A Comprehensive Guide to ICICI Bank Home Loan: Features, Eligibility, and Documentation
Owning a home is a dream cherished by many, and ICICI Bank makes it possible with Home Loans up to ₹5 Crore* at competitive interest rates starting at 8.75%** p.a. Offering minimal documentation, instant provisional sanction*, and flexible tenure options, ICICI Bank ensures a seamless and customer-friendly experience.
This guide explores everything you need to know about ICICI Bank’s Home Loan, from eligibility criteria to required documents, interest rates, and charges.
Why Choose ICICI Bank for a Home Loan?
- Loan Amount: Avail up to ₹5 Crore* online.
- Attractive Interest Rates: Starting at just 8.75%** p.a.
- Flexible Tenure: Repayment options up to 30 years.
- Minimal Documentation: Hassle-free application process.
- Provisional Sanction: Instant approval for eligible applicants.
Home Loan Eligibility
Before applying, check if you meet the following eligibility criteria:
| Criterion | Details |
|---|---|
| Profession | Both salaried and self-employed individuals are eligible. |
| Income | Salaried: Minimum ₹25,000/month; Self-employed: Minimum ₹30,000/month. |
| Age | Between 21 and 70 years. |
| Loan Tenure | Up to 30 years. |
| Nationality | Must be an Indian citizen. |
Interest Rates & Charges
Current Home Loan Interest Rates
- Base Rate: 8.75%* p.a.
Special Home Loan Interest Rates
Special rates may apply to certain customers, based on creditworthiness and offers:
- CIBIL Score >800: 9.00% for both salaried and self-employed applicants.
- CIBIL Score 750-800: 9.00% (Salaried); 9.10% (Self-employed).
Standard Interest Rates
| Loan Slab | Salaried | Self-Employed |
|---|---|---|
| Up to ₹35 Lakhs | 9.25% – 9.65% | 9.40% – 9.80% |
| ₹35 Lakhs – ₹75 Lakhs | 9.50% – 9.80% | 9.65% – 9.95% |
| Above ₹75 Lakhs | 9.60% – 9.90% | 9.75% – 10.05% |
Processing Fees
- 0.50% of the loan amount plus applicable taxes.
Prepayment Charges
- For details, refer to ICICI Bank’s website.
Documents Required
For Individuals
- Identity & Address Proof: Aadhaar, Passport, Driving License, Voter ID, etc.
- DOB Proof: Passport, Voter ID, NREGA Card, etc.
For Non-Individuals (Entities)
- Identity Proof: Registration Certificates, GST Certificate, etc.
- Address Proof: Business Registration Certificate, Utility Bills, etc.
Income Proof
- Salaried Individuals:
- Latest Form 16 and salary slips.
- Bank statements for the past 6 months.
- Self-Employed Individuals:
- Last 2 years’ audited ITR and GST returns.
- Bank statements of all operative accounts for 6 months.
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Key Benefits of ICICI Bank Home Loans
- Transparent Process: Clear terms and conditions.
- Tailored Solutions: Offers based on your financial profile.
- Customer-Centric Service: Dedicated support for a smooth journey.
Conclusion
ICICI Bank Home Loans provide a reliable and efficient path to homeownership. With competitive interest rates, flexible tenures, and minimal documentation, they cater to the diverse needs of both salaried and self-employed individuals.
Embark on your journey to owning a home today with ICICI Bank. Visit their website or branch for more details and start turning your dream home into reality!
*Disclaimer: Terms and conditions apply. Interest rates and charges are subject to change. Valid until January 31, 2025.