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Different Types of ICICI Home Loan 

ICICI home loan is a one-step solution to fulfill your dream of owning a home. Whether your aim is to buy a new house or build a new house, ICICI home loan gives you a wide range of products with affordable interest rates with tenure of up to 30 years

The process of applying for an ICICI home loan is very easy and simple, you just need to follow 5 simple steps through ICICI Bank Express Home Loan, which is a self-service digital platform for all types of customers. Nil documentation is required making your Home loan journey simple and easier

Types of ICICI Bank Home Loan:

  1. ICICIBank Housing Loan – It is a regular home loan that is required to buy or build a new house, with a tenure of 20 years
  2. ICICI BANK INSTANT HOME LOANS (PRE APPROVED) ICICI Bank instant home loan is a facility given to customers who have salary accounts with ICICI Bank that will get instant sanction for their home loan request. They will get a loan for a maximum of INR 3 crore, with a tenure of 30 years.
  1. ICICI BANK EXPRESS HOME LOAN :

For availing home loan on an instant basis through online application, getting digital sanction a provisional letter is issued which remains valid for 6 months till the date of issue. The maximum amount of loan that a customer can avail is 5 crores, with a tenure of 30 years.

  1. ICICI BANK EXTRA HOME LOAN

This is the scheme with the provision that it increases the repayment period of the applicant to 67 years of age. It also increases the loan amount by 20 percent. The enhanced loan amount and increased tenure are backed by a Mortgage guarantee. The loan amount in this category will be up to INR 2 crore and tenure up to 67 years of age of the borrower.

  1. ICICI Bank Pre-Approved Balance Transfer – 

A pre-approved Bank transfer facility is an offer for existing ICICI Bank customers for transferring their existing home loan that they have taken from other banks/HFC to ICICI Bank at lower interest rates. In this category, the maximum loan amount that can be transferred is 2 crores, with a tenure of 20 years.

ICICI Bank Transfer and Top-Up –

 

In this facility, a customer can transfer his existing home loans that he has taken from other banks to ICICI Bank with lower interest rates. Additionally, the customer can avail of ICICI home loan top-up to meet their professional as well as personal needs. The tenure in this category is 20 years.

ICICI Bank Pratham Home Loans – 

In this type of home loan, a customer who is salaried and getting a minimum salary of INR 10000 will be entitled to this type of loan. Secondly, it is for customers who are self-employed and have a business vintage of a minimum of 5 years

The purpose of this type of loan is to make housing affordable to the

applicant. The loan amount is 5-50 lacks and tenure is up to 20 years.

ICICI Bank Land Loan –

The purpose of an ICICI Bank loan is to purchase land or plot, loan amount is from INR 8 lac to 3 crores, with a tenure of up to 20 years.

  1. ICICI Bank NRI Home Loan –

The finance facility is given to NRI Applicants for buying a house in India. The tenure for this loan is up to 30 years.

  1. Pradhan Mantri Awas Yojana (PMAY )

Interest subsidy of up to INR 2.67 lakh for EWS, LIG, and MIG groups for the purchase of old or new homes, land purchases, or dwelling into construction activity. The tenure for this yojana is up to 20 years.

  1. ICICI Bank Insta Top up (Pre-Approved)

The pre-approved top-up loan is basically providing instant loans in a very quick process for funding business and personal needs. The loan amount that can be availed under this scheme is INR 1 crore with a tenure of 10 years.

  1. ICICI Bank Insta Home Loan Overdraft (Pre-Approved)

A Pre-approved instant home loan overdraft facility means instant access to cash to meet personal expenses such as education, debt consolidation, house renovation, emergency situations, etc.

ICICI BANK HOME LOAN INTEREST RATES

Below mentioned are the ICICI Home Loan Interest Rates:

  1. Festive Offer pricing:
CIBIL Score Salaried Self-employed
>=800 9.00% 9.00%
750-800 9.00% 9.10%

Standard pricing:

Slab Floating Interest Rates (p.a.)
For Salaried For Self-employed
Up to INR 35 lakh 9.25%-9.65% 9.40%-9.80%
INR 35 lakh to INR 75 lakh 9.50%-9.80% 9.65%-9.95%
Above INR 75 lakh 9.60%-9.90% 9.75%-10.05%

 

ICICI Home Loan Processing Fees & Other Charges

Particulars Applicable Fees & Charges
Loan Processing Charges / Renewal Charges 0.50%
Prepayment Charges · NIL for ICICI Home Loans and ICICI Home Improvement Loans with a floating rate of interest

· 2% on the outstanding principal on full repayment for ICICI Bank Home Loan with a fixed rate of interest

· 2% on the outstanding principal on full repayment for Top Up Loan if the applicant or co-applicant is Non-Individual

· 4% on the outstanding amount of loan where the loan is given to Non Individual borrowers or with a fixed rate of interest to Individual borrowers.

Charges for late payment · Home Loans: 2% per month

· Home OD: 1.5% of the outstanding amount subject to a minimum of INR 500/- & Maximum of Rs.5000/-

Conversion charges for ICICI home loans · Floating to Floating: 0.5% of the principal outstanding

· Dual fixed rate to Floating: 0.5% of the principal outstanding

· Floating to Dual fixed rate: 0.5% of the principal outstanding

· Lifetime fixed to Floating: 1.75% of the principal outstanding

Documents Required for ICICI Home Loan

Some of the common documents required for ICICI Home Loan are:

  • Application form with photograph duly signed
  • Proof of Identity
  • Proof of Residence
  • Proof of Age
  • Processing fee cheque

For Salaried Individuals:

  • Last 6 months’ bank statements
  • Last 3 months Salary-slips
  • Form 16 / Income Tax Returns

For Self-employed Professionals/ Self-employed Non-professionals:

  • Identity, residence, and age proof
  • Last 6 months’ bank statements
  • Form 16 / Income Tax Returns
  • Proof of business existence
  • Education qualification certificate and proof of business existence
  • Last 3 years’ Income Tax Returns with computation of Income
  • Last 3 years, CA Certified / Audited Balance Sheet and Profit & Loss Account

 

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