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FAQs
1. What is the minimum loan amount? The loan amount depends on your repayment capability and is restricted to a maximum of 85% of the cost of the property or the cost of construction as applicable.
2. What are the loan tenure options? You have the option of selecting a term you are comfortable with, ranging upto 25 years, provided the term does not extend beyond your reaching 65 years of age or retirement age, whichever is earlier.
3. What are the lending rates? Please click here for information on rates and fees.
4. How is the interest charged/calculated? ICICI Bank Home Loans has two schemes, (a) Fixed Rate Home Loans (b) Adjustable Rate Home Loans. If you opt for an Adjustable Rate Home Loan, the interest rate would vary with the ICICI Bank Home Floating Reference Rate. Under the Fixed Rate Home Loans the rate applicable on the date of disbursement remains fixed during the entire duration of the loan. We also have products with a combination of both these rates.
5. Do I have to pay any additional charges? Please
click here for information on Rates & Fees.
6. What documents do I need to submit to avail a Home Loan? Please click here for information on documentation.
7. How do I approach ICICI Bank for a Home Loan? You can approach us in any of the following ways
8. How much time will it take for my loan to be approved? It takes 48 hours your loan to be sanctioned after you have submitted all the documents
9. Who can be the co-applicants for the loan? You could include your spouse as a co-applicant for the loan and we shall include his/her income to enhance your loan amount. Further, in case there are any other co-owners they also need to be co-applicants. Other than the spouse please check with your home loan counselor on the approved co-applicants for the loan.
10. Is a personal guarantor a must? No, there is no personal guarantor required in most cases. Please check with your home loan counselor with your specific details.
11. What security/collateral do I have to provide? Typically the security for the loan is a first and exclusive charge of the property to be financed, by way of deposit of title deeds and/or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from any encumbrances. Please click here for information on repayment. 13. Do I need to open an account with ICICI Bank for availing and/ or servicing the loan? We will encourage you to start a banking relationship with us so that we will be able to offer host of other value added services, which are complementary to the loan, however opening an account with us is not mandatory. 14. What are the stages involved in taking a loan? There are three main stages - 1. Application - Whereby you submit a completely filled in application with all necessary documents. 15. What are the various types of loans that ICICI Bank Home Loans provides?
16. What is a Monthly Reducing balance? An Equated Monthly Installment (EMI) has 2 components, interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in a significant saving for the customer over the tenure of the loan. 17. What is an Annual Reducing balance? An Equated Monthly Installment (EMI) has 2 components, interest and principal. When the interest is calculated on annual rests, the principal reduces only at the end of the year. Therefore, you continue to pay interest on a portion of the principal that you have already actually paid back to the lending company. 18. When can I apply for a loan? Your search for the perfect home loan ends here at ICICI Bank Home Loans, even before your have found the perfect property. The moment you decide to buy a home, you can put in your application for a home loan. Yes, you can apply for a home loan even before you have selected the property. The loan amount would be sanctioned or approved for you, based on your repayment capability. 19. Can ICICI Bank Home Loans assist me in selecting an accommodation of my choice? Yes, we have a special service - ICICI Home Search. This service provides the customer assistance in identifying a property that fulfills your requirements from a vast database of properties, arranges for site visits to the properties shortlisted by you, and helps with legal documentation. This service comes to you completely free of cost for first sale properties. This facility is available in select cities. How to contact 20. Can I get a loan for commercial property, like offices etc.? Yes, we give loans to self-employed professionals for commercial property. 21. When will the loan be disbursed? Your loan will be disbursed on:
22. What is an amortization schedule? An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the breakup of every EMI towards repayment interest and outstanding principal of your loan.
23. What are the tax benefits of taking a home loan? Please click here for Tax benefits of a Home Loan
24. Can I get IT certificates in the name of both the Applicant and co-Applicant separately? As per the IT rules only one certificate can be issued for a home loan and hence one certificate will be issued in the name of both applicant and co applicant.
25. When is the IT certificate issued? The IT certificate will be issued at the end of a financial year. You can expect to receive your copy of the IT certificate in the month of April or May.
26. How can I get the tax benefit during the year? You can request for a provisional IT certificate that can be issued any time during the course of the year.
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