A Home Loan for every need of yours!
ICICI Bank Home Loans provide not just the most competitive interest rates & best level of service, but also products designed to cater to the specific needs of consumer. New products / New features in existing products are introduced based on customer feedback. Choose the ICICI Bank Home Loan that suits your needs.
Home Loans
Home Loans are provided to individuals to own a residential property.
ICICI Bank offers easy home loans for
* First Purchase in ready construction
* Under construction property
* Purchase in re-sale
* Self construction - extension of existing living space
The following are the features of ICICI Bank Home Loans
* Home loan amount can be chosen to suit specific needs.
* One can avail of a loan up to 85% of Cost Of Property.
* Conveniently pay off the loan over a period of upto 25 years.
* It can be availed at the Floating rate of Interest or at the Fixed rate of Interest or at the combination of both Fixed & Floating rates.
* Faster repayment as principal repayment in on monthly rest.
Eligibility Norms for Home Loans.
Home Loans can be availed by Resident Indian whether Salaried or Self-Employed and also by Non- Resident Indian who are Salaried. For resident Indians the following are the eligibility norms
* You must be at least 21 years of age when the loan is sanctioned.
* The loan must terminate before or when you turn 65 years of age or before retirement, whichever is earlier.
* You must be employed or self-employed with a regular source of income.
Land loans
Land loans give an opportunity for individual customer to purchase a residential plot of land to do self- construction. Thus, customer can invest now in a plot of land & build in future. The Land loan can be financed only within municipal limits of HUB locations or in case of direct allotment outside municipal limits by DA.
Land Loan can be availed by Resident Indian whether Salaried or Self-Employed and also by Non- Resident Indian.
Home Improvement Loan
Home Improvement Loan is offered to facilitate improvement of a self-owned dwelling unit to existing or new customer. HIL considers a range of facilities internal or external to the structure without increase in the living pace. Thus, a customer can add or improve facilities to his dwelling unit with a loan at Home Equity Loan rate of interest
Home Improvement Loan can be availed by Resident Indian whether Salaried or Self-Employed.
Office Premises Loan
Office Premises Loan can be used for purchase, construction, extension & also for improvement (at the time of acquisition of office premises. It creates an opportunity to extend loans to self-employed individuals to house their profession or business giving a permanent address for generating steady flow of income. The product can also include the estimate of renovation at the time of purchase of the property. This loan is especially meant for self-employed professionals like Doctors, Architects etc.
Home Loans can be availed by Resident Indian who are Self-Employed and also by Non- Resident Indian who are Salaried.
EMI Under Construction
EMI Under Construction is offered for structuring a home loan to enable individuals to commence his EMI in a partly disbursed under construction project. Commencement of EMI ensures re-payment towards principal amount leading to savings in interest and faster repayment of the loan. The EMI paid is as per the sanctioned loan amount and remains constant during the tenure of the loan. The tenure of the loan keeps moving up with additional amount being disbursed.
EMI under Construction can be availed by Resident Indian whether Salaried or Self-Employed and also by Non- Resident Indian.
Balance Transfer
Balance Transfer is a facility offering the customer a choice to transfer the outstanding balance of the loan availed for better terms & conditions. Balance Transfer helps to move from higher rate of interest to lower rate of interest or increase in loan component as Top up. BT is possible only from loans taken from HFCs approved by NHB for refinance, Banks or employer Loans taken from Central or State Government.
Balance Transfer can be availed by Resident Indian whether Salaried or Self-Employed
Money Saver
Money Saver account is a home loan account with transaction facility. The account holder can deposit & withdraw to the extent of balance maintained. On the commencement of EMI the interest will be calculated on the outstanding debit balance. Thus, the home loan account holder maintaining large balance in the Money Saver account can save on the interest paid by faster repayment. This means one can pay less & repay loan faster.
This product can be offered only in case of first and final disbursement – Part disbursement cases cannot be offered this product. MoneySaver would be available at Floating Rates only & Fixed EMI per lac per month would be applicable. IT certificate in the case of MoneySaver is not issued.
Money Saver can be availed by Resident Indian whether Salaried or Self-Employed
Top Up Loan
Top Up Loan can be availed time and again for various personal requirement based on value of the property. It offers the customer additional funds against the security of the same property. To avail Top Up loan, the vintage of atleast six months is required for the loan availed. The basic eligibility emerges with good repayment track record. The end use letter is essential to be collected.
The End use of Top Up Loans can be
* Furnishing of home
* Consumer durable
* Child’s education
* Daughter’s marriage
* Family holiday
* Vehicle
Any other personal requirement of the borrower provided it is not speculative or illegal in nature
This product is applicable to fully disbursed cases with no post- disbursement document pending
This product is priced more than base home loan rates but lower than any personal loan rates.
Top Up Loan can be availed by Resident Indian whether Salaried or Self-Employed.
Loan On Phone
Loan On Phone is a pre-sanctioned loan. Its is based on the existing relationship of the customer with ICICI Bank. The biggest advantage is that the customer can get the loan with minimum documentation. Good banking transactions and repayment records becomes a strength for availing loans in future.
Loan on Phone can be availed by Resident Indian whether Salaried or Self-Employed
Home Equity Loan
Loan against property gives the owner of residential or commercial premises to leverage on the value of the property. It offers the ability to unlock funds gives the advantage of looking at the asset as a source of security bringing liquidity and retaining ownership. In case of HEL the property should be self occupied by one of income considered applicants. The security of the property ensures competitive rate of interest. The interest component of the EMI paid by SEP / SENP can be booked as expenses in their P & L
Home Equity Loans are provided for many personal requirements of the customer viz. –
* Marriage
* Child Education
* Business
* Purchase of Property (Where mortgage is not possible)
* Improvement of Property
* Medical Treatment
Home Equity Loans can be availed by Resident Indian who are Self-Employed and also by Non- Resident Indian who are Salaried.
Property Overdraft
The overdraft facility from ICICI Bank Home Loans allows you to borrow money against your self-occupied property. The overdraft facility comes with a multi-city cheque book and phone banking facility. The customer is charged interest only for the amount that he withdraws from the account. Whenever he deposits funds into the account, they go towards reducing the outstanding balance in the account.
It offers the following benefits:-
* Generating capital against property (R) or ( C) for business or personal use
* Convenience of Pre - Sanctioned limit and draw as you need
* Pay interest on the amount drawn and for days utilized
* Convenience of depositing & withdrawing like any Current Account
* Benefit of Cheque Book & Phone banking
* Fast Processing and door-step service
* Multi-city cheque book and phone banking facility
Property Overdraft can be availed by Resident Indian who are Self-Employed
Lease Rental Discounting
Lease Rental Discounting helps to raise funds against the future expected rentals of self owned commercial property. The property should be occupied by the Lessee. Similar to Home Equity Loans, LRD can be provided for any personal requirements of the customer viz. –
* Marriage
* Child Education
* Business
* Purchase of Property (Where mortgage is not possible)
* Improvement of Property
* Medical Treatment
Lease Rental Discounting can be availed by Resident Indian whether Salaried or Self-Employed
