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.
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.
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.
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.
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.
For salaried employees:
For the self-employed professional
For the self-employed Non-professional
How is my repayment capacity determined?
Following factors are taken into account while determining your repayment capacity:
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 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).
You can apply for an ICICI Bank Home Loan in the following ways:
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.
Mukhtaar Ali Baloch
14 February 2017
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