Looking to buy a house? Consider the ICICI Bank Home Loan and learn all about it in this article.
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: Home Loan FAQs
If you are looking to get a place of your own, we encourage you to read about the 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 which is a one-time fee for ICICI Bank Home Loan is set at 0.25% of the loan amount or up to a maximum of Rs. 11,800. Keep in mind, the 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. Hence there are no prepayment, pre-closure or partial pre-payment charges on this particular loan.
However, in the case of a fixed interest rate the prepayment charges are applicable as per 2% of the principal outstanding loan amount.
Always read the prepayment terms and conditions set by the bank before applying.
Additional Reading: 5 Smart Ways To Pay Off Your Home Loan Faster
Guarantor Requirement
More often than not, to get a Home Loan one must have a guarantor who can pledge for your credibility. However, in the case of the ICICI Bank Home Loan, you don’t need to have a guarantor.
Additional Reading: Factors To Consider Before You Become A Home Loan Guarantor
Loan Tenure
The ICICI Bank Home Loan tenure is from 3 to 30 years. You can choose your tenure based on the total amount of the loan, your EMI amount and your income.
Features
- An easy & quick application process
- With a higher eligibility, you can get a lower EMI at affordable interest rates
- The application is possible through your smartphone or tablet. This ensures faster processing and quick disbursal
- You can also select your house from ICICI banks approved property projects
- If you are an existing customer of ICICI bank, then you could be eligible for a pre-approved Home Loan
- Both floating & fixed rate of interest options available to applicants
- Balance transfer feature is available on this loan
- With the balance transfer feature, you can also get a top-up loan
Eligibility Criteria
- Applicant must be at least 21 years old at the time of loan sanctioned
- The entire loan needs to be repaid at or before the age of 65 years by the applicant
- The applicant needs to be either self-employed or salaried with a regular monthly income
- In case of a joint loan, the co-applicant must be at least 18 years old
Additional Reading: Does It Make Sense To Opt For A Joint Home Loan
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 over 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.
ICICI Bank Home Loan offers an MCLR based interest rate calculation. The ICICI Bank floating interest rate is benchmarked to I-MCLR-1Y. Effective August 01, 2016 the I-MCLR-1Y is at 8.40%. However, the interest rates are calculated differently for different groups based on demographics.
Here are the interest rates for the ICICI Bank Home Loan for the various kinds of applicants.
ICICI Home Loan Interest Rate For Self-Employed Borrower (Floating Interest Rate)
| Loan Amount | Effective Rate Of Interest | Rate |
| 30 Lakhs – 75 Lakhs | 8.75% | I-MCLR-1Y + 0.35% |
| Above 75 Lakhs | 8.80% | I-MCLR-1Y + 0.40% |
ICICI Home Loan Interest Rate For Salaried Borrower (Floating Interest Rate)
| Loan Amount | Effective Rate Of Interest | Rate |
| 30 Lakhs – 75 Lakhs | 8.70% | I-MCLR-1Y + 0.30% |
| Above 75 Lakhs | 8.75% | I-MCLR-1Y + 0.35% |
ICICI Home Loan Interest Rate For Women Borrower- Self Employed (Floating Interest Rate)
| Loan Amount | Effective Rate Of Interest | Rate |
| 30 Lakhs – 75 Lakhs | 8.70% | I-MCLR-1Y + 0.30% |
| Above 75 Lakhs | 8.75% | I-MCLR-1Y + 0.35% |
ICICI Home Loan Interest Rate For Women Borrower- Salaried (Floating Interest Rate)
| Loan Amount | Effective Rate Of Interest | Rate |
| 30 Lakhs – 75 Lakhs | 8.65% | I-MCLR-1Y+0.25% |
| Above 75 Lakhs | 8.70% | I-MCLR-1Y+0.30% |
Additional Reading: Want To Take A Home Loan? Here Are The Latest Interest Rates
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.
| List Of Documents | For Salaried Borrowers | For Self-Employed/Professional Borrowers | For Self-Employed/Non-professional Borrowers |
| Application form with photograph duly signed | Yes | Yes | Yes |
| Identity, residence & age proof | Yes | Yes | Yes |
| Last 6 months bank statements | Yes | Yes | Yes |
| Last 3 months salary slips | Yes | NA | NA |
| Processing fee cheque | Yes | Yes | Yes |
| Form 16/ Income Tax Returns | Yes | Yes | Yes |
| Proof of business existence | NA | Yes | Yes |
| Business profile | NA | NA | Yes |
| Education qualification certificate & proof of business existence | NA | Yes | NA |
| Last 3 years Income Tax Returns with computation of income | NA | Yes | Yes |
| Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account | NA | Yes | Yes |
With the launch of the new regulatory body for real estate and the 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 that 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.