ICICI Bank

ICICI Bank Home Loan Key Highlights:

 

 

Home Loan

Loan Against Property

Interest Rate

7.70% - 8.70%

(Compare Offers)

9.00% - 10.00%

(Compare Offers)

Processing Fees

Minimum 5000

Upto 0.50%

Minimum 0.85%

Upto 1%

Loan Amount

Minimum 20 lacs

Maximum - As per Income

Minimum 20 lacs

Maximum - As per Income

Tenure

Upto 30 years

Upto 15 years

Lowest EMI per lac

713/- per lac

936/- per lac

Prepayment Penalty

0% for Floating rate home loans

0% for Individuals

2% for others

Click here to Apply for ICICI Bank Home Loans

 

Click here to Apply for ICICI Bank Loan Against Prop. 

About ICICI Bank:

ICICI Bank is the second largest private sector bank in India. The Bank has a large footprint of 5,275 domestic branches and 15,589 ATMs spread across the country as on 30th June, 2019.

 

ICICI Bank offers a variety of Home Loans and other Mortgage products to cater to various types of customer profiles.ICICI Bank has some unique Loan Eligibility Calculation products. Read further to know more about ICICI Bank Home Loans....

 

ICICI Bank Home Loan Schemes:

ICICI Bank Home Loans:

Customer Profiles:

  • Salaried Individuals
  • Self-Employed Professionals like Doctors, CAs, Architects
  • Self-Employed Businessmen
  • NRI Salaried & Self-Employed

 

Purpose:

  • For New / Old Home Purchase
  • For Home Improvement
  • For Home Construction
  • For Plot Purchase
  • Balance Transfer
  • Top-up with BT or existing home loans
  • Home Loan for NRIs

 

Age Limit:

  • For Salaried: Minimum 24 years at loan application and Maximum Retirement age on loan maturity
  • For Self-Employed: Minimum 24 years at loan application and Maximum 65 years on loan maturity

 

Loan Amount:

  • Minimum 20 lacs and Maximum - As per Income

 

Maximum Funding:

  • Upto 100% of Property Cost for Home Purchase
  • Upto 75% of Property Cost for Plot Purchase

 

Tenure:

  • Upto 30 years for Home Purchase ( 20 years for NRIs)
  • Upto 15 years for Plot Purchase

 

Home Loan Interest Rate:

  • ICICI Bank Home Loan interest range from 8.25% to 8.85%

Click here to compare Home Loan interest rates with other Banks

 

Type of Interest Rates:

  • Both Floating or Fixed rate are available

 

Processing Fees:

  • Minimum 5000/- and Maximum upto 0.50% + GST

 

Documentation:

 

Prepayment Penalty:

  • 0% for Floating rate home loans

 

Tax Benefits:

Multiple Tax Benefits on both Interest and Principal repayment under the following sections of the Indian Income Tax Act, 1961:

 

S.No.

IT Act Section

Principal / Interest

Maximum Amount

1.

Sector-24(d)

Interest

2,00,000

2.

Sector-80C

Principal

1,50,000

3.

Sector-80EEA

Interest

150,000


 

Pradhan Mantri Awas Yojana (PMAY) Interest Subsidy:

  • ICICI Bank Home Loans are eligible for Interest Subsidy under the PMAY Scheme. 

Click here to calculate your interest subsidy amount…

 

Click here to Apply for ICICI Bank Home Loans

 

ICICI Bank Plot Loans:

♦ Get Benefits of both Fixed and Floating plot loan interest rates

♦  Fixed interest rate for 1st 2 years and then Floating interest rate thereafter

 

Loan Amount:

♦  Minimum 20 lacs and Maximum - As per Income

 

Maximum Funding:

♦  Upto 100% of Property Cost for Plot and 75% of Market Value which ever is less

 

Tenure:

♦  Upto 15 years

 

Home Loan Interest Rate:

♦  ICICI Bank Home Loan interest range from 8.25% to 8.85%

Click here to compare Home Loan interest rates with other Banks

 

Type of Interest Rates:

♦  Both Floating or Fixed rate are available

 

Processing Fees:

♦  Minimum 5000/- and Maximum upto 0.50% + GST

 

Documentation:

♦  Normal Home Loan Documentation is required. Click here to know more

 

Prepayment Penalty:

♦  0% for Floating rate home loans

 

For ICICI Bank Land Loan for  Fixed and Floating Interest Rates, Click here

 

  ICICI Bank Step Up Home Loans:

 These loans are for the young salaried professionals, under which they can avail a higher loan amount as compared to their loan eligibility under normal housing loans.

 

Key Features & Benefits:

- Enhanced eligibility of up to 20%

- Up to  3 Crores loan amount

- Minimum income of the applicants should be  20, 000 per month

- Up to 20 years loan tenure

 

Processing Fees:

Minimum 5000/- and Maximum upto 0.50% + GST

 

Documentation:

Normal Home Loan Documentation is required. Click here to know

 

Prepayment Penalty:

0% for Floating rate home loans

 

Tax Benefits:

Same as for ICICI Bank Home Loan above

 

 ICICI Bank Top-up Loans:

Internal Top-up for Existing Home Loans:

 

EMIs paid Track Record

6 to 12 months

12 - 24 months

> 24 months

Maximum Top-up Amt.

10%

20%

30%

 

Top-up with Balance Transfer Home Loans:

 

EMIs paid Track Record

12 to 18 months

18 - 24 months

> 24 months

Maximum Top-up Amt.

10%

20%

30%

 

Customer Profiles:

  • All existing Home Loan customers are eligible subject to fulfilling below conditions

 

Purpose:

  • For any personal expenditure
  • For any business expansion
  • For purchase of any capital asset
  • For child education and so on.

 

Loan Amount:

  • Maximum 50lacs

 

Maximum Funding:

Overall Exposure of existing Home loan & proposed Top-up is restricted to:

 

Upto 75 lacs Overall Exposure

Maximum 80% of Property Market Value

More than 75 lacs combined exposure

Maximum 75% of Property Market Value

 

Tenure:

  • Same as existing balance tenure of existing home loan

 

Eligibility Conditions:

  • Property should be 100% complete
  • All property documents should be deposited with ICICI Bank
  • For Existing home loan customers - Clear 6 months EMI paid track record required
  • For Balance Transfer loan customers - Clear 12 months EMI paid track record required
  • Maximum 1 EMI bounce permitted in last 1 year
  • Subject to Income norms as per normal home loan

 

Top-up Loan Interest Rate:

  • ICICI Bank Top-up Loans interest rate start from 8.25%

Click here to compare Top-up Loans interest rates with other Banks

 

Processing Fees:

  • Minimum 5,000/- and Maximum upto 0.50% + GST

 

Documentation:

 

Prepayment Penalty:

  • 0% for Floating rate Top-up home loans availed by Individuals other than for Business purpose
  • 2% for all other types of Top-up loans

 

Tax Benefits:

  • Tax benefit is available u/s 24 only if the Top-up is utilised for the purpose of Home Improvement or renovation or extension. 
  • A Businessman profile can avail deduction of interest paid on Top-up loan u/s 37 if the funds are utilised for Business purposes.

 

Click here to Apply for ICICI Bank Top-up Loans

 

ICICI Bank Home Loans - Pradhan Mantri Awas Yojna (PMAY Scheme):

PMAY or Credit Linked Subsidy Scheme (CLSS) - ‘Housing for all’ is a Govt. scheme launched in the year 2015. The scheme envisions 'Housing for All' by the year 2022 and provides interest subsidy upto Rs.2.67 lacs with following criteria:

 

Subsidy Category:

LIG

MIG1

MIG2

Annual Household Income* (Rs.)

3,00,001 to 6,00,000

6,00,001 to 12,00,000

12,00,001  to 18,00,000

Maximum Allowed Carpet Area* of Prop (sqm)

No limit

160 sqm

200 sqm

Subsidy Calculated on Maximum Loan of (Rs.)

600000

900000

1200000

Interest Subsidy (%):

6.5%

4%

3%

Loan Tenure (Years):

20

20

20

Subsidy Amount as per PMAY Scheme (Rs.)

2.67 Lacs

2.35 Lacs

2.30 Lacs

 

Terms & Conditions:

  1. Any of the household members should NOT own a pucca house anywhere in India.
  2. You should NOT have availed central assistance under any housing scheme from Govt. or any benefit under PMAY earlier.
  3. In case of married couples, either the spouse or both together in joint ownership will be eligible for a single subsidy.
  4. The interest subsidy will be available for a maximum loan tenure of 20 yrs or the loan tenure whichever is lower.
  5. The interest subsidy will be credited upfront to the loan account of beneficiaries resulting in reduced effective housing loan and Equated Monthly Installment (EMI).
  6. The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
  7. There is no cap on the loan amount or the cost of the property.

 

What is a Household?: 

A family consisting of husband, wife and unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.

 

What is Carpet Area?: 

It is the area enclosed within the walls, the actual area to lay the carpet. It excludes the area covered by the external walls, but includes the area covered by internal partition walls of the apartment.

 

ICICI Bank LAP Schemes:

If you are an owner of Residential or Commercial property and looking for funding, then you can unlock the value of your property by taking a Loan Against Property (LAP) without losing its ownership or possession. Following are the schemes of ICICI Bank LAP:

 

ICICI Bank Loan Against Property:

Customer Profiles:

  • Salaried Individuals
  • Self-Employed Professionals like Doctors, CAs, Architects
  • Self-Employed Businessmen
  • NRI Salaried

 

Purpose:

LAP is essentially an unmonitored loan, which means unlike Home Loan, end-usage of LAP is generally not monitored by ICICI Bank. The funds are paid in the hand of the property owner and can be used for legitimate purpose as follows:

 

  • Business Expansion for working capital or for buying machinery / raw materials etc.
  • Children Education 
  • Marriage Expenditure
  • Acquiring any long term capital asset like Car, household goods etc.
  • Any Medical expenditure
  • Funding your dream vacation
  • Any other capital expenditure


 

Loan Amount:

  • Minimum 20 lacs and Maximum - As per Income

 

Maximum Funding:

  • Upto 70% of Property Market Value for Residential Properties
  • Upto 60% of Property Market Value for Commercial Properties

 

Tenure:

  • Upto 20 years for Residential Property LAP (10 years for NRIs)
  • Upto 10 years for Commercial Property LAP

 

Age Limit:

  • For Salaried: Minimum 24 years at loan application and Maximum Retirement age on loan maturity
  • For Self-Employed: Minimum 24 years at loan application and Maximum 65 years on loan maturity

 

LAP Interest Rate:

  • ICICI Bank LAP interest range from 9% to 10%

Click here to compare LAP interest rates with other Banks

 

Processing Fees:

  • Upto 1% + GST

 

Documentation:

 

Prepayment Penalty:

  • 0% for LAP availed by Individuals other than for Business purpose
  • 3% for LAP availed by Non-Individuals 

 

Tax Benefits:

Interest and other charges paid towards a LAP is a usual business expenditure and is allowed as a deduction u/s 37(1) from the borrower’s business income while filing his Income tax returns.

 

RBI Notification - Nil Prepayment Charges - Individual LAP other than Business

 

ICICI Bank LAP and OD Combo Product:

This is a LAP+ Overdraft (OD) facility against residential or commercial property to meet the fluctuating needs of the Business community or Professionals.

 

Customer Profiles:

  • Self-Employed Businessmen

 

Purpose:

Property Overdraft facilitates your working capital requirements. It is a revolving credit facility extended to a Self-employed borrower. The funds can be utilized for Business Expansion for working capital or for buying machinery / raw materials etc.

 

Loan Amount:

  • Minimum 20 lacs and Maximum - As per Income

 

Maximum Funding:

  • Upto 70% of Property Market Value for Residential Properties
  • Upto 50% of Property Market Value for Commercial Properties

 

Tenure:

  • Upto 20 years for Residential Property
  • Upto 15 years for Commercial Property
  •  

 

LAP+OD Interest Rate:

  • ICICI Bank LAP and OD interest range from 9.50% to 10.50%

Click here to compare OD interest rates with other Banks

 

Processing Fees:

  • Upto 1% + GST

 

Renewal Charges:

  • 0.50% of the renewal limit set or Rs.5000/- whichever is less is charged after every 12 months

 

Documentation:

 

Prepayment Penalty:

  • 2% on the limit set in the year the OD facility is foreclosed

 

Tax Benefits:

Interest and other charges paid towards a Property Overdraft is a usual business expenditure and is allowed as a deduction u/s 37(1) from the borrower’s business income while filing his Income tax returns.

 

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