ICICI Bank Home Loans

ICICI Bank is India’s largest private sector bank with a network of 4,850 Branches and 13,917 ATM’s across India as in Nov’17.
Be it a loan for new home purchase, construction of house, renovation, or a loan transfer getting a loan from ICICI Bank is quick and easy.

Here are the key differentiators of ICICI Bank Home Loans:

  • It’s really quick and easy to get a home loan from ICICI Bank.
  • You can get a higher eligibility and lower EMIs at an affordable and competitive rates of interest.
  • With more digitalisation, ICICI bank has made the home loan application easy and convenient with the use Tablet and Smart phone. This helps in faster processing of the loan.
  • Home Loan from ICICI Bank can be taken to buy your dream house of your choice, or from ICICI bank’s pre-approved projects.
  • Pre-approved home loans are also offered to select customers of ICICI bank, and existing customers also enjoy reduced documentation.

Special Offer on ICICI Bank Home Loans

1% Cashback Scheme

Under this scheme you will get a Cashback of 1% on every EMI paid for the entire loan tenure. You will have an option to either get the amount of cashback credited to your ICICI Bank account or can be adjusted against principal outstanding of your loan. The first cashback on EMIs will get accumulated but credited only after the expiry of first 3 years(36months). Thereafter, the cashback will be credited yearly till the loan closure.

Features

  • Available for new Home Loan and LAP customers
  • Cashback benefit for up to 30 years
  • Option of getting Cashback through Principal Adjustment or credit to Bank Account.
  • Balance Transfer facility also available

ICICI Bank Step-up Home Loans

With ICICI Bank Step Up Home Loans your dream of owning a home becomes a reality early in life. A product for the millennial Indians, in which you can avail of a higher loan amount as compared to your loan eligibility under normal Home Loans. In the initial years of your career you pay moderate EMIs, which will step up during the subsequent years considering your growth in income.
The repayment under Step Up Home Loan is structured into 2 parts:
– Initial (Primary) period of 3-5 years only interest is payable.
– Secondary period (balance term) EMI is payable.

Features & Conditions

  • Enhanced eligibility up to 20%
  • Loan amount up to Rs. 3 Crore
  • Minimum income of Rs.20,000 per month
  • Loan tenure of up to 20 years
  • Applicant should be working with select corporates as identified by ICICI Bank
  • Applicant should not be more than 40 years old

30 Year Home Loan

It is meant for those who are young(under 30 yrs) at age. With a longer repayment tenure, the EMIs become affordable even at a higher loan amount. 30 Year Home Loan can be availed by women borrowers and applicants working for some selected companies.

Features and Benefits of ICICI Bank Home Loans

  • Competitive interest rates with both floating and fixed interest rate options
  • Loans for Salaried, Self-employed professionals, self-employed businessmen and NRIs
  • Facility of in principle sanction of home loan based on your Income.
  • Simplified documentation and even faster processing for existing customers
  • Enjoy lower EMIs with tenure extending upto 30 years
  • ransfer your existing home loan availed from any other bank, to ICICI Bank with an option of additional top-up loan of upto 100% of the previously disbursed amount.
  • Selected existing customers can enjoy pre-approved home loans.
  • Enjoy a fixed interest rate for the first 10 years, and thereafter a choice of fixed or floating interest rates.

Eligibility Criteria of ICICI Bank Home Loans

  • Min age should be 21 years at the time of application.
  • Applicant must be self-employed or salaried with a regular source of income.
  • The co-applicant’s must be 18 years old at the time of loan application.

Documents Required for ICICI Bank Home Loans

ICICI Bank home loans processing is very easy and quick. Identity and address proof along with income documents are some of the key documents required for ICICI Bank home loan application.

Documents Salaried Self Employed Professional Self Employed Non Professional
Application form with photograph duly signed
Identity, residence address and age proof
Last 6 months bank statements
Last 3 months Pay-slips
Processing fee cheque
Form 16 / Income Tax Returns
Proof of business entity
Business profile on letter head
Education qualification proof
Last 3 years ITR with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

ICICI Bank Home Loan Interest Rates

ICICI Bank offers both flatting and fixed interest rates. The floating interest rate is linked to its MCLR(benchmark rate)

A. Special pricing for loans up to ₹ 30 lacs

  • Floating Interest Rate

Category-SALARIED I-MCLR-6M (8.15%) I-MCLR-1Y (8.20%)
Women I-MCLR-6M + 0.20% (8.35%) I-MCLR-1Y + 0.15% (8.35%)
Others I-MCLR-6M + 0.25% (8.40%) I-MCLR-1Y + 0.20% (8.40%)
Category-SELF-EMPLOYED
Women I-MCLR-6M + 0.35% (8.50%) I-MCLR-1Y + 0.30%(8.50%)
Others I-MCLR-6M + 0.40% (8.55%) I-MCLR-1Y+ 0.35% (8.55%)
  • Fixed rate for 24/36 months and thereafter floating

Category-SALARIED I-MCLR-1Y (8.20%)
Fixed Rate for 24/36 months Floating Rate from 3rd and 4th year onwards
Women 8.35% I-MCLR-1Y + 0.15%
Others 8.40% I-MCLR-1Y + 0.20%
Category-SELF-EMPLOYED
Women 8.50% I-MCLR-1Y + 0.30%
Others 8.55% I-MCLR-1Y+ 0.35%

B. Pricing for loans above ₹ 30 lacs

  • Floating Interest Rate

₹ 30 lacs to ₹ 75 lacs
Category-SALARIED Effective Rate of Interest Rate
Women 8.65% I-MCLR-1Y+0.45%
Others 8.70% I-MCLR-1Y+0.50%
₹ 75 lacs to ₹ 5 crore
Category-SALARIED Effective Rate of Interest Rate
Women 8.70% I-MCLR-1Y+0.50%
Others 8.75% I-MCLR-1Y + 0.55%
Above ₹ 5 crore
Category-SALARIED Effective Rate of Interest Rate
Women 8.80% I-MCLR-1Y +0.60%
Others 8.85% I-MCLR-1Y + 0.65%
₹ 30 lacs to ₹ 75 lacs
Category-SELF-EMPLOYED
Women 8.65% I-MCLR-1Y+0.45%
Others 8.70% I-MCLR-1Y+0.50%
₹ 75 lacs to ₹ 5 crore
Category-SELF-EMPLOYED
Women 8.70% I-MCLR-1Y+0.50%
Others 8.75% to 8.85% I-MCLR-1Y + (0.55% to 0.65%)
Above ₹ 5 crore
Category-SELF-EMPLOYED
Women 8.80% I-MCLR-1Y +0.60%
Others 8.75% to 8.85% I-MCLR-1Y + (0.55% to 0.65%)
  • Fixed Interest Rate-Women Borrower^

Fixed Interest Rate for 5 yrs, 10 yrs Floating rate pricing from 5th & 10th year onwards Full Tenor Fixed Interest Rate
Up to ₹ 30 lacs 8.70% I-MCLR-1Y + 0.50% 9.70%
₹ 30 lacs to ₹ 5 crore 8.80% I-MCLR-1Y + 0.60% 9.80%
Above ₹ 5 crore 8.90% I-MCLR-1Y + 0.70% 10.05%

^Woman borrower should be the first applicant to the loan and should be either owner or co-owner of the property being purchased.

  • Fixed Interest Rate(2 years, 3 years)- Salaried(Others)

Fixed Interest Rate for 2 yrs, 3 yrs Floating rate pricing from 2nd & 3rd year onwards
Up to ₹ 30 lacs 8.70% I-MCLR-1Y + 0.50%
₹ 30 lacs to ₹ 5 crore 8.75% I-MCLR-1Y + 0.55%
Above ₹ 5 crore 8.85% I-MCLR-1Y + 0.65%
  • Fixed Interest Rate(5 years, 10 years and full tenor)- Salaried(Others)

Fixed Interest Rate for 5yrs, 10yrs Floating rate pricing from 5th year & 10th year onwards Full Tenor Fixed Interest Rate
Up to ₹ 30 lacs 8.75% I-MCLR-1Y + 0.55% 9.75%
Above ₹ 30 lacs 8.85% to 8.95% I-MCLR-1Y + (0.65% to 0.75%) 9.85% to 10.10%
  • Fixed Interest Rate(2 years, 3 years)- Self-employed(Others)

Fixed Interest Rate for 2yrs, 3yrs Floating rate pricing from 2nd year & 3rd year onwards
₹ 30 lacs to ₹ 75 lacs 8.70% I-MCLR-1Y + 0.50%
Above ₹ 75 lacs 8.75% to 8.85% I-MCLR-1Y + (0.55% to 0.65%)
  • Fixed Interest Rate(5 years, 10 years and full tenor)- Self-employed(Others)

Fixed Interest Rate for 5yrs, 10yrs Floating rate pricing from 5th year & 10th year onwards Full Tenor Fixed Interest Rate
Up to ₹ 30 lacs 8.75% I-MCLR-1Y + 0.55% 9.75%
Above ₹ 30 lacs 8.85% to 8.95% I-MCLR-1Y + (0.65% to 0.75%) 9.85% to 10.10%

ICICI Bank NRI Home Loans

Key Highlights

Looking to buy a house, building a house or purchasing a plot in India, ICICI Bank Home Loan can help you realise that.

Benefits

  • Competitive interest rates on a monthly reducing balance.
  • Choose from fixed and floating interest rates.
  • Part–prepayment facility with no pre-payment fees.
  • Free personal accident insurance to the extent of loan outstanding.
  • Doorstep service in India till disbursement.

Eligibility

Age

  • You must be minimum 25 years old.
  • Maximum age limit is 60 years or retirement age (whichever is earlier) at the time of termination of loan.

Residential status

  • If you’re salaried, you should have been abroad for a minimum period of 1 year.
  • If you’re self-employed, you should have been abroad for a minimum period of 3 years.

Tenure & Minimum Qualification:

For Salaried

  • Loan tenure of up to 10 years, minimum qualification to be Graduate/ Diploma.
  • Loan tenure of upto 15 years, for Middle east minimum qualification is Post Graduate/ Professional Degree.
  • Loan tenure of upto 15 years, for USA and all other countries minimum qualification is Graduate/ Diploma with minimum 3 years of employment abroad/ professional degree with min 1 year of employment abroad.

For Self-Employed- SSC or it’s equivalent.

Maximum tenure

  • Maximum tenure for Home Loan and Home Improvement Loan is 20 yrs.
  • Maximum tenure for Land loan and Home equity loan-Residential is 10 yrs.

Income

Country/Employment Type Salaried Self-Employed Merchant Navy
USA & Other Countries 42000 USD 42000 USD 42000 USD
GCC 84000 AED* AED 48,000 42000 USD

*72000 AED if accommodation is provided by Employer.
Amount mentioned above or equivalent.

Documents

Personal documents

  • 1 latest passport size photograph of each applicant (applicant & co-applicant) with signature across
  • Valid passport copies for all the applicants
  • Valid visa copies for all the applicants
  • Login Processing Fee Cheque / Draft in INR for fees (as per applicable rate) and the date must be in dd/mm/yyyy format*
  • Power of Attorney document as per given format duly signed by all the applicants
  • Duly signed authority letter by all the applicants as per specified format
  • Company details as per given format
  • Copy of current overseas residential proof of all the applicants to the loan. (It can be a driving license or bank statement or latest insurance premium receipt or utility bill)
  • Copy of PAN Card for the 1st applicant OR Form 60 as per format attached
  • Self attested address proof of all the applicants

Financial documents: for salaried individuals

  • Copy of current appointment letter OR Copy of salary slip clearly mentioning the date of joining, current salary earned and designation held in the company
  • Copy of previous appointment letters
  • Last 3 months salary slip for fixed salary and last 4 months for variable salary
  • Last 6 months bank statements clearly mentioning salary credits in the account

Financial documents: for self employed individuals

Photocopy of following documents

  • Incorporation of business
  • Income Proof –
    Middle East: Last 2 years P&L account duly audited/C.A certified . US & Canada: Last 2 years P&L accounts duly CPA compiled/reviewed/audited Others: Last 2 years P&L accounts certified/ audited by C.A or equivalent
  • Partnership deed incase of a partnership firm
  • MOA & AOA incase of a private limited company
  • Last 6 months company’s bank statement
  • Last 6 months individual’s bank statement
  • Business profile
  • Office address proof

NRI Personal Guarantor documents

If you have opted for a NRI Personal Guarantor on your loan, you would need to send the following documents:

  • Passport & visa copies of the NRI Guarantor
  • Current overseas address verification proof of the NRI Guarantor. (Driver’s license or bank statement having overseas address or latest insurance premium receipt bearing the overseas address or utility bill)
  • Current income documents of guarantor

Note:

You can add Co-applicant’s income for increasing your loan amount. You need to make sure that all financial documents of co-applicant(s) are provided along with your ICICI Bank Home Loan Application. If you do not want the co-applicant’s income to be clubbed, you may send across the declaration form for your blood relative(s) / spouse joining as co-applicant(s).

In case there is no co-applicant, you need to offer an NRI Guarantor compulsorily along with his / her identity and address proof.

Repayment

As per the RBI regulations, repayment of a home loan by NRIs can only be made through NRE account/NRO account or out of rental income derived from the impugned property or by remittances from abroad through normal banking channels. The amount must be payable in Indian Rupees only.

Modes of Repayment

Before availing full disbursement of loan

Where your loan is partly disbursed, you would be required to pay only the interest on the amount of loan disbursed till the full loan is availed. This payment would have to be made every month-end.

After availing full disbursement of loan

After your loan is fully disbursed, you can set up a standing instruction in your bank account with ICICI Bank, for monthly repayments of your home loan installments. For this, you need to execute (Direct Debit) Mandate in ICICI Bank’s favor and also give four postdated cheques from the same account. For the format of the (Direct Debit) mandate please click here.

Prepayment

Part-payments can be made without any pre-payment charges. Your loan outstanding would be reduced to the extent of the prepayment made by you. The interest on your loan would thereafter calculated only on the balance principal outstanding. By default the tenure is reduced once you make any part-prepayment. You can request ICICI Bank to reduce the EMI is required.

Note: For full prepayment of the loan, however a 2%, pre–closure charge would be levied on the outstanding amount and whatever amount that is pre-paid in the last 12 months, as on date.

What can you do next?
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