ICICI Bank Home Loan

ICICI Bank offers home loan interest rates starting from 8.75% p.a. onwards for pre-approved customers. The bank provides different interest rates depending on factors such as the applicant's credit score, loan amount, and occupation profile.

Purpose: ICICI Bank provides a New Home Loan scheme for individuals looking to purchase or construct a house or flat.

Tenure: Up to 30 years

Purpose: Existing home loan borrowers from other banks and Housing Finance Companies (HFCs) have the option to avail ICICI Bank's Home Loan Balance Transfer facility. This allows them to transfer their existing home loans to ICICI Bank at lower interest rates.

Tenure: Up to 30 years

Purpose: Consumers have the option to avail ICICI Bank Land Loans to raise funds for purchasing land or a plot for home construction purposes. However, it's important to note that the construction must be completed within 2 years from the date of disbursement of the loan.

Tenure: Up to 20 years

Purpose: NRI individuals can avail ICICI Bank NRI Home Loan for various purposes such as purchasing, constructing, repairing, or renovating their home in India.

Loan Amount: Up to Rs 5 crore or more

Tenure: Up to 30 years

Purpose: Existing home loan borrowers have the option to avail the home loan overdraft facility provided by ICICI Bank. This feature allows them to deposit surplus funds in the linked overdraft account, up to a predetermined limit, and withdraw money as needed. Importantly, interest is only charged on the amount withdrawn, offering flexibility and potential interest savings.

Loan Amount: Rs 5 lakh-Rs 5 crore

Purpose: Consumers have the option to avail pre-approved digital ICICI Bank Insta Home Loan Overdraft facility, which provides instant access to funds to meet various personal expenses such as education, home renovation, debt consolidation, and other emergencies.

Loan Amount: Up to Rs 1 crore

Purpose: ICICI Bank provides Pre-approved Insta Top-up Home Loans to its existing home loan borrowers, offering additional funds over and above their existing home loans. Applicants can apply for this loan digitally through mobile or internet banking. Upon approval, the loan amount is disbursed instantly to the savings account linked to the existing home loan account.

Loan Amount: Up to Rs 1 crore

Tenure: Up to 10 years

Purpose: Under ICICI Bank Step Up Home Loans, applicants can access higher loan amounts compared to their eligibility under regular home loans. The repayment schedule is divided into two terms: the Initial or Primary Term, where the borrower pays only the interest, and the Secondary or Balance Term, where the total EMI (including interest and principal) becomes payable. This scheme allows prospective home loan borrowers to increase their loan amount eligibility by up to 20%.

Loan Amount: Up to Rs 3 crore

Tenure: Up to 30 years

Purpose: ICICI Bank Money Saver Home Loan is a unique home loan overdraft facility. With this feature, applicants can deposit extra funds into their Money Saver account or home loan account and withdraw them as needed. Additionally, ICICI Bank provides a top-up facility under the Money Saver Home Loan scheme.

Purpose: ICICI Bank provides Express Home Loans to both new and select existing customers, allowing them to obtain home loans quickly. With this service, applicants can receive a provisional sanction within a few hours. This provisional sanction enables prospective borrowers to negotiate with sellers or builders before finalizing the property.

Loan Amount: Up to Rs 5 crore

Tenure: Up to 30 years

Purpose: ICICI Bank offers Instant Home Loans, also known as ICICI Pre-approved Home Loans, with instant sanction for individuals who have their salary accounts with ICICI Bank.

Loan Amount: Up to Rs 3 crore

Tenure: Up to 30 years

Purpose: ICICI Bank provides pre-approved instant home loan balance transfer facility to existing customers of other banks and HFCs, allowing them to transfer their existing home loans to ICICI Bank at lower interest rates. The lender issues a sanction letter to the applicant, which remains valid for 6 months.

Loan Amount: Up to Rs 1 crore

Tenure: Up to 20 years

Purpose: Consumers have the option to avail ICICI Bank Pre-approved Top-up Loans, also known as "24 hours Top-up Loans," where the bank provides instant sanction on Top-up Loans to its select existing customers. These loans are offered over and above the existing home loans to meet the personal requirements of the applicants, such as travel, wedding, education, home renovation, medical emergencies, and more.

Loan Amount: Up to Rs 1 crore

Tenure: Up to 10 years

Also Read : Best Home Loan EMI Calculator

Also read: Best Home Loan Fees and Charges

Also Read : Best Home Loan Eligibility

Here are some of the common documents required for an ICICI Bank Home Loan :

For all applicants:

• Proof of Identity
• Proof of Residence
• Proof of Age
• Processing fee cheque
• Application form with a photograph duly signed

For Salaried Individuals:

• Last 6 months bank statements
• Last 3 months Salary-slips
• Form 16 or Income Tax Returns

For Self-employed Professionals/ Self-employed Non-professionals:

• Identity, residence, and age proof
• Proof of business existence
• Last 6 months bank statements
• Form 16 or Income Tax Returns
• Education qualification certificate and proof of business existence
• Last 3 years Income Tax Returns with computation of Income
• Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account

Also Read : Best Home Loan Documents Required

ICICI Bank has set the minimum monthly salary eligibility requirement for its home loan applicants at Rs 25,000.

The eligibility for a home loan depends on various factors including the applicant's age, monthly income, customer profile, credit history, retirement age, and more.

ICICI Bank offers home loan interest rates starting from 8.75% p.a. onwards to its pre-approved customers, with the specific rate depending on their credit profile.

Also read: Best Home Loan Balance Transfer

Existing home loan borrowers of ICICI Bank have the option to request a reduction in their interest rates. However, if the bank agrees to lower the rates, a conversion fee of 0.5% of the outstanding principal is charged. If the bank does not reduce the interest rates, borrowers have the choice to transfer their home loans from ICICI Bank to other lenders offering lower interest rates.

ICICI Bank provides pre-approved instant home loans to its premium/select customers who maintain their salary account with the bank. The loan amount offered is based on the salary credits appearing in the salary account of the customer.

ICICI Bank has not specified a cut-off credit score for home loan applicants. However, applicants with credit scores of 750 and above generally have better chances of securing home loans at lower interest rates.

The sanction letter remains valid for up to 6 months, during which you can get your home loan disbursed.

ICICI Bank provides home loans with floating interest rates exclusively.