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ICICI HOME LOAN

ICICI HOME LOAN

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ICICI Bank offers home loans @ 7.10% p.a. onwards for tenures up to 30 years. It also offers pre-approved instant home loan sanction to its salary account holders and home loan balance transfer facility to existing home loan borrowers of other lenders at lower interests. ICICI Bank Pratham Housing Loan scheme is an affordable housing loan offered to salaried applicants with minimum salary of Rs 10,000 per month and self-employed applicants having business vintage of at least 5 years. ICICI Bank also offers ICICI Bank Extraa Home Loans, a special home loan scheme backed by Mortgage Guarantee, aimed at increasing loan amount eligibility of the borrowers by extending their home loan tenure till they attain 67 years of age.

ICICI Bank Home Loan Highlights – 2022
Interest Rate 7.10% -7.95%p.a
Loan Amount As per the applicant’s eligibility
Tenure Up to 30 years
Processing Fees 0.50% – 2% of loan amount

ICICI Home Loan Interest Rate

Slab Floating Interest Rates (p.a.)
For Salaried For Self-employed
Up to Rs. 35 lakh 7.10%-7.55% 7.20%-7.70%
Rs. 35 lakh to Rs. 75 lakh 7.10%-7.70% 7.20%-7.85%
Above Rs. 75 lakh 7.10%-7.80% 7.20%-7.95%

Interest Rate Table of Balance Transfer with Repayment from ICICI Bank Account

Segment Floating Interest Rates (p.a.)
Salaried (Any Loan Amount) 7.10%-7.80%
Self Employed (Any Loan Amount) 7.20%-7.95%

Compare ICICI Home Loan Interest Rates vs Other Lenders

Interest Rates (% p.a.)
Name of Lender Up to 30 Lakh Above 30 Lakh & up to 75 Lakh Above 75 Lakh
ICICI Bank 7.10 – 7.95 7.10 – 7.95 7.10 – 7.95
State Bank of India 7.05-7.85 7.05-7.85 7.05-7.85
HDFC 7.05-8.15 7.05-8.40 7.05-8.50
Axis Bank 7.00-11.90 7.00-11.90 7.00-7.35
Kotak Mahindra Bank 7.00 onwards 7.00 onwards 7.00 onwards
PNB Housing Finance 6.99-16.75 6.99-16.75 7.15-10.15
Punjab National Bank 7.45-8.85 7.40-8.55 7.40-8.50
Bank of Baroda 7.40-8.90 7.40-8.90 7.40-9.15
Union Bank of India 6.90-8.65 6.90-8.85 6.90-8.85
IDFC First Bank 7.10 onwards 7.10 onwards 7.10 onwards
L&T Housing Finance 7.20-8.20 7.20-8.20 7.20-8.20
Bajaj Housing Finance 6.75 onwards 6.75 onwards 6.75 onwards
Godrej Housing Finance 6.94-9.99 6.94-9.99 6.94-9.99
Tata Capital 7.15 onwards 7.15 onwards 7.15 onwards
LIC Housing Finance 6.90-8.00 6.90-8.20 6.90-8.40

ICICI Home Loan Processing Fees & Other Charges

Particulars Applicable Fees & Charges
Loan Processing Charges / Renewal Charges 0.50% – 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi and Bengaluru), whichever is higher
Prepayment Charges · NIL for ICICI Home Loans and ICICI Home Improvement Loans with a floating rate of interest
· 2% on the outstanding principal on full repayment for ICICI Bank Home Loan with a fixed rate of interest
· 2% on the outstanding principal on full repayment for Top Up Loan if the applicant or co-applicant is Non-Individual
· 4% on the outstanding amount of loan where the loan is given to Non Individual borrowers or with a fixed rate of interest to Individual borrowers.
Charges for late payment · Home Loans: 2% per month
· Home OD: 1.5% of the outstanding amount subject to a minimum of Rs. 500/- & Maximum of Rs.5000/-
Conversion charges for ICICI home loans · Floating to Floating: 0.5% of the principal outstanding
· Dual fixed rate to Floating: 0.5% of the principal outstanding
· Floating to Dual fixed rate: 0.5% of the principal outstanding
· Lifetime fixed to Floating: 1.75% of the principal outstanding
Repayment mode swap Charges Rs 500
Document Retrieval Charges Rs 500
Cheque bounce charges Rs 500
Duplicate No Objection Certificate / No Due Certificate Rs 100
Revalidation of No Objection Certificate  Rs 100
Administrative Charges  Rs 5000
CIBIL Report Charges  Rs 50
Legal, Repossession and Incidental Charges  At Actuals

Note: GST and other applicable charges applicable as per prevailing rate will be levied over and above on the charges given in the table. The figures given in the table are indicative and are subject to change at the banks’ discretion without prior information.

Types of ICICI Bank Home Loan

Housing Loan
  • Purpose: For purchasing or constructing home properties
  • Tenure: Up to 20 years
Instant Home Loans (Pre-approved)
  • Purpose: A pre-approved home loan with instant sanction offered to those having salary accounts with ICICI Bank
  • Loan Amount: Up to Rs 3 crore
  • Tenure: Up to 30 years
Express Home Loans
  • Purpose: For availing home loans on a fast track basis through online application, quick processing and digital sanction. The Provisional Sanction Letter issued remains valid for 6 months from the date of issue.
  • Loan Amount: Up to Rs 5 crore
  • Tenure: Up to 30 years
Extraa Home Loan
  • Purpose: Home Loan scheme with the provision of increasing the repayment period till 67 years of age of the applicant for enhancing the home loan amount by 20%. The enhanced loan amount and repayment tenure is backed by Mortgage Guarantee.
  • Loan Amount: Up to Rs 2 crore
  • Tenure: Up to 67 years of age of the borrower
Pre-Approved (Instant) Balance Transfer
  • Purpose: A pre-approved instant home loan balance transfer facility offered to existing ICICI Bank customers for transferring their existing home loan availed from other banks/HFCs to ICICI Bank at lower interest rates.
  • Loan Amount: Up to Rs 1 crore
  • Tenure: Up to 20 years
Balance Transfer and Top-up
  • Purpose: For transferring existing home loans from other banks/NBFCs to ICICI Bank at lower interest rates.

Provision of top-up on existing home loan to meet any professional or personal requirements

  • Tenure: Up to 20 years
Pratham Home Loans
  • Purpose: Home loans for affordable housing offered to salaried applicants with minimum salary of Rs 10,000 perm and self-employed applicants having business vintage of at least 5 years
  • Loan Amount: Rs 5 lakh- Rs 50 lakh
  • Tenure: Up to 20 years
Land Loan
  • Purpose: For purchase of land/plot
  • Loan Amount: Rs 8 lakh-Rs 3 crore
  • Tenure: Up to 20 years
NRI Home Loan
  • Purpose: For NRI applicants for purchase/construction of house in India
  • Tenure: Up to 30 years
Insta Home Loan Overdraft (Pre-Approved)
  • Purpose: A pre-approved digital home loan overdraft facility with instant access to funds to meet the personal expenses such as education, home renovation, debt consolidation, other emergencies, etc
  • Loan Amount: Up to Rs 25 lakh
Insta Top-up Loan (Pre-Approved)
  • Purpose: Pre-approved top-up loans to provide instant loan in just 3 clicks for funding personal and business requirements
  • Loan Amount: Up to Rs 1 crore
  • Tenure: Up to 10 years
Pradhan Mantri Awas Yojna (PMAY)
  • Purpose: Interest subsidy of up to Rs 2.67 lakh for EWS, LIG and MIG groups for purchase of a new or old residential house, home construction, land purchase and construction of a dwelling unit and extension of existing residential property
  • Tenure: Up to 20 years

Eligibility Criteria for ICICI Bank Home Loan

For Express Home Loan
  • Salaried and Self-employed individuals
  • Resident and Non-Resident /indians
For Land Loan
  • Salaried and Self-employed individuals
  • Age: 25-65 years

For Extraa Home Loan

Middle aged salaried individuals up to 48 years of age, young salaried individuals up to 37 years of age, self-employed individuals

For NRIs
  • Age: 21-65 years
  • Salaried applicants with 1 year of employment overseas
  • Self-employed applicants with 3 years of experience in current business overseas
For PMAY
  • Age: 21-70 years
  • Beneficiary or his family should not own a pucca house anywhere in the country
  • The beneficiaries family would include wife, husband and unmarried children
  • Either of the married couple or both together can apply for a single subsidy
  • Beneficiary/beneficiary’s family should not have applied for any other government scheme or other benefits as under PMAY

 Documents Required for ICICI Home Loan

Some of the common documents required for ICICI Home Loan are:

  • Application form with photograph duly signed
  • Proof of Identity
  • Proof of Residence
  • Proof of Age
  • Processing fee cheque

For Salaried Individuals:

  • Last 6 months bank statements
  • Last 3 months Salary-slips
  • Form 16 / Income Tax Returns

For Self-employed Professionals/ Self-employed Non-professionals:

  • Identity, residence and age proof
  • Last 6 months bank statements
  • Form 16 / Income Tax Returns
  • Proof of business existence
  • Education qualification certificate and proof of business existence
  • Last 3 years Income Tax Returns with computation of Income
  • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Note: The above list of documents is indicative and your lender may ask for more documents during the loan process.

FAQ

1. Does ICICI Bank offer pre-approved home loans?
Ans. ICICI Bank offers pre-approved instant home loans to its premium/select customers maintaining their salary account with the bank. The loan amount offered is based on the salary credits appearing in the salary account.

2. What is the minimum credit score required to avail home loans from ICICI Bank?

Ans. ICICI Bank has not specified the cut-off credit score for home loan applicants. However, the applicants having credit scores of 750 and above usually have higher chances of availing home loans at lower interest rates.

Click Here:- To know more about Credit Score based Home Loan rates

3. What is the validity of sanction letter issued at the time sanction of instant home loan?
Ans. The sanction letter is valid up to 6 months during which you get your home loan disbursed.

4. Can I choose between a fixed and floating rate of interest?
Ans. ICICI Bank offers home loans at floating rates only.

5. Can I make part-prepayments on my home loan availed from ICICI Bank?
Ans. Yes, you can prepay your home loan availed from ICICI Bank. It does not levy any prepayment charges on floating rates of interest.

6. What parameters determine the home loan eligibility of the applicants availing ICICI Bank Home Loan?
Ans. The home loan eligibility of the applicants depend upon their age, monthly income, customer’s profile, credit history, retirement age, etc.

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