Home Loan Disbursement

The first step in the Home Loan disbursement process is identification of the property. The scenarios are explained below:

a.Property Not Identified

If a property is yet to be identified, you can choose from many ICICI Bank approved projects. The title and other legal documents of these projects are examined by the Bank thoroughly and interested home buyers can go ahead with the property purchase hassle-free. Banks also inspect the building plan and all other clearances required by the builder for construction, as a part of its project approval process.

Click here for a list of ICICI Bank approved projects and choose your dream home.

b.Property Identified

If the property is finalized, the next stage in the Loan disbursement is property evaluation. The property is evaluated legally and technically. An ICICI Bank empaneled lawyer does the legal valuation and a certified property evaluator does the technical valuation.

 Once the property is identified, we perform legal and technical evaluation to ensure the property meets the required norms. We assess the current market value of the property to ensure it aligns with your Loan amount in terms of its location, infrastructure and its potential for growth and resale value. For under construction properties, we evaluate the progress and timeline of completion. Once both the legal and technical parameters are met, we will proceed to the final stage, where customers submit the required property documents and get their Loan disbursed.

Click here to check state-wise requirements for Legal and Technical Valuation.

Click here for the complete list of documents required for disbursement of your Mortgage Loan.

 After your file has passed both the sanction and property evaluation stages, the Bank decides the final amount, which can be disbursed basis the stage of property evaluation. 

The next step is to complete the final disbursement formalities. 

After all the processes are ticked off, the Bank will disburse the amount to the customer, based on the banking proof submitted.

Customers get to decide the date of disbursement, date of EMI and mode of disbursement.

• Seller Verification/Original Document Verification (In case of Resale/Non APF (Approved Project Finance) Builder Purchase)

Seller Verification happens in case of Resale properties. Here a Bank employee verifies the identity and banking details of the seller physically. This activity is done to authenticate the nature of the transaction and genuineness of the individual, using both Bank’s validation (Bank Statement) and Identity Validation (PAN Card/Aadhaar Card).

*All the Title Owners of the property must co-operate with Seller Verification.

• EMI Date and Pre-EMI Charges

With ICICI Bank, you get flexibility in choosing your EMI Date i.e. 1^st, 5^th, 10^th, 15^th of the month.