ICICI Bank home loan is popular for its customer-friendly home loan scheme wherein the bank gives the funds to help you buy your dream home. The low-interest rate facility and a higher loan amount limit makes it easier for the customer to buy any home which has been out of its reach otherwise. Both salaried and self-employed people can apply for a home loan at ICICI Bank.
Also, the documentation required to apply for ICICI home loan is less which results in hassle-free loan approval. There are different schemes under which the bank offers home loans and the names are as follows:
ICICI home loans
Below are the types of home loans offered by ICICI Bank:
Pre-approved home loans– These offers are for the existing customers of ICICI Bank. The offers are extended to selected existing customers of ICICI Bank wherein you can get concession in the processing fee and the KYC documentation will be smoother.
Step Up Home Loans– When it comes to availing this loan, those who earn a minimum monthly income of ₹20,000 can avail the same for a tenure of up to 20 years. The best part is that it comes with a maximum loan amount limit of ₹3 crore along with enhanced eligibility of up to 20%.
Extraa Home Loans– This facility allows you to enhance your loan amount by up to 20% along with providing you an option to extend your repayment period by up to 67 years. Applicants living in Surat, Greater Mumbai, National Capital Region, and Bengaluru can avail the same home loan facility. It is designed to meet the needs of middle-aged salaried, self-employed and young salaried customers.
Balance Transfer– If you have a running home loan from another bank, you can transfer your home loan to ICICI Bank and pay much lower EMIs. The ICICI home loan interest rate on is starting at 8.35% per annum.
Balance Transfer and Top-Up– Through balance transfer and Top-Up facility, you can balance transfer your home loan by other bank and also apply for a Top-Up wherein you get extra loan amount.
Personal loan linked home loan– You can avail a personal loan (top-up) linked to your home loan with ICICI Bank. You can use the funds up to 100% of the originally sanctioned home loan. The maximum tenure for this personal loan is up to 20 years.
Pradhan Mantri Awas Yojna– This scheme was announced by the Prime Minister Narendra Modi for Economically Weaker Section (EWS) and Low Income Group (LIG) categories. With government’s vision of housing for all by the year 2022, the bank is offering this credit linked subsidy scheme to fulfill their dream home wish. The first time home borrowers can avail the subsidy benefit of up to 6.5% p.a. In fact, one can also get the upfront subsidy benefit on principal outstanding.
Saral Rural Housing Loan– This housing loan scheme is for women borrowers and the weaker section of the society. The applicants can avail the loan up to 90% of the property value for a tenure of up to 3-20 years. The loan amount offered by the bank ranges between ₹5-15 Lakh.
ICICI home loan interest rate for existing customers
There are as such no special rates for existing customers. However, if you are already a savings account holder or the customer of ICICI Bank through any other medium, your documentation process will be reduced.
ICICI home loan eligibility
The home loan eligibility at ICICI Bank is as follows:
- Salaried and Self-employed individuals with the regular source of income
- The applicant must be between the age of 21-65 years
- The minimum age of the applicant should be 18 years
ICICI home loan calculator
A ICICI home loan EMI calculator is a tool that is used to calculate the EMI on the loan. This calculator takes into account the loan amount, interest rate and the tenure and on the basis of which it tells the details of EMI, Total Interest Outgo and Total Amount (Interest+Principal). For example, if you are taking a home loan of ₹20 lakhs for the tenure of 20 years at the interest rate of 8.35% p.a. Your payment details will be as follows:
Total Interest Outgo- ₹21,20,094
Total Amount (Interest+Principal)- ₹21,20,094
ICICI home loan statement
You will get the loan statement on the registered e-mail ID. This service is free of cost and it helps you track the payment record.
ICICI home loan customer care
For any loan related query, you can contact the nearest bank branch as well the customer care executive on ICICI home loan customer care number. The toll-free number to contact is 1800 200 3344