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ICICI Home Loan- Financing for your Dream Home!

Updated on June 13, 2024 , 16448 views

ICICI (Industrial Credit and Investment Corporation of India) is a multinational Bank Offering a wide Range of products and services in the areas of investment banking, venture Capital, Life Insurance, non-life insurance and asset management.

ICICI Home Loan

The bank has a good network of 5275 branches and 15589 ATMs across the country and also has its presence in 17 foreign countries. If you are looking to buy your dream house, then ICICI Home Loan is a must to consider for financial help.

Types of ICICI Home Loan

1. ICICI Instant Home Loan

ICICI Instant Home Loan is for ICICI customers who are holding a salary account in the bank. It is a pre-approved home loan that can be applied through the bank’s internet portal. The scheme has a Floating Interest Rate starting from 8.75% p.a. with low-processing fee of 0.25% + tax.

ICICI Instant Home Loan Interest Rates 2024

The ICICI Bank offers a floating interest rate under this scheme.

The following table will guide you to the rate of interest on this loan-

Borrowers Floating Rate of Interest Processing Fees
Salaried 8.80% - 9.10% Up to 2% of the loan amount plus tax
Self-employed 8.95% - 9.25% Up to 2% of the loan amount plus tax

Features

  • The home loan is approved within a few clicks
  • Special processing offer is available for top corporates
  • The loan approval letter is valid for 6 months. Within this period of time you can request for the disbursement
  • The maximum loan amount offered is Rs. 1 crore
  • The maximum tenure of the loan is 30 years

Documents

Once your loan is sanctioned you need to submit the following documents to the bank-

  • Property documents for which you are seeking the loan
  • Documents of your co-applicant
  • Any additional documents will be informed by the bank

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2. ICICI Bank 30 Year Home Loan

ICICI bank offers 30 year home loan for the woman applicant and salaried employees working for a selected group of companies. The EMI for the loan starts from Rs. 809, per lakh. The scheme provides you with a flexible loan tenure for up to 30 years. The interest rate starts from 8.80% p.a. with the processing fees between 0.50% and 1% of the total loan amount.

ICICI 30 year Home Loan Interest Rate 2024

The bank offers fixed and floating interest rates on this scheme.

The below table will guide you to ICICI 30 year home loan interest rates -

Loan Amount Salaried employees Self-employed women only
Below Rs. 30 lakh 8.80% - 8.95% p.a 8.95% - 9.10% p.a
Between Rs. 35 lakh - Rs. 75 lakh 8.90% - 9.05% p.a 9.05% - 9.20% p.a
Over Rs. 75 lakh 8.95% - 9.10 p.a 9.10% - 9.25% p.a

Benefits

  • Doorstep service available for the applicants
  • The loan may be approved before selecting your property for purchase
  • Repayment tenure of 30 years
  • Simple documentation process
  • Enjoy higher loan amount, longer repayments with small EMIs

Documents

Here is a list of documents required to apply for this scheme -

Salaried Employees

Self-Employed Professional Women

  • ID proof, age proof, address proof
  • Bank statements of the last 6 months
  • Business existence proof
  • Education qualification certificate
  • income tax return of the last 3 years with complete computation
  • Audited Balance Sheet and P&L (profit and loss) statement of last year certified by CA
  • A cheque for processing fee

3. ICICI Bank NRI Home Loan

Non-resident Indians (NRIs) can purchase a property or build a house in India with the help of the ICICI NRI Home Loan. This scheme offers hassle-free documentation and quick home loan disbursal. It offers competitive interest rates and zero part payment fees.

Features

  • Financing available for both salaried and self-employed
  • Hassle-free documentation process
  • Quick loan disbursal
  • personal accident insurance Facility available for free of cost
  • Floating and fixed-rate options are available as per your convenience
  • Quick loan disbursal

ICICI Bank NRI Home Loan Interest Rate 2024

The bank offers home loan for NRI with attractive interest rates for salaried and self-employed individuals.

The interest rates are as follows:

Description Salaried Self-Employed
Loan Tenure Up to 15 years Up to 20 years
Processing Fees 0.5% of the loan amount+applicable Taxes 0.5% of the loan amount + applicable taxes

Additional Fees & Charges

Particulars Details
Prepayment Charges Up to 4% + applicable taxes
Late Payment Charges 2% per month
Rate Conversion Charges 0.5% of the principal outstanding + taxes, 0.5% of the principal outstanding + taxes, 0.5% of the principal outstanding + taxes, 1.75% of the principal outstanding + taxes

Eligibility Criteria for NRIs

  • Minimum age of 25 years and maximum age of 60 years
  • Salaried applicant living outside India should be a minimum period of 1 year
  • Self-employed applicants living outside India should be a minimum period of 3 years
  • Graduate or diploma completion is required for salaried individuals
  • For salaried individual postgraduate is required for middle east countries
  • SSC or its equivalent is required for self-employed individuals
  • Income criteria of $42000 for US and other countries
  • 84000 AED income is required for GCC (Gulf Cooperation Council) countries

Documents Required for NRIs

The following are the documents required for the NRIs salaried and self-employed individuals:

Salaried Individual

  • Visa copies of the applicant and co-applicant
  • Passport copies of applicant and co-applicant
  • Duly signed power of attorney document
  • Overseas residential address proof
  • Self-attested address proof
  • Company details
  • Duly signed passport size photograph
  • Last 3 months salary slip for Fixed Income
  • Last 6-month bank statements
  • Copy of previous employment letter
  • Copy of employment letter

Self-employed Individual

  • Visa copies of the applicant and co-applicant
  • Passport copies of applicant and co-applicant
  • Duly signed power of attorney document
  • Overseas residential address proof
  • Self-attested address proof
  • Company details
  • Duly signed passport size photograph
  • profit and loss statement for the last 2 years certified by CA (Middle East countries)
  • Profit and loss statement for the last 2 years reviewed by CPA (USA and Canada)

4. ICICI Bank Pradhan Mantri Awas Yojana (PMAY)

Pradhan Mantri Awas Yojana scheme offers a subsidy on the purchase, construction, extension and improvement of the house to the Economical Weaker Section (EWS), Lower Income Group (LIG) and Middle-Income Group (MIG).

Benefits of PMAY Scheme

  • Interest subsidy ranging from 3.00% p.a. to 6.50% p.a. offered on the outstanding principal amount
  • Interest subsidy can be availed on the loan terms up to 20 years
  • Maximum of Rs. 2.67 lakh loan subsidy will be given depending on the category of the beneficiary

Eligibility for PMAY

  • The beneficiary should not own a Pucca house with any of their family members names in any part of India
  • In case of a married couple, both the spouses together in joint ownership are eligible for a single subsidy
  • The beneficiary family should not have availed the central assistance under housing scheme from the Government of India or any benefit under any scheme in Pradhan Mantri Awas Yojana
Particulars EWS/LIG MIG-I MIG-II
Eligibility Family Income EWS- Rs. 0 to Rs. 3,00,000, LIG- Rs. 3,00,001 to Rs. 6,00,000 Rs. 6,00,001 - Rs. 12,00,000 Rs. 12,00,000 - Rs. 18,00,000
Carpet Area- Max(sq.m) 30 sqm/60 sqm 160 200
Subsidy calculated on max loan Rs. 6,00,000 Rs. 9,00,000 Rs. 12,00,000
Interest Subsidy 6.50% 4.00% 3.00%
Max Subsidy Rs. 2.67 lakh Rs. 2.35 lakh Rs. 2.30 lakh
Validity of the scheme 31 March 2022 31 March 2021 31 March 2021
Woman Ownership Mandatory Not required Not required

5. ICICI Saral Rural Housing Loan

This ICICI home loan is designed for the women borrower and weaker section. The credit facility will be extended for acquisition, construction, repairs, renovation and up-gradation of the house in rural areas.

Features

  • The scheme features a loan up to 90% of the loan amount
  • You can avail loan amount between Rs. 5 lakhs to 15 lakhs
  • The scheme tenure falls between 3 to 20 years

ICICI Bank Home Loan Customer Care

To get all solution of your queries on ICICI housing loan, you may Call on the following ICICI Bank Home Loan Customer Care numbers-

  • 1860 120 7777

ICICI Home Loan Alternate Customer Care Number

  • Delhi: 011 33667777
  • Kolkata: 033 33667777
  • Mumbai: 022 33667777
  • Chennai: 044 33667777
Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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