full details to get a home loan icici bank in 2023 and 2024
Introduction to ICICI Bank Home Loans
ICICI Bank is one of the leading private sector banks in India and has been providing home loans for over 20 years. An ICICI home loan helps you buy, build, extend or renovate your dream home. ICICI offers customized home loan solutions with attractive interest rates and transparent processes.
Types of Home Loans Offered by ICICI
ICICI Bank offers a wide range of home loan products to suit different needs and budgets:
- ICICI Home Loan – The regular home loan for buying or constructing a house/flat. Offers financing of up to 75% of property value.
- ICICI Affordable Home Loan – A home loan designed for the low-income group with smaller ticket sizes. Requires minimal documentation.
- ICICI Balance Transfer Home Loan – Enables transfer of an existing home loan from another bank to ICICI at a lower rate of interest.
- ICICI Top Up Home Loan – Allows you to top up your running home loan with additional funds as and when required.
- ICICI Smart Home Loan – Digital home loan tailored for the tech-savvy borrower with online application and e-approval.
Interest Rates and Fees
- ICICI home loan interest rates start at around 8.40% per annum for loans up to ₹30 lakhs. For loans above ₹30 lakhs, rates start at around 8.90%.
- Interest rates are linked to external benchmarks like RBI’s repo rate and hence transmission of policy rate changes is faster.
- A processing fee of up to 1% of the loan amount is applicable. Other charges like pre-payment charges may also apply.
- Women borrowers get special discounted interest rates on ICICI home loans.
To be eligible for an ICICI home loan, the basic criteria are:
- Minimum age of applicant should be 21 years at the time of applying for the loan. Maximum age capped at 65 years.
- You should be employed with an MNC, public ltd company or in a permanent job with minimum work experience of 2 years. Self-employed persons are also eligible.
- Minimum net monthly income should be ₹25,000 for salaried applicants and ₹3 lakh yearly for self-employed. Co-applicant income can be clubbed.
- A good credit score and history of timely repayments is essential.
Key documents required for an ICICI home loan application are:
- Duly filled home loan application form along with photographs.
- Identity and address proof like Aadhaar, passport etc.
- Last 3 months’ salary slips and bank statements.
- Proof of work experience like appointment letter, IT returns etc.
- Property documents like sale deed, allotment letter if newly constructed.
Home Loan Amount and Tenure
Some key things regarding loan amount and tenure:
- Minimum loan amount is ₹10 lakhs. Maximum loan depends on eligibility, repaying capacity and property value.
- Loan amount is capped at 75% of the property’s market value. Can go up to 80-90% in certain cases.
- Maximum tenure is 30 years for salaried applicants and 15 years for self-employed persons. Longer tenure means lower EMI.
- For loan tenures above 15 years, income must be very high to ensure repayment capability.
ICICI Bank offers flexibility in home loan repayment:
- Repay by choosing between monthly or daily EMIs using post-dated cheques or auto-debit.
- Make part prepayments anytime or pre-close your loan without prepayment charges after 5 years.
- Choose between fixed or floating interest rate as per your preference.
- Principal plus interest payment option reduces interest outgo over loan tenure.
Applying for ICICI Home Loan
You can apply for an ICICI home loan through multiple channels:
- Online application via ICICI website using Netbanking. Easiest and fastest.
- Through ICICI Bank branch by submitting physical application form and documents.
- Doorstep service where ICICI agent will collect documents from your place.
Online applications get faster approval in just a few days. Physical applications take longer, up to 2 weeks.
Disbursal and Other Details
- Home loan amount gets directly credited to the builder or seller’s account at time of property registration.
- ICICI also provides joint home loans if there are co-applicants. Useful in case of co-owners.
- One can make part pre-payments from own sources to reduce interest costs and tenure.
- Home loan EMI starts once the disbursal is done. Preclosure allowed after 5 years.
- Switch your loan to ICICI and get additional top-up in a seamless manner.
FAQs on ICICI Home Loans
Q1. What is the minimum down payment required for an ICICI home loan?
A1. Minimum down payment is 25% of property value for loans up to ₹30 lakhs. For higher loan amounts, it is 15-20%.
Q2. Can I get a joint home loan from ICICI?
A2. Yes, ICICI does provide joint home loans or co-applicant home loans for up to 4 applicants.
Q3. Is there a penalty for foreclosure of an ICICI home loan?
A3. No penalty is levied if you foreclose the home loan after 5 years. Within 5 years, charges apply.
Q4. What is the processing fee for ICICI home loan?
A4. Processing fee is up to 1% of the loan amount plus applicable GST.
Q5. Can I apply for an ICICI home loan if I am self-employed?
A5. Yes, definitely. ICICI does provide home loans for self-employed professionals and business owners.
home loan icici bank
This covers the key details regarding ICICI home loans. I have provided an overview of the types of home loans on offer, interest rates, eligibility criteria, documents required, repayment options, application process and other details in an easy-to-understand manner using 10 unique subheadings. The 5 FAQs at the end should also help readers understand ICICI home loans better. Please let me know if you need any clarification or have additional requirements for the content.