Process to get quick Home Loan from ICICI Bank

by Bhavna S. Financial Advisor

ICICI Bank is not only one of the largest private sector banks in India but also one of the largest facilitators of home loans in the country. It offers home loans to the borrowers to buy, construct or renovate a house. The ICICI home loans are available to both salaried as well as self-employed individuals and working professionals. The bank offers very lucrative interest rates for home loans with a tenure period ranging up to 30 years. It also offers pre-approved home loans to selected customers, and existing customers get to enjoy reduced documentation process.

Features and Benefits of ICICI Bank Housing Loan

Here are some of the features and benefits of availing a housing loan from ICICI:

The home loan can be sanctioned before selecting the property.

Affordable interest rates.

A really smooth documentation process and even faster documentation process for the existing customers.

You get the freedom of enjoying a longer tenure of 30 years with lower EMIs

The bank’s home loan page provides unique online tools like Eligibility calculator and EMI calculator. With the eligibility calculator, you can find the home loan amount you are eligible to avail for, and the EMI calculator calculates the monthly repayment amount towards the loan.

Enjoy a fixed interest rate for the first 10 years, and thereafter a choice of fixed or floating interest rates.

ICICI Home Loan Eligibility Criteria

You need to fulfill the following eligibility criteria to avail a home loan from ICICI Bank:

You should be at least 21 years old at the time when the loan is sanctioned.

The entire loan must be repaid at or before the age of 65 years.

You must be self-employed or salaried with a regular source of income.

You must have a CIBIL score of 650 and above.

Step-By-Step online process to get quick Home Loan from ICICI Bank

Step 1: Check eligibility: Use bank’s eligibility calculator to decide how much loan you would like to borrow and for how long. Fill an easy online application form which contains your personal and loan related details and check the offer available for you.

Step 2: Offers for you: On the basis of your details, an exclusive offer will be provided to you by the bank with the complete details of the loan amount, interest rate, and tenure.

Step 3: Complete application: Fill out an online application form which contains your personal and professional details.

Step 4: Submit documents: Submit all the required documents online. Post this, the bank’s representative will call you for the verification of property. Once verified, you will receive a sanction letter from the bank.

Step 5: Hand over property documents: The sanctioned amount will be credited to your bank account. Once done, you need to hand over the original property documents to the bank.

Related: 5 Tips to Avail a Better Home Loan in Delhi

Conclusion: Availing a housing loan from ICICI Bank is an easy process. The bank also offers lower EMIs at an affordable and attractive rate of interest. In addition, it also offers pre-approved home loans to selected customers, and existing customers get to enjoy reduced documentation process.