|Processing Fees||0.50% - 1% of the loan amount or Rs.1,500 (Rs.2,000 for Delhi, Mumbai and Bangalore),
whichever is higher + taxes and surcharge
|Interest Rate||6.95% p.a. onwards|
|Maximum Tenure||30 years|
|Prepayment Charges||Floating Rate of Interest: Nil Fixed Rate of Interest: 2% + Taxes: On outstanding principal on full repayment and for Top-Up loan if applicant/co-applicant is Non-Individual; 4% + Taxes: On outstanding principal when loan is extended to Non-Individual or with Fixed Rate of Interest to Individual borrowers.|
|Charges towards Late Payment||2% per month|
|Conversion Charges||Floating to Floating: 0.5% of the outstanding principal amount + taxes. Dual Fixed Rate to Floating: 0.5% of the outstanding principal amount + taxes. Floating to Dual Fixed Rate: 0.5% of the outstanding principal amount + taxes Lifetime Fixed to Floating Rate: 1.75% of the outstanding principal amount + taxes.|
|Repayment Mode Swap||Rs.500|
|Statement of Account||Nil|
|Final Prepayment Statement||Nil|
|Duplicate NOC/No-Due Certificate||Rs.100|
|Provisional IT Certificate||Nil|
|Final IT Certificate||Nil|
|Change of Address||Nil|
|Repossession, Legal and Incidental Charges||At Actuals|
Yes. You can repay your ICICI home loan. The bank levies prepayment charges as below:
Yes. You can make part-prepayment of your home loan through NEFT (National Electronic Funds Transfer). You’ll have to visit the nearest ICICI Bank Asset Servicing Branch and request for the Service Number given to you for this purpose. The Service Number should be mentioned in the remarks’ column of the NEFT form.
ICICI Bank accepts a minimum amount of 1 EMI (Equated Monthly Installment) for the purpose of part-prepayment of your home loan.
As the MCLR is a tenor linked rate, it’s reviewed and published every month. You’ll have to check with the bank for the current MCLR offered.
Currently, ICICI Bank has published the below MCLR benchmarks:
Yes. MCLR will vary between banks as these are assessed based on operating costs, marginal cost of funds, tenor premium, negative carry on account of CRR of the respective banks.
Once the EMI is increased, you’ll not be able to decrease at a later point in time except when you part-prepay/convert your home loan. For further details, you’ll have to visit the nearest ICICI loan branch.
If you have an ICICI home loan based on floating rate of interest, then the bank can state the dates of reset of the interest rate which is either linked to the date of the first disbursement of the loan or the date of review of the MCLR. The periodicity of reset of the rate of interest is either one-year or lower.
For home loans disbursed in a specific month, then the reset of interest rate will be on the 1st day of the month of the succeeding year(s). If you choose any rate conversion in a specific month, the annual reset date will be on the 1st day of the month, when the conversion was effected, of the succeeding year(s).
The reset date or period will be determined on the date of disbursement of the home loan. If the MCLR increased on the reset date, the rate of interest will increase thereby influencing a change in the EMI or tenure of the home loan. If the MCLR decreases on the reset date, the rate of interest will decrease accordingly and impacting the EMI or the tenure of the loan.
You can get the financial year income certificate by placing a request through the below method:
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