ICICI Home Finance - 7.90% for Home Loan - New Purchase Home Loan

ICICI Home Finance Home Loan

ICICI Home Finance offers home loans starting from 9.10% p.a. onwards for tenures of up to 25 years.

It also offers affordable home loan schemes to salaried and self-employed applicants.

Interest Rate	7.90% p.a. onwards
Loan Amount	Rs 3 lakh – 5 crores
Tenure	Up to 25 years
Processing Fees	Up to 1% of the loan amount

 

Floating-Rate Home Loans:

Loan Type	Interest Rates
Regular Home Loan	For salaried- 7.90% p.a. onwards For self-employed- 7.90% p.a. onwards
Apna Ghar	For salaried- 11.50% p.a. onwards For self-employed-12.25% p.a. onwards

 

ICICI Home Finance Home Loan interest depends upon:

1. Loan amount:

ICICI Home Finance Home Loan depends upon the loan amount you apply for Higher the loan amount, lesser will be the rate.       

 

2. Your Salary: 

 Income helps you in identifying your rate of interest.

 Bank's rate varies with your monthly income. Higher the income, lesser will be the rate.

 

3. Type of loan opted for: 

 ICICI Home Finance Home Loan offers differential rates for women borrowers. 

 Also under their fixed and floating rate schemes.

 The rate of interest may be higher or lower under their special or popular loan product offers.

 

4. Existing bank customers:  

ICICI Home Finance Home Loan offers one of the lowest home loan rates to its existing bank account.

 Customers in view of their past relationship with the bank.

 

ICICI Home Finance Home Loan Processing Fee and Other Charges:

In addition to interest rates, home loan from ICICI Home Finance Home Loan also carry some other charges which include:

 

1. Processing Fee:

ICICI Home Finance Home Loan applies processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.

 

 2. Technical and Legal Charges:

ICICI Home Finance Home Loan also charges technical and legal charges which are explained to the customer during the loan process.

Once you go through the loan application process, you will need to pay these charges based on ICICI Home Finance Home Loan Bank rules.

 

 3. Prepayment Charges:

If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to ICICI Home Finance Home Loan.

 As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans.

Hence, you can prepay your home loan with ICICI Home Finance Home Loan at Nil charges.

 

ICICI Home Finance - Home Loan:

Apply:

If you want to get a housing loan from ICICI Home Finance Home Loan, the process to get the loan is fairly easy.

All you need to do is to apply for a home loan at Apnarupee.com.

We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, ICICI.

Your loan application will be processed online and ICICI Home Finance Home Loan’s representatives will get in touch to begin the process of getting a home loan.

You will also be assisted by Apnarupee.com personal housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from ICICI Home Finance Home Loan.

You can also do a comparison of ICICI Home Finance Home Loan Interest rates and other charges using the Apnarupee.com comparison tool.

Once you apply online, you can check the real-time status of your home loan application in your customer account section of Apnarupee.com.

 

ICICI Home Finance Home Loan Documents:

For Salaried employees:

1. Filled up the loan application form.

2. Passport Size Photo.

3. ITR of the last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

5.Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA,

Copy of partnership deed and proof of business existence and business profile

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

 

ICICI Home Finance Home Loan Schemes:

1. New Home Loan

Purpose: Regular home loans for salaried as well as self-employed applicants 

Loan Amount: Rs 3 lakhs- 5 crores

Tenure: Up to 25 years (capped at 60 years of age or retirement for salaried and 70 years of age for self-employed applicants)

Processing Fees: 0.75% of the loan amount or Rs 11,000 plus applicable taxes

Eligibility:

1. Nationality

Salaried: Indians residing in India and NRIs

Self-employed: Indians residing in India

2. Age

Salaried: 23-60 years of age for Indian residents; 25-60 years of age for NRIs

Self-employed: 28-70 years of age

3. Income

Salaried: Minimum monthly income of Rs 12,000

Self-employed: Minimum annual income of Rs 1.5 lakh (after tax deduction)

4. Co-applicant

Salaried/Self-employed: The age of the co-applicant should be 18-65 years

 

2. Apna Ghar Home Loan:

Purpose: Affordable housing loan schme for both salaried and self-employed applicants with Pradhan Mantri Awas Yojana’s (PMAY) subsidy benefit of up to Rs 2.67 lakh

Loan Amount: 

Up to Rs 20 lakh for salaried

Up to Rs 50 lakh for self-employed

Processing Fees: 1% of the loan amount + GST @ 18%

Eligibility:

 

1. Nationality

Salaried/Self-employed: Indian residing in India

 

2. Age

Salaried: 25-60 years

Self-employed: 30-70 years

3. Job Profile

Salaried: Applicants working with partnerships, proprietorship, LLP or public or private sector companies, MNCs

Self-employed: A self-employed doctor, lawyer, CA, CS, etc.

 

3. Plot Loan

Purpose: Loan to salaried and self-employed individuals to purchase a plot of land for construction of the house

Loan Amount: Up to Rs 1 crore

Processing Fees: 0.75% of the loan amount or Rs 11,000

Eligibility:

 

1. Nationality

Salaried: NRIs and Indians residing in India

Self-employed: Indians residing in India

 

2. Age

Salaried: 23-60 years (resident Indians), 25-60 years (NRIs)

Self-employed: 28-70 years

 

4. Home Improvement Loan

Purpose: Home loan for carrying out home repairs and renovations

Loan Amount: Rs 3 lakh- 5 crores

Tenure: Up to 20 years

Processing Fees: 0.75% of the loan amount or Rs 11,000

Eligibility:

 

1. Nationality

Salaried/Self-employed: Indian residing in India

 

2. Age

Salaried: 23-60 years (Indian resident); 25-60 years (NRIs)

Self-employed: 28-70 years

 

5. Home Loan Balance Transfer

Purpose: For transferring existing home loans availed from other banks and HFCs to ICICI Home Finance at lower interest rates

Loan Amount: Rs 3 lakh to Rs 5 crores

Tenure: Up to 25 years

Processing Fees: 0.75% of the loan amount

Eligibility:

Applicant paying a higher rate of interest currently for a home loan and are looking for some relaxation

Applicants with all EMIs paid for an existing home loan

 

5. Top-up Home Loan

Purpose: To arrange finance for any personal/business requirements during the tenure of the home loan

Loan Amount: Up to Rs 1.5 crores

Tenure: Up to 20 years

Processing Fees: 0.75% of the loan amount or Rs 11,000

Eligibility:

 

1. Nationality

Salaried: Indian residents and NRIs

Self-employed: Indian residents

 

2. Age

Salaried: 21-60 years (Indian residents); 23-60 years (NRIs)

Self-employed: 28-70 years

 

6. Insta Top-up Home Loan:

Purpose: Loan provided over and above the existing home loan to meet the financial needs of the existing home loan and non-housing loan borrowers of ICICI Home Finance

Tenure: Up to 10 years

Eligibility:

Existing home loan borrowers of ICICI Home Finance who have made repayments for at least 18 months

 

7. Apna Ghar Dreamz

Purpose: Affordable home loans for those lacking income proof documents along with PMAY’s subsidy benefits of up to Rs 2.67 lakhs

Loan Amount:

Salaried: Rs 2 lakh- 20 lakh

Self-employed: Rs 2 lakh- 30 lakh (up to Rs 50 lakh in Delhi/Mumbai)

LTV Ratio: Up to 80% of a Home’s market value

Tenure: Up to 20 years

Eligibility:

1. Nationality

Salaried/Self-employed: Indian residing in India

2. Age

Salaried: 23-60 years (Income considered); 18-80 years (Income not considered)

Self-employed: 23-70 years (Income considered); 18-80 years (Income not considered)

3. Minimum Income

Salaried/Self-employed

 

Frequently Asked Questions:

Q. How can I increase my chances of getting a higher loan amount?

Ans. You can increase your chances of getting a higher loan amount by adding earning co-applicants to your home loan.

Adding a woman as a co-applicant also helps in getting a better interest rate.

 

Q. Who are eligible to become co-borrowers for this loan?

Ans. The co-owners of the property for which you are applying for the loan can be the co-borrowers.

However, the co-applicants should be your blood relatives and should be ideally mother-son, father-son, and husband-wife.

 

Q. What is the minimum credit score required to avail home loans from ICICI Home Finance?

Ans. ICICI Home Finance has not specified the cut-off credit score for home loan applicants.

However, the applicants with credit scores of 750 and above usually have higher chances of availing home loans at lower interest rates.

 

Q. Can I prepay the home loan availed from ICICI Home Finance?

Ans. Yes you can prepay your home loan availed from ICICI Home Finance, in part or in full.

There are no prepayment charges levied on home loans with floating rates.

However, the HFC levies prepayment fees of 2% on the outstanding loan amount for fixed rate home loans.