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 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 loan application form with 2 duly signed passport size photos
  • ITR of 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 approved plan for constructions

Documents Required for Self-Employed Individuals

  • Filled up 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 approved plan for constructions
  • And for non-professional self-employed: proof of business existence and business profile
DocumentsSalariedSelf-Employed ProfessionalSelf-Employed Non-Professional
Application form with photograph duly signedYesYesYes
Proof of identity, address and ageYesYesYes
Last 6-month bank statementsYesYesYes
Last 3-months salary slipsYesYesYes
Processing fee chequeYesYesYes
Form 16/ ITR (Income Tax Returns)YesYesYes
Proof of Business  Yes
Business profile  Yes
Education qualification certificate and proof of business existence YesYes
Last 2-year Income Tax Returns with calculation of income YesYes
Last 2-year CA Certified/audited balance sheet and profit & loss account YesYes

After closing the loan, documents required for 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 favour 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
CategoryI-MCLR-6M (8.25%)I-MCLR-1Y (8.30%)
Salaried BorrowersLoan Amount upto 30 lakhs
Women BorrowersI-MCLR-6M + 0.20% (8.45%)I-MCLR-1Y + 0.15% (8.45%)
OthersI-MCLR-6M + 0.25% (8.50%)I-MCLR-1Y + 0.20% (8.50%)
Self-Employed BorrowersLoan Amount upto 30 lakhs
Women BorrowersI-MCLR-6M + 0.35% (8.60%)I-MCLR-1Y + 0.30%(8.60%)
OthersI-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%)
CategoryFixed rate for 24 or 36 monthsFloating rate pricing from 3rd& 4th year onwards
Salaried Borrowers Loan amount upto 30 lakhs
Women Borrowers8.45%I-MCLR-1Y + 0.15%
Others8.50%I-MCLR-1Y + 0.20%
Self-Employed BorrowersLoan amount upto 30 lakhs
Women Borrowers8.60%I-MCLR-1Y + 0.30%
Others8.65%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%.

Loan interest rate for women borrowers*
Floating Interest Rate
CategoryEffective Rate of InterestRate
Rs. 30 lakhs to Rs. 75 lakhs8.75%I-MCLR-1Y+0.45%
Rs. 75 lakhs to Rs. 5 crore8.80%I-MCLR-1Y+0.50%
Above Rs. 5 crore8.90%I-MCLR-1Y +0.60%
Fixed Interest Rate for 5 Years, 10 Years
CategoryEffective Rate of InterestRate
Upto Rs. 30 lakhs8.80%I-MCLR-1Y + 0.50%
Rs. 30 lakhs to 5 crore8.90%I-MCLR-1Y + 0.60%
Above 5 crore9.00%I-MCLR-1Y+0.70%
Full Tenor Fixed Interest Rate
CategoryEffective Rate of Interest Rate
Upto Rs. 30 lakhs9.80%
Rs. 30 lakhs to Rs. 5 crore9.90%
Above Rs. 5 crore10.15%
Salaried Borrowers
Floating Interest Rate
CategoryEffective Rate of InterestRate
Rs. 30 lakhs to Rs. 75 lakhs8.80%I-MCLR-1Y+0.50%
Rs. 75 lakhs to Rs. 5 crore8.85%I-MCLR-1Y+0.55%
Above Rs. 5 crore8.95%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 lakhs8.80%I-MCLR-1Y + 0.50%
Rs. 75 lakhs to 5 crore8.85%I-MCLR-1Y + 0.55%%
Above 5 crore8.95%I-MCLR-1Y+0.65%
Fixed Interest Rate for 5 Years, 10 Years
CategoryFixed rate for 60/120 monthsFloating rate pricing from 61st to 121st months
UptoRs. 30 lakhs8.85%I-MCLR-1Y + 0.55%
Above 30 lakhs8.95% to 9.05%I-MCLR-1Y + (0.65% to 0.75%)
Full Tenor Fixed Interest Rate
CategoryEffective Rate of Interest Rate
UptoRs. 30 lakhs9.85%
Above Rs. 30 lakhs9.95% to 10.20%

Self-Employed borrowers

Floating Interest Rate
CategoryEffective Rate of InterestRate
Rs. 30 lakhs to Rs. 75 lakhs8.80%I-MCLR-1Y+0.50%
Rs. 75 lakhs8.85% to 8.95%I-MCLR-1Y+ (0.55% to 0.65%)
Fixed Interest Rate for 2 Years, 3 Years
CategoryFixed Rate for 24/36 monthsFloating rate pricing from 25th/37th month
Rs. 30 lakhs to 75 lakhs8.80%I-MCLR-1Y + 0.50%
Rs. 75 lakhs8.85% to 8.95%I-MCLR-1Y + (0.55% to 0.65%)
Fixed Interest Rate for 5 Years, 10 Years
CategoryFixed rate for 60/120 monthsFloating rate pricing from 61st to 121st months
UptoRs. 30 lakhs8.85%I-MCLR-1Y + 0.55%
Above Rs. 30 lakhs8.95% to 9.05%I-MCLR-1Y + (0.65% to 0.75%)
Full Tenor Fixed Interest Rate
CategoryEffective Rate of Interest Rate
UptoRs. 30 lakhs9.85%
Above Rs. 30 lakhs9.95% 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 honourable Prime Minister of India has announced 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 house.

Features of PMAY Schemes:

  • Aadhaar number is mandatory for 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 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 +91- 8795.021.552 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 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 new mandate of RBI, banks are forbidden from charging prepayment penalty on floating rate loans. If the loan is borrowed on fixed rate of interest, bank will charge 2%(applicable taxes) on the outstanding principal.

Query- I have taken 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 fixed rate period, your interest category of the loan would change into floating rate. The applicable floating rate is applicable based on certain factors.