ICICI Instant Home Loan

Features and Benefits

This is an easy-to-obtain home loan offering the following features and benefits to existing ICICI customers:

1. This is an exclusive product meant for select/premium customers of the bank.
2. The home loan is sanctioned within a few clicks when applying online.
3. There are no documents required to be submitted when the home loan is sanctioned.
4. Special processing offer available for top corporates.
5. The sanction letter offered is valid for 6 months within which you can request the disbursement anytime.
6. The maximum loan amount offered is Rs.1 crore.
7. The maximum tenure offered is 30 years.

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Eligibility Criteria

Here are the criteria you need to meet to avail this instant home loan:

1. Only ICICI customers who have a salary account maintained with the bank are eligible to apply.
2. Salaried employees, self-employed individuals, and ICICI bank customers can apply for this loan.

Documents Required

No documents are required to be submitted during the sanctioning of your loan. However, once your loan has been sanctioned, you need to submit the following documents to the bank:

1. Property documents of the property for which you are seeking the loan.
2. Disbursement documents – The bank’s executives or sales managers will help you in this regard.
3. Documents of your co-applicant.
4. Any additional documents mentioned in the sanction letter you have received or according to the property identified.

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FAQs on ICICI Instant Home Loan

• I am an ICICI Bank customer, but I do not have a salary account with the bank. Am I still eligible for this home loan?

  No. Only customers who specifically hold a salary account with the bank are eligible to apply for this home loan by ICICI Bank.

• How will the bank decide my home loan amount?

  Your loan amount for the ICICI Instant Home Loan will be decided based on the salary credits that appear in your bank account.

• How do I know what loan amount I am eligible for?

  You need to visit the ICICI Instant Home Loan webpage on the bank’s website and click on ‘Check Your Offer’ to know what your eligibility for this home loan is.

• I have seen my pre-approved home loan amount. But I need a higher loan amount. How do I apply for it?

  If you wish to apply for a higher home loan amount than the one displayed for you, then you should add the income of your spouse or any blood relative acceptable by the bank, to your application. You need to visit an ICICI Bank branch with your sanction letter or speak with your relationship manager regarding this.

• What other charges are applicable other than the processing fee charged for the loan?

  You will be charged an administrative fee of Rs.5,000 + tax or 0.25% + tax, whichever of the two is lower. You will also have to pay Rs.50 + tax for your CIBIL report.

• What will be the impact on the loan amount if I wish to reduce the loan tenure offered?

  If you wish to reduce your loan tenure, then your loan amount will also be reduced so your EMIs (equated monthly instalments) remain the same.

• What are the prepayment charges on this home loan?

  As this loan only charges floating interest rates, there are no prepayment charges applicable if you wish to close your home loan before maturity.