Icici Home Loan

Last modified:2019-10-18


ICICI Home Loan is one of the product of ICICI Bank which is broadly applied for by majority of the people. ICICI Home Loan is a wisest option where a person can achieve their dream house. More information on how to apply ICICI Home Loan and other charges, interest rates are all explained in this article.

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Introduction to ICICI Home Loan 

ICICI Bank accounts are very broadly accessed by people and the people opt for  ICICI Home Loan as it has flexible interest rates. With easy documentation, one can avail the ICICI Home Loan.  ICICI Home Loan provides financial support to the people in acquiring an house for their own and increase their asset. ICICI Bank has branches all over the country providing easy accessibility for the customers. To fulfill their dream of owning a house, one can approach ICICI Bank as it provides pre approved home loans. ICICI Home Loan Interest Rates and other charges are given in the below table.
 

Interest Rates

8.6%-8.95%

Loan tenure

3 years -30 years

Loan amount

Upto 10 crores

Pre-payment or foreclosure charges

2%-4%

Late payment charges

2%

Loan processing charges

0.50%-1%

What are the Interest Rates charged towards ICICI Home Loan ?

Interest Rates charged on  ICICI Home Loan varies for men and women. Other factors also influence ICICI Home Loan interest rates namely age of the applicant, income of the applicant, loan amount and loan tenure.
Usually ICICI Home Loan is charged with floating rate of interest. But when the loan tenure is 5 years or 10 years or more, then the fixed rate of interest is charged for  ICICI Home Loan and it varies accordingly.  ICICI Home Loan interest rates are given in the below table.
 

Interest rates for women

Loan amount

Floating rates

30 lakhs -75 lakhs

8.65%

75 lakhs -5 crores

8.70%

Above 5 crores

8.80%

Fixed rate of interest

Loan amount

Fixed rates for 5 years and 10 years tenure

Upto 30 lakhs

8.70%

30 lakhs -5 crores

8.80%

Above 5 crores

8.90%

Interest rates for salaried applicants

Loan amount

Floating rates

30 lakhs -75 lakhs

8.70%

75 lakhs -5 crores

8.75%

Above 5 crores

8.85%

Interest rates for self-employed applicants

8.7%-10.10%

What are the Other Charges related to ICICI Home Loan?

All loans are accompanied with charges and fees. The first and foremost expenses that come along with ICICI Home Loans is the interest rates and the processing fees. Apart from these two expenses, there are other charges involved namely prepayment charges, late payment charges and so on. ICICI Home Loan is attracted with a processing charge of 0.50% of the loan amount. The maximum amount charged as processing fees is Rs.11800. All loans are charged with an amount for processing its application form. Comparatively, ICICI Home Loan levies a moderate amount for processing the application. ICICI Home Loan charges 2% plus taxes applicable on the principal outstanding in case of pre-closure with fixed rate of interest. In case of floating rate of interest, there is no pre-closure charges. For late payment of the EMI amount, 2% is charged every month. Rs.50 is charged for CIBIL Report. The charges and fees levied by ICICI bank towards ICICI Home Loan are listed in the below table.
 

Late payment charges

2%per month

Home OD 1.5% of outstanding amount with subject to minimum Rs.500 and maximum Rs.5000

Processing charges

0.5%-1% of loan amount or Rs.1500 whichever is higher. For cities Delhi, Mumbai and Bangalore it is Rs.2000

Pre-payment charges

-Nil for home loans with floating interest rates.

Others 2%-4%

Repayment mode swap charges

Rs.500

Amortisation schedule charges

Nil

Statement of account charges

Nil

CIBIL Report

Rs.50

Duplicate No Due Certificate

Rs.100

Legal and incidental charges

At actuals

Document retrieval charges

Rs.500

Cheque bounce charges

Rs.500

Administrative charges

rs.5000

ICICI Home Loan MCLR Rates

MCLR is the marginal cost of funds based Lending Rates. The MCLR rates are reviewed and announced every month on announced date. These rates are fixed subject to the loan tenure. The following is the new benchmark rates which is applicable for loans sanctioned after the 1st April 2016. 
 

Benchmark tenure

MCLR Rates

Overnight

8%

1 month

8%

3 month

8.10%

6 month

8.15%

1 year

8.20%

ICICI Home Loan  Eligibility Criteria

The applicants must satisfy the eligibility criteria listed by the ICICI bank to obtain the ICICI Home Loan.ICICI Home Loan eligibility calculator is available in the official site of the ICICI Bank. This helps the applicant to check if they eligible for a ICICI Home Loan by just entering the basic details of the applicant.
 The eligibility criteria are as follows.

  •  The applicant must be at least 21 years to apply for  ICICI Home Loan.
  • The co-applicant must be at least 18 years of age.
  • The total loan amount must be repaid within the applicant’s 65 years of age.
  • The applicant must have a regular and stable income.
  • Applicant must have good credit history.
  • Must have proper repayment capacity.

What are the Features of ICICI Home Loan ?

ICICI Home Loan is truly beneficial to their borrowers. It provides repayment flexibility. There are no hidden charges in ICICI Home Loan. One can obtain ICICI Home Loan at attractive interest rates. The features of ICICI Home Loan are listed below.

  • ICICI Home Loan is provided with the loan tenure of minimum 3 years and maximum 30 years.
  • ICICI Home loan amount is given at the interest rates varying between 8.50% to 8.85% for general borrowers.
  • For women borrowers, the rates of interest are quite lower comparatively.
  • ICICI Home Loan is provided without a guarantor.
  • ICICI Home Loan does not have any prepayment charges.
  • ICICI Home Loan has fixed as well as floating rate of interests.
  • For the first 10 years, the interest rates are fixed and after that the customers are given a chance to choose between fixed or floating rates. 
  • ICICI Home Loans are given with long tenure of loan with low EMI.
  • ICICI Home Loan is sanctioned even before selecting the property.
  • There is also a feature for additional top up loan with saves the customers and provide financial support. 

What are the Documents Required to obtain ICICI Home Loan ? 

Proper documents helps the applicant to easily get their loans sanctioned. ICICI Bank asks for basic information related to the income, address  and identity for loan purpose. Some important documents are to be submitted for the purpose obtaining a ICICI Home Loan. These documents must be submitted along with the home loan application form.

  • Photographs
  • Address proof
  • Age proof
  • Identity proof
  • Last 6 months bank statements
  • Last 3 months salary slip
  • Processing fees cheque
  • Form 16
  • Education qualification certificate
  • Last 3 years income tax returns

How is ICICI Home Loan processed ?

ICICI Home Loan is procured after undergoing certain stages of process.  ICICI home loan application form is to be either downloaded or obtained from one of the branches of ICICI. The duly filled application along with the required documents are to be submitted in the bank. The bank executives verifies the documents and the details provided in the application. The agreement between the applicant and bank is created,if the applicant is eligible for the ICICI Home Loan. Finally the ICICI Home Loan is sanctioned and the loan amount is disbursed. The bank charges a minimal fee as the processing charges. Applicants at any time, check the bank’s official website to check the status of their loan application. On approval, the applicant will be sent notifications from the bank.
 

ICICI Pradhan Mantri Awas Yojana Home Loan

Pradhan Mantri Awas Yojana is introduced in ICICI Bank as per the announcement of the Prime Minister Narendra Modi. This is based on the Credit Linked Subsidy Scheme which is planned considering the future. By 2022, all the people must have their own houses is the motive of this plan. This is to provide financial support to the middle income and lower income group of people. The interest rate is discounted at 9% and with the maximum loan tenure of 20 years. One should submit the basic information related to identity, address and income for applying for this loan. This project helps majority of the people to acquire their own houses. Aadhar number is mandatory for obtaining this loan. The subsidy interest rate is for the maximum loan tenure of 20 years or lower.

ICICI Home Loan EMI Calculator

ICICI bank provides an ICICI Home Loan EMI Calculator to calculate their monthly loan EMI. It can be easily calculated through online with the advancement of technology. One must enter the details like the loan amount, loan tenure, rate of interest to calculate the EMI. It can be calculated within seconds. This EMI Calculator helps the customer to plan for the loan amount, so that the repayment does not disturb their monthly financial needs and the customer can pay the monthly home loan EMI easily. Follow the below steps to calculate EMI using ICICI Home Loan EMI Calculator.

 

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