ICICI Bank Home Loan: The ICICI Bank offers home loans with enticing offers that include a number of schemes along with appealing characteristics. In this article, we have included a brief overview of the ICICI bank home loan to help you in gaining a better understanding.
How To Apply For ICICI Bank Home Loan?
ICICI Bank offers home loans @ 6.70% 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
Features of the ICICI home loan:
The ICICI Bank offers the home loan with the following appealing features:-
Most competitive interest rate
Lower processing fees
Higher capital amount
No, prepaid charges for floating rate of interest
Flexible repay period
The facility of top-up loan
Details of the ICICI bank home loan:
Following are the details of the different schemes offered by the ICICI bank for the home loan:-
Money saver home loan
The money saver scheme helps to reduce the interest cost of the home loan. In this scheme, the borrower gets the money saver account where he has to deposit his savings, increments, etc. In this scheme, the interest is calculated on the difference between outstanding principal and deposits in a money saver account. Therefore for the more fund deposited into the money saving account, the borrower has to pay a very less amount of interest.
ICICI Express home loan
The express home loan facility helps to get faster home loans. In this scheme, the ICICI bank provides the provisional sanction letter which is valid for up to 6 months. For this scheme, the ICICI bank offers a maximum home loan of Rs. 5 crore with a maximum repay tenure of 30 years. The interest rate for the ICICI express home loan starts from 6.75% onwards.
Land loan
This scheme of the home loan is provided for the purchase of the land or plot. For this scheme the ICICI bank provides the home loan ranging from Rs. 8 lakh to 3 crore with a flexible repay tenure up to 20 years.
Extra home loan
For this scheme, the ICICI bank offers an increased loan amount up to 20% and also offers an extended repayment period up to the age of 67 years.
NRI home loan
The ICICI bank provides this scheme of the home loan for the NRI applicants for purchase/ construct home, purchase of land/plot, repair/renovation.
Instant home loan
This scheme of the home loan is provided to the applicants that have a salary account with the ICICI bank. The applicant under this scheme can generate the sanction letter within less time.
Pradhan Mantri Awas Yojana
This is the scheme of the central government for providing a pakka house for the people belonging to economically weaker sections (EWS), Lower-income groups (LIG), and Mid income groups (MIG). The applicants eligible for this scheme of the home loan gets an interest subsidy of up to 6.50%.
Pratham home loan
For this scheme of the home loan, the ICICI bank provides the loan amount ranging from Rs. 5 lakh to 50 lakh with a maximum tenure of 20 years. The applicant applying for this scheme of the home loan requires minimum documentation.
ICICI Bank Loan Highlights – 2022
| Interest Rate | 6.70% -7.55%p.a. |
| Loan Amount | As per the applicant’s eligibility |
| Tenure | Up to 30 years |
| Processing Fees | 0.50% – 2% of loan amount |
Eligibility criteria for the ICICI home loan:
The eligibility criteria based on the different schemes of the home loan are as follows:-
Express home loan
- The Indian resident and NRI candidate can apply for this loan.
- The express home loan is available for both salaried and self-employed individuals.
- The customers of ICICI, as well as other bank customers, can apply for this loan.
Land loan
- The age of the applicant should be between 25 to 65 years.
- The eligible loan amount for this scheme ranges from Rs. 8 lakh to 3 crore
Extra home loan
- The salaried individual up to the age of 48 years can apply for this loan.
- The young salaried individual up to the age of 37 years can apply for this loan.
NRI home loan
- The minimum age of the applicant for this scheme is 21 years.
- At the time of the loan maturity, the age of the applicant should not be more than 65 years or the age of retirement, whichever is earlier.
- The salaried individual should have a minimum of 1 year of overseas employment experience.
- The self-employed applicant should have a minimum of 3 years of experience in the current overseas business.
Instant home loan
- The applicant should have a salary account with the ICICI bank
Pradhan mantri awas yojana (PMAY)
- The applicant should belong to the economically weaker section (EWS), Lower income group (LIG), and Mid income group (MIG).
- The beneficiary should not have a pakka home in any part of India.
- The applicant should not have applied for other government schemes.
Pratham home loans
- The age of the applicant should be within 21 to 60 years.
- Salaried and self-employed applicants can apply for this scheme.
ICICI Home Loan Interest Rate
| Slab | For Salaried | For Self-employed |
| Up to Rs. 35 lakh | 6.70% – 7.15% | 6.80% – 7.30% |
| Rs. 35 lakh to Rs. 75 lakh | 6.70% – 7.30% | 6.80% – 7.45% |
| Above Rs. 75 lakh | 6.70% – 7.40% | 6.80% – 7.55% |
Fees and charges:
Other than the interest rate, the borrower has to pay the following fees and penalties for the ICICI bank home loan:
Processing charges
The ICICI bank charges 0.50% of the loan amount as processing fees of Rs. 1500 whichever is higher. (The minimum processing fee for Delhi, Mumbai, and Bengaluru is limited to Rs. 2000)
Prepayment charges
The prepayment charges for the ICICI bank home loan varies as follows
- For a home loan with fixed interest: 2% of the outstanding
- For top-up loan: 2% of the outstanding principal
- For home improvement loan with floating interest: Nil
Overdue charges
For the late payments of ICICI home loans the bank charges 2% of the overdue charges. For the home OD facility, the late payment charges are 1.5% of the outstanding amount.
Swap charges
For changing the repayment mode, the ICICI bank charges a swap fee of Rs. 500 per instance.
Cheque dishonor charges
For the cheque bounce, the ICICI bank charges Rs. 500 as cheque dishonor charges.
Documents required for the ICICI home loan:
Following are the necessary documents required for the application for an ICICI Bank home loan:-
a) Duly filled and signed application with the photographs of the applicant and the co-applicant.
Identity proof
Passport/ Pan card/ Aadhaar card/ Election identity card/ driving license, etc.
Proof of residence
Utility bills/ Driving license/ Aadhaar card/ election identity card, etc.
Proof of age
Birth certificate/ Driving license/ Aadhaar card, etc.
Cheque for payment of processing fees.
For salaried individuals
- Salary slip for the last 6 months
- Bank statement of the salary account of previous 6 months
- IT returns or Form-16 of the previous year
For self-employed individuals
- Proof of the business existence
- Latest educational qualification
- Bank statement for the previous 6 months
- Previous 3 years IT returns with the computation of income
- Audited balance sheet a Profit and loss account for lat 3 years
FAQ:
What is the maximum repayment period for the ICICI home loan?
The ICICI offers a maximum of 30 years of the repayment period for the home loan.
Can I prepay for my ICICI home loan?
Yes, the ICICI bank accepts the prepayment of the loan with zero charges for the home loan with a floating rate of interest.
What is the maximum amount offered by the ICICI for the home loan?
The maximum amount for the home loan depends on the location, scheme of the home loan, and profile of the applicant but the ICICI bank offers a maximum home loan of Rs. 5 crore.
How much repay tenure I can avail under the scheme of Pradhan Mantri Awas yojana at ICICI bank?
For the scheme of Pradhan Mantri Awas yojana, the ICICI bank provides a maximum loan tenure of 20 years.
Disclaimer :- This article is for informational purposes only. If you want to take a loan then you go to the official website.