ICICI Bank Home Loan
Max Tenure
30 yrs
Best Rate
9.65%
Processing Fee
NIL
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ICICI Bank Home Loan
About ICICI Bank
ICICI Bank is one of the leading private sector banks in India. ICICI Bank was founded in 1994 and provides a wide range of banking products and financial services. It offers an array of credit products designed to suit the many differing needs of its customers.
How to Apply for RBL Bank Home Loan?
What Is a Home Loan?
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.
An Introduction to ICICI Bank Home Loans
ICICI Bank offers a wide range of services in the home loan segment. It is the most preferred bank by all kinds of people for any financial service. Packed with exclusive benefits, ICICI Bank Home Loans are tailor made catering to the needs of various customers.
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
Key Highlights
| Eligibility Criteria | Salaried and Self-Employed |
|---|---|
| Loan Tenure | Up to 30 years |
| Loan Amount | The loan amount is determined based on your income and property value |
| Processing fee | Up to 1% of the loan amount or INR 1500 |
| Interest Rate | Starts from 8.20% onwards |
| Prepayment Charges | Nil |
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 8.20% onwards and it can go up to maximum of 11.35%.
Processing fee: Up to 1% of the loan amount 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 30 years
Easy Balance Transfer: With this facility, you can transfer your existing home loan with other bank to ICICI Bank for a lower interest rate.
Prepayment: No charges are levied on partial prepayment or foreclosure of the home loans and home improvement loans with floating rate of interest. For fixed interest rate of home loans, customers will have to pay 2% of the outstanding principal with applicable taxes.
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% of the loan amount 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 20 years
Prepayment: No charges are levied on partial prepayment or foreclosure of the home loans and home improvement loans with floating rate of interest. For fixed interest rate of home loans, customers will have to pay 2% of the outstanding principal with applicable taxes.
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 licence/ 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 two 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 ICICI Bank home loan can be repaid in following 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 amount will be debited automatically at the end of the monthly cycle from the ICICI Bank account you specify.
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 at your nearest ICICI Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
How to Apply for ICICI Bank Home Loan?
You can either apply online or visit a nearby ICICI Bank branch for the application. You can also download the home loan application form from the ICICI Bank official website, complete the form and submit it the bank representative.
You can also check your eligibility for a home loan through CreditMantri and apply for it.
Summary of ICICI Bank Home Loans
With attractive interest rates and low processing fees, ICICI Bank caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the ICICI Bank home loan without any penalty. ICICI Bank home loan is the best option to buy or construct your dream house.
ICICI Bank Home Loan FAQs
1. Is there penalty for prepaying the ICICI Bank Home Loan?
No penalty is levied for prepaying the ICICI Bank Home Loan.
2. Can I top up my existing Home Loan?
Yes, you can get additional funding on your existing home loan.
3. What is the maximum loan repayment period for ICICI Bank home loans?
The maximum repayment is determined based on your repaying ability, credit profile and loan amount.
4. How Can I apply for ICICI Bank home loan?
You can either apply online or visit a nearest ICICI Bank branch and take the help of the bank’s representative.
5. What is the maximum loan amount provided by ICICI Bank?
The maximum loan amount depends on the market value of the property.
6. Does ICICI Bank facilitate balance home loan transfer?
Yes, you can transfer your existing home loan to ICICI Bank.
7. Can I get tax benefits from ICICI Bank Home Loan?
As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.
Latest & Update Icici Bank Home Loan News
ICICI Bank Revises MCLR: Loan EMIs To Get Costlier12 Jun 2023
ICICI Bank has revised its marginal cost of fund-based lending rates (MCLR). ICICI Bank's MCLR for overnight and one month tenures have been revised to 8.35%. The MCLRs for durations of three months, six months, and one year have been revised to 8.4%...
Read moreICICI Bank has revised its marginal cost of fund-based lending rates (MCLR). ICICI Bank's MCLR for overnight and one month tenures have been revised to 8.35%. The MCLRs for durations of three months, six months, and one year have been revised to 8.4%, 8.75%, and 8.85% respectively. The MCLR is revised every month taking into consideration the repo rate and other rates related to borrowing. The MCLR is applicable to home loans, auto loans, and personal loans. Due to the hike in MCLR, the EMI (equated monthly instalments) on loans will now get costlier.
ICICI Bank Hikes Home Loan Interest Rates16 Jan 2023
ICICI Bank has hiked its MCLR across all tenures by upto 25 basis points. One basis point is equal to 0.01 per cent. The higher interest rates are effective from January 1 2023. The one-month MCLR rate has been increased to 8.40 percent from 8.15 per...
Read moreICICI Bank has hiked its MCLR across all tenures by upto 25 basis points. One basis point is equal to 0.01 per cent. The higher interest rates are effective from January 1 2023. The one-month MCLR rate has been increased to 8.40 percent from 8.15 percent. The three months, six months, and one year MCLRs at ICICI Bank have been increased to 8.45 percent, 8.60 percent, and 8.65 percent respectively. The EMI payment will increase along with the increase in the interest rate on your home loan (Both EBLR and MCLR). Borrowers have the option to change from the MCLR to an external benchmark, but the borrower has to inform the bank and pay the required administrative fees. The Bank will only provide repo rate linked loans for any new variable rate home and mortgage loans that have a starting date of October 1, 2019.
Now you can avail instant home loan or a top-up loan from ICICI Bank 4 Apr 2019
ICICI Bank has come up with 2 Instant Home Loan products which enables their salaried pre-approved customers to avail home loans and get final sanction letter in a fully digital way. While one of them is an Instant Home Loan which is for new home lo...
Read moreICICI Bank has come up with 2 Instant Home Loan products which enables their salaried pre-approved customers to avail home loans and get final sanction letter in a fully digital way. While one of them is an Instant Home Loan which is for new home loan customers, the Instant Top Up Loan product is aimed at their existing home loan customers. New Home Loan customers can avail loans up to Rs 1 crore for a period of 30 Years (depends on the age of the customer as well) and the Instant Top-Up Loan allows their existing home loan customers to avail a top-up loan of up to Rs 20 lakh for a tenure of 10 years.
Icici Bank Home Loan - Customer Reviews
Mukhtaar Ali Baloch
"Good for comparing different bank home loan offers Everybody knows ICICI, but not everyone knows CreditMantri. Their exceptional service is praiseworthy. It is only because of CreditMantri I got guidance throughout the process of my home loan application. I was eligible for a home loan from ICICI, and after the initial verification, I was approved for a home loan. The website is good for comparing different bank home loan offers and helps in choosing the right option. So far, I have not faced any kind of issues nor any kind of difficulties, whilst navigating the website. Would recommended everyone to go through this website and use their service. Cheers. "