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It is very easy to apply for ICICI Bank Home Loan point of service. Here’s a step-by-step guide:
You can either apply online by visiting the ICICI Bank website or apply physically by visiting the nearest branch.
Attach the formal documents such as the ID proof, address proof, income earning proof, and the documents of the property.
When receiving a loan from the bank, they measure your income, age, and credit score.
On approval of the loan, the bank offers the loan terms, which specify the loan amount, interest rate, and the period to repay the loan.
It provides legal and technical examination of the property through the bank.
Once all verifications are complete the required loan amount is then disbursed to the seller or builder's account.
|
Eligibility Criteria |
Salaried Individuals |
Self-Employed Individuals |
|
Age |
21 to 60 years |
21 to 65 years |
|
Employment |
Minimum 1-year work experience |
Minimum 2 years in the same business |
|
Income |
Minimum monthly salary as per norms |
Consistent and verifiable income |
|
Credit Score |
700 or above (preferable) |
700 or above (preferable) |
|
Co-applicant |
Spouse or family member |
Spouse or family member |
Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID, or Driving License
Address Proof: Aadhaar Card / Utility bill/ passport/ rent agreement
Income Proof:
Salaried: Pay slips, the income tax exemption certificate as on Form 16, or bank statements, respectively.
Self-Employed: Legal business documents including balance of financial statements, ITR, and bank statements
Property Documents: These include property title documents deed of conveyance NOC if the property was constructed by a builder/society
ICICI Bank currently offers home loan interest rates starting from 8.75% per annum, applicable for loan amounts up to ₹5 crore and tenures extending up to 30 years. This rate is available primarily to pre-approved customers, with variations based on individual credit profiles and CIBIL scores.
ICICI Bank employs a slab-based interest rate structure, which is influenced by the loan amount and applicant's credit score:
|
Loan Amount |
Interest Rate (Floating) |
|
Up to ₹35 lakh |
9.25% - 9.65% |
|
₹35 lakh to ₹75 lakh |
9.50% - 9.80% |
|
Above ₹75 lakh |
9.60% - 9.90% |
|
Feature |
ICICI Bank |
HDFC Bank |
SBI Home Loan |
Axis Bank Home Loan |
|
Interest Rate (p.a.) |
8.50% - 9.50% |
8.40% - 9.50% |
8.35% - 9.45% |
8.55% - 9.60% |
|
Loan Tenure |
Up to 30 years |
Up to 30 years |
Up to 30 years |
Up to 30 years |
|
Processing Fee |
0.50% (max ₹5000) |
0.50% (max ₹5000) |
0.35% (max ₹10,000) |
0.50% (max ₹10,000) |
|
Balance Transfer |
Yes |
Yes |
Yes |
Yes |
|
Prepayment Charges |
No (for floating rate) |
No (for floating rate) |
No (for floating rate) |
No (for floating rate) |
|
Top-Up Loan |
Yes |
Yes |
Yes |
Yes |
|
Digital Process |
Fully Digital |
Partially Digital |
Fully Digital |
Fully Digital |
Note: The interest rate discovered may indeed depend on credit score, income of borrowers, and the loan term. It is recommended that to get the most accurate one the concerned person should contact the bank itself.
