ICICI Home Loan | mymoneykarma

Make your dream home a reality with the help of ICICI Home Loans. ICICI Bank offers a wide range of customer-specific home loans with decent interest rates. It offers a higher loan amount on your income. The eligibility can be further enhanced by including the income of the co-applicants of your Home Loan. Give it a read and find out the features, benefits, interest rates,  and a lot more.

ICICI Home Loan Interest Rate Reduced to 6.7%

Following suit with SBI and Kotak Bank, ICICI has lowered its Home Loan interest rate significantly - to 6.7%. This rate marks a 10 year low in ICICI Home Loan interest rates.

The lowered rate is applicable for all Home Loans up to ₹75 lakh, from March 5 to March 31. For Home Loan amounts above ₹75 lakh, the interest rate will be at 6.75% onwards.

Features and Benefits of ICICI Home Loans

• Offers quick loan with simple documentation by buying ICICI Bank-approved projects.

• Facilitates pre-approved loans for selected customers, thus reducing the burden of detailed documentation.

• Offers Home Loan insurance to make the repayment easier for borrower’s family in case of the applicant’s demise. It comes in two variants: Home insurance & Secure mind and Loan Protect.

• Tax benefit of up to Rs. 1.5 lakh.

• Offers a wide range of ICICI home loan schemes to suffice the requirements of its customers.

• Offers loans at attractive interest rates.

Interest Rates and Other Fees

Here is the list of interest rate ranges for different types of loans available under ICICI Home Loans:

Product	Home Loan Interest rate (p.a.)
ICICI Home Loan Floating	9.05% - 9.20%
ICICI Home Loan Fixed	9.95% - 10.25%
ICICI Pragati Home Loan	9.05% - 9.20%
ICICI Extra Home Loan	9.05% - 9.20%
Home Loan Balance Transfer	9.05% - 9.20%
ICICI Home Loan Top Up	9.05% - 9.20%
ICICI Home Improvement Loan	9.05% - 9.20%
Express Home Loan	9.05% - 9.20%
Saral Rural Housing Loan	9.05% - 9.20%

Processing Fee

0.25% processing charges to account for the expenses incurred for completing the lending process by conducting credit appraisal.

Technical and Legal Charges

Technical and legal charges must be paid based on ICICI Bank rules.

Prepayment Charges

As per RBI, banks are not supposed to charge prepayment penalty on floating rate home loans. Hence, there is no charge for the prepayment of loans.

Types of ICICI Home Loans

ICICI Bank Saral Rural Housing Loan

Saral Rural Housing Loan offers support to the socio-economic development of women and other weaker sections of the society. It also includes support in construction, repairs, acquisition, renovation or upgradation of rural houses.

Eligibility

• Rural women and other weaker sections of the society are eligible to apply for the loan.

• Individual must be between 21-60 years.

• The loan amount ranges from Rs. 15 Lakh-Rs. 10 crores.

• Option to apply for a maximum loan-to-value of 90%.

• The maximum period for the loan is 30 years.  

ICICI Bank Extra Home Loan

ICICI Bank Extra Home Loan increases your loan amount by up to 20%. It also extends the repayment period up to 67 years of age.

Eligibility

• Suitable for young and middle-aged salaried and self-employed customers.

• Extended repayment tenure of up to 65 years and salaried borrowers up to 48 years old.

• The loan amount ranges from Rs. 15 lakh-Rs. 75 lakh.

• Option to apply for a maximum loan to value of 80%.

• The maximum period for the loan is 30 years.

Pragati Home Loans

It is specially designed to meet your home loan requirements. Under this Home Loan, you can apply for a home loan/home improvement loan/non-residential premises loan.

Eligibility

• Salaried individuals who have a minimum income of Rs. 10,000 per month/self-employed individuals with experience in business for 5 years.

• Individual must be between 21-60 years.

• The loan amount ranges from Rs. 5 lakhs-Rs. 50 lakhs.

• Option to apply for a maximum loan to value of 90%.

• The maximum period for the loan is 20 years

ICICI Home Loan Balance Transfer

ICICI Home Loan Balance Transfer offers interesting interest rates to borrowers who want to lower the EMI on an existing loan from other banks and non-banking financial companies or for those who want additional funds to meet their personal/business needs.

Eligibility

• Individual must be between 21-60 years.

• The loan amount ranges from Rs. 5 Lakh-Rs. 10 Crores.

• Option to apply for a maximum loan to value of 80%.

• The maximum period for the loan is 30 years.

Home Improvement Loan

Loan to improve/renovate your home by availing a loan at a lower rate of interest. It is offered at home equity interest rate for both internal and external furnishing at an affordable interest rate.

Eligibility

• Individuals who want to renovate/re-furnish their existing house.

• Individual must be between 21-60 years.

• The loan amount ranges from Rs. 15 lakhs-Rs. 10 crores.

• Option to apply for a maximum loan to value of 80%.

• The maximum period for the loan is 30 years.

ICICI Home Loan Top-up

ICICI Home Loan Top-up offers loan to those who want to meet their home furnishing/marriage expenses/funding children’s higher education/holiday expenses, etc. You can avail a loan amount of up to 100% of originally sanctioned Home Loan.

Eligibility

• Salaried/self-employed professional/businessmen can apply for this loan.

• Individual must be between 21-60 years.

• The loan amount ranges from Rs. 15 lakhs-Rs. 10 crores.

• Option to apply for a maximum loan to value of 80%.

• Tenure is up to the remaining period of the existing loan, and the maximum period for the loan is 20 years.

How to Apply for ICICI Home Loan

Online Method (Through ICICI Bank Portal)

• Visit ICICI Home Loans Portal.

• Click on Apply Now.

• Select either existing or new customer.

• To check the eligibility, enter your personal information, loan requirement, work-related information, and click on the ‘Check your Eligibility’ tab.

• Now, a list of offers matching your requirement will be displayed.

• Select the loan that fits your requirement.

• Fill in the complete application.

• Upload the required documents.

• Now proceed to the payment of fees by availing limited period Processing Fee offer and pay via payment gateway.

• You can review the complete information and wait for the approval.

Online Method (Through mymoneykarma for Balance Transfer and Top-up Loans)

• Visit mymoneykarma Home Loans Portal.

• Fill in your Name, Email address, PAN, and Phone number.

• Our customer care executive will get in touch will you and give you the best and the lower interest rate schemes.

• After you select the Bank you want to transfer, an executive will be sent to your home/office to collect the required documents.

• After verification, your loan will be approved.

Offline Method (Through Branch)

• Visit the nearest ICICI Bank Branch.

• Fill in the Home Loan Application form.

• Submit the form along with the required documents.

• Your documents will be verified by the bank.

• Generally, it can take up to 30 days for the application to be processed and approved/rejected.

Documents Required for Processing Your ICICI Home Loan

For Salaried Employees:

• Proof of Identity and Residence

  • Passport

  • Aadhaar Card

  • Driving License

  • Voter ID

• Proof of Income 

  • 3 months pay slip

  • Latest Form 16 and IT Returns

  • 6 months bank statement showing salary credits

• Property related documents

  • Receipts of payments made to the developer

  • Copy of the Allotment Letter/Buyer Agreement

  • Title Deeds of the Plot

  • Copy of the plans, approved by the Local Authorities

  • Proof of no encumbrances on the property

  • Construction estimate by an Architect/Civil engineer

• Other documents

  • Own Contribution Proof

  • Employment Contract/Appointment Letter if current employment is less than a year old.

  • Passport-size photograph of the applicants/co-applicants must be affixed on the Application form and signed across.

  • 6 months Bank Statements that show the repayment of any ongoing loans.

  • A cheque for processing fee favoring ICICI Bank.

For Self-employed Individuals:

• Proof of Identity and Residence

  • Passport

  • Aadhaar Card

  • Driving License

  • Voter ID

• Proof of Income 

  • Income Tax Returns along with computation of income for the last 3 Assessment Years (of the individual and the business entity attested by a CA)

  • Last 3 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures/Schedules (of the individual and the business entity attested by a CA)

  • 6 months Savings Account Statements of the individual.

  • 6 months Current Account Statements of the business.

• Property related documents

  • Receipt of payments made to the developer

  • Copy of the Allotment Letter/Buyer Agreement

  • Title Deeds of the Plot 

  • Copy of the plans, approved by the Local Authorities

  • Proof of no encumbrances on the property

  • Construction estimate by an Architect/Civil engineer

• Other documents

  • Latest Form 26 AS

  • Own Contribution Proof

  • Business Profile

  • Partnership deed for a business entity that is a partnership firm

  • Memorandum and Articles of Association of the Company

  • List of Directors and Shareholders with their individual shareholding that is certified by a CS/CA in case of the business entity being a company

  • Passport-size photograph of the applicants/co-applicants must be affixed on the Application form and signed across.

  • Details of ongoing loans of the business entity and the individual including the installments, outstanding amount, security, purpose, balance loan term, etc.

  • A cheque for processing fee favoring ICICI Bank.

ICICI Home Loan Eligibility Based on the Value of Property

The maximum home loan that can be sanctioned based on the value of the property by ICICI Home Loans is as follows:

• For any value of the property, 85% of the amount can be sanctioned for salaried and self-employed men, while 90% of the amount can be sanctioned for salaried women.

ICICI Home Loan Eligibility Based on the Salary

The table given below shows the approximate loan amount that can be sanctioned based on age, and maximum loan tenure. The EMI amount is between 40%-65% of the Net Income or in-hand income. In this table, the EMI is taken as 65% of the Net Income and the rate of interest is taken as 9.05%.

Age	MaximumLoan Tenure	Loan amount (in Lakhs) for Salary (25,000)	Loan amount (in Lakhs) for Salary (50,000)	Loan amount (in Lakhs) for Salary (75,000)	Loan amount (in Lakhs) for Salary (1,00,000)
25 years	30 years	20.10	40.21	60.31	80.42
30 years	30 years	20.10	40.21	60.31	80.42
35 years	25 years	19.28	38.57	57.85	77.14
40 years	20 years	17.99	35.99	53.99	71.98
45 years	15 years	15.97	31.94	47.92	63.89
50 years	10 years	12.80	25.60	38.40	51.20

How to Calculate ICICI Home Loan EMI

You can calculate the Home Loan EMI here at mymoneykarma.

How to Apply for ICICI Instant Loan

You can apply instantly for your ICICI Home Loan at ICICI Instant Loan.

How to Track the Status of Your Loan Application

You can simply track the status of your loan application using your Application number, Phone number, and OTP received on your phone number at ICICI-Track Loan Application.

Top Banks Offering Lowest Home Loan Interest Rate in 2019

Home Loan Provider	Home Loan Interest Rates	Processing Fees	Prepayment Charges
Yes Bank	9.85%	0.5% of loan amt. or Rs.10,000 whichever is higher (+GST)	NIL for floating rate loans
SBI	8.55%	Rs. 0 – 10,000	NIL
HDFC Bank	8.65%	Up to 0.5% of loan amt	NIL
ICICI Bank	8.80%	0.5% – 1.00% of loan amt.	NIL
PNB Housing Finance	9.10%	Up to 1% of loan amt	NIL
Axis Bank	8.90%	Up to 1% of loan amt	NIL
IDBI Bank	8.75%	0.5% of the loan amount	NIL
Punjab National Bank	9.05%	Nil	NIL
Canara Bank	8.70%	Varies based on applicant profile	NIL
Bank of Baroda	8.70% - 9.70%	0.25-0.50%	Nil for floating rate loans
Kotak Bank	8.90% - 8.75%	Maximum 2% of the loan amount + GST( it varies as per the loan amount)	6% of the foreclosure loan amount within one year and 5% plus GST otherwise.
IndusInd Bank	9.50%	Up to 2%	NIL
RBL Bank	10.45-11.80%	Rs. 5000-15000	Nil for floating rate loans
Andhra Bank	8.75%	0.5% of the loan amount	NIL

NEWS

ICICI Bank has revised its MCLR(Marginal Cost of Funds Based Lending Rate) across all tenures for June. Now the retail loans including home loans and mortgage loans would become cheaper. For one day and one month, the rate stands at 8.50%. For 3 months, the rate is revised to 8.55%. For 1 year the rate now stands at 8.75%. These revised rates are effective from June 1, 2019.