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Home Loan Details

Property Details

Employment Details

Personal Details

Co-Applicant Details

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Rate of Interest is high ?

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Not getting the desired Loan Amount?

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ICICI Bank Home Loan Details

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.

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 Interest Rates, Fees and Charges (updated 10 Jul,2019)  

One Year MCLR (updated 10 Jul,2019)

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

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
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.

ICICI Bank Home Loan ReviewsView All

Mayank Malvia

5 / 5

I had taken my home loan with ICICI Bank. My experience with ICICI Bank regarding my home loan is very good. There was quick processing and there were regular follow up from the Finance Buddha executives. The executives were really soft spoken and helpful. Thank you Finance Buddha and ICICI for the help. I will recommend ICICI and Finance Buddha to others also.
Ankita Paul

3 / 5

I have applied my home loan with ICICI Bank the processing took more than 10 days for my application to be approved. The documentation process itself took more than 7 days. I will give 3 stars to ICICI Bank.
Brijesh

5 / 5

ICICI bank executives deliver services according to what is promised to its customers. I got home loan from ICICI bank through Finance Buddha within 8 days. This is a very quick turnaround time and processing fee was comparatively low.
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