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:-
Details of the ICICI bank home loan:
Following are the details of the different schemes offered by the ICICI bank for the home loan:-
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:-
- 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.
- 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
- 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.
- 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.
- The applicant should have a salary account with the ICICI bank
- 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.
- 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:
- 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
Documents required for the ICICI home loan:
Following are the necessary documents required for the application for an ICICI Bank home loan:-
- 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
- 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
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.