ICICI Bank Home Loans

ICICI Bank Step Up Home Loan

8.35% - 12% p.a.

Fixed/Floating

Processing Fee
0.50

Loan Amount
₹ 3 Crores Max.
Tenure
1 - 20 Years

Description:

ICICI Home Loan

 

The practical aspects of purchasing, constructing, or renovating a house includes immaculate research, great responsibility, thorough planning, and most importantly lots of funds. For most of the people, availing a right home loan, as per your needs & requirements, can be a colossal task altogether. This is where ICICI Bank step in and offers affordable home loans to fulfill the dream of owning your own home.

 

Why ICICI Bank

 

With lowest interest rate, quick approval, easy loan processing, ICICI Bank Home Loan is an apt choice for your housing finance need. MCLR-linked loans offered by the bank have low interest rates as compared to the fixed rate type or the loans linked to the base rate regime. The bank has also reduced the MCLR from 0.10% to 8.2%.

 

What are you looking for

Home Loan

Home Loan balance transfer takes place when the entire unpaid principal loan is relocated to another bank for a lower ROI. 

 

Top Up Loan  

A top-up loan is a facility where you can avail further funds on your existing loan.

                             

Balance Transfer Home Loan

A sum of money borrowed from a bank or financial institution to buy a home. 

Salaried Individuals

If you are a salaried individual, rest assured that ICICI Bank will go the extra mile to offer you a home loan as per you needs and requirements.

Key Benefits

Higher loan amount. Lucrative interest rate options – Floating Rate, Fixed Rate or Part-fixed, and Part-Floating Rate. Higher eligibiliy. Balance transfer facility. Lower EMIs. Doorstep service. Speedy loan sanction. Simplified documentation. Loan amount can range from Rs. 3 Lakhs to Rs. 3 Crores. Sanction prior to selection of the property. Insurance options for the Home Loan at attractive premiums. Free Personal Accident Insurance.

Current Age

Maximum Tenure

Current Age

Maximum Tenure

25 years

30 years

30 years

30 years

35 years

25 years

40 years

20 years

45 years

15 years

50 years

10 years

 

Monthly Income – Your gross income per month (after all the deductions including – gratuity, PF, and ESI) will decide your home loan servicing capacity. It will come handy in determining how much home loan EMI you will be able to pay once you have met your day to day expenses.

 

Value of Property –Entire property value will not be financed by ICICI Bank. The maximum home loan eligibility will depend on the value of the property as shown below –

 

Property Value

LTV

Less than 30 Lakhs

90%

Between 30 lakh and 75 lakh

80%

Above 75 lakh

75%

 

Co-applicant – If you add a co-applicant, it will increase your eligibility for the home loan as it increases your repayment capacity. Make sure that the co-applicant has accountability, good CIBIL record, and good income. Property Documents – Legal documents of your property should be satisfactory and should be cleared by the legal team of the bank.

One year MCLR

 

            Floating Interest Rate for Salaried Borrower

 

Up to INR 7.5 million (I-MCLR-1Y+0.50%)

8.70%

INR 7.5 million to INR 50 million (I-MCLR-1Y+0.55%)

8.75%

Above INR 50 million (I-MCLR-1Y+0.65%)

8.85%

 

   Fixed Interest Rate for 2 years and 3 years

 

Up to INR 7.5 million (I-MCLR-1Y+0.50%)

8.70%

INR 7.5 million to INR 50 million (I-MCLR-1Y+0.55%)

8.75%

Above INR 50 million (I-MCLR-1Y+0.65%)

8.85%

 

               Fixed Interest Rate for 5 years and 10 years

 

Up to INR 3 million (I-MCLR-1Y+0.55%)

8.75%

Above INR 3 million (I-MCLR-1Y+(0.65%+0.75%))

8.85% to 8.95%

 

Interest Rate Fixed for lifetime

 

Up to INR 3 million

9.75%

Above INR 3 million

9.85% to 10.10%

 

Floating Interest Rate for women borrowers

 

Up to INR 7.5 million (I-MCLR-1Y+0.45%)

8.65%

INR 7.5 million to INR 50 million (I-MCLR-1Y+0.50%)

8.70%

Above INR 50 million (I-MCLR-1Y+0.60%)

8.80%

 

6 Months MCLR

 

Floating Interest Rate

 

Up to INR 3 million (I-MCLR-1Y+0.55%)

8.70%

 

                            Floating Interest Rate for women borrowers

 

Up to INR 3 million (I-MCLR-1Y+0.50%)

8.65%

 

Documents –

 

In order to get your home loan sanctioned, you need to submit the following documents –

  1. Duly filled application form.
  2. Two passport size photographs.
  3. Identity proof- 
    • Driving Licence
    • PAN Card
    • Passport
    • Adhaar Card
    • Voter ID Card

 

4. Residential Address Proof –

 

 

 

 

 

 

Self- employed Individuals

 

 

If you are earning a living by working for yourself and you need purchase a home, then ICICI Bank has the right home loan offer for you. 

 

Products of ICICI Bank Home Loan

 

Home Loan – Whether you are a salaried individual or self-employed, everybody wants to have their own home. As a self-employed individual, you may need a permanent address to set up your business, this is where a home loan come handy.

 

Key Features –

 

You get to enjoy affordable interest rates and both fixed & floating options. The home loan can be sanctioned before the selection of the property. Simple and quick documentation process. You can have longer term with lower EMIs. With the bank’s Balance Transfer feature, you can transfer your existing home loan from any bank to ICICI Bank.The loan tenure of up to 30 years is also available. There is a fixed interest rate for 10 years and after that its your choice whether you want to keep a fixed or floating interest rates.

Current Age

Max Tenure

Current Age

Max Tenure

25

30 Years

30

30 Years

35

30 Years

40

25 Years

45

20 Years

50

15 Years

Income – Your home loan servicing capability is decided on the basis of your net monthly income. This will help in determining how much loan EMI you will be able to pay once you have met all your daily expenses.

 

Nature of Employment – The bank will check whether you are salaried or self-employed and your company and sector will also be checked. The bank will have a closer look at the years of experience, this will help them familiar about the stability of your job and income. For self-employed individuals, ICICI Bank requires job stability of 5 years.

 

Value of Property – ICICI Bank will not finance the entire value of the property. The maximum loan eligibility will depend on the value of the property as mentioned below –

 

Property Value

LTV

Less Than 30 Lakh

90%

Between 30 Lakh and 75 Lakh

80%

Above75 Lakh

75%

 

Co-applicant – If you add a co-applicant, it will really prove beneficial in increasing your home loan eligibility since it increases your repayment capacity. As for the co-borrower, h/she should have good CIBIL record, good income, and low obligations.

 

Property Documents – Your property documents should be satisfactory and cleared by the legal team of ICICI Bank.

 

CIBIL Score – Your CIBIL score has all the track record of your credit behavior with your past lenders and credit card companies. ICICI Bank will use this information to make out whether you are eligible for the home loan or not. Your CIBIL report will be checked thoroughly for all running loans in the past and your payment track record on both the credit cards & loans.

 

With a respectable CIBIL score, odds of acquiring a home loan will also increase. On the contrary, poor CIBIL score will reduce your chances of getting a home loan. You should have a minimum CIBIL score of 650.

 

FOIR – Fixed Obligation to Income Ratio is a key parameter that ICICI Bank uses in order to make out your eligibility for the home loan. The bank considers all your fixed obligations including your existing EMIs and rent while determining your eligibility. In order to be eligible for ICICI Home Loan, the minimum required FOIR is 0.65.

 

Interest Rates –

 

Special pricing for loans up to Rs. 30 Lakhs.

 

                                      Self-employed loan amount <= Rs. 30 Lakhs

Women Borrowers

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

 

                                     Self-employed loan amount <= Rs. 30 Lakhs

Women Borrowers

8.50%

I-MCLR-1Y + 0.30%

Others

8.55%

I-MCLR-1Y + 0.35%

 

Below-discussed floating rates are linked to I-MCLR-1Y (1 year MCLR)

 

Women Borrowers –

 

                                                   Floating Interest Rate

Rs. 30 Lacs to Rs. 75 Lacs

8.65%

I-MCLR-1Y + 0.45%

Rs. 75 Lacs to Rs. 5 Crore

8.70%

I-MCLR-1Y + 0.50%

Above Rs. 5 Crore

8.80%

I-MCLR-1Y + 0.60%

 

                                           Fixed Interest Rate for 5 Years, 10 Years

Up to Rs. 30 Lacs

8.70%

I-MCLR-1Y + 0.50%

Rs. 30 Lacs to Rs. 5 Crore

8.80%

I-MCLR-1Y + 0.60%

Above 5 Crore

8.90%

I-MCLR-1Y + 0.70%

 

                                               Full Tenor Fixed Interest Rate

Up to Rs. 30 Lacs

9.70%

Rs. 30 Lacs to Rs. 5 Crore

9.80%

Above Rs. 5 Crore

10.05%

 

Self-Employed Borrowers –

 

                                                  Floating Interest Rate

Rs. 30 Lacs to Rs. 75 Lacs

8.70%

I-MCLR-1Y + 0.50%

Above Rs. 75 Lacs

8.75% to 8.85%

I-MCLR-1Y + (0.55% to 0.65%)

 

                                      Fixed Interest Rate for 2 Years, 3 Years

Category

Fixed rate for 24/36 Months

Floating rate pricing  from 25th/37th month

Rs. 30 Lacs to Rs. 75 Lacs

8.70%

I-MCLR-1Y + 0.50%

Above Rs. 75 Lacs

8.75% to 8.85%

I-MCLR-1Y + (0.55% to 0.65%)

 

                                      Fixed Interest Rate for  Years, 10 Years

Category

Fixed rate for 60/120 Months

Floating rate pricing  from 61st/121st month

Up to Rs. 30 Lacs

8.75%

I-MCLR-1Y + 0.55%

Above Rs. 30 Lacs

8.85% to 8.95%

I-MCLR-1Y + (0.65% to 0.75%)

 

                                                Full Tenor Fixed Interest Rate

Up to Rs. 30 Lacs

9.75%

Above Rs. 30 Lacs

9.85% to 10.10%

 

Loan Amount –

 

The minimum home loan amount offered to the self-employed is Rs. 2,00,000 and the maximum amount is 2,00,00000.

 

Documents –

 

Duly filled application form with a photograph. Identity, age, and residence proof. PAN card details Educational qualification certificate and proof of business existence. Last 3 years of income tax returns with computation of income. Last 3 years CA certified/Audited Balance sheet and profit and loss account. Last 6 months bank statements. Processing fee cheque.

                                                  Floating Rate of Interest

Category

ROI

Rate

Rs. 30 Lakhs to Rs. 75 Lakhs

8.70%

I-MCLR-1Y+0.50%

Above Rs. 75 Lakhs

8.75% to 8.85%

I-MCLR-1Y+ (0.50%+0.65%)

 

Fixed Interest Rate for tenure 2 and 3 years

 

Category

Fixed Interest Rates for 24 or 36 months

Floating Rate pricing from 25th month or 37th month

Rs. 30 Lakhs to Rs. 75 Lakhs

8.70%

I-MCLR-1Y+0.50%

Above Rs. 75 Lakhs

8.75% to 8.85%

I-MCLR-1Y+ (0.50%+0.65%)

 

Fixed Interest Rate for tenure 5 and 10 years

 

Category

Fixed Interest Rates for 60 or 120 months

Floating Rate pricing from 61st month or 121st month

Up to Rs. 30 Lakhs

8.70%

I-MCLR-1Y+0.55%

Above Rs. 30 Lakhs

8.85% to 8.95%

I-MCLR-1Y+ (0.65%+0.75%)

 

Fixed Interest Rate (Full Tenure)

 

Category

Interest Rate

Up to Rs. 30 Lakhs

9.75%

Above Rs. 30 Lakhs

9.85% to 10.10%

 

Special pricing for home loans up to Rs. 30 Lakhs

 

                                                Floating Interest Rate

Women

(8.50%) I-MCLR-6M+0.35%

(8.50%) I-MCLR-1Y+0.30%

Others

(8.55%) I-MCLR-6M+0.40%

(8.55%) I-MCLR-1Y+0.35%

 

Fixed Rate for 24 months or 36 months – 8.20% I-MCLR-1Y

 

Women

8.50%

I-MCLR-1Y+0.30%

Others

8.55%

I-MCLR-1Y+0.35%

 

Extraa Home Loans – If you take ICICI Bank Extraa Home Loans, the amount of home loan can be enhanced by up to 20% and you get to increase your repayment period up to 67 years of age as well. So, as per this loan, you get to enjoy both longer repayment period and improved affordability.

 

Salient Features –

 

Available to the buyers living in NCR (National Capital Region), Surat, Greater Mumbai, and Bengaluru. Maximum loan tenure is of 30 years. Maximum loan size is Rs. 75 Lakhs. Available for both salaried and self-employed individuals.  For self-employed individuals, seasonality of income is considered. The loan amount can range from Rs. 1,500,000 to Rs. 1,00,000,000.You can apply for a maximum LTV of 90% of the property’s value. The loan term is for a maximum of 30 years. This loan can be availed by the salaried individuals having a monthly salary of Rs.10, 000 and by self-employed individuals with a business vintage of five years.Loan amount range from Rs. 5-50 lakhs.  

 

The loan term is up to 20 years. Easy Balance Transfer facility is also available.

 

Eligibility

Income Range

Carpet Area

Rate of Interest

Subsidy Amount

Economically Weaker Sections

Maximum of Rs. 6 Lakhs

60 sqm

6.5%

Rs. 6 Lakhs

Lower Income Groups

Maximum of Rs. 6 Lakhs

60 sqm

6.5%

Rs. 6 Lakhs

 

 

Documents –

 

You don’t need to provide additional documents except a declaration that you are not owing a concrete house and an annual household income.

 

Balance Transfer – As per this scheme, you get to reduce your EMI burden and save money via transferring your current home loan to ICICI Bank. 

 

Benefits –

Benefits –

 

 

 

 

 

Eligibility –

 

 

 

 

 

Documents –

 

 

 

 

 

 

Personal Loan linked to home loan – This loan offers you an opportunity of meeting varied requirements such as – marriage expenses, holiday expenses, home furnishing, funding kid’s higher education, etc. The tenure of the loan stays the same, therefore your EMIs end on time.

 

Benefits – 

Lucrative interest rates.

Loan amount up to 100% of the originally sanctioned home loan.

 

 

 

Loan Terms –

 

 

 

Balance Transfer plus Top Up – You can use this facility to reduce your EMI obligation on your current home loan home other banks and non-banking financial companies (NBFCs). You get to avail additional funds for both your personal and business requirements.

 

Key Features –

 

Saral Rural Housing Loan –  As per this loan, people belonging to the rural areas including women borrowers and people belonging to weaker sections can avail this loan at ICICI Bank Base Rate i.e. 9.70%. As an eligible borrower, you can borrow up to Rs. 15 Lakhs.

 

Salient Features –

 

 

 

 

 

 

Eligibility –

 

 

 

Home Improvement Loans – This loan is designed for the purpose of renovating your dream home. This loan is especially meant for self-employed individuals.

 

Main Features –

 

 

 

Eligibility –

 

 

 

 

Documents –

 

Duly filled application form with a photograph.

 

You need to submit your salary statements.

 

Address proof –

 

 

 

 

 

Age Proof –

 

 

 

 

 

 

Loan against property – If you own a property and need money, then you can avail a loan against your property. You don’t have any form of restriction of the end use of the funds – you can use for your son/daughter marriage, higher education expenses, starting a new business, funding dream vacation, for working capital, etc.

 

Key Features –

 

 

 

 

 

 

Eligibility –

 

 

 

Documentation –

Identity Proof (any one of them) –

 

 

 

 

Address Proof (any one of them) –

 

 

 

 

 

 

Income tax returns and financials of last three years. They should be properly audited and attested by a certified chartered accountant.

 

Business Continuity Proof –

 

 

 

 

 

Land Loan – You can apply for a land loan for buying residential property and it can only be used for self construction. It is important that the construction has to be completed within 2 years from the date of first disbursement of the loan. 

 

Features –

 

 

Eligibility –

 

 

 

 

 

Interest Rate –

 

 

 

Loan Amount –

 

The minimum amount offered as land loan is Rs. 10 Lakhs and the maximum amount is Rs. 10 crores.

 

Home loan for NRIs – ICICI Bank offers home loan to NRIs and PIOs (persons of Indian origin). The loan is specially designed considering the needs of the NRIs. You can make a choice from fixed or floating interest rates.

 

Eligibility –

 

 

 

 

 

Documentation –

 

 

 

 

 

Loan Amount –

 

The minimum amount offered as loan is Rs. 5 Lakhs and the maximum amount is Rs. 1 crore.

Frequently Asked Questions

 

 

When can I prepay my ICICI Home loan? What are the charges applicable on prepayment of the loan?

Pre-payment can be made for the home loan account after the first 12 EMIs are paid. Prepayment charges for the home loan are as follows –

 

How does Step Up Home Loans work?

Step Up Home Loans are funded keeping into account the expected growth in the salary income. Hence, the loan amount of step up home loan is more than the amount of home loans done under normal income parameter.

 

What will be the repayment schedule for Step Up Home Loans?

The repayment schedule is divided into two terms – Initial or Primary term & Secondary or Balance term. The initial or Primary period is for 3-5 years. Only interest is payable during this period. During the Secondary or Balance term EMI (interest and principal) is payable.

 

Can I avail Step Up Home Loan for a resale transaction?

Yes, the Step Up Repayment Facility can be availed for both builder purchase and resale transactions. For already constructed properties/ resale, the maximum primary period will be 3 years.

 

How is the repayment structured under Step Up Repayment Facility?

The repayment under Step Up Repayment Facility is structured into 2 parts –

 

Can I switch from Floating rate of interest to Fixed or vice-versa?

Yes, you can switch from floating rate of interest to fixed or vice-versa any time you want. However, switching will attract a charge as follows –

 

Is there are any charges for NOC?

Yes, a charge of Rs. 100 will be levied for the issuance of NOC.

 

Is there are any charges for Income Tax Certificate?

No, there is no charges applicable for the issuance of income tax certificate.

 

What are the costs associated with availing of a Home Loan?

The costs associated with availing of ICICI Home Loan are as follows –

 

What is the interest rate slab for Home Loan?

The interest rate slab applicable on ICICI Home Loan is as follows –

 

How can I repay my Home Loan?

 

What is FLIP (Flexible Loan Instalment Plan)?

FLIP is a repayment facility and it is given when incomes are going to reduce after a certain time period during the loan tenure owing to one of the borrowers retiring before the loan maturity.

 

What is Pre-EMI?

Where you have availed only a part of the loan, you would be required to pay us only the interest on the amount disbursed till the full loan is availed. This interest is called Pre-EMI interest (PEMI) and is payable monthly till the final disbursement is made, after which the EMIs would commence.

 

What is EMI Under Construction?

EMI Under Construction is offered for structuring a home loan to enable individuals to commence their EMI in a partly disbursed under construction project. Commencement of EMI ensures re-payment towards principal amount leading to savings in interest and faster repayment of the loan. EMI under construction can be paid either on part disbursed amount or on sanctioned loan amount.