Description

ICICI is an Indian multinational banking and financial services company. It offers a wide array of banking products and financial services for corporate and retail customers in the areas of investment banking, life insurance, venture capital, asset management etc. through a variety of channels and subsidiaries.

ICICI Home Loan

With soaring property costs, buying a house has become very expensive or almost impossible without availing a loan. There are many national or private banks and Non-Banking Financial Companies (NBFCs) in India that offer various home loan options. Home Loan is one of the most premium products offered by ICICI Bank. ICICI Home Finance offers home loan at attractive interest rates, lower EMI, faster processing and simplified paperwork.

Features & Benefits

Features& Benefits of ICICI Bank Home Loan:

  • Getting a home loan from ICICI bank is very quick and is a hassle-free process
  • The bank offers lower EMI at attractive interest rates with higher eligibility
  • ICICI bank has designed a new system which allows you to apply through Tablet and Smartphone application. This ensures faster processing and quick disbursal of the loan
  • Quick, easy and minimum documentation
  • Doorstep service
  • Loans can be availed for a variety of purposes
  • Attractive interest rate options: Fixed interest rate, floating interest rate
  • Nil prepayment charges for floating rates
  • Additional benefits to existing customers
  • Free personal accident insurance
  • Guidance throughout the process
  • Loan amount ranges from Rs. 3 lakh to 3 crore

Eligibility

ICICI Home Loan Eligibility Criteria:

ICICI Bank issues home loan to Resident Indians and Non Residents Indians (NRIs).

The borrower must be 21years old when the loan is sanctioned

The entire loan must be repaid before or at 65 years of age

The co-applicant must be at least 18years old

Document Required

Getting a home loan from ICICI Bank is hassle-free and quick. A home loan from ICICI Bank involves minimum paperwork and other formalities. Some key documents like proof of identity, address and income are required to be submitted for ICICI Home Loan.

The existing customers can enjoy reduced and even faster documentation process.

 

Documents Required for Salaried employee

  • Filled up the loan application form with 2 duly signed passport size photos
  • ITR of the last 2 years
  • Identity proof: Voter ID/Passport/Driving License/PAN
  • Residential Address proof: Registered Rent Agreement/Utility Bill (not more than3months old)/Passport
  • Income proof: Salary slips for the past 6 months, Form 16 for the past 2 years, Salary account’s bank statement for the past 6 months
  • Property papers: Allotment letter, Sales deed, Possession letter, latest Property Tax receipts, copy of the approved plan for constructions

Documents Required for Self-Employed Individuals

  • Filled up the loan application form with 2 duly signed passport size photos
  • Identity proof: Voter ID/Passport/Driving License/PAN
  • Residential Address proof: Registered Rent Agreement/Utility Bill (not more than 3months old)/Passport
  • Income proof: Salary slips for the past 6 months, Form 16 for the past 2 years, Salary account’s bank statement for the past 6 months
  • Business proof: VAT/ Service Tax registration, business address proof, profit & loss account balance sheet certified/ audited by CA
  • Property papers: Allotment letter, Sales deed, Possession letter, latest Property Tax receipts, copy of the approved plan for constructions
  • And for non-professional self-employed: proof of business existence and business profile
Documents Salaried Self-Employed Professional Self-Employed Non-Professional
Application form with photograph duly signed Yes Yes Yes
Proof of identity, address, and age Yes Yes Yes
Last 6-month bank statements Yes Yes Yes
Last 3-months salary slips Yes Yes Yes
Processing fee cheque Yes Yes Yes
Form 16/ ITR (Income Tax Returns) Yes Yes Yes
Proof of Business     Yes
Business profile     Yes
Education qualification certificate and proof of business existence   Yes Yes
Last 2-year Income Tax Returns with a calculation of income   Yes Yes
Last 2-year CA Certified/audited balance sheet and profit & loss account   Yes Yes

After closing the loan, documents required for the collection of original property papers from ICICI Bank.

  • Power of Attorney
  • In case of demise of Loan Account Holder
  • Request letter from legal heir/ nominee(s) to collect property papers
  • Letter of relinquishment for relinquishing right in favor of legal heirs/ nominees/ surviving owner

Interest Rates

ICICI Bank Home Loan Interest Rate

Like other Indian banks, ICICI Bank home loans also offer an MLCR based interest rate calculation. It is important to understand that the ICICI Bank floating rate home loan is benchmarked to I-MCLR-1Y. Hence, change in interest rate is subject to any change in ICICI Bank benchmark 1-year MLCR rate. Last announced on 01 May 18, latest ICICI Bank home loan interest rate starts from 8.25%. But the interest rates may vary based on different categories.

Current home loan interest rate based on borrowers’ category

A. Special pricing for loans up to 30 lakhs

Floating Interest Rate

Category I-MCLR-6M (8.25%) I-MCLR-1Y (8.30%)
Salaried Borrowers Loan Amount up to 30 lakhs
Women Borrowers I-MCLR-6M + 0.20% (8.45%) I-MCLR-1Y + 0.15% (8.45%)
Others I-MCLR-6M + 0.25% (8.50%) I-MCLR-1Y + 0.20% (8.50%)
Self-Employed Borrowers Loan Amount up to 30 lakhs
Women Borrowers I-MCLR-6M + 0.35% (8.60%) I-MCLR-1Y + 0.30%(8.60%)
Others I-MCLR-6M + 0.40% (8.65%) I-MCLR-1Y+ 0.35% (8.65%)

Fixed rate for 24 months or 36 months

I-MCLR-1Y (8.30%)

Category Fixed rate for 24 or 36 months Floating rate pricing from 3rd& 4th year onwards
Salaried Borrowers Loan amount up to 30 lakhs
Women Borrowers 8.45% I-MCLR-1Y + 0.15%
Others 8.50% I-MCLR-1Y + 0.20%
Self-Employed Borrowers Loan amount up to 30 lakhs
Women Borrowers 8.60% I-MCLR-1Y + 0.30%
Others 8.65% I-MCLR-1Y + 0.35%

B. Below mentioned floating rates are linked to I-MCLR-1Y (One-year MCLR) benchmark rate. I-MCLR-1Y is 8.30%.

The loan interest rate for women borrowers*

Floating Interest Rate

Category Effective Rate of Interest Rate
Rs. 30 lakhs to Rs. 75 lakhs 8.75% I-MCLR-1Y+0.45%
Rs. 75 lakhs to Rs. 5 crore 8.80% I-MCLR-1Y+0.50%
Above Rs. 5 crore 8.90% I-MCLR-1Y +0.60%

Fixed Interest Rate for 5 Years, 10 Years

Category Effective Rate of Interest Rate
Up to Rs. 30 lakhs 8.80% I-MCLR-1Y + 0.50%
Rs. 30 lakhs to 5 crore 8.90% I-MCLR-1Y + 0.60%
Above 5 crore 9.00% I-MCLR-1Y+0.70%

Full Tenor Fixed Interest Rate

Category Effective Rate of Interest Rate
Up to Rs. 30 lakhs 9.80%
Rs. 30 lakhs to Rs. 5 crore 9.90%
Above Rs. 5 crore 10.15%

Salaried Borrowers

Floating Interest Rate

Category Effective Rate of Interest Rate
Rs. 30 lakhs to Rs. 75 lakhs 8.80% I-MCLR-1Y+0.50%
Rs. 75 lakhs to Rs. 5 crore 8.85% I-MCLR-1Y+0.55%
Above Rs. 5 crore 8.95% I-MCLR-1Y +0.65%

Fixed Interest Rate for 2 Years, 3 Years

Category

Fixed Rate for 2 years, 3 Years

Floating rate pricing from 25th/37th month
Rs. 30 lakhs to 75 lakhs 8.80% I-MCLR-1Y + 0.50%
Rs. 75 lakhs to 5 crore 8.85% I-MCLR-1Y + 0.55%%
Above 5 crore 8.95% I-MCLR-1Y+0.65%

Fixed Interest Rate for 5 Years, 10 Years

Category Fixed rate for 60/120 months Floating rate pricing from 61st to 121st months
UptoRs. 30 lakhs 8.85% I-MCLR-1Y + 0.55%
Above 30 lakhs 8.95% to 9.05% I-MCLR-1Y + (0.65% to 0.75%)

Full Tenor Fixed Interest Rate

Category Effective Rate of Interest Rate
UptoRs. 30 lakhs 9.85%
Above Rs. 30 lakhs 9.95% to 10.20%

 

Self-Employed Borrowers

 

Floating Interest Rate

Category Effective Rate of Interest Rate
Rs. 30 lakhs to Rs. 75 lakhs 8.80% I-MCLR-1Y+0.50%
Rs. 75 lakhs 8.85% to 8.95% I-MCLR-1Y+ (0.55% to 0.65%)

Fixed Interest Rate for 2 Years, 3 Years

Category Fixed Rate for 24/36 months Floating rate pricing from 25th/37th month
Rs. 30 lakhs to 75 lakhs 8.80% I-MCLR-1Y + 0.50%
Rs. 75 lakhs 8.85% to 8.95% I-MCLR-1Y + (0.55% to 0.65%)

Fixed Interest Rate for 5 Years, 10 Years

Category Fixed rate for 60/120 months Floating rate pricing from 61st to 121st months
UptoRs. 30 lakhs 8.85% I-MCLR-1Y + 0.55%
Above Rs. 30 lakhs 8.95% to 9.05% I-MCLR-1Y + (0.65% to 0.75%)

Full Tenor Fixed Interest Rate

Category Effective Rate of Interest Rate
UptoRs. 30 lakhs 9.85%
Above Rs. 30 lakhs 9.95% to 10.20%

*Woman borrower should be the primary applicant to the loan and she should be either owner or co-owner in the property the loan is being taken for.

Processing fee

Processing fee applicable is 0.5% of the loan amount plus service tax.

Pradhan Mantri Awas Yojana (PMAY)

ICICI Bank Pradhan Mantri Awas Yojana (PMAY)

The honorable Prime Minister of India has announced the Credit-Linked Subsidy Scheme (CLSS)under Pradhan MantriAwasYojana (PMAY) that envisages a vision of housing for everyone by 2022.

As per PMAY scheme, customers belonging to EWS (Economically Weaker Section) and LIG (Lower Income Group) categories can avail interest subsidy for improvement, extension, construction, and purchase of the house.

Features of PMAY Schemes:

  • Aadhaar number is mandatory for an applicant of MIG categories
  • Borrowers can avail the interest subsidy benefit on the outstanding principal
  • The subsidy can be availed for a maximum tenure of 20 years
  • There is no cap on the cost of the property or the loan amount
  • The NPV (Net Present Value) of the subsidy is calculated at a discounted rate of 9%

Eligibility for PMAY Scheme

In order to apply for this scheme, the beneficiary must not have availed any central aid under Housing for everyone by 2022.

FAQs

Query- How can I apply for ICICI Bank Home loan online?

Reply-You can apply for ICICI bank home loan online by simply entering your personal and financial details on our website or you can directly contact our team by calling us at +0120-411-0376 or Email us @ info@afinoz.com

Query- Do I have the freedom to choose the category of interest rate between fixed or floating on my ICICI bank home loan?

Reply - With ICICI bank home loans, customers can enjoy a fixed interest rate for the first 10 years, and thereafter select between fixed or floating interest rates. The rate of interest varies based on certain factors like the loan amount, category of borrower, tenure of the loan and fixed or floating rate of interest.

Query- If I want to close my home loan before the scheduled tenure, is there any prepayment charge?

Reply- As per the new mandate of RBI, banks are forbidden from charging prepayment penalty on floating rate loans. If the loan is borrowed on a fixed rate of interest, the bank will charge 2%(applicable taxes) on the outstanding principal.

Query- I have taken a home loan with an Initial /renewable fixed rate of interest. What happens when the fixed rate period expires?

Reply – According to the fixed rate home loan, the loan is fixed for a given period of time. The same would have been communicated to you in the loan sanction letter. After the end of a fixed rate period, your interest category of the loan would change into a floating rate. The applicable floating rate is applicable based on certain factors.

Query- I am looking for the best home loan rates in India. Can I make my own choice between the base home loan rate and MCLR when I apply for a home loan?

Reply- The existing borrowers of the best home loan in India  ( with a running loan account from the best home loan bank India) can either decide to move on with the base rate or may switch over to MCLR). New borrowers of the best bank for home loan India need to stick to the current MCLR rates mandated by the Reserve Bank Of India (RBI). These rates are subject to periodic changes, after a pre-defined time interval.

Query- When does the home loan repayment period start?

Reply- For the best home loan in india , the home loan repayment period starts immediately after the entire loan is disbursed. When it comes to the under-construction properties, the best bank for home loan india usually allows payment for the partially disbursed home loan amount. In such cases, the borrowers of the best home loan india may either repay both the principal and the interest amount or just the interest amount. They may even decide not to make any payments towards the partially disbursed amount.