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ICICI Bank Home Renovation Loan

Icici Bank Home Renovation Loan

Home is the place where one starts to dream and strive to achieve those dreams. Wherever you go, the only place where you get peace is back at your home. So it is important to keep your home renovated in intervals so that time does not leave any mark which can take the charm away from your sweet home. When the idea of renovation comes up, the first thing that pops up in everybody’s mind is the cost of renovation. It is true that the cost of manpower, raw materials, and other products changes every now and then. ICICI Bank Home Renovation Loan can be a saviour for you when it comes to renovating your home.

What is a Home Renovation Loan?

Home Renovation Loan comes under the group of personal loans. These loans can be made useful if you plan to improve your home décor, interior, or a complete renovation. Home Renovation Loan is an unsecured loan that needs to be paid in installments. These loans, as a customer, are borrowed from the bank for a short period of time. Once you apply for a loan, the bank will tell you the time period allowed for the repayment of the same. If you want to renovate your home without touching your personal savings, the home renovation loan will be a good choice. The rate of interest for these loans is comparatively less when compared to other loans such as car loans, home loans, etc. If you have the capacity to repay the loan before the time given by the bank, the bank will be happy to do an early settlement.

Key Features of ICICI Bank Home Renovation Loan

Quick Processing: When you apply for a Home Renovation loan, the processing of the application starts as and when the relevant documents are received. Once the documents are verified, the bank may sanction the loan the same day. If you want, you can apply for a loan online.

Interest Rates: The interest rates of Home Renovation loans are comparatively less when compared to other loans such as car loans, home loans, etc.

Credit Rating:

Home Renovation Loans are short term loans and one of the best ways to get a better credit rating. When you repay these short loans on time, you can have a good track record with the bank and it increases your credit rating too. A good credit rating is important if you apply for loans in the future.

Features & Benefits Of ICICI Bank Home Renovation Loan

Security: ICICI Bank Home Renovation Loans are unsecured loans for a short period of time. This means you do not have to provide the bank with any security or collateral security when you apply for the loan. Due to these features, the processing of the loan happens fast.

Interest Rate:

The major concern when you apply for Home Renovation Loan will be the interest rate. Sometimes the interest rate may go higher than your expectations. But with ICICI Bank Home Renovation Loan, you can be stress-free as the interest rate starts from 11.25 %. This interest rate can change and it depends on your credit history with the bank, credit score and your salary. A good track record with the bank is important so that you can get an affordable interest rate.

Quick Processing and Disbursal: The processing for ICICI Bank Home Renovation Loan is fast once the bank verifies the submitted documents. There are chances that the bank can credit the account with the loan amount on the same day itself. However, the maximum time the bank might take is 72 hours. This is one of the major features of applying for a home renovation loan via ICICI Bank. This saves time and allows you to plan the renovation accordingly.

EMI: ICICI Bank Home Renovation Loan starts at Rs 2187 per one lakh. However, this is a standard loan repayment installment amount. If you can repay more than this month, the bank allows you to do so. If you pay the entire loan amount before the repayment period, your credit score will increase and this can help you in getting loans in the future.

Simple Procedure: With ICICI Bank Home Renovation Loan, you do not have to follow the long list of procedures before applying for the loan. ICICI Bank accepts the application for Home Renovation Loan via their official site, the banking app iMobile, SMS, and through their branches.

Loan Amount: When you apply for ICICI Bank Home Renovation Loan the maximum amount the bank can allow is Rs 20 lakhs. The repayment period of this loan will be fixed by the bank. However, if you can repay the loan before the repayment period then the bank accepts that as well.

Eligibility Criteria of ICICI Bank Home Renovation Loan

The eligibility criteria of ICICI Bank Home Renovation Loan depends on the applicant’s age, salary, etc

  • The minimum age for applying ICICI Bank Home Renovation Loan is 21 years
  • Self-employed professionals and salaried individuals can apply for this loan
  • All the co-owners should be the applicant for ICICI Home Renovation Loan
  • A successful credit score is important to apply for ICICI Bank Home Renovation Loan.

How to apply for ICICI Bank Home Renovation Loan?

There are 4 ways to apply for ICICI Bank Home Renovation Loan. They are

Internet Banking or Official Website: If you plan to renovate your home and in need of a loan, you can visit the official website of ICICI where you can apply for a loan fast and easy. It will be easier for the bank to collect your details if you are already a customer. If not, then you can just fill the data required for checking the eligibility in applying for the loan. Once your eligibility is confirmed, you can update the documents which complete the application procedure. The documents required would be your salary certificate, address proof, identity proof, etc.

iMobile: Nowadays, you can get your banking procedure done through fingertips from wherever you are. The banking app is one of the easiest ways to do banking whenever you like. If you want to apply for ICICI Bank Home Renovation Loan, then you can do it via this app and this reduces the paperwork as well.

Branch Visit: ICICI Bank Home Renovation Loan can be availed from the nearest branch. If you want to talk to someone in person, then you can just walk into the branch and the customer service associates will help you understand the loan and will clarify your doubts if any.

SMS: You can send an SMS in the format PL to 5676766. Upon receiving the text a customer service associate will call you. You can check with them about ICICI Bank Home Renovation Loan.

Documents Required for ICICI Bank Home Renovation Loan

To apply for ICICI Bank Home Renovation Loan, the bank will require the following documentation

Proof of Identity such as

  • PAN Card
  • Aadhar Card
  • Voters ID
  • Passport
  • Driving License
  • Ration Card

Proof of address such as

  • Water/Electricity/Telephone bill
  • Rental Agreement
  • Driving License
  • Passport
  • Ration Card
  • Aadhar Card
  • Voter’s ID

Proof of age such as

  • School leaving certificate
  • PAN Card
  • Birth Certificate

  • A salary certificate for the last 6 months, form 16, or the bank statement is needed if the applicant is a salaried person.
  • The bank will require the original deeds of the property.
  • An estimated cost of renovation is an important document the bank needs before sanctioning the loan.

FAQs on ICICI Bank Home Renovation Loan

1. What is the maximum time the bank will take to credit the account with the loan amount?

If all the documents have been submitted and verified successfully, then the bank may credit the account within 72 hours.

2. What is the maximum age limit for taking ICICI Bank Home Renovation Loan?

The maximum age for taking ICICI Bank Home Renovation Loan is 65 years.

3. Will there be any difference in the interest rate under ICICI Bank Home Renovation Loan?

The interest rate will depend on the borrower’s track record. If the borrower is a defaulted payer or has been irregular in repaying the previous loans, the bank may change the interest rate.

4. Can I extend the repayment period of ICICI Bank Home Renovation Loan?

It is completely the bank discretion whether to extend the repayment period. If you have genuine reasons for repayment and have been a good customer with good track record, then the bank may extend the repayment period.

5. Under what circumstances can the bank reject loans under ICICI Bank Home Renovation Loan?

The bank can reject the loan application if

  • The borrower fails to submit all the required documents.
  • The credit score is below the standard score.
  • The borrower has made defaults in the previous loans.

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