Home loans in India have become much easier to avail because of the excellent service provided by public banks like ICICI. ICICI is one of the biggest names in home loan providers in India. ICICI provides home loans of different kinds for different kinds of needs. A home loan from this lender is much easy to avail and a loan applicant is certain to get the best service from the lender.

 Benefits of Availing an ICICI Bank Home Loan

  • A wide range of loan product to choose according to the need of the customer.
  • Great customer support throughout the loan processing
  • Provides doorstep service at any place of your comforts such as your home, office or any public place.
  • Easy documentation process
  • Facility of pre-approval of the home loan without having selected a property.
  • Flexible repayment options
  • A great network of more than 2500 branches throughout the country.
  • A home loan at ICICI bank comes with free personal accident insurance
  • Insurance options available for home loan at a competitive rate.
  • Each time you pay EMI payment through Auto-debit, you will get reward points.
  • Loan tenure as loans as 30 years
  • The easy and faster home loan process

Home Loan Agreement: Important Clauses that Every Buyer Must Know

The Eligibility Criteria for Availing ICICI Home Finance

  • The minimum age of applying for a home loan from ICICI bank is 21 years. One must be 21 years or more at the time of sanctioning the loan.
  • The maximum age at the termination of the loan should be 65 years or age of retirement, whichever is earlier.
  • The loan applicant, whether salaried or self-employed, must have a regular source of income.
  • The applicant and the co-applicant (if applicable) both should have a credit score of 750 or above.

How to Manage Your Home Loan Like a Pro

Documents Required for ICICI Home Finance

The loan seekers are divided into three categories and accordingly, the list of required documents are mentioned by the bank. The three categories of loan seekers are Salaried Employees, Self Employed Professional and Self Employed Non-Professional. Here is the list of documents-

Salaried Employees

  • Application form with photograph duly signed
  • Identity, residence and age proof
  • Last 6 months bank statements
  • Last 3 months Salary-slips
  • Processing fee cheque
  • Form 16 / Income Tax Returns

Self Employed Professional

  • Application form with photograph duly signed
  • Identity, residence and age proof
  • Last 6 months bank statements
  • Processing fee cheque
  • Form 16 / Income Tax Returns
  • Education qualification certificate and proof of business existence
  • Last 3 years Income Tax Returns with the computation of Income
  • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

How to Compare and Choose Home Loans in India

Self Employed Non-Professional

  • Application form with photograph duly signed
  • Identity, residence and age proof
  • Last 6 months bank statements
  • Processing fee cheque
  • Form 16 / Income Tax Returns
  • Last 3 years Income Tax Returns with the computation of Income
  • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
  • Business profile
  • Proof of business existence
  • Last 3 years Income Tax Returns with the computation of Income
  • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Different Ways to Apply for an ICICI Home Loan

Essential Considerations before Applying for a Home Loan

Apply Online

 The first and the most availed method of applying for a home loan from ICICI is applying online through the official website of the bank. On the website of the bank, one will get an ‘Apply’ button which will make you apply for the loan within a few clicks.

Receive a Call

The next way of applying for a home loan is by requesting a call from the bank. This option is also available at the bank’s official website. You are to provide your contact number so that the bank representatives can reach you.

Sending SMS

The next way of applying for a home loan is by sending an SMS  HOME to 5676766. This is another way to apply for a home loan. Once your message will be delivered, the bank representatives will get in touch with you and initiate the loan processing.

Customer Care Centre

An ICICI housing loan can be applied by calling the customer care centre too. You can call the customer care centre and ask the representatives that you want to apply for a home loan. Your call will be forwarded to the concerned department and the loan application process will be started.

Locate Nearest ICICI Bank Branch

This is the last way to apply for a home loan. One can apply for a home loan by going to the branch office of the bank. One can go to any of the bank branches and fill the home loan application form to apply for home loan.

Why an ICICI Home Loan Application can be Rejected

Home Loan Rejection: Reasons Lenders Will Not Tell You

A home loan process from ICICI is very much transparent and a borrower will never experience hidden charges. Only if you keep some of the things into consideration you will get easy approval on ICICI home loan. Here are some of the reasons which may make your home loan application go rejected.

  • Low credit score
  • Insufficient income
  • Unstable employment
  • Not falling into the age limit
  • Working in a delisted private company
  • Applying for a loan from an address which is present in the defaulter list

The Bottom Line

A home loan from ICICI bank has become popular because of the many advantages that come with this credit product. The customer service of this lender is always exceptional. So if you are looking for a home loan in coming days or trying to have a balance transfer, an ICICI home loan is a considerable option.