This blog article offers a comprehensive look at the ICICI Bank Home Loan. It provides information about the loan’s interest rate, eligibility criteria, and more.
ICICI Bank Home Loan Highlights
| Interest Rate | 8.10% p.a. onward |
| Loan Amount | As per the applicant’s eligibility |
| Tenure | Up to 30 years |
| Processing Fees | Up to 2% of the loan amount |
ICICI Bank Home Loan
An ICICI Bank Home Loan is a loan that you can take out to purchase or build a home. This type of loan is popular because it has low-interest rates and the repayment schedule is typically easy.
ICICI Bank offers home loans at interest rates starting from 8.10% p.a. You can avail of a home loan for a maximum tenure of 30 years. The bank charges you a processing fee of 050% to 2% of the loan amount.
The bank also provides pre-approved, instant home loan approval for its account holders with salary and also a transfer of home loan balance facility for existing home loan borrowers from other lenders with lower rates.
ICICI Bank Home Loan Interest Rate
ICICI bank offers competitive interest rates on loans for both purchase and refinancing purposes. They also have a wide range of loan products available, so you can find the one that is perfect for you. ICICI Bank home loan interest rates start from 8.10% p.a. and go up to 9.10% p.a. as you can see in the table below.
| Slab | For Salaried | For Self-employed |
|---|---|---|
| Up to Rs. 35 lakh | 8.10% p.a. to 8.85% p.a. | 8.20% p.a. to 9.00% p.a. |
| Rs. 35 lakh to Rs. 75 lakh | 8.10% p.a. to 8.85% p.a. | 8.20% p.a. to 9.00% p.a. |
| Above Rs. 75 lakh | 8.10% p.a. to 8.95% p.a. | 8.20% p.a. to 9.10% p.a. |
Read Also – HDFC Personal Loan
ICICI Bank Home Loan EMI Calculator
The ICICI Bank Home Loan EMI Calculator is a handy tool to help you calculate your EMIs for various loan sizes. Simply enter the amount of money you’re borrowing, the loan tenure and interest rate, and the calculator will provide you with an estimated monthly EMIs.If you’re looking to take on a home loan, be sure to use our helpful EMIs calculator before submitting your application!
The Benefits of an ICICI Bank Home Loan
ICICI Bank is a leading financial institution in India and offers a wide range of home loans. The bank has several benefits for borrowers, including:
- Low-interest rates: ICICI Bank’s home loan rates are some of the lowest in the market, making it an attractive option for borrowers looking to lock in a low rate.
- Flexible repayment options: Borrowers have a number of flexible repayment options, such as monthly or annually repayments. This allows borrowers to fit their home loan into their budget and schedule without having to worry about late fees or penalties.
- Easy application process: The application process at ICICI Bank is easy and straightforward, making it a great option for those looking to get a home loan without hassle.
Types of ICICI Bank Home Loan
There are a number of different types of ICICI bank home loans that you can opt for, depending on your needs and budget.
1. Housing Loan
If you are looking to buy or build a new house, ICICI Regular Home Loan is the best option for you. This loan provides you with a wide range of options, including financing for the purchase or construction of a new house. You can also choose to take out a home loan for a longer period of time, which gives you more flexibility when it comes to payments.
- Tenure: Up to 20 years
2. Pratham Home Loans
If you are looking for an affordable home loan that would help you buy a property in a desirable location, you should consider applying for an ICICI Pratham home loan. These loans are offered to salaried applicants with a minimum salary of Rs 10,000 per month and self-employed applicants who have a business vintage of at least 5 years.
- Loan Amount: Up to Rs 50 lakh
- Tenure: Up to 20 years
3. Extraa Home Loan
The ICICI Extraa Home Loan scheme provision of increasing the repayment period to 67 years of age of the applicant for enhancing the home loan amount by 20%. The enhanced loan amount and the repayment tenure is backed by Mortgage Guarantee.
This scheme has already received overwhelming responses from the borrowers. So, if you are looking to increase your home loan amount by 20% and avail of tenure of up to 67 years, then this is the scheme for you.
- Loan Amount: Up to Rs 2 crore
- Tenure: Up to 67 years of age of the borrower
4. Instant Home Loans (Pre-approved)
If you are an ICICI Bank customer with a salary account, you can now apply for a pre-approved home loan facility that offers instant sanction. This new facility offers borrowers low-interest rates and easy credit evaluation.
- Loan Amount: Up to Rs 3 crore
- Tenure: Up to 30 years
5. Land Loan
ICICI plot loans are a great way to finance the purchase of land or a plot. They are available in different amounts and with different terms, so you can find one that best suits your needs.
- Loan Amount: Rs 8 lakh-Rs 3 crore
- Tenure: Up to 20 years
6. Express Home Loans
If you are looking to avail home loan on a fast-track basis, then you should use the online application process. This will speed up the application process and give you a digital sanction.
The provisional sanction letter issued by the bank remains valid for 6 months from the date of issue. After this period has elapsed, you will need to submit a new application and provide additional documents.
- Loan Amount: Up to Rs 5 crore
- Tenure: Up to 30 years
7. Balance Transfer
If you are looking to transfer your existing home loan from another bank or HFC, ICICI Bank offers a great balance transfer offer. You can get a lower interest rate on your transferred loan if you switch to ICICI Bank.
- Tenure: Up to 20 years
8. NRI Home Loan
If you are an NRI and want to purchase or construct a house in India, ICICI NRI Home Loans is the finance facility for you. ICICI NRI Home Loans offers a variety of products that are tailored specifically for NRI applicants.
- Tenure: Up to 30 years
9. Insta Home Loan Overdraft
ICICI Bank Offer A pre-approved digital home loan overdraft facility that offers instant access to funds to meet personal expenses such as education, home renovation, debt consolidation, and other emergencies.
Plus, it’s available with no credit check required. So whether you need a quick fix for an emergency or you’re planning ahead for longer-term financial needs, ICICI Bank has you covered.
Loan Amount: Up to Rs 25 lakh
10. Pradhan Mantri Awas Yojna (PMAY)
The Pradhan Mantri Awas Yojana (PMAY) is a government scheme initiated in 2015 to provide an interest subsidy of up to Rs 2.67 lakh for the purchase of a new or old residential house, home construction, land purchase and construction of a dwelling unit and extension of your existing house.
Eligible groups are the EWS ( Economically Weaker Sections ) employees, LIC (Life Insurance Corporation) employees and MIGs (Micro, Small and Medium Enterprises).
- Tenure: Up to 20 years
Read Also – Bandhan Bank Two-Wheeler Loan
ICICI Bank Home Loan Eligibility Criteria
ICICI Bank offers a range of home loans for borrowers in India. The following are the eligibility criteria for the bank’s home loans:
| Express Home Loan | Resident and Non-Resident Indians Salaried and Self-employed individuals |
| Extraa Home Loan | Middle-aged salaried individuals up to 48 years of age. Young salaried individuals up to 37 years of age, self-employed individuals. |
| PMAY | Age: 21-70 years The person who is the beneficiary or his family members should not be the owners of a pucca house in any country. |
| Land Loan | Age: 25-65 years Salaried and Self-employed individuals |
| NRIs | Age: 21-65 years Salaried applicants with 1 year of employment overseas Self-employed applicants with 3 years of experience in current business overseas |
ICICI Bank Home Loan Documents Required
You need to submit the following documents for a home loan with ICICI Bank:
- Proof of income: A payslip, bank statement, or another such document that proves you have enough money to afford a home loan.
- Photo ID: A valid government-issued photo identification such as a driver’s license or passport.
- Proof of residence: A document that proves you live in the designated area of the city or state you’re applying. This could be a utility bill, deed, or mortgage statement.
- Proof of property ownership: If you’re buying an existing home, you’ll need to provide documentation showing you own the property, such as a deed or tax assessment report.
- Your lending institution’s application form: You’ll need to complete and sign this form before submitting your documents.
FAQs
Q. What is the interest rate for ICICI Bank Home Loan?
Ans. The interest rate for ICICI Home Loan is variable and changes depending on the credit score of the borrower and the tenure of the loan. As of now, it stands at 8.10% p.a. onward.
Q. What is the repayment period for an ICICI Bank Home Loan?
Ans. The repayment period for a home loan typically ranges from 6 months to 30 years. The repayment period may be shorter or longer if you take out a mortgage with a longer tenure.
Q. How much can I borrow against my home equity?
Ans. You can borrow up to 80% of the value of your home equity against a home loan. The maximum amount you can borrow is Rs 3 crore.
Conclusion
If you’re looking to buy a home, congratulations! There are many options available to you, and one of the most popular is the ICICI Bank home loan. This type of loan offers borrowers a variety of benefits, including competitive interest rates, flexible repayment terms, and round-the-clock customer support.
If you’re ready to take the plunge and purchase your first home, I highly recommend checking out the ICICI Bank home loan option – it’s sure to make your dream come true.
