Home  »  Banking  »  Loans  »  Home Loan  »  ICICI Home Loan

ICICI Home Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
ICICI Bank Step Up Home Loans 9.10% - 9.25% 0.5%-1.00% of home loan amount or Rs 1,500 (whichever is higher) maximum Rs 30 crores up to 20 years
Details
Documents Required

  • Proof of Identity and Residence: Aadhaar Card, Passport, Driving License, Election ID Card
  • Duly filled in application form along with recent passport size photographs
  • Proof of Income: Last 6 months Bank statement showing salary credits, latest Form 16 and Income Tax Returns, Recent 3 months Salary Slips
  • Bank statements for the last 6 months
  • Employment Contract / Appointment Letter in case if the individual is employed for less than a year in the current organization.
  • Processing fee cheque
Benefits

  • Get enhanced eligibility of up to 20%
  • Get maximum loan amount of up to Rs 3 crores
  • Maximum tenure for repayment of the loan is up to 20 years
Eligibility

  • The applicant should be Indian
  • Applicant should be employed and should have a regular source of income
  • The minimum income of the applicant should be Rs 20,000 per month
  • Should be employed in a select corporate as identified by ICICI Bank.
  • The age of the applicant should not be more than 40 years.
  • Those who are already having a home loan cannot avail Step Up Home Loan from ICICI Bank.
Other Details

  • The Step up home loan is funded keeping in mind the growth of the individual's salary on a yearly basis.
  • The loan is exclusively meant for those who do not have any running loan at the time of applying for the loan.
  • The loan repayment schedule is divided into two terms – Initial or Primary term and Secondary or Balance term.
  • The initial period lasts for 3 – 5 years and only interest amount has to be paid during this period.
  • During the secondary or balance term, EMI (both interest and principal amount) has to be paid.
ICICI Bank Home Loan 8.10% - 9.30%, Floating 0.25% of loan amount + applicable taxes (max. ₹11,800), One time fee 75 lakhs 3-30 Years
Details
Documents Required

For Salaried Individuals

  • Proof of Identity and Residence: Aadhaar Card, Passport, Driving License, Election ID Card
  • Duly filled in application form along with recent passport size photographs
  • Proof of Income: Last 6 months Bank statement showing salary credits, latest Form 16 and Income Tax Returns, Recent 3 months Salary Slips
  • Bank statements for the last 6 months
  • Employment Contract / Appointment Letter in case if the individual is employed for less than a year in the current organization.
  • Processing fee cheque

For Self – Employed Individuals

  • Proof of Identity and Residence: Aadhaar Card, Passport, Driving License, Election ID Card
  • Duly filled in application form along with recent passport size photographs
  • Proof of Income: Income Tax Returns along with computation of income for the last 3 Assessment Years, Last 3 years Profit and Loss A/C,
  • Balance Sheet with Annexures/Schedules, Last 6 months Current A/C statements of the business and Savings account statement of the individual
  • Bank statements for the last 6 months
  • Processing Fee Cheque
  • Education qualification certificate and Proof of Business existence
Benefits

  • The tenure of the home loan is spread across 30 years
  • The higher loan amount is available
  • Simplified documentation procedure
  • Pre-closure charges are Nil
  • Doorstep services
  • Easy equated monthly instalments available also for women borrower
Eligibility

  • Minimum age of the applicant should be 21 years
  • The entire loan amount has to be repaid at or before the applicant attains 65 years
  • The applicant can either be a salaried employee of self-employed with a regular source of income
  • The co-applicants age should be a minimum of 18 years at the time of submitting the application
Other Details

  • Interest rates are available at both fixed as well as floating rates option.
  • Get the home loan sanctioned before selecting the property.
  • Applicants can opt for fixed interest rates for the first 10 years and then opt either for fixed or floating interest rates till the completion of repayment of loan amount.
  • Get loan tenure of up to 30 years for a home loan with ICICI Bank
  • The processing fee is 0.25% of the loan amount + applicable taxes (maximum of Rs 11,800)
Top Up Loan On Home Loan 9.65% per annum 0 up to Rs 5 crores 20 years
Details
Documents Required

For Salaried Individuals

  • Proof of Identity and Residence: Aadhaar Card, Passport, Driving License, Election ID Card
  • Duly filled in application form along with recent passport size photographs
  • Proof of Income: Last 6 months Bank statement showing salary credits, latest Form 16 and Income Tax Returns, Recent 3 months Salary Slips
  • Bank statements for the last 6 months
  • Employment Contract / Appointment Letter in case if the individual is employed for less than a year in the current organization.
  • Processing fee cheque

For Self – Employed Individuals

  • Proof of Identity and Residence: Aadhaar Card, Passport, Driving License, Election ID Card
  • Duly filled in application form along with recent passport size photographs
  • Proof of Income: Income Tax Returns along with computation of income for the last 3 Assessment Years, Last 3 years Profit and Loss A/C,
  • Balance Sheet with Annexures/Schedules, Last 6 months Current A/C statements of the business and Savings account statement of the individual
  • Bank statements for the last 6 months
  • Processing Fee Cheque
  • Education qualification certificate and Proof of Business existence
Benefits

  • The tenure of the home loan is spread over 20 years
  • Simplified documentation procedure
  • Quick Processing
  • Lower EMI
  • Attractive Interest rates
Eligibility

  • Minimum age of the applicant should be 21 years
  • The entire loan amount has to be repaid at or before the applicant attains 65 years
  • The applicant can either be a salaried employee of self-employed with a regular source of income
  • The co-applicants age should be a minimum of 21 years at the time of submitting the application
  • The total EMI amount should not exceed 65% of the borrower's net monthly income
Other Details

  • Get a loan of up to 100% of originally sanctioned home loan
  • The loan can be availed to meet home furnishing, renovating home, repair works at home and so on.
  • Get a loan amount of up to 80% of the market value of the house at the time of sanctioning of home loan.
Mortgage Loan 11.95% per annum 0 up to Rs 1 crore up to 15 years
Details
Documents Required

For Salaried Individuals

  • Proof of Identity and Residence: Aadhaar Card, Passport, Driving License, Election ID Card
  • Duly filled in application form along with recent passport size photographs
  • Proof of Income: Last 6 months Bank statement showing salary credits, latest Form 16 and Income Tax Returns, Recent 3 months Salary Slips
  • Bank statements for the last 6 months
  • Employment Contract / Appointment Letter in case if the individual is employed for less than a year in the current organization.

For Self – Employed Individuals

  • Proof of Identity and Residence: Aadhaar Card, Passport, Driving License, Election ID Card
  • Duly filled in application form along with recent passport size photographs
  • Proof of Income: Income Tax Returns along with computation of income for the last 3 Assessment Years, Last 3 years Profit and Loss A/C,
  • Balance Sheet with Annexures/Schedules, Last 6 months Current A/C statements of the business and Savings account statement of the individual
  • Bank statements for the last 6 months
  • Education qualification certificate and Proof of Business existence
Benefits

  • The borrower can either choose for floating or go with fixed interest rates
  • Loan sanction is possible well before the selection of the property
  • Higher loan eligibility
  • Simplified documentation procedure
  • Doorstep services are provided
  • Lower equated monthly instalments
  • Longer tenure to repay the borrowed loan
Eligibility

  • Minimum age of the applicant should be 21 years for both salaried as well as self-employed individuals
  • The entire loan amount has to be repaid at or before the applicant attains 60 years of age in case of salaried and before 65 years in case of self-employed
  • The applicant should have a regular source of income to secure the loan
Other Details

  • The maximum tenure for repayment stands at 15 years
  • The processing fee is fixed at 0.50%
  • Prepayment charges are nil for floating interest rates
  • Foreclosure charges also stand nil under floating interest rates
  • Interest rates on the mortgage loan are 11.95% per annum

FAQs

Q: Is there any special concession for women borrowers on a home loan in ICICI bank?

A: Yes, ICICI bank offers special benefits for women borrowers on a home loan.

The starting rate of interest is 8.35% to 8.80%. A women borrower has to be the main applicant of the loan or a co-owner in the financed property to avail the following rate of interest:

  • Floating rate of interest range is between 8.65% to 8.80%
  • The fixed rate of interest ranges (for 5 years and 10 years) between 8.70% to 8.90%
  • Full tenure fixed rate of interest ranges between 9.70% to 10.05%

Q: What is PMAY Credit Linked Subsidy?

A: Pradhan Mantri Awas Yojana(PMAY) is a credit subsidy scheme launched by our honourable Prime Minister Shri Narendra Modi for the economically weaker section, Low Income Group, Middle-Income group(MIG-I and MIG-II) with a vision for housing all by the year 2022. As per the scheme, interest subsidy will be credited directly to the loan account of the beneficiaries through primary lending institutions (where the borrower secures a loan from) and this reduced the effective loan amount and also the equated monthly instalment amount (EMI). The Net Present Value or NPV of the interest subsidy will be calculated at a discount rate of 9%.

Q: What are the financial criteria to avail the PMAY housing loan in ICICI bank?

A: The income norms for various categories are listed below:

  • EWS (Economical Weaker Section) households/individuals with an annual income up to Rs. 3.00 lakh.
  • LIG (Lower Income Group) households or individuals with an annual income more than Rs. 3.00 lakh and up to Rs. 6.00 lakh.
  • MIG-I (Middle-Income Group-I) households or individuals with an annual income more than Rs.6.00 lakh and up to Rs.12.00 lakh.
  • MIG II (Middle-income group-II) households or individuals with an annual income more than Rs12.00 lakh to INR 18.00 lakh.

Q: Are there any charges on prepaying the housing loan in ICICI bank?

A: If the home loan availed on a floating rate of interest, then there is no need to pay prepayment charges. If the loan has been availed under a fixed rate of interest then one has to pay 2% (plus applicable tax) on the outstanding principal amount.

Q: What are the different types of home loans in ICICI bank?

A: Types of home loans from ICICI bank are listed below:

  • ICICI pre-approved loan
  • Pradhan Mantri Awas Yojana
  • ICICI bank Step up home loans
  • Loan against property
  • Top up loan on your home loan
  • ICICI NRI home loan

More Headlines
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more