income

EMI Calculator - Home Loan EMI calculator helps you in calculating your monthly EMI based on the loan amount, interest rate and tenure you have applied for.

Loan amount - You should apply for only eligible loan amount from ICICI ranges from Rs. 1,500,000 to Rs. 100,000,000. EMI will be high based on your loan amount.

Loan Tenure - High tenure of home loan leads to low amount of EMI.

Interest Rate - ICICI home loan EMI will be low if your rate of interest is less.

FAQs on Home Loan from ICICI Bank

How ICICI Bank does calculate NTH for Home loan?

NTH in ICICI Bank is calculated as the average of last 2 to 3 months net income as per your salary slip and same replicating in statement.

Can I prepay my Home loan in ICICI Bank?

Yes, you can prepay your House loan in ICICI Bank with Nil charges.

How much fee is charged by ICICI Bank for Home loan?

Processing fee charged on ICICI Bank Home loan is 1.00% with applicable service tax.

Is ICICI BT a better option?

ICICI offers minimum rate of 8.35% with lowest EMI of Rs. 758 per lakh. If you are paying higher EMI than ICICI, then balance transfer is the right option.

Can I check my loan account statement online?

You can login into your ICICI Bank online net banking account to get your loan details, track your loan history and make the payment online.

Is buying home loan insurance mandatory?

No, with home loan, home loan protection plans are not mandatory by law, or IRDA or RBI. However, different banks have different policy to safeguard their interest. Hence some banks insist on taking an insurance plan along with loan.

Easy comparison of ICICI home loan with other banks

Icici Bank Home Loan
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Home Loan Eligibility
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