ICICI 30 Year Home Loan

The ICICI 30 Year Home Loan is targeted towards women applicants and salaried employees working for a select group of companies. The EMI (equated monthly instalment) per lakh starts from Rs.809. Enjoy flexible loan tenures up to 30 years. Interest rate on this loan starts from 8.80% p.a. with processing fees between 0.50% and 1% of the loan amount.

Interest Rates

ICICI Bank offers fixed and floating interest rates on this home loan.

The floating interest rates on this home loan are pegged to the bank’s 1-year MCLR (Marginal Cost of funds-based Lending Rate) which currently stands at 8.55% p.a.

Your loan amount is one of the most important factors considered when deciding your loan amount. Another factor that holds weightage is your bureau score.

Here are the interest rates offered on this loan:

Contact the bank to know the fixed interest rate structure for this loan.

Features and Benefits

Here are the features and benefits that this home loan from ICICI Bank offers:

• Enjoy higher loan amounts, longer repayment tenures, while keeping your EMIs small.
• Simplified documentation process.
• Doorstep service available to applicants.
• Long repayment tenure of 30 years.
• Choose from fixed and floating rate packages.
• Loan may be sanctioned even before selecting your property for purchase.

Eligibility Criteria

Only women applicants and other applicants working for select companies are eligible to apply for this home loan.

Documents Required

All applicants looking to apply for this home loan must submit certain documents as mentioned below:

For salaried employees:

• Completed application form with photograph and signature.
• ID proof, address proof, and age proof documents.
• Bank statements for the last 6 months.
• Payslips for the last 3 months.
• Income Tax Return of Form 16.
• Cheque for the processing fee.

For self-employed professional women:

• Completed application form with photograph and signature.
• ID proof, address proof, and age proof documents.
• Bank statements for the last 6 months.
• Business existence proof.
• Education qualification certificate.
• Income Tax Return for the last 3 years with income computation.
• Audited balance sheet and P&L statement for the last years certified by a Chartered Accountant.
• Cheque for the processing fee.

For self-employed non-professional women:

• Completed application form with photograph and signature.
• ID proof, address proof, and age proof documents.
• Bank statements for the last 6 months.
• Business existence proof.
• Business profile.
• Income Tax Return for the last 3 years with income computation.
• Audited balance sheet and P&L statement for the last years certified by a Chartered Accountant.
• Cheque for the processing fee.

Note: If you are an existing ICICI Bank customer, you will benefit from reduced documentation.

Frequently Asked Questions

1. What parameters will ICICI Bank consider while determining my home loan eligibility?

   The bank will consider several parameters to determine your home loan eligibility including (but not limited to):

   • Your current age.
   • Your retirement age.
   • Your monthly income.
   • Your fixed monthly obligation.
2. How is the processing fee calculated for this home loan?

   The processing fee charged on this home loan is between 0.50% and 1% of the loan amount with a minimum of Rs.1,500/Rs.2,000 for applicants from Bangalore, Delhi, and Mumbai + applicable taxes and surcharge. Please note that the processing fee is non-refundable.

3. Can I switch from a fixed interest rate to a floating interest rate or vice versa during my loan tenure?

   Yes. You can switch from a fixed-rate package to a floating-rate package, or vice versa during the loan tenure. However, note that you will have to a pay a conversion charge for the same. This charge ranges from 0.50% to 1.75% of your outstanding principal amount + applicable taxes.

4. Can I prepay my home loan?

   Yes. The bank allows prepayments on your home loan. However, you may be charged a prepayment fee for the same. If your home loan has a floating-rate package, then you will not be charged a prepayment fee. But, if your home loan has a fixed interest rate, then you will be charged 2% of the principal outstanding amount + applicable taxes as prepayment fee.

5. Can I avail tax benefits on my home loan EMI payments?

   Yes. Under the Income Tax Act, 1961, you can avail tax benefits on the principal and interest components of your home loan payments.

   Under Section 24B of the Income Tax Act, you claim a maximum of Rs.2 lakh on the interest paid on your home loan in a given financial year.

   Under Section 80C of the Income Tax Act, you can claim a maximum of Rs.1.5 lakh on the principal paid on your home loan in a given financial year.