ICICI Bank is India’s largest private sector bank with a network of 4,850 Branches and 13,917 ATM’s across India as in Nov’17.
Be it a loan for new home purchase, construction of house, renovation, or a loan transfer getting a loan from ICICI Bank is quick and easy.
Under this scheme you will get a Cashback of 1% on every EMI paid for the entire loan tenure. You will have an option to either get the amount of cashback credited to your ICICI Bank account or can be adjusted against principal outstanding of your loan. The first cashback on EMIs will get accumulated but credited only after the expiry of first 3 years(36months). Thereafter, the cashback will be credited yearly till the loan closure.
With ICICI Bank Step Up Home Loans your dream of owning a home becomes a reality early in life. A product for the millennial Indians, in which you can avail of a higher loan amount as compared to your loan eligibility under normal Home Loans. In the initial years of your career you pay moderate EMIs, which will step up during the subsequent years considering your growth in income.
The repayment under Step Up Home Loan is structured into 2 parts:
– Initial (Primary) period of 3-5 years only interest is payable.
– Secondary period (balance term) EMI is payable.
It is meant for those who are young(under 30 yrs) at age. With a longer repayment tenure, the EMIs become affordable even at a higher loan amount. 30 Year Home Loan can be availed by women borrowers and applicants working for some selected companies.
ICICI Bank home loans processing is very easy and quick. Identity and address proof along with income documents are some of the key documents required for ICICI Bank home loan application.
Documents | Salaried | Self Employed Professional | Self Employed Non Professional |
---|---|---|---|
Application form with photograph duly signed | |||
Identity, residence address and age proof | |||
Last 6 months bank statements | |||
Last 3 months Pay-slips | |||
Processing fee cheque | |||
Form 16 / Income Tax Returns | |||
Proof of business entity | |||
Business profile on letter head | |||
Education qualification proof | |||
Last 3 years ITR with computation of Income | |||
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account |
ICICI Bank offers both flatting and fixed interest rates. The floating interest rate is linked to its MCLR(benchmark rate)
Category-SALARIED | I-MCLR-6M (8.15%) | I-MCLR-1Y (8.20%) |
Women | I-MCLR-6M + 0.20% (8.35%) | I-MCLR-1Y + 0.15% (8.35%) |
Others | I-MCLR-6M + 0.25% (8.40%) | I-MCLR-1Y + 0.20% (8.40%) |
Category-SELF-EMPLOYED | ||
Women | I-MCLR-6M + 0.35% (8.50%) | I-MCLR-1Y + 0.30%(8.50%) |
Others | I-MCLR-6M + 0.40% (8.55%) | I-MCLR-1Y+ 0.35% (8.55%) |
Category-SALARIED | I-MCLR-1Y (8.20%) | |
Fixed Rate for 24/36 months | Floating Rate from 3rd and 4th year onwards | |
Women | 8.35% | I-MCLR-1Y + 0.15% |
Others | 8.40% | I-MCLR-1Y + 0.20% |
Category-SELF-EMPLOYED | ||
Women | 8.50% | I-MCLR-1Y + 0.30% |
Others | 8.55% | I-MCLR-1Y+ 0.35% |
₹ 30 lacs to ₹ 75 lacs | ||
---|---|---|
Category-SALARIED | Effective Rate of Interest | Rate |
Women | 8.65% | I-MCLR-1Y+0.45% |
Others | 8.70% | I-MCLR-1Y+0.50% |
₹ 75 lacs to ₹ 5 crore | ||
Category-SALARIED | Effective Rate of Interest | Rate |
Women | 8.70% | I-MCLR-1Y+0.50% |
Others | 8.75% | I-MCLR-1Y + 0.55% |
Above ₹ 5 crore | ||
Category-SALARIED | Effective Rate of Interest | Rate |
Women | 8.80% | I-MCLR-1Y +0.60% |
Others | 8.85% | I-MCLR-1Y + 0.65% |
₹ 30 lacs to ₹ 75 lacs | ||
Category-SELF-EMPLOYED | ||
Women | 8.65% | I-MCLR-1Y+0.45% |
Others | 8.70% | I-MCLR-1Y+0.50% |
₹ 75 lacs to ₹ 5 crore | ||
Category-SELF-EMPLOYED | ||
Women | 8.70% | I-MCLR-1Y+0.50% |
Others | 8.75% to 8.85% | I-MCLR-1Y + (0.55% to 0.65%) |
Above ₹ 5 crore | ||
Category-SELF-EMPLOYED | ||
Women | 8.80% | I-MCLR-1Y +0.60% |
Others | 8.75% to 8.85% | I-MCLR-1Y + (0.55% to 0.65%) |
Fixed Interest Rate for 5 yrs, 10 yrs | Floating rate pricing from 5th & 10th year onwards | Full Tenor Fixed Interest Rate | |
---|---|---|---|
Up to ₹ 30 lacs | 8.70% | I-MCLR-1Y + 0.50% | 9.70% |
₹ 30 lacs to ₹ 5 crore | 8.80% | I-MCLR-1Y + 0.60% | 9.80% |
Above ₹ 5 crore | 8.90% | I-MCLR-1Y + 0.70% | 10.05% |
^Woman borrower should be the first applicant to the loan and should be either owner or co-owner of the property being purchased.
Fixed Interest Rate for 2 yrs, 3 yrs | Floating rate pricing from 2nd & 3rd year onwards | |
---|---|---|
Up to ₹ 30 lacs | 8.70% | I-MCLR-1Y + 0.50% |
₹ 30 lacs to ₹ 5 crore | 8.75% | I-MCLR-1Y + 0.55% |
Above ₹ 5 crore | 8.85% | I-MCLR-1Y + 0.65% |
Fixed Interest Rate for 5yrs, 10yrs | Floating rate pricing from 5th year & 10th year onwards | Full Tenor Fixed Interest Rate | |
---|---|---|---|
Up to ₹ 30 lacs | 8.75% | I-MCLR-1Y + 0.55% | 9.75% |
Above ₹ 30 lacs | 8.85% to 8.95% | I-MCLR-1Y + (0.65% to 0.75%) | 9.85% to 10.10% |
Fixed Interest Rate for 2yrs, 3yrs | Floating rate pricing from 2nd year & 3rd year onwards | |
---|---|---|
₹ 30 lacs to ₹ 75 lacs | 8.70% | I-MCLR-1Y + 0.50% |
Above ₹ 75 lacs | 8.75% to 8.85% | I-MCLR-1Y + (0.55% to 0.65%) |
Fixed Interest Rate for 5yrs, 10yrs | Floating rate pricing from 5th year & 10th year onwards | Full Tenor Fixed Interest Rate | |
---|---|---|---|
Up to ₹ 30 lacs | 8.75% | I-MCLR-1Y + 0.55% | 9.75% |
Above ₹ 30 lacs | 8.85% to 8.95% | I-MCLR-1Y + (0.65% to 0.75%) | 9.85% to 10.10% |
Looking to buy a house, building a house or purchasing a plot in India, ICICI Bank Home Loan can help you realise that.
Country/Employment Type | Salaried | Self-Employed | Merchant Navy |
---|---|---|---|
USA & Other Countries | 42000 USD | 42000 USD | 42000 USD |
GCC | 84000 AED* | AED 48,000 | 42000 USD |
*72000 AED if accommodation is provided by Employer.
Amount mentioned above or equivalent.
Photocopy of following documents
If you have opted for a NRI Personal Guarantor on your loan, you would need to send the following documents:
You can add Co-applicant’s income for increasing your loan amount. You need to make sure that all financial documents of co-applicant(s) are provided along with your ICICI Bank Home Loan Application. If you do not want the co-applicant’s income to be clubbed, you may send across the declaration form for your blood relative(s) / spouse joining as co-applicant(s).
In case there is no co-applicant, you need to offer an NRI Guarantor compulsorily along with his / her identity and address proof.
As per the RBI regulations, repayment of a home loan by NRIs can only be made through NRE account/NRO account or out of rental income derived from the impugned property or by remittances from abroad through normal banking channels. The amount must be payable in Indian Rupees only.
Where your loan is partly disbursed, you would be required to pay only the interest on the amount of loan disbursed till the full loan is availed. This payment would have to be made every month-end.
After your loan is fully disbursed, you can set up a standing instruction in your bank account with ICICI Bank, for monthly repayments of your home loan installments. For this, you need to execute (Direct Debit) Mandate in ICICI Bank’s favor and also give four postdated cheques from the same account. For the format of the (Direct Debit) mandate please click here.
Part-payments can be made without any pre-payment charges. Your loan outstanding would be reduced to the extent of the prepayment made by you. The interest on your loan would thereafter calculated only on the balance principal outstanding. By default the tenure is reduced once you make any part-prepayment. You can request ICICI Bank to reduce the EMI is required.
Note: For full prepayment of the loan, however a 2%, pre–closure charge would be levied on the outstanding amount and whatever amount that is pre-paid in the last 12 months, as on date.
What can you do next?
Apply now and make the banks compete to get you the lowest interest rate and best terms!