ICICI Bank

About Us


Since making its maiden venture in the home loan segment in 1999, ICICI Bank has been breathing down the neck of market leader HDFC, with its aggressive marketing strategy. Quality and value-added service - rather than interest rate - have been the hallmark of ICICI, with the company capitalizing on the absence of `door delivery' for housing loans. In a marked shift from the existing industry norms, ICICI carved a niche for itself by going to the potential borrower rather than waiting for him to come to them. Check out more information on the housing loans provided by ICICI bank.

ICICI Housing Loans
Products
• ICICI 'MaxMoney' Home Loans offer the unique advantage of higher loan eligibility, with a lower initial installment. One can get up to 30% higher amount against one's current income and the installment amount gets stepped up over the years.
• ICICI 'SmartFix' Home Loans combine the safety of fixed rates plus the advantages of floating rates. For the first 3 years the borrower gets a fixed interest rate and the fourth year onwards, the loan gets switched to the prevailing floating interest rate.
• ICICI Bank offers Home Improvement Loans for renovation /refurbishment of one's home. One can avail of loan up to Rs. 50 Lakhs and the interest rate is same as that of the Home Loans. The loan covers up to 70% of the cost of improvement and the repayment period is 15 years.

Features
• ICICI bank offers home loans for the first purchase in ready construction, under construction property, purchase in re-sale, self construction and extension of existing living space.
• The loan amount can be up to 80% of the Cost of Property.
• The applicant can conveniently repay the loan over a period up to 25 years.
• The bank provides the choices of both Floating rate of Interest or at the Fixed rate of Interest or at the combination of both Fixed & Floating rates, for the repayment of the home loan.

Eligibility
• The loan must terminate before or when the borrower turns 65 years of age or before retirement, whichever is earlier.
• The applicant must be 21 years of age, at the time when the loan amount is sanctioned.
• The applicant must be either self employed or salaried individual, with a regular source of income.
• An Indian resident, whether salaried or self-employed, can apply for ICICI Home Loan. In case if the applicant is an NRI, he/she should be salaried.

Documents Required

For Salaried Applicant
• Duly Completed Application Form with One Passport Size Photograph
• Identity, Residence Address and Age Proof
• Fee Cheque
• Signature Verification Proof
• Last 3 months Salary Slip
• Form 16
• Bank Statement for last 6 months from Salary Account
• Repayment Track record of existing loans / Loan closure letter

For Self-Employed Applicant
• Duly Completed Application Form with One Passport Size Photograph
• Identity, Residence Address and Age Proof
• Income Tax Return / Computation of Total Income / Auditors Report / Balance Sheet / Profit & Loss Account certified by Chartered Accountant for last 2 years (3 years for Home Equity) (both for business and personal of partners/directors)
• Bank Statement for last 6 month from operating account
• Repayment Track record of existing loans / Loan closure letter
• Board Resolution in case of a company
• Signature Verification is required to be provided for all the main partners / directors.

Benefits
• ICICI home loans come with benefits like easy interest rates, simplified documentation, doorstep service and free personal accident insurance.
• The facility of 'Loan On Phone' is beneficial for salaried or self-employed residents of India, applying for an ICICI Home Loan. The facility provides easy loan to the customer, with minimum documentation.

Home Loans for Resident Indians

We offer a host of Home LOAN options that can be tailor made to suite individual needs. With advantages like simplified documentation, usage of tablet and smartphones, getting a home LOAN sanctioned has become very easy.

Advantages
• Wide range of product to choose from
• Guidance throughout the process, making home buying hassle free
• Doorstep service at your comfort
• Simplified documentation
• Sanction without having selected a property
• Flexible repayment options
• Insurance options for home LOAN at attractive premium
• With a wide network of branches we are always close to you

Land Loan

Our land loans provide you an opportunity to purchase a residential plot of land for self-construction. You can choose to invest in a residential plot of land today and plan for a self-construction in future. However, the construction of property has to be completed within two years from the date of first disbursement of the LOAN.
The land loan can be financed only within municipal limits of hub locations or in case of direct allotment outside municipal limits by Development Authority.

Balance Transfer


Lower your EMI burden by transferring your existing home loan to ICICI Bank!
You can transfer your existing Home Loan from other Banks and Non Banking
Financial Companies (NBFCs) to ICICI Bank and enjoy long term savings.

Key Features:
• Attractive interest rate
• Simplified documentation
• Additional top-up loan amount up to 100% of the original home loan.
Terms and Conditions apply.


Top Up

ICICI Bank Home plus is a unique Top Up product, which can be used by ICICI Bank Home LOANS customers for fulfilling their personal and business requirements. It is a kind of Top-up LOAN that can be availed by home loans customers against their property and can be used to fulfil their immediate needs. Further, since the tenure of the LOAN is the same as the existing home LOAN tenure, payment of EMIs becomes easy.
Key Features
• Loan amount of up to 100% of original loan amount. Terms and Conditions apply
• Loan at attractive rate of interest.
• Simple documentation process for existing customers

Balance Transfer and Top Up
This product combines the benefits of Balance Transfer and Top Up products. You can opt for top up loan at the time of doing a balance transfer.
Key Features
• Loan amount of up to 100% of original loan amount. Terms and Conditions apply
• Loan at attractive rate of interest
• Simple documentation process for existing customers

Home Improvement Loan

Home Improvement Loan is offered to facilitate improvement of a self-owned dwelling unit to existing or new customers. Thus, you can add or improve facilities in your dwelling unit through a loan at lower rate of interest.

Loan Against Property

Loan Against Property is the perfect way to unlock the hidden value of your property. This multi-purpose loan puts funds at your disposal to use as per your wish. And the best part is that the loan is available at a reasonable rate which makes it easy to repay comfortably over as many as 15 years.
Loan Against Property can be used for many purposes such as for the expansion of your business, children's marriage, for higher studies, funding a dream vacation, etc.



Lease Rental Discounting

Lease Rental Discounting helps you to raise funds against 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 various personal requirements of the customer such as marriage, children's education, business expansion, purchase of property (Where mortgage is not possible), etc.
Office Premises Loan ( Non Residential Property)
A self-employed businessman or professional needs a permanent address to set up his business. ICICI Bank's Non-Residential Premises LOANS makes it easy and convenient to do that. The LOAN covers purchase, construction, extension and improvement of your customer’s office premises. The loan may also be packaged to include the estimated renovation expenses.

Home Loans for Non Resident Indians


Home Loan
ICICI Bank offers attractive offers on Home LOANS to NRIs and PIOs.

Key Highlights
• Attractive interest rates on a monthly reducing basis
• Choice from fixed and floating interest rates
• Part–prepayment facility for zero fees
• Free personal accident insurance to the extent of loan outstanding
• Doorstep service in India till disbursement


Home Loan – FAQs

1. When can you apply for a loan?
The moment you decide to buy a home, you can put in your application for a Home Loan with ICICI Home Finance. You can apply for a Home Loan even before you have selected the property. The loan amount would be sanctioned or approved, based on your repayment capability.

2. What are the loan tenure options?
ICICI HFC offers loans up to 20 years, provided the term does not extend beyond 65 years of age or the retirement age, whichever is earlier.

3. How is the interest charged/ calculated?
Interest is calculated on monthly rest.

4. Who can be the co-applicants for the loan?
•Your spouse can be a co-applicant for the loan.
•Co-owners need to be co-applicants too. You can consult your Home Loan counselor for any other approved co-applicants for the loan.

5. What are the securities/ collaterals you need to provide?
Security for the loan is a first and exclusive charge of the property to be financed, by way of deposit of title deeds and/ or such other collateral security as may be necessary. The title to the property should be clear, MARKETABLE and free from any encumbrances.

6. What are the stages involved in taking a loan?
1.Application - Submit a completely filled in application with all the necessary documents.
2.Sanction - You get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property.
3.Disbursement – Transfer of loan amount.
4.Disbursement – Disbursement will be made as per stage of construction.

7. What are the various types of loans that ICICI Home Finance provides?
• Home Loan
• Land Loan
• Office Premises Loan
• EMI Under Construction
• Balance Transfer
• Top-Up Loan
• Loan Against Property
• Lease Rental Discounting

8. What is a Monthly Reducing Balance?
An Equated Monthly Installment (EMI) has 2 components: interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in significant savings for the customer over the tenure of the loan.

9. What is an Annual Reducing Balance?
An Equated Monthly Installment (EMI) has 2 components: interest and principal. When the interest is calculated on annual rests, the principal reduces only at the end of the year. Therefore, you continue to pay interest on a portion of the principal that you have already actually paid back to the lending company.

10. How does ICICI Home Finance help you in selecting a property of your choice?
Through ICICI Home Search, you can identify a property that fulfills your requirements from a vast database of properties. We arrange for site visits to the properties short-listed by you, and also assist you with the legal documentation. This service comes to you free of cost for first sale properties. This facility is available in select cities only.

11. What is an amortization schedule?
An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the break-up of every EMI towards repayment interest and outstanding principal of your loan.

12. Can you get IT certificates in the name of both the applicant and co-applicant separately?
As per IT rules, only one certificate can be issued for a Home Loan hence one certificate will be issued in the name of both the applicant and co applicant.

13. When is the IT certificate issued?
You can request for a provisional IT certificate that can be issued any time during the course of the year.
The final IT certificate will be issued at the end of a FINANCIAL year. You can expect to receive your copy in the month of April or May.

Services and Charges
ICICI Home Finance ensures that you get the best Home Loans in terms of interest rates and other facilities. You can choose from Adjustable, Fixed or Floating Rate Home Loan.
Charges Home Loans
Loan Processing Charges / Renewal Charges 0.5% of loan amount as Administrative Fee or Rs. 2,000, whichever is higher
Charges for Late payment 2% per month
Conversion charges for home loan
Floating to Floating 0.5% of the principal outstanding plus applicable taxes
Dual fixed rate to Floating 0.5% of the principal outstanding plus applicable taxes
Floating to Dual fixed rate 0.5% of the principal outstanding plus applicable taxes
Life time fixed to floating 1.75% of the principal outstanding plus applicable taxes
Cheque Swap Charges Rs. 500
Document Retrieval Charges Rs. 500
Cheque Bounce Charges Rs. 200
Amortisation Schedule Rs.100 per schedule (Inclusive of S.T.)*
Statement of Account Rs.100 per statement (Inclusive of S.T.)*
Final prepayment statement Rs.100 per statement (Inclusive of S.T.)*
Ads by BlockAndSurfAd Options
Duplicate No Objection Certificate / No Due Certificate Rs.100 (Inclusive of S.T.)
Revalidation of No Objection Certificate Rs.100 per NOC (Inclusive of S.T.)*
Provisional Income Tax Certificate - Nil
Final Income Tax Certficate - Nil
Interest Certificate - NA
Change of Address - Nil
Agreement Copy - Nil
No Objection Certificate / No Due Certificate - Nil
Prepayment Charges*

Get Enquiry Here

CONTACT
9594111161 / 9967111161
ONLINE CONTACT
perfectsolution.helpdesk@gmail.com
ADDRESS
504, 5th Floor Suchita Business Park,
Raigad Chowk, Station Road, Ghatkopar (E), Mumbai 400 077
JOIN US

Best Viewed in 1366 X 768 Resolution