ICICI BANK HOME LOAN

ICICI bank housing loan bridges the financial gap that is keeping you from living in your dream house. The bank offers you the funds required to buy or construct a house at an attractive range of interest rates, low processing fees and coolheaded options for repayment. Let us move ahead and explore more about the ICICI bank home loan.

Features and Benefits of ICICI Bank Home Loan

ICICI bank home loans feature different schemes under housing loan which makes choosing the type of home loan easier, based on your needs. Besides that, the bank offers housing loans at attractive floating rate of interest and convincingly low processing fees. 

Here is more of the features and benefits of ICICI bank home loan which you may want to consider the bank for:

1. Interest Rates : You are offered an ICICI home loan at competitive interest rates. The bank offers home loans at floating interest rates that start at 6.85% and range up to 8.05%, Know that it is a standard bracket of interest rate and the rates vary based on your profile, income and the type of ICICI home loan you are applying for. 

2. Processing Fees : ICICI housing loan costs processing fees as low as 2% of the loan amount plus the applicable tax. 

3. Balance Transfer : Balance transfer facility is a feature offered by ICICI bank which you can use to transfer your loan with higher interest rate from another bank to ICICI bank in order to reduce the stress of EMIs. 

4. PMAY : ICICI offers housing loans under the Pradhan Mantri Awas Yojana (PMAY) scheme to the economically weaker sections, low income groups, middle income group -I and middle income group-I. Under this scheme, the borrowers are loan subsidy and interest subsidy along with flexible loan tenure.

5. Loan Amount : ICICI housing loan offers the loan amount ranging from Rs 5 lakh to Rs 10 crores. 

6. Loan Tenure : You get to enjoy the flexible loan repayment tenure that ranges between 3 years to 30 years. 

7. Prepayment : The bank allows you to prepay your home loan amount and close the loan before the tenure ends. It does not charge you any fee for making prepayment of home loan at floating interest rate. 

8. Flexible Application Process : You can apply for the ICICI bank home loan without going through any fuss. Provided that you meet the eligibility criteria for the loan and have all the required documents, applying for the loan becomes a simple and fast process. Besides, you can apply for ICICI home loan offline or online. 

These are the major features and benefits of ICICI home loan. Apart from the ones mentioned above, the facility of making part payments and pre-approved loans for select customers are also the interesting features to look forward to. 

Fees and Charges of ICICI Bank Home Loan

Required Eligibility for ICICI Home Loan

Eligibility is an unavoidable part of determining whether you should be availed a home loan or not. There are some important eligibility factors including your employment status, income and age which helps the bank conclude if you should be provided with the ICICI housing loan and the amount of loan you should be availed. Therefore, it is necessary that you check the eligibility criteria for ICICI bank housing loan before you move to the application stage. 

Here is the eligibility criteria for ICICI home loan which you should keep in mind:

• The minimum age of an applicant should be 18 years.
• The maximum age of an applicant should be 65 years.
• Applicants who are Indian citizens or non-resident Indians can apply for ICICI housing loan. 
• Salaried individuals, self employed individuals and self employed professionals are eligible to apply for this loan.
• An applicant should have at least the minimum income that is required to avail loan by the bank. 
• The minimum age of a co-applicant should be 21 years and the maximum age should be 65 years.
• The minimum age of an NRI should be 25 years and the maximum age should be 60 years.

If you meet the eligibility requirements mentioned above then you can apply for ICICI bank home loan.

Documents Required for ICICI Bank Home Loan

Once you have ensured that you are eligible for an ICICI home loan, the next important thing you need to do is ensure that you have all the required documents to submit with your application for a housing loan. Here are the documents required for the ICICI housing loan application that you should have available when applying for the loan.

ICICI Home Loan EMI Calculator

ICICI home loan EMI calculator is a tool which helps you calculate the Equated Monthly Installments which you will pay every month for your ICICI bank home loan. EMI Calculator is a helpful tool when it comes to get the calculator of the total amount you will be paying every month to repay your loan. This tool calculates your EMIs using the loan amount, loan term and the rate of interest. It is useful in helping you plan your budget accordingly. 

Here is how to use ICICI bank home loan EMI calculator:

• You have to go to the official website of ICICI bank.
• Click on the “Loans” section.
• Now find and click on the “Home Loan” menu.
• Once you are on the home loan page, you have to click on “EMI Calculator”.
• After that, you need to enter the home loan amount you are availing along with the rate of interest and the loan tenure (in months). 
• You should now be able to view the total amount you have to pay as EMI every month. 

The following formula is used to calculate EMI of ICICI Bank Home Loan :

EMI = [PXRX(1+R)^N] / [(1+R)^N-1]

Where,

• P stands for Loan Amount
• R stands for Interest Rate
• N stands for tenure in number of months 

Compare other bank home loan interest rates :

How to Apply for ICICI Bank Home Loan

Applying for an ICICI home loan is a simple and quick process which can be done either online or offline. Here is how you can apply for ICICI bank home loan:

Apply for ICICI home loan offline

If you want to apply for ICICI bank housing loan offline then all you need to do is visit the nearest branch of ICICI bank. There, you can have assistance from the bank official to help proceed with the home loan application. When visiting the bank branch to apply for a home loan, make sure you carry all of the necessary documents that you will be required to submit at the time of the loan application process. 

Apply for ICICI home loan online

If you don’t want to visit the bank to apply for the home loan then you can simply apply for it online. Here are the steps you need to follow in order to apply for the ICICI bank housing loan online:

• First of all, you need to visit the official website of ICICI bank.
• Now, hit the “Loans” section.
• Spot and click on the “Home Loan” menu.
• Once you are on the home loan page, you need to click the “Apply Now” button. 
• After that, you have to click on the “Apply Now” button either as an existing customer or new customer.
• On the application page, you need to enter all the details including the type of loan you want to avail and your residence type.
• Once you have entered all the information, hit the “Proceed” button. 

ICICI Bank Customer Service 

In case of any query, grievance or issue regarding the ICICI bank housing loan then you can contact the customer service by dialing this number:

1860 120 7777

Other products of ICICI Bank :

1. ICICI Bank Personal Loan

2. ICICI Bank Car Loan

3. ICICI Bank Credit Card

FAQs on ICICI Bank Home Loan

Q.1 How can I track the status of my ICICI bank home loan application?

You can know the status of your ICICI home loan application either by contacting the customer service or using the Track My Loan feature that is offered by the bank online. 

Here is how to check the ICICI home loan application status using the Track My Loan feature:

• Visit the official website of ICICI bank.
• Click on the “Home Loan” option in the “Loans” section. 
• Now, scroll up and find the “Track Loan Status” option.
• Click the “Track Loan Status Now” button.
• Select whether you want to know the status of loan sanction or disbursement.
• Enter your mobile number and application number.
• Hit the “Send OTP” button. 

Q.2 Are there any prepayment charges for ICICI home loan?

You will not be charged any fee or penalty if you prepay your ICICI home loan with floating rate of interest. 

Q.3 How can I transfer my existing home loan to ICICI home loan?

You can apply for the balance transfer of your existing home loan to ICICI bank home loan online. You need to visit the official website of ICICI bank and apply for it. You can also contact the customer service to know more about this facility and the procedure. 

Q.4 What is the minimum and maximum repayment tenure of a home loan in ICICI Bank?

The minimum  repayment tenure is 3 years and maximum loan tenure is 30 years of a home loan in ICICI Bank

Q.5. What is the minimum and maximum loan amount of ICICI Bank home loan ?

The minimum loan amount is Rs.5 lakh and maximum loan amount is Rs.10 crore of ICICI Bank home loan.

Q.6 . Is age eligibility important to get a home loan from ICICI Bank?

Yes, age eligibility is important to get a home loan from ICICI Bank. The age should be 18 years to 65 years.

Q.7. How much processing fee charged by ICICI Bank for home loan?

The processing fee charged by ICICI Bank for home is ranging from 0.50% of the loan amount plus applicable tax.