Apply for ICICI Bank Home Loan

Why apply through CreditMantri

CreditMantri matches your credit and demographic profile to ICICI Bank Home Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you based on our proprietary matching algorithm.

In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for ICICI Bank Home Loan. Hence the chances of your ICICI Bank Home Loan application getting approved is higher.

9.5% *

best rate

0%

processing fee

30 yrs

max tenure

  • Offer higher eligibility and lower EMIs at attractive interest rates
  • Application processing through tablet and smart phone app ensures faster approval
  • Lower EMI and save money by transferring your existing home loan
  • Unlock the value of your property to avail funds for personal and business requirements
  • Interest rate - 9.85% to 11.5%
  • Processing fee - 0.5% to 1% of loan amount
  • Application form with 2 photographs , Processing fee cheque
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport,Utility bill, Lease agreement
  • Salaried - Salary slip for 3 months, bank statement with salary credit
  • Self employed - Office address proof, audited financials for last 2 yrs and latest 6 months balance sheet

About ICICI Bank

ICICI Bank is one of the leading private sector banks in India and one of the largest credit product issuers in the country. ICICI Bank was founded in 1994 and provides a wide range of banking products and financial services and has a network of more than 4000 branches across the country. On the retail banking side, it offers an array of loan options designed to suit the differing needs of its customers.

ICICI Bank Home Loan

Owning a home is the dream of any individual. An ICICI Bank Home Loan could help you achieve that dream. Choose your home from ICICI Bank’s approved projects and make your application process easier.

ICICI Bank Home Loan Features

Quick, easy, and simplified documentation process and doorstep service

The application process for a home loan from ICICI Bank has been simplified and using ICICI TABLET and Smart phone applications ensures faster approval of your home loan. You can also avail the doorstep service where the bank will come to you! Perfect for those leading busy lives.

Balance Transfer facility

A home loan balance transfer is also available, where you can transfer your existing home loan from other banks and NBFCs for a better interest rate with ICICI Bank. Key reasons for a balance transfer could include attractive interest rates, simplified documentation, and additional top up loan offers.

Pre-approved home loan

Certain existing customers of ICICI Bank could be eligible for a pre-approved home loan with reduced documentation.

ICICI Bank Home Loan Eligibility

In order to check your eligibility for a home loan from ICICI Bank, you can use the Online Eligibility Calculator on their website. The loan amount you would be eligible for depends on various criteria like your net monthly income, your age, any other loan commitments you might already have, the cost of the property for which you require a loan, the tenure of the loan among other factors.

ICICI Bank Home Loan Documents Required

For salaried employees:

  • Completed application form with recent photograph
  • Proof of Identity - Passport Copy/ Voter ID card/ Driving License/ PAN Card (any one document to be submitted)
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License (any one to be submitted)
  • Proof of age - PAN Card, Passport, Birth Certificate
  • Bank statements for the last six months
  • Latest three months’ salary slips/salary certificate
  • Form 16 - issued by the Employer
  • Processing Fee Cheque

For the self-employed professional

  • Completed application form with recent photograph
  • Proof of Identity - Passport Copy/ Voter ID card/ Driving License/ PAN Card (any one document to be submitted)
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License (any one to be submitted)
  • Proof of age - PAN Card, Passport, Birth Certificate
  • Form 16 / Income Tax Returns
  • Education Qualifications Certificate and Proof of business existence
  • Last 3 years Income Tax returns with computation of Income
  • Last 3 years Profit/Loss statement and Balance Sheet duly certified by a CA
  • Last 6 months bank statements
  • Processing fee cheque

For the self-employed Non-professional

  • Completed application form with recent photograph
  • Proof of Identity - Passport Copy/ Voter ID card/ Driving License/ PAN Card (any one document to be submitted)
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License (any one to be submitted)
  • Proof of age - PAN Card, Passport, Birth Certificate
  • Education Qualifications Certificate and Proof of business existence
  • Business profile
  • Last 3 years Income Tax returns with computation of Income
  • Last 3 years Profit/Loss statement and Balance Sheet duly certified by a CA
  • Last 6 months bank statements
  • Processing fee cheque

ICICI Bank Home Loan FAQS

How is my repayment capacity determined?

Following factors are taken into account while determining your repayment capacity:

  • Age
  • Income
  • Qualifications
  • Number of dependents
  • Assets
  • Liabilities
  • Stability / continuity of your employment / business
  • Income of co-applicant/s

Is a co-applicant mandatory for a home loan?

Yes, a co-applicant is mandatory if you want to apply to ICICI Bank India Home Loan. A co-application is the co-borrower of the loan and could include your parents, siblings or spouse. Their income and credit score will be taken into account as well.

When is the loan amount disbursed?

Your loan amount will only be disbursed after you have chosen a property, submitted all the necessary documents and the property is legally cleared by a team of lawyers and property evaluators empaneled by ICICI Bank. You also need to provide the proof that you have paid your own contribution toward the purchase of the home.

The cheque for the loan amount approved is drawn in favour of the builder or seller.

How do I repay my loan amount?

You can repay your loan amount in Equated Monthly Instalments (EMIs). Your EMI includes payment towards both the interest and principal amount.

What are the prepayment options?

You can prepay your ICICI Bank Home Loan if it is at a floating rate of interest at no cost during any time of your tenure.

For home loans with a fixed rate of interest, you can foreclose the loan before its original tenure expires, though foreclosure charges apply. You will be charged 2% on the outstanding loan amount.

Are there any fees involved in processing my loan application?

You'll be charged a nominal fee of 0.50%- 1% of the loan amount plus service taxes and surcharge as processing/administrative fees.

ICICI Bank Home Loan Review

ICICI Bank offers Home Loans to suit all kind of budget and needs, with attractive interest rates and convenient repayment options. You can avail a Home Loan from ICICI Bank in order to construct your house, or purchase an independent bungalow/flat, buy a resale property or to extend/remodel your house (for example, add a floor or two).

How to Get Home Loan from ICICI Bank – Apply for ICICI Bank Home Loan

You can apply for an ICICI Bank Home Loan in the following ways:

  • Apply online and submit the required documents. Online sanction has additional benefits like discount on processing fee and offers from ICICI Bank online alliance (subject to availability).
  • You can visit any ICICI Bank branches to discuss your eligibility and for details on your home loan. You can submit a completed application form along with the required documents.
  • You can call the customer care at any of the branches who will assist you in the loan process.
  • You can send an email to the dedicated email address. An ICICI Bank representative will get in touch with you and assist you in the loan process.
  • You can also send an SMS to the dedicated number. An ICICI Bank representative will get in touch with you and assist you in the loan process.

You can do an ICICI Bank Home Loan status check by contacting any of the branches or online. In order to track your Home Loan application online, you need to input your Reference Number/Form number on their Loan Application Status Page.

Alternatively, if you think you need help with your Home Loan application and advice on loan-eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your profile.