ICICI Bank Home Loan 101: Eligibility, Interest Rates, Fees, and Application Process

ICICI Bank Home Loan, Looking for a home loan? Consider ICICI Bank, one of India’s top private sector banks that offers competitive interest rates, flexible repayment options, and quick disbursal process. In this blog, we’ll discuss everything you need to know about ICICI Bank home loan, including eligibility criteria, interest rates, fees, and application process.

ICICI Bank Home Loan Eligibility Criteria

To qualify for an ICICI home loan, you must meet the following criteria:

  • Age: You must be between 21 to 65 years old.
  • Income: You must have a stable income source, and your monthly income should be sufficient to repay the loan.
  • Employment status: You must be either salaried or self-employed with a minimum of 2 years of work experience.
  • Credit score: You must have a good credit score (above 750) to be eligible for a home loan.
icici bank home loan

ICICI Bank Home Loan Interest Rates

ICICI Bank offers home loans at both fixed and floating interest rates, depending on the loan amount, tenure, and borrower’s credit score. Here are the current interest rates for ICICI home loans:

  • Up to Rs. 30 lakh: Fixed interest rate of 8.20% to 8.45% p.a., floating interest rate of 7.75% to 8.00% p.a.
  • Rs. 30 lakh to Rs. 75 lakh: Fixed interest rate of 8.40% to 8.65% p.a., floating interest rate of 7.95% to 8.20% p.a.
  • Above Rs. 75 lakh: Fixed interest rate of 8.55% to 8.80% p.a., floating interest rate of 8.05% to 8.30% p.a.

ICICI Bank Home Loan Fees and Charges

ICICI Bank charges various fees and charges for processing your home loan application. Some of the common fees and charges are:

  • Processing Fee: Up to 0.5% of the loan amount (minimum of Rs. 3,000 and maximum of Rs. 10,000)
  • Prepayment Charges: Nil for floating rate loans, and up to 2% of the outstanding loan amount for fixed rate loans.
  • Late Payment Charges: 2% per month on the outstanding EMI amount.
  • Legal and Technical Charges: As per actuals.

ICICI Bank Home Loan Application Process

To apply for an ICICI Bank loan, follow these steps:

  1. Check your eligibility criteria and calculate your loan EMI using the ICICI Bank Loan EMI Calculator.
  2. Submit the required documents, including identity proof, address proof, income proof, and property-related documents.
  3. After the verification of your documents, the bank will process your loan application and conduct a property valuation.
  4. If your loan is approved, you will receive a loan offer letter with the loan terms and conditions.
  5. Accept the loan offer, and the bank will disburse the loan amount to the seller or builder.

ICICI Bank Home Loan EMI Calculator

To calculate your ICICI home loan EMI, you can use the ICICI Home Loan EMI Calculator. Simply enter the loan amount, tenure, and interest rate, and the calculator will provide you with your monthly EMI amount.

ICICI Bank Home Loan Customer Care

If you have any queries regarding your ICICI home loan, you can contact the customer care team at 1860-120-7777. You can also send an email to homeloans@icicibank.com or visit the nearest ICICI Bank branch for assistance.

ICICI Bank Home Loan Documents Required

To apply for an ICICI home loan, you need to submit the following documents:

  • Identity Proof: PAN Card, Aadhaar Card, Passport, Voter ID Card, or Driving License
  • Address Proof: Aadhaar Card, Passport, Voter ID Card, Driving License, or Utility Bill (not older than 3 months)
  • Income Proof: Salary slips, Form 16, bank statements, or ITR (for self-employed individuals)
  • Property-related Documents: Sale Deed, Agreement to Sell, NOC from Builder, Property Tax Receipts, or Khata Certificate and Extracts

ICICI Bank Home Loan Certificate

You can download your ICICI Bank loan certificate from the bank’s official website. Simply log in to your account, click on the ‘Download Certificate’ option, and select the loan account for which you need the certificate.

ICICI Home Loan Statement:

You can view your ICICI home loan statement by logging in to your account on the bank’s official website. The statement contains details such as the loan amount, interest rate, EMI amount, outstanding balance, and payment history.

Conclusion

ICICI home loan is an excellent choice for borrowers looking for a hassle-free home loan application process. By checking your eligibility criteria, understanding the interest rates, fees, and charges, and following the application process, you can ensure a smooth and successful home loan application.

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