ICICI Bank is one of India’s leading private sector banks. ICICI Bank was founded in 1994 and offers a wide range of banking products and financial services. It provides a variety of credit products tailored to address the many different needs of its customers.
ICICI Bank provides a wide range of services in the home loan market. It’s the most favoured bank by all kinds of people for any financial service. Filled with exclusive benefits, ICICI Bank Home Loans are customized to suit the needs of different clients.
ADVANTAGES OF ICICI BANK HOME LOANS
- Attractive interest rates with floating and fixed type based on your preference
- Low processing fees
- Less paperwork
- No prepayment penalties
- No hidden costs and administrative charges
- Easy home loan balance transfer
- Transparent application process
- Flexible repayment options
|Eligibility Criteria||Salaried and Self-Employed|
|Loan Tenure||Up to Thirty Years|
|Loan Amount||The loan amount is determined based on your income and property value|
|Processing Fee||Up to 1-2 percent of the loan amount (INR 1500) plus GST|
|Interest Rate||Starts from 6.90% onwards|
FEATURES OF ICICI BANK HOME LOAN
- Objective: ICICI Bank home loan aims to help millions of people achieve their dream of owning a house.
- Loan Amount: The loan amount is also determined by the repaying capacity and credit profile.
- Rate of Interest: Interest rate starts from 8.65% onwards and it can go up to maximum of 10.35%.
- Processing fee: Up to 1%-2% of the loan sum or INR 1500 and for locations such as Mumbai, Bangalore and Delhi will have to pay INR 2000
- Tenure: The repayment period is up to thirty years
- Easy Balance Transfer: With this facility, you can transfer your current home loan with another bank to ICICI Bank at a lower interest rate.
- Prepayment: No premiums are imposed for partial prepayment or foreclosure of home loans and home improvement loans at a floating rate of interest. Customers would have to pay 2% of the remaining balance and applicable taxes for fixed interest rates on home loans.
- Insurance Policy: An insurance cover to protect your family against repayment of home loan in the event of unfortunate situations.
ICICI BANK STEP UP HOME LOANS
- Objective: ICICI Bank step up home loan allow you to take a loan and repay it as per your income.
- Loan Amount: The maximum loan amount is up to 3 crores.
- Minimum Income: INR 20,000 per month
- Rate of Interest: Interest rate starts from 8.20% onwards and it can go up to maximum of 11.35%.
- Processing fee: Up to 1%- 2% of the loan sum or INR 1500 and for locations such as Mumbai, Bangalore and Delhi will have to pay INR 2000
- Tenure: The repayment period is up to twenty years
- Prepayment: No premiums are imposed for partial prepayment or foreclosure of home loans and home improvement loans at a floating rate of interest. Customers would have to pay 2% of the outstanding principal and applicable taxes for fixed interest rates on home loans.
DOCUMENTS REQUIRED TO APPLY FOR ICICI BANK HOME LOANS
Important documents to be submitted while applying for home loans with ICICI Bank:
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last six months
- Form 16/IT returns for the last 2 financial years for salaried employees
- IT returns for the three years for self-employed professionals
- Property tax receipt
- Proof of business address for non-salaried individuals
- Personal assets and liabilities statement
For guarantor (wherever applicable):
- Personal Assets and Liabilities Statement
- 2 passport size photographs
- Proof of identification as above
- Proof of residence as above
- Proof of business address as above
- Signature identification from his/her present bankers
EMI PAYMENT METHODS
Your home loan can be repaid in three ways:
- Standing Instruction (SI):If you are an existing account holder with ICICI Bank, Standing Instruction is the best mode of repayment. Your EMI balance will be debited automatically from the ICICI Bank account you choose at the end of the monthly period.
- Electronic Clearing Service (ECS):This mode can be used if you have a non-ICICI Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account
- Post-Dated Cheques (PDCs):You can submit post-dated EMI cheques from a non-ICICI bank account to the nearest ICICI Bank Loan Centre .A fresh set of PDCs would have to be provided in a timely manner. Please note Post Date Cheques will only be collected from non-ECS locations.
It is recommended that you select either SI or ECS mode of payment for faster and less error-prone than using PDCs.
HOW TO APPLY FOR ICICI BANK HOME LOAN?
You may either apply online or visit the nearest ICICI Bank branch to apply. You can also download the home loan application form from the ICICI Bank official website, complete the form and submit it the bank representative.