How to Apply For ICICI Bank Home Loan

ICICI Bank Home Loan

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ICICI Bank Limited is an Indian Private bank. It offers a wide range of banking products and financial services. In this post, we are going to discuss about ICICI Bank Home loan. The procedure to apply for a Home loan and the eligibility criteria.

NameICICI Bank Limited
TypePrivate Development Finance Institution
HeadquartersMumbai, Maharashtra, India
Founded5 January 1994
IndustryFinancial services
Websitewww.icicibank.com
ICICI Bank Home Loan

What do you mean by Home Loan?

A Home Loan is a secured loan that is obtained to purchase your own residential or commercial property. A Home Loan offers high-value funding at economical interest rates and for long tenors. A home loan is a loan advanced to a person to assist in buying a house or flat. A home loan is a form of financial assistance extended by banks and financial institutions. Such banks or financial institutions can help increase your budget to purchase a house with the loan amount offered. You can avail of the loan by meeting certain Home Loan eligibility criteria for a specific tenure. After completing the tenure, you must return the loan amount borrowed over the course of the tenure along with the interest rates.

What are the Benefits and Features of a Home Loan?

There are various benefits and features of home loans. Some of them are mentioned below:

  • Tax Benefits

You will get a tax deduction on the principal as well as interest paid on the home loan. A home loan allows you to claim income tax deductions on the interest rates. An individual is eligible to claim a deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax of India 1971 Act in a financial year. A deduction of up to 2 lakh is allowed on the interest portion under Section 24B of the Income Tax of India Act. The deduction under income tax is only available after the construction of the house is complete. You can’t claim the income tax deductions while the property is under construction.

  • No Prepayment Charges

Unlike other loans, there are no prepayment penalties. So, whenever you have surplus money, you can utilize it for making part payments towards your home loan and lowering your burden.

  • Balance Transfer Facility

In a home loan, you have the facility to transfer your home loan to a different lender if he/she is giving you a loan at a lower interest rate.

  • High Repayment Tenure

Among all types of home loans, it has the longest repayment tenure which goes up to 30 years, so one can reduce the burden of equated monthly installments by extending the tenure.

  • Makes it easy to purchase your own dream home

The home loan makes it easy to purchase your dream home. For many people buying a house is a dream and without money, it is not possible, A home loan as it can be repaid in easy monthly installments makes it easy for the one who is looking forward to buying a house.

Also Read: ICICI Bank Education loan

How to Apply for ICICI Bank Home Loan?

ICICI Bank Home Loan is a one-stop solution to own your dream home. Whether your goal is to purchase or build a new house, ICICI Bank offers a wide range of products to meet your requirements. ICICI Bank offers affordable Home Loans at attractive interest rates for a tenure of up to 30 years. You can visit the nearest ICICI Bank branch and fill up the application form for the housing loan in order to avail of the loan. You can also apply online for an ICICI Bank housing loan on ICICI Bank’s official website or you can also apply for the loan from the iMobile Pay app.

ICICI Bank offers pre-approved instant home loan sanction to its salary account holders and a home loan balance transfer facility to existing home loan borrowers of other lenders at lower interest. ICICI Bank Pratham Housing loan scheme is an affordable housing loan offered to salaried applicants with a minimum salary of up to Rs 10,000 per month and self-employed applicants having a vintage of at least 5 years. ICICI Bank also offers ICICI Extra Home Loans, a special home loan scheme backed by Mortgage Guaranteed, aimed at increasing loan amount eligibility of the borrower by extending their home loan tenure till they attain 67 years of age.

Type of ICICI Bank Home Loan

ICICI Bank offers different types of housing loans. They are as follows:

1. Housing Loan

  • Regular home loans for the purchase or construction of a new house
  • Tenure up to 20 years

2. Instant Home Loans

  • ICICI pre-approved home loan facility with instant sanction offered to those having salary accounts with ICICI Bank
  • Loan amount up to Rs 3 crore
  • Tenure up to 30 years

3. Express Home Loans

  • For availing home loans on a fast-track basis through online application, quick processing, and digital sanction
  • Loan amount up to Rs 5 crore
  • Tenure up to 30 years

4. Extra Home Loan

  • Home loan scheme with the provision of increasing the repayment period to 67 years of age of the applicant for enhancing the home loan amount by 20%. The enhanced loan amount and repayment tenure are backed by Mortgage Guaranteed
  • Loan amount up to 2 crore
  • Tenure up to 67 years of age of the borrower

5. Pratham Home Loans

  • Home loans for affordable housing are offered to salaried applicants with a minimum salary of Rs 10,000 per month self-employed applicants having a vintage of at least 5 years
  • Loan amount of Rs 5 lakh-Rs 50 lakh
  • Tenure up to 20 years

6. Land Loan

  • ICICI Plot Loans are offered for the purchase of land/plot
  • Loan amount up to Rs 8 lakh-Rs 3 crore
  • Tenure up to 30 years

7. NRI Home Loan

  • ICICI NRI Home Loans is the finance facility for NRI applicants to purchase or construct their house in India
  • Tenure up to 30 years

8. Insta Top-Up Loan (Pre-Approved)

  • Pre-approved top-up loans provide instant loans in just 3 clicks for funding personal and business requirements
  • Loan amount up to Rs 1 crore
  • Tenure up to 10 years

9. Pradhan Mantri Awas Yojna (PMAY)

  • Interest subsidy of up to Rs 2.67 lakh for EWS, LIG, and MIG groups for the purchase of a new or old residential house, home construction, land purchase and construction of a dwelling unit, and extension of existing residential property
  • Tenure up to 20 years

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Eligibility Criteria for ICICI Bank Home Loan

Below are the certain eligibility criteria for availing Home Loan from ICICI Bank

For Express Home Loan

  • Salaried and Self-employed individuals
  • Resident and Non-Resident of India

For Land Loan

  • Salaried and Self-employed individuals
  • Age from 25 to 65 years

For Extra Home Loan

  • Middle-aged salaried individuals up to 48 years of age
  • Young salaried individuals up to 37 years of age
  • Self-employed individuals

For NRIs

  • Age from 21 to 65 years
  • Salaried individual with one year of employment abroad
  • Self-employed applicants with 3 years of experience in current business overseas

For PMAY

  • 21 to 70 years of age
  • The beneficiary or his family should not own a pucca house anywhere in the country
  • The beneficiary family would include a wife, husband, and unmarried children
  • Either of the married couple or both together can apply for a single subsidy

ICICI Bank home loan eligibility may also depend on the monthly income and credit score of its home loan applicants.

Documents Required for ICICI Bank Home Loan

Some of the common documents required for ICICI Home Loan are:

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

For Salaried Individuals:

  • Last 6 months’ bank statement
  • Last 3 months’ Salary slips
  • Form 16/ Income Tax Returns

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

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

FAQs

1. Does ICICI Bank offer pre-approved home loans?

Ans: ICICI Bank offers pre-approved instant home loans to its premium/select customers maintaining their salary account with the bank. The loan amount offered is based on the salary credits appearing in the salary account.

2. What is the minimum credit score required to avail of home loans from ICICI Bank?

Ans: ICICI Bank has not specified the cut-off credit score for home loan applicants. However, applicants having a credit score of 750 and above usually have higher chances of availing home loans at lower interest rates.

3. What is the validity of the sanction letter issued at the time of sanction of the instant home loan?

Ans: The sanction letter is valid for up to 6 months during which you get your home loan disbursed.

4. What is the applicant’s eligibility for the applicants availing ICICI Bank Home Loan?

Ans: The home loan eligibility of the applicants depends upon their age, monthly income, customer profile, qualification, credit history, retirement age, etc.

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