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ICICI Bank Home Loan is the one-stop solution for acquiring your dream home. The ICICI Home Loan has many interesting features, like low-interest rates, minimal documentation, and long repayment tenure. The ICICI Home Loan has been designed to suit your needs in buying your dream house.
An ICICI Bank home loan is a type of loan where you use your house as a promise to pay back the money. You can use this money to buy, build, fix, or improve your home. But remember, you have to pay some money back every month and some extra money called interest.
If you have a good record of paying money on time and can prove you can repay the loan, it’s easier for you to get it. However, before you start asking for this loan, there are important things to think about. These include how much extra money you’ll have to pay (interest rates), how much money you need to give just to start the loan (processing fees), what papers you need to show (document requirements), and how much money you have to give every month (EMI amounts).
A home loan’s lower interest rate is very important because it helps you save in the long run. ICICI Bank offers a starting interest rate of 9% for home loans, one of the best rates in the market. This means you pay less overall when you repay the loan.
ICICI Bank is generous with the amount they lend for buying a home. They can loan you up to 80% of the property’s value, up to a maximum of 10 crores in Indian Rupees. However, the exact amount you can get depends on factors like your credit score, monthly income, property value, and how reliable you are with credit. You can use the ICICI Bank Home Loan Eligibility Calculator to estimate how much you can borrow.
You have flexibility in how long you take to repay the loan. You can choose a loan tenure of up to 25 years. This allows you to adjust your monthly payments according to your income, making it easier to avoid missing payments. You can start with smaller payments and increase them as your income grows, making repayment comfortable and adaptable.
The ICICI Bank home loan application process is completely digital, making it easy and quick. You don’t have to deal with paperwork or visit the bank in person. The whole process can be completed online in just about 10 minutes.
Regarding paperwork, ICICI Bank doesn’t ask for too many documents. You must provide basic proof of age, income, property, and bank account statements.
Let’s take a look at the prominent fees and charges associated with ICICI Bank home loans:
| Fees and Charges | Salaried | Self-Employed |
| Processing Fees (Non-refundable) | 0.50% – 2.00% of the loan amount or Rs. 3000 | 0.50% – 2.00% of the loan amount or Rs. 3000 |
| Administrative Charges | 0.25 % of the Facility Amount or INR 5000 | 0.25 % of the Facility Amount or INR 5000 |
| Commitment charges / Non utilisation fee (Applicable for Overdraft Facility) | A minimum 30% utilisation required on a quarterly average basis. Charge of 0.5% will be levied on the deficit amount. Not applicable for salaried customers. | Minimum 30% utilisation required on a quarterly average basis. Charge of 0.5% will be levied on the deficit amount. |
| Part Prepayment Fees | Nil of amount prepaid plus applicable taxes and/or other statutory levies | Nil of amount prepaid plus applicable taxes and/or other statutory levies |
| Prepayment Charges | 2% on Home loan | Same as salaried |
These are the documents you need to include with your application:
There are various options available in ICICI Bank home loans, including NRI Home Loans, Top-Up Loans, Commercial Property Purchase Loans, Home Overdrafts, Step-Up Home Loans, and Land Loans. These loans match the different needs of the applicants. They are suitable for buying a property, home renovations, or purchasing land. Each loan offers flexible repayment options, affordable interest rates, and suitable loan terms. Here is a detailed overview of each loan type:
| Features |
|
| Interest Rates | Ranges from 8.75% to 9.10% p.a. |
| Eligibility | Available for salaried and self-employed. |
| Prepayment | No prepayment penalty. |
| Tenure | Up to 30 years |
| Features |
|
| Interest Rates | Starts from 8.75% p.a. |
| Tenure | Up to 20 years |
| Suitable For | Business expansion, home renovation, home construction, and more. |
| Features |
|
| Interest Rates | Ranges from 9% p.a. to 10% p.a. |
| Tenure | Flexible for 15 years. |
| Processing Fee | 1% of the loan amount or Rs 5000, whichever is higher. |
| Features |
|
| Eligibility | You can get the home overdraft against commercial, residential and specialised properties. |
| Loan Type | It can be a top-up loan, a loan against property, Collateral Plus, ERTF, or many other types. |
Step Up Home Loans
| Features |
|
| Interest Rates | Starting from 8.75% p.a. |
| Loan Amount | Up to Rs. 3 Crores. |
| Tenure | Up to 20 years. |
| Features |
|
| Interest Rates | Starting from 7.85% p.a. |
| Required Age | Applicant should be between 20 years and 70 years. |
| Tenure | Up to 20 years. |
To figure out how much you’ll pay monthly for an ICICI Bank home loan, you use a formula called EMI. EMI stands for Equated Monthly Instalment. It depends on how much money you’re borrowing (loan amount), the interest rate the bank charges, and how long you’ll take to pay it back (loan tenure).
i.e., EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
You can use a handy tool like the ICICI Home Loan EMI Calculator to make this easier.
Let’s take a look at the step-by-step process involved in the balance transfer of a ICICI Bank home loan.
You can apply for an ICICI Bank home loan on the bank’s official website. Alternatively, you can also apply for a home loan by visiting your nearest ICICI Bank branch.
ICICI Bank determines your home loan eligibility based on several factors like income, existing obligations, age, potential retirement age, etc.
A floating rate of interest is linked to the market benchmark rate. The ICICI Bank home loan interest rate is linked to Repo Rate which is decided by the Reserve Bank of India. This means that the interest rate changes with any change in the Repo Rate.
Yes, you can claim tax benefits with respect to the repayment of principal and interest amounts. The limit of deductions on such amounts are dictated under the Income Tax Act.