Firstly, to apply effectively for an ICICI Home Loan you must take the following steps given below: 

1. Visit your nearest bank of ICICI to fill application form.
2. Submit the necessary documents such as KYC, Financial and Property documents
3. Initiation of loan processing which includes legal and technical verification 
4.  The home loan eligibility of the applicant is determined. After which ICICI Bank will provide you with a sanction letter. Usually including details such as sanctioned loan amount, interest rate, loan tenure, type of interest rate applicable, EMI payable, validity of sanction letter, special conditions (if any), and other terms and conditions 
5. On submitting all necessary documents and raising a home loan disbursement request, ICICI Bank will initiate the official process of issuing a home loan disbursement cheque 

Like in the case of most financial institutions to apply for an ICICI Bank Home Loan you need to submit the documents given in table below:

On availing an ICICI Bank Home Loan you can enjoy a wide range of benefits. These include attractive interest rates and flexible loan tenure. Besides, you can also apply for ICICI Bank Home Loan seamlessly ‘Digitally’ without any hassles.

After you submit all the necessary documents and duly fill out the home loan application form online, the ICICI Bank can take about 3 to 5 working days to approve and sanction the loan.

Typically, if you want to have a better chance of obtaining an ICICI Home Loan then, you need to possess a minimum CIBIL score of 700 or higher.

Usually, the maximum loan amount that ICICI Bank provides is Rs 5 crore. Meanwhile, Rs 3 lakhs is the minimum loan amount provided by ICICI Bank.

It is not compulsory that you have a co-applicant while applying for an ICICI Bank Home Loan. Moreover, having one helps in significantly improving your loan eligibility thereby proving to your lender that you are ‘Creditworthy’ and chances to improve terms and conditions.

Depending on the type of rate of interest you opt for while applying for an ICICI Bank Home Loan it will change during loan tenure. For example, if you choose a floating interest rate then it is likely to change frequently. However, if you select a full-term fixed interest rate then it will remain constant during the whole tenure.

If you have IT returns proof for three financial years then your chances of getting an ICICI Home Loan increases. Moreover, if you are seeking a small loan and have a good ‘CIBIL’ score then, you can still apply and secure an ICICI Home Loan despite not having returns of three financial years to show your lender.

After completing the application of the home loan form and the formalities of submitting the required documents to provide you with a sanction letter, the ICICI Bank will usually take about seven working days to disburse your home loan.

1. What are the types of ICICI Home loan schemes?

   ICICI Bank provides a loyal customer like you with a wide range of home loan schemes. They are as follows: 

   1. ICICI Bank Express Home Loan:

      It is to help people looking to buy, construct, renovate, and extend a home that ICICI Bank provides the Express Home Loan. 

   2. ICICI Bank Step-Up Home Loans:

      For salaried professionals who ‘Dream’ of owning their home early in life, ICICI presents the bank step-up loans scheme. It is a program that provides an individual with a monthly income of 20,000 to get a loan for a tenure of up to 20 years. More importantly, this plan comes with a maximum loan amount limit of Rs 3 crores along with an enhanced eligibility of up to 20%. 

   3. ICICI Bank Pragati Home Loans:

      It is to satiate the needs of the salaried and self-employed professionals that ICICI provides the Pragati Home Loans scheme. As per this facility, an individual can take loans for buying a home, improving a home, as well as for a non-residential premise. However, to be eligible for this plan the individual applying for this loan must have a minimum monthly income of Rs 10,000. 

   4. ICICI Saral Rural Housing Loan:

      This loan package is designed by ICICI specifically for women borrowers in rural areas to help fulfill their dream of owning a home. According to this plan, an individual can get a loan of about 90% of property value for a tenure ranging anywhere from 2 to 20 years. Also, as per this scheme, an applicant can get a loan amount from anywhere between 5 to 15 lakhs. 

   5. ICICI Extra Bank Home Loans:

       ICICI provides the Extra Bank Home Loans to provide applicants with double benefits. It includes an opportunity to improve loan amount by up to 20% along with its option to extend loan repayment tenure.  

   6. ICICI Cashback Home Loans:

       This is a new home loan package provided by ICICI in which customers will get cashback after paying the first thirty-six EMIs. Besides, this payment of 1% cashback will be credited to the account holder. 

2. ICICI Home Loan Balance Transfer:

   ‘Innovative’ is a word that best describes ICICI Bank’s Home Loan Balance Transfer Program. Simply because this scheme allows a customer having a home loan with any other bank to transfer it to ICICI. The idea behind offering such an initiative is to help lower the EMI burden on a client who has taken a home loan from another lender. 

3. Flexibility in choosing ICICI Home Loan Interest Rates for existing customers:

   For its loyal customers, ICICI Bank provides a special interest rate conversion option.  It includes the following offers given below: 

   1. An existing ICICI customer can significantly decrease the rate of interest on a home loan taken by choosing a lower rate 
   2.  A choice of selecting between fixed and floating interest rates is also provided to existing clients of ICICI Bank