Check Eligibility For ICICI Home Loan

ICICI Home Loan interest rate starts at 9.00% p.a. with a low EMI of Rs.805 per month per lac. ICICI Bank offers Home Loan up to  Rs. 5 Crore with a maximum tenure of 30 years. Both salaried and self-employed are eligible for ICICI home loans. Pre-approved home loan is also available to a select few premium account holders with good credit score. 

ICICI Bank Home Loan Highlights:

• Interest Rates starting from 9.00% p.a
• Loan tenures of up to 30 years
• Processing fee 0.5% to 2% p.a
• Loan amounts of up to 5 Crores 
• The minimum age for a loan is 23 years

ICICI Bank Home Loan Interest Rates 2023

ICICI Bank Home Loan interest rates are low and start at 9.00 % p.a with an extended tenure of 30 years. The processing fee is as low as 0.5%. The rate of interest may vary depending on the credit profile. Currently, ICICI Bank is offering a lucrative offer to transfer your existing home loan to ICICI Bank. The balance transfer rate is starting at 8.90%. Few account holders can get Pre-approved loans as well. 

The offers provided by ICICI Bank and attractive interest rates are as follows:

ICICI Bank Home Loan Interest Rate Vs Other Lenders

Starting at 8.75% ICICI Bank's interest rate is not only low but also has added advantage of up to 30 years long loan tenure.

Different kinds of Housing Loans from ICICI Bank

You can choose from a wide variety of Home Loans with attractive interest rates starting at 9.00%, p.a onwards

Disclaimer: All loans are at the sole discretion of ICICI Bank. Terms and conditions apply.

Loan Against Property or Mortgage Loan

ICICI Bank offers a very low-interest rate starting at 10.85% for Loan Against Property with an extended tenure of 15 years. An individual can mortgage his/her property with the Financial Institution/Bank for the loan. The property will be kept as collateral for the period of the loan.

ICICI Bank Home Loan Balance Transfer Interest Rate 

ICICI Bank's affordable interest rate of 9.25% and longer tenure of up to 30 years ensures that transferring your existing outstanding amount to ICICI Bank will lower your EMI significantly.

ICICI Bank Home Loan Benefits:

ICICI Pradhan Mantri Awas Yojana

The Pradhan Mantri Awas Yojana is a Credit Linked Subsidy Scheme and provides subsidy on home loan interest up to Rs. 2.67 lac. ICICI Bank provides all the benefits of the scheme to its customers with a tenure of up to 20 years. The PMAY-Gramin scheme is valid till March 31, 2024. The PMAY-Urban scheme is valid till December 2024.

ICICI Bank Home Loan EMI Calculator

ICICI Bank EMI calculator is the easiest and best tool to define your loan tenure and the EMI you will be expected to pay on monthly basis. You can lower your EMI with the help of the ICICI Home Loan EMI Calculator. The calculator helps you to decide your tenure before applying for a home loan. The ICICI Bank Home Loan EMI starts at Rs 787 per lakh and the Currently, the ICICI home loan rate of interest starts from 8.75%. 
ICICI Home Loan Processing Fee:

Features of ICICI Home Loan Calculator

The following are the main features of the ICICI home loan EMI Calculator:

• The ICICI EMI calculator is simple and very easy to use.

• The results are shown immediately as soon as the loan amount, interest rate, and tenure are filled.
• The results are accurate to find out the final payment of your loan amount.

The loan is offered to both salaried and self-employed. ICICI offers a special rate of interest to Women borrowers, NRIs, and Senior Citizens special rates are available. The tenure is from 5 to 30 years depending upon the age of the applicant. The minimum age required is 23 years. Loan to value ratio is 70% to 90% depending on the loan amount. ICICI EMI calculator will help you in calculating the most suitable equal monthly instalments. It also helps you to decide the tenure which is affordable for the repayment. You can use any device to use the EMI calculator.

How does EMI Calculator work?

Here is the formula of the ICICI Home loan EMI Calculator

EMI = {P * R * (1 + R)^n} / {(1 + R)^(n – 1)}

Here P= Principle Loan Amount

R= Rate of Interest

N = Tenure ( Number of months)

The ICICI Bank EMI calculator is fast, easy, and accurate. You can arrive at the desired EMI by changing the various factors like tenure and loan amount. Calculating EMI using the ICICI EMI calculator is a smart choice as calculating the EMI manually is time-consuming and there is a possibility of wrong calculation. The decision becomes much easier when you know the loan amount, tenure, and EMI before applying for the home loan.

Amortization Schedule

This is a complete chart that shows various components of the repayment schedule of the loan tenure. The following are the key values of the Amortization schedule.

• The principal amount paid 
• Outstanding principle amount
• Interest paid over a period of time. 
• Total loan outstanding including principal and interest. 

ICICI Bank Home Loan Processing Fee:

The processing fee is a non-refundable one-time payment before the loan is sanctioned. Detailed processing fees for salaried and self-employed are given below. 

Additional Charges of ICICI Bank Home Loan

Charges On Account Of Delayed Payments: 2% per month Home OD: 1.5% of the outstanding amount subject to a minimum of Rs. 500/- & Maximum of Rs.5000/-

Check Dishonor Charges: Check dishonor charges will be Rs. 500 (Rs. Five Hundred)

Prepayment Charges: 

• Prepayment charges are Nil for Home Loans, Land Loans, and Home Improvement Loans with floating rates of interest.

• 2% plus applicable taxes on principal outstanding* on full repayment of Home Loan, Land Loan, Home Improvement Loan & Top-Up Loan on Home Loan with a fixed rate of interest.

• 2% plus applicable taxes on principal outstanding* on full repayment of Top Up on Home Loan if the end use is for business purpose

• Nil for Non-Home Loan** with floating rate of interest and the end-use is other than business purpose.

• 4% plus applicable taxes on principal outstanding* on full repayment of Non-Home Loan** if the end use is for business purpose

• 4% plus applicable taxes on principal outstanding* on full repayment of Non-Home Loan** with a fixed rate of interest.

ICICI Bank Home Loan Eligibility Criteria 

The minimum credit score to avail home loan from ICICI Bank is 700. A good credit score makes the chance of your application getting approved better and faster.

ICICI Bank Home Loan Eligibility Criteria for Salaried Individual

Eligibility based on salary for the loan amount is as follows. The factors taken into consideration while determining the amount are:

• The repayment tenure is 30 years
• The interest rate is 9.00% per annum 
• There is no existing EMI
• The minimum Salary is Rs.25,000

Eligibility Based on Age

The minimum age for ICICI Bank Home Loan is 23. The maximum age by which one has to pay back the loan is 60 years, with a maximum tenure of 30 years. Longer tenure will ensure lower EMI.

Eligibility based on the Value of Property 

ICICI Home Loan Eligibility for Co-Applicant

The eligibility criteria for Co-applicant are as follows:

• Age should be between 18 and 65 years of age.

• Must be a resident Indian
• He should be either salaried or self-employed
• Co-applicants should not be co-owners of the property

ICICI Home loan for Women's Borrower Eligibility

ICICI Home loan for Women's Borrowers Eligibility There is a 0.05% concession on the interest rate for women applicants. Another benefit for women is reduced stamp duty between 1% to 2%. Other eligibility criteria for women for availing of ICICI home loans are similar to other applicants.

Main Factors Affecting ICICI Home Loan Eligibility

The main factors affecting ICICI Home Loan eligibility are as follows:

• Age of the applicant

• Good credit score
• Salary / Income of the applicant
• A good repayment record
• Existing liabilities (any other loan being paid by the applicant)
• Profile of the applicant
• The nature and specifications of the property such as the age of the property, its size, its location, whether approved by the government or not, etc.
• Whether the applicant is a guarantor of an existing loan

Documents Required for ICICI Home Loan

The documents required for the ICICI Loan are as follows:

Salaried Individuals

• Age Proof and Address Proof
• 3 months' salary slips (Latest at the time of applying for the home loan)
• Latest 6 months' bank statements (For salary proof and to check whether there is an existing loan EMI)
• Latest Form 16 and IT returns (minimum 2 years)
• Applicant's employment details
• Proof of own contribution
• Your and co-applicants (if there is any) passport-size photo with signature
• A cheque for the processing fee to be paid to ICICI HFC 

Self Employed Individuals

• Age Proof and Address Proof 
• Income Tax Returns of the last 3 years duly attested by a chartered accountant along with details of your business.
• Balance sheet and profit & loss account statements for the last 3 years
• Bank account statement of Current Account and savings bank account statements for the last 6 years. 
• Profile of the Business
• Latest Form 26 AS
• Proof of own contribution
• Details of any ongoing loans of you and your businesses.
• Your and co-applicants (if any) passport-size photo with signature
• List of Directors and Shareholders of the company with shareholding details
• A cheque for the processing fee is to be paid to ICICI Home Finance.

Documents for Home Loan Balance Transfer

• A letter from the existing lender on his letterhead mentioning the list of property documents held by them

• Photocopy of property documents

• A letter from the existing financial institution on their letterhead showing the latest outstanding balance

Property Related Documents required

For New Home:

• Allotment letter copy/Buyer Agreement
• Payment receipt made to the developer

For Resale Home:

• Title deeds including the previous chain of property documents

• Agreement to sell copy

• Initial payment receipt made to the seller

For Construction:

• The title deed of the plot

• Copy of the plan approved by Local Authorities

• No encumbrance proof on the property

• The total estimate of construction by a Civil Engineer/Architect

Other Documents

For Salaried Applicants:

• Proof of own contribution
• Bank Statement for last 6 months with loan repayment record
• Appointment letter/Employment contract if current employment is less than a year old
• Passport-sized photograph with signatures across
• Processing fee cheque in favor of ICICI HFC.

 Common Documents for Salaried and Self Employed

• Proof of identity and address  - Aadhaar card, voter ID, passport, or driving license

• For new homes copy of the buyer agreement and receipt of the payment made to the builder

• For resale homes -  Title deeds, receipt of the payment made to the builder, and copy of the agreement to sell

• Title deeds of the plot, proof of no encumbrances on the property, and construction estimate as given by the architect (for home construction) Home Loan Documents Required

Income Tax Benefits on Home Loans

Following Income Tax Benefits can be availed on ICICI home loans:

• Under section 80C of the Income-tax Act 1961, the repayments (EMIs) towards the principal loan amount availed are eligible for a tax deduction of up to Rs 1.5 lakh, While Section 24(b) of the Income Tax Act 1961provides for a deduction on the interest portion of home loan EMIs up to Rs. 2 lahks per annum. However, if the house purchased is rented out the deductions can apply for the entire interest payable.

• First-time home buyers may be eligible for further deductions under Section 80EE, up to Rs.50,000/- per annum after they have exhausted the limit for interest per Section 24(b).
• For loans taken towards re-development, reconstruction, or renovations of the property, the amount eligible for tax deduction is set at Rs.30000 irrespective of whether it is being used to stay or let out.

How to apply for ICICI Home Loan?

Applying for ICICI HFC Home Loan is easy and hassle-free. You can apply through one of the following methods:

1) Apply through investmentcover.com - Visit the website of Investmentcover at www.investmentcover.com and go to the ‘Home Loan’ section under the ‘Loans’ menu. Choose ICICI Home Loan and fill out the application form to easily apply for a loan.

2) Online application through the ICICI Housing Finance Portal - Visit the official portal of ICICI and fill up the form by following the instructions. You can also track the status of your loan application through this portal.

3) Offline application through a branch office - You can also use the offline mode by visiting the nearest ICICI Bank branch to apply for a home loan.  The officer/executive from the Home Loan department will guide you through the loan process and will assist you as well whenever necessary.

Frequently Asked Questions (FAQ's)

What is the minimum/maximum age for a home loan?

The minimum age required for a home loan at ICICI HFC is 23 whereas the maximum age is 60 years. 

What is the minimum salary required for a home loan?

The minimum salary required for ICICI Home Loan is Rs. 25,000

What is the maximum tenure/repayment period for Home Loan?

Most banks/lending institutions offer a maximum repayment period of 30 years.

What is the processing Charge at ICICI Home Loan?

Interest rates for the salaried borrower are 7.60% to 8.30% and for Self-Employed borrowers its 7.70% to 8.45%.

Can I prepay my home loan?

Yes, you can prepay your home loan. The bank will charge prepayment charges depending upon the type of loan.

What are the prepayment/foreclosure charges?

The prepayment charges are as under:

• Nil for home loans, land loans, and home improvement loans for floating rate of interest on part payment.

• 2% plus applicable taxes on principal outstanding on full repayment of Home Loan, Land Loan, and Home Improvement Loan.

• 2% plus applicable taxes on principal outstanding on Top-Up Loan on Home Loan with a fixed rate of interest.

What is the minimum and maximum loan amount at ICICI Home Loan?

The minimum home loan offered by ICICI Bank is Rs. 3 Lakh and the maximum loan amount is Rs. 5 Crore.

What security does a bank demand against a home loan?

Generally, the first mortgage of the property which is the title deed has to be provided to the bank as security against the loan. Banks or housing finance companies ensure that the property is free from any concern that could adversely affect the property. Some banks or housing finance companies ask for collateral security also. It could be your life insurance policies, the surrender value of which is set at a percentage of the home loan. Other security collateral can be a pledge of shares or securities as well as investments like National Saving Certificates (NSC) or Kisan Vikas Patra (KVP).

Are there any Income Tax Benefits on the home loan?

• Yes, you can avail of income tax benefits on the home loan.

• Under section 80C an amount of up to Rs. 1.5 lakh can be claimed against the principal portion of the EMI paid for the year. The property can not be sold for 5 years to be eligible for this benefit otherwise the amount of deduction will be added to the income in the year of sale.

• Under section 24 the interest part of the EMI paid for the year can be claimed as a deduction from the income with the maximum limit being Rs. 2 Lakh.

• Under section 80EEA deduction of up to Rs. 1.5 lakh can be claimed for first-time home buyers who have taken loans between 01-04-2019 and 31-03-2022 and the value of the property is less than Rs. 45 lakh.