About ICICI Home Loans
Are you ready to step into your dream home? With ICICI Bank Home Loans, aspirations of owning a home are within easy reach. Their competitive interest rates, starting at just 8.75%* p.a. (exclusive to customers with Pre-approved Home Loan Offers), make owning a home more affordable than ever.
Say goodbye to the stress of complicated loan processes - ICICI Bank Home Loans assure streamlined online applications and minimal documentation to give a seamless experience with instant sanctions.
ICICI Bank understands the importance of flexibility and offers tenure options of up to 30 years, enabling you to select a repayment plan tailored to your needs. Moreover, with an array of home loan schemes meticulously tailored to cater to diverse requirements, identifying the ideal solution for your home loan requirements is effortless.
Are you looking to purchase a bungalow, row house, or flat from pre-approved projects? Or do you need financing for a property from government or semi-government housing bodies like MHADA or DDA? Whether buying a home in a cooperative society, an apartment owners association, or even building on your own plot, ICICI Bank has the perfect solution.
The bank's straightforward eligibility criteria make it simple to determine if you qualify for an ICICI Home Loan. And with an assortment of insurance options available, you can rest assured that your loved ones won't be burdened in case of unforeseen events.
Applying for an ICICI Home Loan is as easy as pie. Apply online here to get started. Whether you're applying individually or jointly, the Save Max team is here to guide you every step of the way.
So why wait? Unlock the door to your dream home with ICICI Bank Home Loans today. Experience the ease, convenience, and affordability that make them the preferred choice for homeowners nationwide. Trust ICICI Bank to make your homeownership journey a reality. Apply now and embark on the next chapter of your life with confidence.
Banking Partner Guide
- Types of ICICI Home Loans
- ICICI Home Loan Interest Rates
- Eligibility for ICICI Bank Home Loans
- Accessing Eligibility for ICICI Bank Home Loans
- Age for ICICI Bank Home Loans
- Income for ICICI Bank Home Loans
- Property Value Parameters for ICICI Bank Home Loans
- CIBIL Score for ICICI Bank Home Loans
- FOIR Focus for ICICI Bank Home Loans
- ICICI Home Loan Application - Simplified
- Check Your Eligibility For ICICI Bank Home Loan
- Apply for the ICICI Bank Home Loan
- Document Checklist ICICI Home Loan
- Additional Documents Based on Employment Type For ICICI Home Loan Loan
- For Salaried & Self-employed Individuals
- Post- ICICI Bank Loan Closure
- List of Documents Required to Apply For ICICI Bank Home Loan
Types of ICICI Home Loans
ICICI helps you secure the perfect loan amount to start your homeownership journey confidently. ICICI Home loans aren't limited to buying property; they cover construction, renovation, or extension.
Some of the home loans offered by ICICI Bank:
Express Home Loans
Instant loans for purchasing, constructing, renovating, or extending residential properties.
NRI Home Loans
Low-interest rate financing options for NRIs with special processing fees.
Money Saver Home Loans
Special Loans with reduced interest rates.
Step Up Home Loan
Specifically tailored for first-time loans.
Land Loans
Financing for purchasing residential plots, whether new or resale, to facilitate future construction of homes.
Balance Transfer Loans
Transfer existing home loans to ICICI Bank for better interest rates, repayment terms, or enhanced services.
ICICI Home Loan Interest Rates
| Interest Rate* | 8.75% onwards | ||
| Loan Amount | Depends on the applicant’s credit score | ||
| Loan Tenure | Up to 30 years, depending on the type of loan | ||
| Processing Fees | 0.5 – 1% of the loan amount + applicable taxes |
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Note: The interest rates shown here are as of Feb 2024. The above rates are subject to change at the bank’s discretion in accordance with RBI guidelines. Applicants are advised to check with the bank to determine the interest rate for their loans at the time of application.
Eligibility for ICICI Bank Home Loans
The applicant must meet following criteria to be eligible for ICICI bank home loans
| Eligibility Criteria | ICICI Home Loans | ||
|---|---|---|---|
| Age | Minimum: 21 years, Maximum: 70 years | ||
| Minimum work experience for salaried | 2 Years | ||
| Minimum income required | ₹25000 per month | ||
| Processing Fees | 0.50% - 1.00% of the loan amount | ||
| Maximum loan amount | Up to ₹10 crore | ||
| Tenure | Maximum up to 30 years | ||
| Interest rates | 9.00% onwards | ||
| Maximum EMI as percent of income | Up to 65% |
Wish to speak to a Save Max team member for assistance? Click here
Assessing Eligibility for ICICI Bank Home Loans
Several factors are evaluated when considering a home loan application with ICICI Bank, ensuring a thorough assessment to determine eligibility. Let's break it down in simpler terms:
Age for ICICI Bank Home Loans
Your age plays a crucial role in home loan approval. ICICI Bank has specific age criteria – applicants must be at least 21 to qualify. Additionally, the maximum age at the time of loan termination or retirement should not exceed 70 years.- If you are asking why, the answer is simple. A younger applicant typically has a longer tenure to repay the loan, increasing their chances of approval. ICICI Bank offers a maximum repayment period of 30 years.
Income for ICICI Bank Home Loans
- Your net monthly income is the foundation of the evaluation process. This is the amount you retain after deductions like PF, ESI, taxes, and other obligatory expenses. The higher your net monthly income, the more you're likely to qualify for in terms of loan amount.
- If you wish to boost your eligibility, add a co-applicant – it increases the combined net monthly salary that the bank considers, potentially expanding the limits of your loan amount.
Property Value Parameters for ICICI Bank Home Loans
- ICICI Bank employs loan-to-value (LTV) ratios rather than disbursing loans equal to the total property value. These ratios are contingent upon the assessed value of the property in question. For properties valued below INR 30 Lacs, ICICI Bank extends loans at up to 90% LTV. For properties valued between INR 30 Lacs and INR 70 Lacs, the LTV stands at 80%. Properties exceeding INR 80 Lacs in value warrant a loan at 75% LTV.
CIBIL Score for ICICI Bank Home Loans
- Your CIBIL score is a testament to your creditworthiness. In India, the CIBIL score is the sum of the applicant's credit history and past financial conduct, which is very important to maintain an optimal score.
- A high score increases your chances of loan approval, while a low one may hinder the process.
FOIR Focus for ICICI Bank Home Loans
- FOIR, or Fixed Obligation to Income Ratio, is another critical factor for ICICI Bank's home loan eligibility. This ratio compares your fixed financial commitments vis-à-vis monthly income, including current EMIs, if any.
- ICICI Bank stipulates a minimum FOIR of 0.65 as a prerequisite for home loan eligibility.
- Age, income, property value, CIBIL score, and FOIR collectively qualify your ICICI Bank home loan eligibility.
- The right balance ensures a smooth and successful loan approval process.
ICICI Home Loan Applications - Simplified
Applying for an ICICI Bank Home Loan is a straightforward and streamlined process designed to simplify your journey to homeownership.
Here's a concise guide on how to apply, along with the necessary documents:
Check Your Eligibility For ICICI Bank Home Loan
- Assess factors such as age, income, credit history, FOIR, and dependents to gauge eligibility.
- Ensure you meet ICICI Bank's eligibility criteria before proceeding.
01
Apply Online
Apply online for a loan
02
Download Application
Download and fill out the Application form accurately
03
Keep Documents Ready
Gather all essential documents, including identification proof
04
Start Verification Process
The Save Max team will help you with verification & ensure all requirements are met
Document Checklist ICICI Home Loan
Address Proof
Registered Rent Agreement
Electricity Bills (last three months)
Valid Passport
Employment Documentation (for less than 1 year)
Appointment letter from employer
Form 16(last 2 years)
Bank Statements(last 6 months)
Identification Proof
Aadhar Card
Passport
Driving License
Voter ID
PAN Card
Additional Documents Based on Employment Type For ICICI Home Loan
Salaried Individuals
- Sale Deed
- Title Deed
- Driving License
- Approved Building Plan
- Occupancy Documents
Self- Employed Individuals
- Audited financial statements (last two years)
- GST Registration
- Trade License
- Partnership Deed
- ROC Registration Certificate
Post - ICICI Bank Loan Closure
- Arrange for the power of attorney format for collecting original property documents.
- In the event of the loan account holder's demise, provide a request letter from the legal heir/nominee and a letter of relinquishment if applicable.
Ensure you have all the necessary documents and follow these steps to initiate your ICICI Bank Home Loan effectively.
List of Documents Required to Apply for ICICI Bank Home Loan
| Documents | Salaried | Self-employed Professional | Self-employed non Professional |
|---|---|---|---|
| Application form with photograph duly signed | |||
| Identity, address and age proof | |||
| Bank statements of last 6 months | |||
| Salary slips of last 3 months | |||
| Processing fee cheque | |||
| Form 16/Income Tax Returns | |||
| Proof of Business existence | |||
| Business profile | |||
| Education qualification certificate and Proof of Business existence | |||
| Income Tax Returns (ITR) of last 3 years with computation of income | |||
| Last 3 years CA certified/audited Balance Sheets and Profit & Loss Statements |
Disclaimer : Bank policies and interest rates are subject to fluctuations and may vary over time. For accurate and up-to-date information, we recommend you talk to a member of the Save Max team. The information provided on this page is referenced from the bank's website (https://bit.ly/4al6OjC).
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