The Full Scoop On ICICI Bank Home Loan

By Steffi Dsouza | May 17, 2017

 If you’re within the age bracket of 24 – 35 years, you know very well that by now the expectation from you is to be married and have a house of your own. While you may, or may not, see any benefit in getting married, you can surely appreciate the perks of buying a house.

Additional Reading: 7 Things To Consider Before Opting For A Home Loan In Your 20s!

If you are looking to get a place of your own, we encourage you to read about ICICI Bank Home Loan.

The ICICI Bank Home Loan has many advantages. For starters, the application process is ‘quick and easy’. ICICI Bank Home Loans are also popular for their easy eligibility criteria, lower EMIs and attractive interest rates. Moreover, the application process is faster through your smartphone! So, what’s not to love about this Home Loan?

Let’s take into account all the fees and charges that accompany ICICI Bank Home Loan offers.

Processing Fees

The processing fee for ICICI Bank Home Loan is 0.50% – 1.00% of the loan amount or Rs. 1,500, whichever is higher plus service tax and surcharge. In case of cities like Mumbai, Delhi and Bangalore, the rate is fixed at Rs. 2,000. Keep in mind, processing fee is non-refundable.

Prepayment Charges

There are no prepayment charges on Home Loans and Home Improvement Loans carrying a floating rate of interest. Full repayment of Home Loans taken at a fixed rate of interest attract a prepayment charge of 2% plus applicable taxes on principal outstanding.

If the applicant or co-applicant is non-individual then full repayment of a Top-up Loan attracts a charge of 2% plus applicable taxes on principal outstanding.

Prepayment charge sum up to 4% plus applicable taxes on principal outstanding for Home Equity Loan/Home Equity Enhancement Loan, Office Premises Loan and Lease Rental Discounting Loan given to non-individual borrowers or at fixed rate of interest to individual borrowers.

Always read the prepayment terms and conditions set by the bank before applying.

Additional Reading: How To Plan Home Loan Prepayment

Late Payment Charges

Late payment of ICICI Bank Home Loan attracts a 2% charge per month. Home Loan overdraft attracts a charge of 1.5% of the outstanding amount subject to a minimum of Rs. 500 and maximum of Rs. 5,000.

Conversion Charges

The conversion charges on the ICICI Home Loan are as follows:

  • Floating to floating – 0.5% of the principal outstanding plus applicable taxes.
  • Dual fixed rate to floating – 0.5% of the principal outstanding plus applicable taxes.
  • Floating to dual fixed rate – 0.5% of the principal outstanding plus applicable taxes.
  • Life time fixed to floating – 1.75% of the principal outstanding plus applicable taxes.

 Other Charges

Repayment mode swap charges Rs. 500
Document retrieval charges Rs. 500
Cheque/AD/ECS  bounce rate Rs. 500
Amortisation schedule Nil
Statement of account Nil
Final prepayment statement Nil
Duplicate No Objection Certificate/No Due Certificate Rs. 100
Revalidation of No Objection Certificate Rs. 100
Provisional Income Tax certificate Nil
Final Income Tax Certificate Nil
Interest Certificate Nil
Change of address Nil
Administrative charges Rs. 5,000 *
CIBIL report charges Rs. 50

*The administrative charges are one-time non-refundable charges collected by the lender for the purpose of appraising the valuation and legal verification of the property. This is done to ascertain the suitability of accepting the property for mortgage and the same is independent of the outcome /result of such appraisal. Please note that the administrative charges are payable at the time of disbursement of the facility.

Additional Reading: Top 5 Home Loan Charges

Interest Rate

A very important feature of any loan is the interest rate. It’s important to know how much extra money you will be shelling out up and above the actual loan amount borrowed. Home Loan interest rates usually vary from bank to bank and are subject to change at any given point in time.

Quarter ended on March 2017 Minimum Maximum Mean
Home Loan 8.20% 11.35% 8.62%

Documents Required

The application process for ICICI Bank Home Loan will require the applicant to submit a bunch of documents for verification and guarantee. These documents are mainly ID proofs and other valid proofs required to process your application.

Here is a comprehensive list of documents needed for the ICICI Bank Home Loan

Documents Salaried Self Employed Professional Self Employed Non Professional
Application form with photograph duly signed
Identity, residence and age proof
Last 6 months bank statements
Last 3 months salary slips
Processing fee cheque
Form 16/Income Tax Returns
Proof of business existence
Business profile
Education qualification certificates 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

With the launch of the new regulatory body for real estate and passing of the Real Estate Regulation and Development Act (RERA) on May 1, 2017, the real estate market is likely to be transformed. This means, it’s a great time to invest in a house/property.

Additional Reading: 5 Ways RERA Will Help Home Buyers

Like all these things about the ICICI Home loan? Be sure to check your eligibility and calculate your EMI before you apply for it. If you want to compare the ICICI Bank Home Loan with Home Loan offers from other banks then click the button below.

Note: Home Loan interest rates are as of the time of the writing of this article

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

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2 thoughts on “The Full Scoop On ICICI Bank Home Loan

    1. Team BankBazaarTeam BankBazaar

      Hi GopiKrishnan,

      Appreciate your feedback. Have a nice day!

      Cheers,
      Team BankBazaar

      Reply

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