ICICI Home Loan Review| North Loop Official Blog
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04 Sep 2020

ICICI Home Loan Review

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ICICI Bank Background and Overview –

ICICI Bank is an Indian multinational bank providing an extensive range of banking products and financial services. It is one of the big four banks of India and offers services to retail customers as well as corporates in the areas of insurance, home loans, investment banking, and asset management through its various channels. The bank also has branches in the United States, Qatar, Oman, Dubai International Finance Centre as well as representative offices in UAE (United Arab Emirates) and few other Asian countries. Currently, ICICI Bank has a network of 5000+ branches and numerous ATMs across India.

ICICI bank home loan eligibility criteria –

You can avail the ICICI home loan by fulfilling its eligibility criteria which primarily depends on your age, employment, income and other financial obligations. Both the stability of your job as a salaried person and that of your business in case you are self-employed play a vital role in the determination of your ICICI home loan eligibility. Moreover, you must have a sufficient and regular source of income to ensure that you meet ICICI bank’s home loan criteria. Also, the status of your current financial obligation plays a key role in determining whether you can avail ICICI home loan or not.

In case you are an NRI, the minimum age to apply for the ICICI home loan is 25 years and the maximum is 60 years. If you are living in the USA, your educational qualification must be at least a diploma or graduation degree with a minimum work experience of three years. For most other countries, your work experience should be at least 1 year to avail the ICICI bank home loan.

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ICICI Home Loan –

ICICI home loans are available to both Indian residents as well as NRIs. Some of the key features and benefits of ICICI home loans include the option of tax benefit up to Rs.1.5 lakh on your home loan, competitive interest rates starting from 7.45% as well as a wide range of home loan scheme options to meet the different kinds of your home loan requirements and home finance needs. ICICI also facilitates pre-approved home loans that are another favourable featured offered by the bank.

ICICI Home Loan Interest Rate –

ICICI home loan interest rate differs based on the scheme you have opted for as well as your employment type, required loan amount and existing credit score.

The ICICI home loan interest rates based on its different schemes are as follows –

ICICI Home Loan – 7.45 to 9.10 % pa (for non-salaried: 9.00-9.20 %)

30 Year Home Loan – 10.05 to 14.85 % pa (for non-salaried: 10.05-14.85 %)

Step Up Home Loan – 8.55 to 9.50 % pa (for non-salaried: 8.60-9.55 %)

Rural Housing Loan – 8.65 to 9.95 % pa (for non-salaried: 8.70-9.95 %)

Home Improvement Loan – 8.55 to 9.50 % pa (for non-salaried: 8.60-9.55 %)

Home Extension Loan – 8.55 to 9.50 % pa (for non-salaried: 8.60-9.55 %)

Top Up Loan – 8.55 % pa onwards (same for non-salaried)

ICICI home loan interest rate for NRIs –

The primary difference between ICICI home loan for Indian residents and NRIs arises in the interest rate and tenure offered. Along with lower loan tenure, the interest rate offered on ICICI home loan is also higher if you are an NRI. There are processing fee and other charges as well such as a pre-closure charge of 2% on your outstanding loan amount and a processing fee of 0.50% of the loan amount along with additional goods and service tax (GST). The interest rate on the ICICI home loan for NRIs is also sky-high at 8.90% with tenure of up to 20 years. To avoid such an inflated interest rate and extra processing charges, you can use the service of other providers like North Loop which provide home loans at a reasonably low-interest rate and with several other benefits and assistance. Signing up on North Loop is also extremely quick and easy.

Documents required –

If you are an Indian resident and a salaried individual, the documents required by you to apply for ICICI home loans are as follows –
  • Self-attested passport-sized photograph
  • Proof of identity
  • Proof of residence
  • Bank account statement of last 6 months
  • Salary slips of last 3 months
  • Processing fee cheque
  • Form 16

If you are a self-employed professional or businessman, the list of documents is even longer and includes all of the above along with additional proofs like –

  • Proof of business existence
  • Educational Qualification certificate
  • Income Tax Return of the last 3 years
  • The audited Balance sheet of the last 3 years
  • Profit and Loss Statement of the last 3 years

If you are a Non-Resident Indian and a salaried individual, the documents required by you to apply for ICICI Bank home loan are –
  • Passport-sized photographs
  • Valid passport copy
  • Valid visa
  • Cheque/draft for processing fees
  • Current overseas residential proof
  • Copy of current employment letter
  • Copy of salary certificate
  • Copy of previous 3 employment letter
  • Salary Slips of the last 3 months
  • Bank statement of NRE/NRO account of the last 6 months

If businessman-
  • MOA and AOA
  • Bank statement of company
  • Business address proof
  • Copy of incorporation of business

Application Process -

You can apply for ICICI home loan online through their website or by visiting the nearest ICICI bank branch. However, the list of documents mentioned above may not always be readily available and getting them attested while you are living abroad can also become a big hassle. Moreover, several customers have complained of sluggish and unsatisfactory customer services when applying for home loans with ICICI bank. With North Loop, you never have to worry about so many documentations or proofs and the home loan application process is also very quick and effortless. Signing up on the platform takes just 5 minutes and the NRI home loan application experience is smooth and trouble-free. Professional assistance and customer service is also readily available here.

To sign up with North Loop, click here.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.