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ICICI Bank Home Loan

ICICI Bank is the second largest private bank of India. The bank provides banking and financing services to its customers. ICICI is known for its customer satisfaction and quick redressal. The bank provides home loans that are affordable and appeal to the customer. The eligibility criteria are sorted and the rates charged are genuine. If you are looking for a home loan, you must compare and gauge the ICICI Bank Home Loan.

Types of ICICI Home Loans

Home Loan:

The ICICI bank home loan is tailor-made for use by every customer. The loan offers hassle-free documentation process. It is so easy to apply for the ICICI bank home loan that buying a house is just a few clicks away from your smartphone. The benefits of the loan are that the person has the option to choose between fixed or floating rates of interests. The loan eligibility conditions are easy to meet and the prices are affordable. You don’t need to reach out to the bank every time. Rather, you get to avail the door-step services. Longer loan tenor and shorter EMI are the added benefits. You can apply for the loan and get it sanctioned even before you select the property. This can help you to know your loan budget so that you can shortlist properties within your reach.

ICICI Bank Extra Home Loans:

With these home loans, you can ask for extra! The ICICI bank extra home loan gives you an extra loan period till 67 years of your age and up to 20% of the extra amount as loan. Hence, affordability and ease of payment assured. The scheme is presently available in Greater Mumbai, National Capital Region, Bengaluru, and Surat. Salaried professionals of up to 48 years of age can get this loan up to the age of 65 years. Salaried customers of 37 years of age can get a loan up to 67 years of age. The loan is also suitable for self-employed professionals who make profit only during some months of the year.

ICICI Bank Pragati Home Loans:

The widened horizon of home loan to more customers is the special feature of Pragati home loan. The loan can be availed for Home Loan, Home Improvement Loan and Non-Residential Premise Loan (NRP). Easy eligibility criteria of this scheme include a minimum monthly income of INR 10,000, Loan ranges from INR 500,000 to INR 5 Million, tenure ranges up to 20 years and balance can be easily transferred. Self-employed individuals with business vintage of 5 years can avail this loan.

Pradhan Mantri Awas Yojna:

This "Credit Linked Subsidy Scheme" for Economically Weaker Section (EWS) and Low Income Group (LIG) was announced by the Prime Minister of India and looks up to fulfilling the dream of affordable housing for everyone by the year 2022. One can avail subsidy balance up to INR 220,000. The scheme is for the families who do not own a pucca house and comprise a husband, wife and unmarried children. The first time home buyers under this scheme can avail a subsidy benefit of 6.5% per annum.

Balance Transfer:

Are you fed up of the exorbitant rates of interest charged by your present home loan bank or FI? Then, this scheme has been specially fabricated for you. Transfer your home loan to ICICI bank and get the benefits of dealing with one of the best banks in India. Get an additional top up loan of up to 00% on your prevailing home loan. Moreover, the documentation process is easy and you get doorstep service.

Personal Loan linked to Home Loan:

This loan is a dual combination for your personal and business needs. This is an additional loan that customers who already have a home loan from ICICI can avail with their property as security. The loan can be disbursed on an immediate basis. The loan tenor will neither increase nor decrease, so your EMIs end on time. Top up can be up to 100% of the existing home loan. The tenor of loan is 20 years.

Balance Transfer and Top Up:

As suggested by the name, this combines the balance transfer and the top up. Top up loan can be 100% of the value of the original home loan. Simple documentation and active rates of interests.

ICICI Bank Saral Rural Housing Loan:

Women and underprivileged deserve to get their own house too. Hence, this loan scheme. Loan up to 9% of the property value, INR 500,000 to INR 5 Million and tenor 320 years are the features.

Home Improvement Loan:

With home improvement loans, you can get your house renovated and fulfill your unmet dreams. Loans for internal and external furnishing at affordable rates of interest.

Loan Against Property:

Buy the house and keep it for your business or personal purposes. Faster loan processing and a loan tenor of 15 years.

Lease Rental Discounting:

These loans against the future rentals of the self-owned commercial property. The condition is that the Lessee should be the occupant of the property. The loan is provided for personal needs where the mortgage is not allowed.

Office Premises Loan (Non-Residential Property):

These loans are for non-residential properties. You can construct, renovate or improve your office using this loan.

Land Loan:

Purchase your own land and construct it for residential use. Choose any plot within municipal boundaries. If it is by bodies like DDA, the plot allotment can be outside the boundaries too. Buy a house today and construct it anytime in two years.

Home Loans for Non-Resident Indians:

Are you an NRI who wants to buy a home in India? Well, you surely have the chance. Apply for the home loan online and get it approved online too. Make part payment at nil fees. Personal accident insurance is an added bonus. The person must be 25 years of age and have been abroad for minimum 1 year if he is salaried or 3 years if he is self-employed. The non-resident Indians must satisfy the minimum income criteria at that time which is different for salaried and self-employed individuals.

ICICI Bank Home Loan: Features and Benefits

  • Quick and easy disbursal for your housing dreams
  • Higher eligibility conditions
  • Get a multi-purpose overdraft on mortgage loans
  • The iLoan mobile application for easy processing of the part-payment of the loan
  • ICICI’s list of approved home loans make your dreams come true
  • A home loan tailored for the needs of everyone
  • Get your loan approved and then finalise the property
  • Get your home loan insured with "Home Insurance and Secure Mind " & "Loan Protect"
  • Mobile and internet banking services to get things handy for you
  • Home loan sanctioned online
  • Home loan sanctioned in time as minimum as just 8 hours
  • Trust of banking with India’s leading private bank

ICICI Bank Home Loan: Eligibility Criteria

ICICI offers Home Loans to Resident Indians as well as Non Resident Indians

  • The minimum age must be at least 25 years at the time of loan disbursal.
  • The loan must terminate before or by 65 years of age or age of retirement, whichever is earlier.
  • Home Loans available to both salaried and self-employed with a regular source of income.
  • Minimum age of co-applicant should be 18 years.

Home Loan Amount

Home Loan amount is restricted to a maximum of 80% of the cost of property (Agreement value + Stamp Duty + Registration charges) or the cost of construction as applicable.

ICICI Bank Home Loan: Documents Required

Documents and papers required for people of different professions are different.

For Salaried Individuals:

  1. A completely filled application form
  2. ID proof
  3. Residence proof
  4. Bank statements of last 6 months
  5. Salary slips of last 3 months
  6. Cheque for processing fees
  7. For 16 or income tax returns

For Self-Employed Professionals

  1. A completely filled application form
  2. ID proof
  3. Residence proof
  4. Bank statements of last 6 months
  5. Salary slips of last 3 months
  6. Cheque for processing fees
  7. For 16 or income tax returns
  8. Education qualification certificate of the last passed degree or business proof certificate
  9. Income tax returns of three years with proof of regular income by a CA
  10. A certified or audited balance sheet showing profit or loss

For Businessmen

  1. A completely filled application form
  2. ID proof
  3. Residence proof
  4. Bank statements of last 6 months
  5. Salary slips of last 3 months
  6. Cheque for processing fees
  7. For 16 or income tax returns
  8. Education qualification certificate of the last passed degree or business proof certificate
  9. Income tax returns of three years with proof of regular income by a CA
  10. A certified or audited balance sheet showing profit or loss
  11. Proof of business
  12. Profile in business proof

ICICI Bank Home Loan: Interest Rates, Fees and Charges 
 

One Year MCLR

Category

Rate of Interest

For Women Borrowers

Floating Interest Rate

Up to INR 7.5 million (I-MCLR-1Y+0.45%)

8.65%

INR 7.5 million to INR 50 million (I-MCLR-1Y+0.50%)

8.70%

Above INR 50 million (I-MCLR-1Y +0.60%)

8.80%

 

Interest RateFixed for 5 years or 10 years 

Up to INR 3 Million (I-MCLR-1Y + 0.50%)

8.70%

INR 3 Million to INR 50 million (I-MCLR-1Y + 0.60%)

8.80%

Above INR 50 million (I-MCLR-1Y+0.70%)

8.90%

 

Interest Rate Fixed for Lifetime

Up to INR 3 Million

9.70%

INR 3 Million to INR 50 million

9.80%

Above INR 50 million

10.05%

For Weaker Section

Floating Interest Rate

Up to INR 2.85 Million (I-MCLR-1Y +0.45%)

8.65%

For Salaried Borrower

Floating Interest Rate

Up to INR 7.5 million (I-MCLR-1Y+0.50%)

8.70%

INR 7.5 million to INR 50 million (I-MCLR-1Y+0.55%)

8.75%

Above INR 50 million (I-MCLR-1Y+0.65%)

8.85%

 

Fixed Interest for 2 years and 3 years

Up to INR 7.5 million (I-MCLR-1Y+0.50%)

8.70%

INR 7.5 million to INR 50 million (I-MCLR-1Y+0.55%)

8.75%

Above INR 50 million (I-MCLR-1Y+0.65%)

8.85%

 

Fixed Interest for 5 years and 10 years

Up to INR 3 Million (I-MCLR-1Y + 0.55%)

8.75%

Above INR 3 Million (I-MCLR-1Y + (0.65% to 0.75%))

8.85% to 8.95%

 

Interest Rate Fixed for Lifetime

Up to INR 3 Million

9.75%

Above INR 3 Million

9.85% to 10.10%

 

For Self-employed Borrowers

Floating Interest Rate

Up to INR 7.5 million (I-MCLR-1Y + 0.50%)

9.35%

Above INR 7.5 million (I-MCLR-1Y + (0.55% to 0.65%))

9.45% to 9.60%

 

Fixed Interest for 2 years and 3 years

Up to INR 7.5 million (I-MCLR-1Y + 0.50%)

8.70%

Above INR 7.5 million (I-MCLR-1Y + (0.55% to 0.65%))

8.75% to 8.85%

 

Fixed Interest for 5 years and 10 years

Up to INR 3 Million (I-MCLR-1Y + 0.55%)

8.75%

Above INR 3 Million (I-MCLR-1Y + (0.65% to 0.75%))

8.85% to 8.95%

 

Interest Rate Fixed for Lifetime

Up to INR 3 Million

9.75%

Above INR 3 Million

9.85% to 10.10%

The above mentioned floating rates are linked to I-MCLR-1Y (One year MCLR) benchmark rate. Effective January 03, 2017 I-MCLR-1Y is 8.20%.

6 Months MCLR

For Women Borrowers

Floating Interest Rate
Up to INR 3 million (I-MCLR-1Y+0.50%) 8.65%

Weaker Section Borrowers

Floating Interest Rate
Up to INR 2.8 million (I-MCLR-1Y +0.50%) 8.65%

Salaried Borrowers

Floating Interest Rate
Up to INR 3 million (I-MCLR-1Y + 0.55%) 8.70%

Self-employed Borrowers

Floating Interest Rate
Up to INR 3 million (I-MCLR-1Y + 0.55%) 8.70%

 

The above mentioned floating rates are linked to I-MCLR-6M (Six months MCLR) benchmark rate. Effective January 03, 2017 I-MCLR-6M is 8.15%.

 

Disclaimer by ICICI Bank

  • Processing fee applicable is 0.5% of loan amount plus applicable service tax.
  • Valid till February 28, 2017.
  • Woman borrower should be the main applicant to the loan and she should be either owner or co-owner in the property being financed.
  • Weaker section as defined by RBI under Priority sector loans classification including SC and ST

Frequently Asked Questions

What is the benchmark that is applicable for ICICI bank home loans and what is the reset period for these?

The benchmark is 1 MCLR for 1 year. The reset period is annual.

What is the reset date of the loan and how will it affect the rate of interest applicable on the loan?

In such a case, the loan tenor will remain the same but there will be an increase or decrease in the rate of interest and hence the EMI.

If the loan is partly disbursed as per I-Base, which rate of interest will be applicable? I-Base or MCLR?

The loan will continue to be run as per I-Base. The customer will however, have the option of switching it to MCLR, if the bank agrees.

What is the minimum amount to be paid for part-pre payment?

: Equal to 1 EMI.

Going forward, the new loans will be charged as per which rate? MCLR or I-Base/FRR/PLR?

: The loans will be charged as per MCLR, unless requested by the customer and approved by the bank.

Can an increased EMI be decreased?

No, unless you do some kind of part-pre payment.

If the customer switched from I-Base/FRR/PLR to MCLR, will the rate of interest be the same?

Yes, it will remain the same and no switching fees will be charged.

Can a person fore-close the home loan? Are there any charges?

Yes, a customer can close it. The foreclosure charges are as follows: Nil-Floating ROI 2%-If borrower or co-borrower is Non-Individual on a home loan top-up 2%-Fixed rate of interest for individual borrowers 4%-Non individual borrowers or borrowers with fixed rate of interest to Individual borrowers

Can part payment of home loan be done through NEFT?

Yes, by mentioning the service request number.

Reviews   4.76 stars, based on 153 reviews

I am really glad that I found about ICICI bank home loan through Finance Buddha website. I applied for the loan online & my process was quick & easy. The rate of interest was also very nominal.

 5/5

I am really very happy that I choose ICICI bank for applying for home loan. Finance Buddha team advised me to choose ICICI bank for home application & I am happy with my decision.

 5/5

I have an ongoing home loan from ICICI bank since past five month. I do not have any complains as everything is going as I had planned.

 5/5

I am really satisfied customer of ICICI bank. I have recently taken a home loan from ICICI bank & my experience was very nice as usual. I am recommending ICICI bank services to everyone around me.

 5/5

My experience with ICICI bank so far is good. The loan process was fast & the service charges & rate of inters were low compare to many other banks. I am happy with their prompt responds to customer’s query.

 5/5

I was looking for a home loan with a longer repayment tenure & smaller EMI to be paid. I chose ICICI Bank home loan as they offered me exactly what I was looking for. I got loan of 29 lacs with 25 years of tenure with an EMI amount of 26000.

 5/5

I have taken home loan from ICICI bank. My experience is good but it could have been better even. I have a complaint with their processing charges as they are higher. They had charged me around 25000 Rupees as the processing fee, whereas others banks charge around only 5000 Rupees.

 3/5

I had applied for ICICI bank home loan with the help of Finance Buddha team. I read the information about ICICI bank home loan & applied online through Finance Buddha portal. Their executives helped me a lot for preparing the documents for application. Home loan process with ICICI bank was hassle free & quick. The loan was disbursed in my account in a week which is amazing. The rate of inters offered was as low as 9%. They charged very nominal service charges for processing my loan application.

 5/5

I have taken home loan from ICICI bank before six months. My experience with ICICI bank is really very nice. The process is very easy & smooth. Their staff is really very customer friendly. Their executive collected my documents from home & started the application process. I did not have to visit to the bank at all as they were informing me about every process. The time taken from the loan processing was very low.

 5/5

ICICI bank has offered me a home loan and since I am an existing customer of the bank they gave me a good deal on the interest rate. But they were high on the charges when compared to other banks. The process was smooth and the documentation was minimal.

 5/5

The only complain I have that they did not disclose the processing charges to me at the time of my loan application. They promised me to provide me the lowest processing charges but they failed to do that. Apart from processing charges everything went well. The loan was disburse quickly & the rate of interest offered was also very competitive.

 5/5

It was a very good experience with ICICI Bank. I had applied for a home loan with them. They took up my application and processed it quickly. Their executive came & collected the documents from my office.

 5/5

It was a good experience with ICICI Bank for the home loan. A very smooth process and it was on time as per my requirement. They have done a good job from document collection to the disbursement. The rate of interest was normal, around 9%. The processing charge was affordable too.

 5/5

My home loan is from ICICI bank. They offered me the best of services and the response has been up to the mark from them through the whole process. The rate of interest was normal and on a floating basis. The processing charges was also low. The best is they provided me a 100% loan. I am really happy that I listen to Finance Buddha team & applied for the home loan from ICICI bank.

 5/5

On the day of registration ICICI bank was slow, I had to wait for one more day and at the last minute I was asked for some more documents. The provided one of the lowest rate of interest when compared to other banks. The processing fees was on the higher side, but when I requested for a lower rate they have given me a good discount on the home loan.

 4/5

It was good services at ICICI Bank; I never had to visit the bank for any kind of documentation process. The executive came over to my place and collected my papers for the home loan. The rate of interest and charges was on the nominal compare to other banks & financial institutes. The process was on time as well and as required.

 5/5

ICICI bank is very good and transparency in all aspect, within the time ICICI bank has done the documentation and disbursed the home loan on time. Rate of interest and processing fee was nominal and ICICI has very good net banking features to check loan statement too online.

 5/5

My application is under process with ICICI Bank when it comes to housing loan, the thing is that I had not finalized the property. I was offered a pre-approved loan from ICICI bank as I am their existing customer. My loan process is going so well & as promised me that they disbursed the loan amount in 5 days & kept all their promises up till now.

 5/5

When compared with other banks, I am not getting a good benefit in terms of interest rate being an existing account holder of the said bank where as other banks are offering a good rate of interest for ICICI housing loan . Interest rate is the key factor and that is missing with ICICI.

 3/5

I had taken my home loan from ICICI Bank and the process for this loan was brilliant. It was very timely. I was getting updates from the bank at every stage of processing. I did not have to follow up and I am happy that the disbursement happened on time too. The rate of interest is pretty affordable and so are their processing charges.

 5/5

My home loan was from ICICI Bank and the services from them was excellent. It was a good experience and very much satisfactory. They offered me a decent interest rate and a good deal on the processing charges. In all it was a nice and the after loan is also smooth.

 5/5

I have got a good deal from ICICI bank when it came to home loan. The process was very quick and I got the response within 10 to 15 days of time. Rate of interest given was also nominal and the processing fee was zero which made me feel much happier. It would be good, if ICICI avoids technical errors.

 4/5

Nothing much to comment about ICICI Bank housing loan, as the rate of interest is relatively low at 8.75 where as other bank was providing 9.3%. The difference is huge that is why the reason I had switched over from another bank. Service and the response provided by ICICI was very much satisfactory and it was on time.

 5/5

I must say ICICI bank is very supportive & customer friendly. They are very transparent when it comes to rate of interest & processing charges. The only down side is the amount of documents that are required for applying for the loan is very high compare to other banks & financial institutes. I am really thank full to Finance Buddha executive for helping me out for documentation.

 5/5

I applied for ICICI bank home loan through Finance Buddha. My experience with ICICI bank when it comes to home loan is very nice. I am not having any complaints or issues with them. They are very quick in processing the application. My loan amount was disbursed in 5 days. The rate of interest offered was also very competitive. Even the processing charged is also very moderate.

 5/5

I am an existing customer of ICICI bank, I am happy with their service and response. Bank is very supportive for my home loan but interest rate was high. My loan application experience was very good. I was expecting a tedious process which last for long time but ICICI changed it completely. The process was hassle free & documentation was also very easy. The loan was in my account in a week time which is awesome.

 5/5

I was looking for home loan but at reasonable inters rate. I wanted to do some homework about home loan before going ahead with it. I came across Finance Buddha website & I am really glad that they are providing such descriptive information about all the loans. I read all the information about many home loan providers & finally chose ICICI bank as I have heard many good reviews about their services & customer care responds. They did deliver what I have expected.

 5/5

I had got a couple of calls from ICICI bank when it comes to housing loan. The service provided by them was very good. They were professional they had provided the information about the interest rate .my experience with ICICI bank for home loan is delightful.

 5/5

As far as ICICI bank is concerned I am happy with the service and the response provided by them. Interest rate and processing fee charged by them was quite competitive choose ICICI bank for home loan application as Finance Buddha executive advised me. ICICI bank was fitting into my requirements very well.

 5/5

I have taken housing loan from ICICI bank. The rate of interest offered to me was as low as 9%. I am very satisfied with their processing charges. The only complain that I have is that they are bit slowly when it comes to processing the information. Their executive would tell me that they will collect the documents today & would come after 2 days for document collection. Apart from that everything went well.

 5/5