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 Home > City Resources > Finance > ICICI

Home Loans offered at your doorstep by ICICI

How does one avail of a home loan from ICICI?
One can avail of a home loan from ICICI if one plans to construct or purchase a house or flat or extend your existing house or flat, provided one is over 21 years of age and is employed or self employed.

When can one apply for a home loan?
You can apply for a home loan even before you have selected your property. A loan amount would be sanctioned to you, based on your repayment capacity, which will help you decide your budget and plan the purchasing of your house.

What is the amount one can avail of when taking a loan ?
One can get a home loan ranging from a minimum of Rs 1 lakh to a maximum of Rs 1 crore.

The Loan amount depends on:
* A maximum of 85 percent of the cost of the property, or the cost of construction as applicable.
* Your repayment capacity as determined by ICICI, taking into account your age, income, qualifications, number of dependents, assets, liabilities, stability or continuity of your employment or business, and the co-applicant's income.

Who can be a co-applicant for the loan?
You could include your spouse as co-applicant for the home loan. Further, in case there are any other co-owners, they also need to be co-applicants.

Over how many years can one repay the loan?
You have the option of selecting a term you are comfortable with, upto a maximum of 30 years. The term does not extend beyond your retirement age or on your reaching 65 years of age, whichever is earlier.

But can one pay the loan ahead of schedule?
One has the option to pre-pay the loan ahead of schedule either in part or in full. No re-payment fee will be charged on the amount being prepaid.

What is the rate of interest?
The current rate of interest is
* Up to 5 years the rate of interest is 12 percent and EMI for a loan of amount of Rs 1 lakh is Rs 2,312.
* Up to 10 years the rate of interest is 12.75 percent and EMI for a loan amount of Rs l lakh is Rs 1,521.
*Up to 20 years the rate of interest is 13.25 percent and EMI for a loan amount of Rs 1 lakh is 1,205.

How do I repay the home loan?
The home loan repayment is by Equated Monthly Installments (EMIS) comprising of interest and principal amount calculated on annual rests. EMIs can be paid by post dated cheques or directly deducted from your salary.
In case of part disbursement of the loan, monthly interest is payable only on the disbursed amount. This interest is called pre-EMI interest and is payable monthly till the final disbursement is made, after which the EMIs would commence.

What does it take to get a loan sanctioned?
Call ICICI and a representative of ICICI will visit you at a time and place convenient to you.
This representative will take you through the process of disbursement of your loan. You can avail of a loan without visiting the ICICI office.

What documents are required to get the loan sanctioned?
ICICI's representative will discuss the documents you are required to submit in detail. An indicative list is given below:

* Passport size photograph of all applicants.
* Residence and age verification, which may be established from the PAN card, Election ID, Passport, Driver's L:icense and Ration Card.
* Bank statements for the last six months.
* Latest salary slip or statement showing all deductions in case of employed applicants.
* Certified copies of balance sheets and profit and loss accounts, IT acknowledgements, advance tax challans (for both company or firm and personnel account) for the last three years in case of self employed applicants.
* Memorandum or articles of associations for companies, partnership deeds for firms and a brief profile of your company or firm in case of self employed applicants.

How can one get the loan disbursed?
Your loan will be disbursed on
* Your identification and selection of the property
* Submission of the legal documents
* Legal and technical clearance of your property.
* On satisfactory completion of the above and on investment of your own contribution, the loan amount (as warranted by the stage of construction) will be disbursed by ICICI.

What tax benefits does one enjoy?
Tax benefits are available on the principal and interest components of a loan as per the Income Tax Act, 1961. As the benefits could vary each year, please do check out the current benefits available.

What is the first step one needs to take?
To avail of a Home Loan from ICICI, the first step is to call: 4913000 or visit ICICI at

Author : Mani D'Mello


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