ICICI Home Loan

Features

Some of the unique features of ICICI home loans are:

• Sanctions loan even without having selected a property
• Free Personal Accident Insurance
• Insurance options for your Home Loan at discounted premium
• Overdraft facility to borrow money against property.
• Dual benefit of fixed as well as floating home loan rate. A borrower can book part of home loan under a fixed rate plan and the other part under a floating rate plan.

Eligibility

Loan for flats

• You must be at least 21 years of age when the loan is sanctioned.
• The loan must terminate before or when you turn 65 years of age or before retirement, whichever is earlier.
• You must be employed or self-employed with a regular source of income.

Loan for land to build home

• Apart from the above conditions, purchase of the land must be for the construction of a house.
• The purchase has to be from a development authority or from a registered co-operative society.
• The plot of land must be clearly demarcated with clear boundaries.
  

Loan Amount

The minimum amount extended as housing loan is Rs 2 lakh for all cities other than Delhi, Mumbai & Bangalore, where the minimum amount is Rs 3 Lakhs.

Sanction of home 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. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability, continuity of occupation and savings history.

Documents Required

1. Completed application form
2. Passport size photograph
3. Proof of Identity – PAN Card/ Voters ID/ Passport/ Driving License
4. Proof of Residence – Recent Telephone Bill/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID
5. Proof of business address in respect of businessmen/ industrialists
6. Sale Deed, Agreement of Sale, Letter of Allotment, Non encumbrance certificate, Land/ Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)
7. Copy of approved plan and approval from the Local Body
8. Statement of Bank Account/ Pass Book for last 6 months