ICICI Bank Instant Home Loan is especially meant for ICICI customers who have a salary account with the bank. This is a pre-approved home loan which can be applied for through the bank’s internet banking portal. This home loan comes with floating interest rates starting from 8.75% p.a. with low processing fee of 0.25% + tax.
The Instant Home Loan charges floating interest rates and the rates vary based on employment type and the sanctioned home loan amount.
Here are the interest rates charged on this home loan:
|Below Rs.35 lakh||Rs.35 lakh to Rs.75 lakh||Above Rs.75 lakh|
|Salaried employees||9.05% p.a.||9.15% p.a.||9.20% p.a.|
|Self-employed individuals||9.10% p.a.||9.20% p.a.||9.30% p.a.|
|ICICI group employees||8.75% p.a.||8.75% p.a.||8.75% p.a.|
This is an easy-to-obtain home loan offering the following features and benefits to existing ICICI customers:
Here are the criteria you need to meet to avail this instant home loan:
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:
No. Only customers who specifically hold a salary account with the bank are eligible to apply for this home loan by ICICI Bank.
Your loan amount for the ICICI Instant Home Loan will be decided based on the salary credits that appear in your bank account.
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.
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.
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.
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.
As this loan only charges floating interest rates, there are no prepayment charges applicable if you wish to close your home loan before maturity.
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