A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • ICICI Pre Approved Home Loan

    ICICI Pre-Approved Home Loan is available for the existing customers of the bank in order to help them achieve their dream of buying and living in the house that they have always wanted. You will be able to check your loan amount eligibility online on the official website of ICICI Bank by filling out the quotes form with the required details and submitting it. Additionally, you will have to submit minimal documents in order to secure this loan.

    ICICI Pre-Approved Home Loans Interest Rates

    Check out the rates offered by ICICI Bank on pre-approved home loans mentioned in the table below:

    Type of Borrowers Category Floating Interest Rate for Salaried Professionals Floating Interest Rate for Self-Employed Individuals
    ICICI Bank account customers Up to Rs.35 lakh I-MCLR-1Y + 0.05% p.a. = 8.80% p.a. I-MCLR-1Y + 0.05% p.a. = 8.80% p.a.
    Other borrowers Up to Rs.35 lakh I-MCLR-1Y + 0.30% p.a. = 9.05% p.a. I-MCLR-1Y + 0.35% p.a. = 9.10% p.a.
    Rs.35 lakh to Rs.75 lakh I-MCLR-1Y + 0.40% p.a. = 9.15% p.a. I-MCLR-1Y + 0.45% p.a. = 9.20% p.a.
    Above Rs.75 lakh I-MCLR-1Y + 0.45% p.a. = 9.20% p.a. I-MCLR-1Y + 0.50% p.a. = 9.25% p.a.

    Other Charges and Fees under ICICI Pre-Approved Home Loan

    Types of Charges Details
    Loan processing fees or renewal charges 0.5% to 1% of the loan amount or Rs.2,000 for Mumbai, Delhi, and Bangalore/Rs.1,500 for other cities (whichever is higher) + applicable surcharge and service tax
    Charges for late payment
    • Loans - 2% per month
    • Overdraft facility - 1.5% of the outstanding amount subject to a minimum of Rs.500 and a maximum of Rs.5,000
    Repayment mode swap charges Rs.500
    Cheque, AD, or ECS bounce charges Rs.500
    Document retrieval charges Rs.500
    No Objection Certificate or No Due Certificate Fees Nil
    Charges for duplicate No Objection Certificate or No Due Certificate Rs.100
    Fees for revalidation of No Objection Certificate Rs.100
    CIBIL report charges Rs.50
    Administrative charges Rs.5,000
    Legal, repossession, and incidental charges At actuals

    ICICI Pre-Approved Home Loan Prepayment Charges

    The prepayment charges associated with pre-approved home loans offered by ICICI Bank as on 13 May 2019 are as follows:

    Floating rate of interest Nil
    Fixed rate of interest 2% of outstanding principal amount plus applicable taxes
    Top Up loan 2% of outstanding principal amount plus applicable taxes
    Non-individual borrowers or individual borrowers with fixed interest rate 4% of outstanding principal amount plus applicable taxes

    ICICI Pre-Approved Home Loan Eligibility

    If you are planning to buy your dream home using an ICICI Pre-Approved Home Loan, you should learn about your eligibility beforehand. This will allow you to freely negotiate with the builder or seller. You can check your eligible loan amount by visiting the official website of ICICI Bank, filling out the required form, and submitting the same. You will only have to provide the required personal information, loan details, work information, and details of co-applicant (if any) to receive a personalised quote.

    Documents Required to Apply for an ICICI Pre-Approved Home Loan

    The list of mandatory documents that should be submitted in order to avail a pre-approved home loan from ICICI Bank is mentioned below:

    Proof of Identity
    • Duly-filled and signed application form
    • Passport-size photographs
    • Proof of identity such as Aadhaar Card, PAN Card, Passport, Voter ID, Driving License, etc.
    • Proof of residence such as Voter ID, Passport, Driving License, utility bills, Aadhaar Card, etc.
    • Age proof such as birth certificate, matriculation certificate, etc.
    • Bank statements for the past 6 months
    • Cheque for the processing fee
    • Form 16 or Income Tax Returns (ITR)
    For Salaried
    • Salary slips for the past 3 months
    For self-employed professionals
    • Proof of existence of business
    • Certificate for educational qualification
    • Income Tax Returns with computation of income for the last 3 years
    • CA certified or audited statement of profit & loss account and balance sheet for the previous 3 years
    For self-employed non-professionals
    • Business profile
    • Proof of existence of business
    • CA certified or audited statement of profit & loss account and balance sheet for the previous 3 years
    • Income Tax Returns with computation of income for the last 3 years
    original property documents
    • Form for Power of Attorney available on the official website of the bank
    • In the event of the death of the loan account holder:
    1. Request letter from the claimant, legal heir, or nominee(s) for the handover of original property documents
    2. Letter of relinquishment in favour of nominee(s), legal heir(s), or surviving owner(s) for the handover of property documents

    Key Highlights about ICICI Pre-Approved Home Loan

    Learn about the main features of ICICI Pre-Approved Home Loans by checking out the list mentioned below:

    • Easy and hassle-free application process - When applying for a pre-approved home loan from ICICI Bank, you can remain assured that you will not have to follow a complex application process.
    • Round-the-clock online application - ICICI Bank offers pre-approved home loans to customers in order to help them fulfil their dream about purchasing the perfect house. You can apply for these types of loans online any time of the day without having to step out of your house.
    • Quick processing of loans - These loans have a short turnaround time. Hence, the bank will approve and dispatch your loan to your bank account quickly, allowing you to freely negotiate with sellers or builders.
    • Negligible paperwork - You will be required to submit minimum number of documents while availing an ICICI Pre-Approved Home Loan. This reduces the processing time taken by the bank.
    • Attractive interest rates - The rates offered by ICICI Bank on these loans are best in the industry. The interest rates available on the pre-approved home loans by the bank vary between the range of 8.80% p.a. and 9.25% p.a. as on 13 May 2019.
    • High loan eligibility - The eligible loan amount for a borrower under this plan, which is calculated based on his or her credit profile, is very high compared to other home loans available in the market.

    FAQ’s

    1. Is the processing fee associated with the ICICI Pre-Approved Home Loan refundable?

      No, the one-time processing fee paid by the borrowers while availing an ICICI Pre-Approved Home Loan is completely non-refundable.

    2. Are there any additional charges for the conversion of the type of interest rate under ICICI Pre-Approved Home Loan?

      Yes, ICICI Bank levies an additional fee if you want to convert your rate of interest type.

      • Floating rate to Floating rate - 0.5% of the outstanding principal amount plus applicable taxes
      • Floating rate to Dual fixed rate - 0.5% of the outstanding principal amount plus applicable taxes
      • Dual fixed rate to Floating rate - 0.5% of the outstanding principal amount plus applicable taxes
      • Lifetime fixed rate to Floating rate - 1.75% of the outstanding principal amount plus applicable taxes
    3. Is part pre-payment available under ICICI Pre-Approved Home Loan?

      Yes, customers can choose to make part pre-payments of their pre-approved loans offered by ICICI Bank.

    4. Are ICICI Pre-Approved Home Loan interest rates linked to Marginal Cost of Funds based Lending Rate (MCLR)?

      Yes, the rates of interest available under this scheme are linked to the ongoing MCLR which is reviewed and published every month on a pre-determined date.

      

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    icici pre approved home loan Reviews

    • ICICI Bank Home Loan
      "Easy to approach"
      0.5 4.0/5 "Great!"
      ICICI approved 90% of loan from the apartment value, the loan procedure was good. Within a month they have disbursement the money. I do have balance transfer, preclosure, part payment from ICICI. Overall I am very fine with ICICI service on home loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 25, 2017
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