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.
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.
|Processing fee||0.50% of the loan amount plus applicable tax|
|Part payment fee||NIL|
|Charges of late payment||2% per month|
|Repayment mode swap charges||Rs.500|
|Document retrieval charges||Rs.500|
|Cheque bounce charges||Rs.500|
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:
If you meet the eligibility requirements mentioned above then you can apply 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.
|Documents||Salaried Individuals||Self Employed Individuals|
|Identity Proof||Aadhar Card, Passport, Driving Licence, Voter’s ID Card||Aadhar Card, Passport, Driving Licence, Voter’s ID Card|
|Address Proof||Aadhar Card, PAN Card, Passport, Driving Licence, Voter’s ID Card, Utility Bills such as Electricity, Water, Telephone Bills||Aadhar Card, PAN Card, Passport, Driving Licence, Voter’s ID Card, Utility Bills such as Electricity, Water, Telephone Bills|
|Income Proof||Bank Statements, Salary Slips, Form 16||Bank Statements, Income Tax Returns|
|Other Documents||Duly Filled Loan Application Form, Passport Size Photographs, Property related documents, Any Other Documents Required by the Bank||Duly Filled Loan Application Form, Passport Size Photographs, Property related documents, Any Other Documents Required by the Bank|
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:
The following formula is used to calculate EMI of ICICI Bank Home Loan :
EMI = [PXRX(1+R)^N] / [(1+R)^N-1]
|AXIS Bank Home Loan||7.75% to 9.40%|
|SBI Regular Home Loan||6.95% onwards|
|HDFC Bank Home Loan||6.95% to 7.50%|
|Kotak Mahindra Bank Home Loan||7.40% to 9.70%|
|Yes Bank Home Loan||9.60% to 10.55%|
|Citi Bank Home Loan||7.34% to 8.29%|
|ICICI Bank Home Loan||6.95% to 8.05%|
|Standard Chartered Bank Home Loan||Starting at 8.71%|
|IDBI Bank Home Loan||7.80% to 8.80%|
|RBL Bank Home Loan||9.75% to 10.05%|
|HSBC Bank Home Loan||8.55% to 8.655|
|HSBC Bank Smart Home Loan||11.005 to 11.505|
|IndusInd Bank Home Loan||8.00% to 15.00%|
|Bank of Baroda Home Loan||6.85% to 7.75%|
|Bank of India Home Loan||6.85% to 7.755|
|Canara Bank Home Loan||6.90% to 8.90%|
|Indian Bank Home Loan||7.55% to 8.40%|
|Punjab National Bank Home Loan||Starting at 7.00%|
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:
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.
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:
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
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:
You will not be charged any fee or penalty if you prepay your ICICI home loan with floating rate of interest.
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.
The minimum repayment tenure is 3 years and maximum loan tenure is 30 years of a home loan in ICICI Bank
The minimum loan amount is Rs.5 lakh and maximum loan amount is Rs.10 crore of ICICI Bank home loan.
Yes, age eligibility is important to get a home loan from ICICI Bank. The age should be 18 years to 65 years.
The processing fee charged by ICICI Bank for home is ranging from 0.50% of the loan amount plus applicable tax.Last Updated on : 19/Mar/2021
Know More About
You're eligible for a Icici Bank Home Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
|Icici Bank Home Loan Details|
|Interest Rate (Monthly reducing balance)||6.95% - 8.05%|
|Processing Fees||0.50% of the loan amount plus applicable taxes|
|Loan Tenure||3 year to 30 years|
|Pre-closure Charges||Varies with bank|
|Guarantor Requirement||Varies with bank|
Home Loans EMI Calculator