One of the biggest financial goal for an individual is buying his own home. But this involves a huge financial requirement which can be met by taking home loan from ICICI. With easy documentation, low-interest rates, and simplified approval process, ICICI Bank Home Loan is the best option. ICICI Bank offers home loan at an interest rate of 8.90% on wards. No prepayment charge is required to pay for the ICICI Bank Home Loan.

Features of ICICI Bank Home Loan 

Following are some of the features of ICICI Bank Home Loan:-

1. If you qualify to apply for the home loan with a higher eligibility, ICICI Bank offers lower EMI at a competitive rate of interest.
2. ICICI Bank offers pre-approved home loans to its selected customers.
3. ICICI Bank provides interest rates at an affordable range. Both the options of fixed and floating interest rates are available.
4. Applicants can enjoy long-term savings with the use of ‘Balance Transfer’ (BT)feature in ICICI Bank. Using the BT feature, you can transfer your existing home loan from any other bank to ICICI Bank.
5. ICICI provides special benefits for the premium customers.
6. You can avail lucrative interest rates for different categories of ICICI Home Loan.
7. ICICI Bank Home Loan provides tax benefit to its customers.
8. Female borrowers are offered special discount rates.

Eligibility Criteria for ICICI Home Loan 

• Minimum age of the applicant is 21 years.
• Before the applicant completes 65 years of age, he must repay his loan.
• A steady source of income of the applicant is mandatory.
• If there is any co-applicant, his minimum age must be 18 years.
• Minimum income of the applicant must be Rs.25000.
• CIBIL Score must be 750 or above.
• FOIR- Minimum FOIR must be 0.75.

Documents for ICICI Home Loan 

Following are the documents required for salaried and self-employed individuals-

Salaried Individual 

• Duly filled application form.
• Passport size photo.
• ID proof- AADHAR Card, PAN Card, Driving License, Passport.
• Residence proof- Registered Rent Agreement/ Any utility bill like Electricity or Gas Bill.
• 6 months salary slip, Copy of Form 16 of last 2 years.
• Bank Statement of last 6 months.
• ITR of the last 2 years.
• 6 months bank statement showing the salary credit and any EMI debit.
• Legal documents of the property- Latest Property tax receipt, Conveyance/Sales deed, Copy of approved plan for Construction/Extension, Possession/Allotment letter.

•     Property Documents – Past title chain: Sales deed, Conveyance deed, Possession letter, Latest property tax receipt,  Allotment letter, Copy of approved plan for construction/ extension

Self-Employed Individual 

• Duly filled application form.
• Passport size photo.
• ID proof- AADHAR Card, PAN Card, Driving License.
• Residence proof- Any utility bill like Electricity or Gas Bill, Passport.
• Legal documents of the property- Latest Property tax receipt, Conveyance/Sales deed, Copy of approved plan for Construction/Extension, Possession/Allotment letter.
• Proof of Business- Business address proof, Balance Sheet, and Profit & Loss a/c (Certified by CA), the Business existence proof, Copy of Partnership Deed.

ICICI Home Loan Interest Rate 

ICICI Bank Home Loan 

Following are some of the products of ICICI Home Loan-

Approval and Disbursal 

ICICI Bank Home Loan approval and disbursal process takes place in a hassle free way.

Firstly, you need to fill up the home loan application form of ICICI Bank. Then you need to specify your basic details and also your required loan amount. Along with the application form, you need to submit all the required documents and 2 passport size photographs. After the successful submission of your application form, ICICI Bank professionals will verify the documents. With positive verification of your documents, the loan approval process starts. Then, the bank professional will contact you for the disbursal process. And finally, the loan amount gets credited to your account, which you can use it to buy or renovate your home. You can repay your loan through monthly instalments i.e, Equated Monthly Instalments or EMI.

ICICI Bank Home Loan approval and disbursal process takes place in a hassle free way.

Firstly, you need to fill up the home loan application form of ICICI Bank. Then you need to specify your basic details and also your required loan amount. Along with the application form, you need to submit all the required documents and 2 passport size photographs. After the successful submission of your application form, ICICI Bank professionals will verify the documents. With positive verification of your documents, the loan approval process starts. Then, the bank professional will contact you for the disbursal process. And finally, the loan amount gets credited to your account, which you can use it to buy or renovate your home. You can repay your loan through monthly instalments i.e, Equated Monthly Instalments or EMI.

FAQs

1. What is the maximum loan tenure for repaying your loan under ICICI Bank Home Loan? A maximum of 30 years to repay your loan is offered by ICICI Bank.
2. Will I get any tax benefit for ICICI Bank Home Loan? Under Section 24 and Section 80(C) of Income Tax Act, customers enjoy a tax benefit on the principal amount and interest rate of a home loan.
3. What is the foreclosure charges for ICICI Bank Home Loan?

There is no foreclosure charges for  ICICI Bank Home Loan.