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ICICI Bank Home Loan

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Application processing through our TABLET and Smart phone applications ensures faster approval of your home loan. 

Loan AmountUp to Rs. 3 Crores
Interest Rate8.65% – 10.10%
TenureUp to 30 Years
Processing Charges0.50% to 1%, Min Rs. 1500
Pre-closure Charges0% to 4% on Principal Outstanding

ICICI Bank Home Loan –

ICICI Bank offers affordable home loans for all those people who are looking to buy their own home. These home loans are offered at affordable interest rates, have higher repayment period, and includes hassle-free documentation. 

Processing Charges – ICICI Bank charges Rs. 1500 (for Mumbai, Bangalore and Delhi it is Rs. 2,000) or 0.50% to 1% of the loan amount as processing fee. These charges are non-refundable. 

Prepayment Charges –

There are no charges for the home loans with floating rate of interest 

Borrowers will have to pay 2% along with applicable taxes on the principal outstanding on full repayment of the home loans availed on fixed rate of interest. 

Note: Current principal outstanding and all amounts tendered by the borrower towards prepayment of the Facility during the last one year from the date of final prepayment.

Interest Rate –

Women Borrower

Floating Interest Rate
CategoryEffective Rate of InterestRate
₹ 30 lacs to ₹ 75 lacs8.65%I-MCLR-1Y+0.45%
₹ 75 lacs to ₹ 5 crore8.70%I-MCLR-1Y+0.50%
Above ₹ 5 crore8.80%I-MCLR-1Y +0.60%
Fixed Interest Rate for 5 Years, 10 Years
CategoryEffective Rate of InterestRate
Up to ₹ 30 lacs8.70%I-MCLR-1Y + 0.50%
₹ 30 lacs to ₹ 5 crore8.80%I-MCLR-1Y + 0.60%
Above ₹ 5 crore8.90%I-MCLR-1Y+0.70%
Full Tenor Fixed Interest Rate
CategoryEffective Rate of Interest
Up to ₹ 30 lacs9.70%
₹ 30 lacs to ₹ 5 crore9.80%
Above ₹ 5 crore10.05%

Note: Woman borrower should be the main applicant to the loan and she should be either owner or co-owner in the property being financed.

Salaried Borrower

Floating Interest Rate
CategoryEffective Rate of InterestRate
₹ 30 lacs to ₹ 75 lacs8.70%I-MCLR-1Y + 0.50%
₹ 75 lacs to ₹ 5 crore8.75%I-MCLR-1Y + 0.55%
Above ₹ 5 crore8.85%I-MCLR-1Y + 0.65%
Fixed Interest Rate for 2 Years, 3 Years
CategoryFixed rate for 24/36 monthsFloating rate pricing from 25th/37thmonth
₹ 30 lacs to ₹ 75 lacs8.70%I-MCLR-1Y + 0.50%
₹ 75 lacs to ₹ 5 crore8.75%I-MCLR-1Y + 0.55%
Above ₹ 5 crore8.85%I-MCLR-1Y + 0.65%
Fixed Interest Rate for 5 Years, 10 Years
CategoryFixed rate for 60/120 monthsFloating rate pricing from 61st/121stmonth
Up to ₹ 30 lacs8.75%I-MCLR-1Y + 0.55%
Above ₹ 30 lacs8.85% to 8.95%I-MCLR-1Y + (0.65% to 0.75%)
Full Tenor Fixed Interest Rate
CategoryEffective Rate of Interest
Up to ₹ 30 lacs9.75%
Above ₹ 30 lacs9.85% to 10.10%

Self Employed Borrower

Floating Interest Rate
CategoryEffective Rate of InterestRate
₹ 30 lacs to ₹ 75 lacs8.70%I-MCLR-1Y + 0.50%
Above ₹ 75 lacs8.75% to 8.85%I-MCLR-1Y + (0.55% to 0.65%)
Fixed Interest Rate for 2 Years, 3 Years
CategoryFixed rate for 24/36 monthsFloating rate pricing from 25th/37th month
₹ 30 lacs to ₹ 75 lacs8.70%I-MCLR-1Y + 0.50%
Above ₹ 75 lacs8.75% to 8.85%I-MCLR-1Y + (0.55% to 0.65%)
Fixed Interest Rate for 5 Years, 10 Years
CategoryFixed rate for 60/120 monthsFloating rate pricing from 61st/121st month
Up to ₹ 30 lacs8.75%I-MCLR-1Y + 0.55%
Above ₹ 30 lacs8.85% to 8.95%I-MCLR-1Y + (0.65% to 0.75%)
Full Tenor Fixed Interest Rate
CategoryEffective Rate of Interest
Up to ₹ 30 lacs9.75%
Above ₹ 30 lacs9.85% to 10.10%

Late Payment Charges – ICICI Bank charges 2% per month as late payment from the borrowers. 

Switching Charges –

  • Floating to Floating: The borrower will be charged 0.5% of the principal outstanding plus applicable taxes. 
  • Dual fixed rate to Floating: The borrowers will have to pay 0.5% of the principal outstanding plus applicable taxes. 
  • Floating to Dual fixed rate: 0.5% of the principal outstanding plus applicable taxes is charged from the loan borrowers. 
  • Life time fixed to floating: 1.75% of the principal outstanding plus applicable taxes is what the loan borrowers will have to pay to ICICI Bank. 

Turn Around Time for processing Deliverable

Deliverable TypeDeliverable Processing Turn Around Time (TAT)
PhysicalEmail
Welcome Letter Post Disbursement of Loan15 days2 days
List of Documents15 days–
Copy of Property Documents15 days–
Foreclosure Statement7 days–
Amortization Schedule7 days1 day
Statement of Account7 days1 day
No Objection Certificate (NOC)8 days (Post Loan Closure Date)–
Income Tax Certificate5 days1 day
Reschedulement Letter – Conversion/Part Payment (Payment through Cash)5 days2 days
Reschedulement Letter – Conversion/Part Payment (Payment through Cheque)11 days8 days
Reschedulement Letter – Part Payment (Payment through Call Centre)6 days3 days
Handover of Original Property documents15 days–

Note: The turn-around time of all other deliverables is post registration of service request, except for welcome letter. All days are considered as working days for turnaround time.

Documents for Salaried –

  • The borrower need to submit a duly filled & signed application form along with attested photograph. The details need to be filled by him/her at the time of applying for the ICICI Bank Home Loans. This is applicable in the case of salaried, self-employed professionals, and self-employed non-professionals. 
  • Borrowers have to submit bank statements of last 6 months. With the help of these statements, the bank will have a clear idea of the borrower’s financial status along with the repayment capability of the loan. This is applicable for for salaried, self-employed professionals and non-salaried self-employed professionals. 
  • Borrowers have to submit salary slips of last 3 months. These salary slips will help in making the bank understand the current net salary of the borrower. And this will also help the bank to match the level of minimum net monthly income as mentioned in the home loan eligibility criteria of ICICI Bank. 
  • Borrowers have to loan processing fee cheque. This cheque is to be issued for funding of opening of the account. This is needed in the cases of salaried, self-employed professionals and non-salaried self-employed professionals. 
  • Borrowers have to submit Income Tax Returns/Form 16. These documents should be submitted, by the borrower, while opening the account by salaried, self-employed professionals and non-salaried self-employed professionals. 
  • Borrowers have to submit proof of existence of business. These documents should be submitted by self-employed professionals and nonprofessionals. This will help the bank to have holistic and authentic information of the borrower. 
  • Income Tax returns of last 3 years along with computation of income. This will help the bank to understand the creditworthiness of the borrowers and also their legal standing. 
  • Borrowers also have to submit profile of their business. This will be required especially in the case of businessmen just to have a clear idea about the whole nature of the business before the loan is being disbursed. 
  • Borrowers have to submit the certificates of their educational qualification and proof of the existence of their business. These documents need to be submitted by the self-employed professionals and self-employed non professionals. 
  • As proof of identity, residence, and age, the borrower has to provide – copy of driving license/passport/ voter ID card. Borrower can submit any one of the document as Proof of Identity as all the mentioned documents will have the borrower’s photograph and most importantly carries the name against the photograph, justifying the identity of the borrower. Copy of telephone or electricity bill/passport/ration card/rental agreement. Borrowers need to submit the aforementioned documents stating right address of the borrower required for the verification process for ICICI Bank. These documents are needed for salaried, self-employed professionals and non-salaried self-employed professionals. 
  • Borrowers have to submit audited balance sheet and Profit & Loss account of the last 3 years, duly certified by a chartered accountant. This will help in having a clear picture of the borrower’s financial status. These documents are to be submitted only by self-employed professionals and self employed non professionals. 

Post closure of the loan, documents required for handover of original Property documents –

  • Power Of Attorney format for collection of original Property documents
  • In case of death of Loan Account holder:
    • Request letter from the Legal Heir/ Claimant/ Nominee(s) for handover of Property documents
    • Letter of relinquishment for relinquishing right (Nominee/ Legal heir) in favour of Legal Heirs/ Nominees/ surviving owners for handover of Property documents.

ICICI Bank Preapproved Home Loan –

ICICI Bank offers Pre Approved Home Loan where you get an approval for your home loan even before you have started searching for your dream house. This really helps in streamlining your budget and gauging your eligibility. 

ICICI Bank 30 Year Home Loan –


Features –

  • The borrower has to pay an EMI as low as 780 per lakh. 
  • All borrowers availing this home loan scheme get to enjoy both fixed and floating rate of interests. 
  • Under this scheme, the borrower is eligible for higher loan amount. 
  • Borrower has a longer repayment tenure i.e. of 30 years. 
  • Home loans are available for the women borrowers and for all those borrowers who are employed for selected group of companies.   

ICICI Bank Step Up Home Loans – 

This scheme is ideally suited for the salaried individuals. Under this scheme, the borrowers can avail a higher loan amount as compared to the standard home loans. 

In the introductory years, the borrowers are free to pay moderate EMIs, this will further accelerate during the following years considering your income. ICICI Bank only offer home loans as Step Up Loans. The facility of Step Up repayment can be availed for both resale transactions and builder purchase. In case of completed properties/resale, maximum period offered by ICICI Bank to the borrower is 3 years. 

How it Works –

Step Up Loans are provided considering the anticipated growth in the salary income. Therefore, the borrower has a chance of availing a higher loan amount. 

Features –

  • As per this loan, the borrower has enhanced eligibility i.e. up to 20%
  • The borrower also has the provision of availing a loan amount of up to Rs. 3 Crore. 
  • On availing this loan, the tenure offered by ICICI Bank is up to 20 years. 
  • The borrowers can make the most of the top-up loan facility during the secondary tenure of the home loan. 

Eligibility –

  • The borrower’s age should not be more than 40 years old. 
  • There are select corporates identified by ICICI Bank and it is important for the the borrower to be employed with them. 
  • Minimum income,set by ICICI Bank, is Rs. 20,000 per month. 
  • In order to avail Step Up Repayment Facility, the borrower should not have an existing loan while applying for the loan. The borrower is also not allowed to switch an existing loan to Step Up Repayment Facility. 

Prepayment – The borrower can only make a prepayment, into the home loan account, when EMI for the loan has started (this usually takes place during the 2nd tenure of the loan). 

Repayment Schedule – This schedule is broken into two terms namely – Initial or Primary term and Secondary or Balance term. The time period for initial or primary term is for 3-5 years and the borrower only has to pay the interest during this period. And during the Secondary or Balance term EMI, the borrower is bound to pay both the interest and the principal. 

ICICI Bank Extraa Home Loans –

Under ICICI Bank Extraa Home Loans, the borrowers can enhance their home loan eligibility by up to 20% and they can also extend their home loan tenure up to 67 years. As per this scheme of ICICI Bank, the borrowers get to enjoy dual advantage i.e. improved affordability and also a longer repayment tenure. The increase in the loan/repayment tenure is supported by Mortgage Guarantee scheme. 

Features –

  • For self-employed individuals, seasonality of income is considered. 
  • Under this scheme, the borrowers are offered a maximum loan term of 30 years.
  • Maximum age, at the time of availing the loan, should be 48 years. 
  • The maximum loan size offered to the borrowers is Rs. 75 Lakhs. 
  • The loan can be availed by both salaried and self-employed borrowers. 
  • Available to the borrowers residing in NCR (National Capital Region), Surat, Greater Mumbai, and Bengaluru.

ICICI Bank Pragati Home Loans –

This loan caters to the needs of both salaried and self-employed individuals. As per this loan, the borrowers can avail NRP (non-residential premise loan), home loan, and home improvement loan. If the borrower is a salaried individual, he/she need to have a minimum monthly income of Rs. 10,000. He/she can also avail a higher loan amount ranging from Rs. 5-50 Lakhs and the tenure is up to 20 years. 

Eligibility –

  • If the loan borrower is a salaried individual, he/she should have a minimum monthly salary of Rs. 10,000 and should have at least a work experience of 1 year. 
  • For self-employed borrowers, they should have a business vintage of 5 years. 
  • Under ICICI Bank Pragati Loans, cash salary will not be considered for funding

Loan to Value –

  • In the case of salaried borrower, maximum Loan to Value ratio is as decided by Reserve Bank of India. 
  • For self-employed non-professionals, Loan to Value ratio is 65%. 
  • For non-residential premises, Loan to Value Ratio is 60%. 

Balance Transfer – In case the borrower has successfully serviced the loan for a period of 18 months, he/she can opt for balance transfer to ICICI Bank under this home loan scheme. 

Approved Locations for Pragati Home Loans –

  • Cochin
  • Bengaluru
  • Ahmedabad
  • Hyderabad
  • Surat
  • Kolkata
  • Delhi NCR
  • Chennai
  • Jaipur
  • Vadodara
  • Rajkot
  • Pune
  • Nashik
  • Mumbai MMR
  • Agra
  • Nagpur
  • Raipur
  • Indore
  • Lucknow

ICICI Bank Saral Rural Housing Loan –

Borrowers belonging to the rural areas including women borrowers and all those who belong to weaker sections can avail this loan at ICICI Bank Base Rate i.e. 9.70%. As an eligible borrower, you can borrow up to Rs. 15 Lakhs. 

Features –

  • Rate of interest is offered at a base rate of 9.70% to the women belonging to the rural areas. 
  • This is a floating rate home loan.
  • Loan is offered up to 90% of the property value. 
  • The loan amount range between Rs. 5 Lakhs – Rs. 15 Lakhs.
  • The loan tenure is between 3 years – 20 years.
  • The loan amount can range from Rs. 5 Lacs – Rs. 15 Lacs. 

Purpose – The loan can be availed for construction, renovation, acquisition, upgrading, repairing a house in the rural areas. 

ICICI Bank Home Improvement Loan –

This loan facilitates the borrowers, both existing and new, to make improvements to their dream home. With this loan, the borrowers have the provision to add or improve the facilities at their home at affordable interest rates. 

Features –

  • Home Improvement Loan covers an extensive range of facilities both internal and external to the structure. 
  • Home Improvement Loan is offered at equity rate of interest.

Eligibility –

  • The age of the borrower should be 23 years and less than 65 years.
  • Both salaried and self-employed individuals can apply for this loan.
  • The borrower should have a monthly income of Rs. 15,000 or more. 

Loan Terms –

  • The age of the borrower should be between 21- 60 years in order to avail the loan.
  • Loan is offered for a maximum of 30 years.
  • The borrowing loan amount ranges from Rs. 1,500,000 to 100,000,000.
  • The loan has an option to apply for a maximum LTV of 80% of the value of the property. 

Lease Rental Discounting –

Lease Rental Discounting offered by ICICI Bank where the the borrowers are offered a loan against a rental receivable from a self-owned property which is further let out to an MNC or a bank. LRD comes handy in raising funds against the anticipated rentals of the future of the self-owned commercial property. 

Features – 

  • The property should be owned by the Lessee. 
  • Lease Rental Discounting can be offered to meet varied personal necessities (where mortgage is not attainable). 
  • The borrower can avail a maximum loan amount of Rs. 30 crores. 

Documents –

For salaried individuals –

  • Duly filled & signed application form with photograph. 
  • Proof of Identity and Age – Residence Proof/Passport/Aadhaar Card/PAN Card/Bank Statement/Utility Bills. 
  • Cheque of processing fee. 
  • Registered Lease Rental Agreement. 
  • Last 2 years Form-16 or Income Tax Returns. 
  • Last 6 months bank statement showing salary credits. 
  • Last 3 months salary slips. 

Self-employed individuals –

  • Proof of Business – VAT Registration Certificate/Service Tax Certificates/Shop and Establishment Certificate.
  • Business Profile on the letterhead of the company. 
  • Latest 12 months bank statement -Both Savings Account and Current Account. 
  • Last 3 years income tax returns along with profit & loss account and balance sheet audited by a chartered accountant. 

Property Documents –

  • Certificate of occupancy. 
  • Property Card. 
  • Share certificate copy. 
  • Approved plan of building. 
  • Current Sale Agreement/Draft Agreement. 
  • Chain of Deeds in case of resale property. 
  • Ni Encumbrance Certificate (if applicable). 

Interest Rate –

The rate of interest offered by Lease Rental Discounting is 11.35% onwards. 

Loan Tenure –

Lease Rental Discounting is offered for 5-15 years. 

Processing Fees –

The processing fee charged by the bank is 1% of the loan amount plus service tax as applicable. 

Foreclosure Charges –

The foreclosure charges are 2% of the outstanding amount plus applicable taxes. 

ICICI Bank Office Premises Loan –

ICICI Bank Office Premises Loan caters the financial requirements of all those businessmen with an established business or have recently started a business. With the help of this loan, the entrepreneurs have the power to buy, construct or extend their office premises. The loan also comprise of the estimate of renovation at the time of buying the property.    

Features –

  • The bank offers the loan for non-residential property. 
  • Maximum tenure for the loan is 20 years. 
  • Loan amount ranges from 8 Lacs to 3 Crores. 
  • The loan can be packaged to include estimated renovation cost. 
  • The loan covers construction, buying, improvement, extension of the office premises. 

Eligibility –

Salaried Individuals –

  • The minimum age of the borrower should be 21 years. 
  • The loan should be terminated before the retirement of the borrower. 

Self-Employed Individuals –

  • The borrower should have a regular source of income. 
  • The loan should be finished before the borrower attains the age of 65. 

Documents –

Common Documents –

  • Duly filled application form along with photographs. 
  • Photo ID proof. 
  • Property documents. 
  • Signature verification. 
  • Proof of residence. 

Salaried Individuals –

  • Form-16
  • Salary slips of last 3 months. 
  • Repayment details of the existing loans. 
  • Bank statements for last 6 months from the borrower’s salary account. 

Self-Employed Individuals –

  • Proof of existence of business. 
  • Proof of office address. 
  • Balance Sheet/Profit & Loss certified by chartered accountant for the last 2 years. 

Tax Benefits –

As per Income Tax Act 1961, the borrowers get tax benefits on the principal and interest paid. 

Interest Rate –

The rate of interest charged by ICICI Bank is 11.35% onwards. 

ICICI Bank Land Loan –

A borrower can avail a land loan to purchase land/plot in order to construct a property on it. The borrower tend to benefit this loan for investment purposes as he/she can avail another loan along with this loan. ICICI Bank offers salaried women, should be first owner of the property, a reduced lending rate by 0.5%, this provision is not offered to the self-employed women. 

Features –

  • The borrower can buy a residential plot of land for self-construction in the future. 
  • The plot should be within the municipal limits of the hub locations or if it is directly allotted by the Development Authority then it should be within the municipal limits. 
  • The property construction should be completed within 2 years from the date of the availing the first disbursement of the loan. 
  • The borrower can avail a minimum loan amount of Rs. 10 Lacs and a maximum of Rs. 10 Crores. 

Eligibility –

  • The age of the borrower should be 21 at the time of loan sanctioning. 
  • The loan should be finished before or when the borrower attains the age of 65. 
  • The loan can be availed by both salaried and self-individual having a regular source of income. 

Documents –

Proof of Residence and Identity (Any 1 can be submitted) –

  • Aadhaar Card.
  • Passport. 
  • Letter of Allotment.
  • Voter ID Card. 
  • PAN, TAN Card. 

Proof of Income –

  • IT returns along with computation of income for the last 3 assessment years. 
  • Profit & Loss account statements for the last 3 years along with annexure/schedules. 
  • PAN, TAN Card. 
  • Balance Sheet for the last 3 years with annexure/schedules. 
  • Current account statements of the business entity for the last 6 months. 
  • Savings account statements of the borrower for the last 6 months. 

Other Documents –

  • Duly filled application form along with photography of the main applicant and co-applicant. 
  • Profile of business. 
  • Latest form 26-AS. 
  • Company Memorandum and Articles of Association. 
  • Partnership deep in the event of business entity being a partnership firm. 
  • Details of the security, outstanding amount, installments, balance loan term including ongoing loans of the borrower or the business entity. 
  • Cheque for processing fee. 
  • Property-related documents. 

Interest Rate –

Up to Rs. 25 Lacs, the interest rate is 9.50% and above Rs. 25 Lacs it is 10%. 

Processing Charges –

The bank charges 0.50% – 1% of the loan amount. 

Prepayment Charges –

The prepayment charges is 2%-4% plus the applicable tax. 

ICICI Bank Home Loan for Non Resident Indians –

ICICI Bank NRI Home Loan is tailor-made for the NRIs/PIOs and the borrowers get to enjoy attractive offers. The loan aptly caters to the varied needs such as buying a property and constructing a house. Utmost convenience and fast approval process are the two key features of the loan.  

Features –

  • Borrowers can avail NRI Home Loan at affordable interest rates and the loan is calculated on a monthly reducing basis. 
  • ICICI Bank offers complimentary personal accident insurance up to outstanding loan amount. 
  • The borrowers can use part-payment facility without paying anything extra. 
  • Borrowers can make a choice from floating and fixed rate of interest. 

Eligibility –

  • The minimum age of the borrower is 21 and the maximum is 60 years or the retirement age, whichever is earlier at the time of maturity of the loan. 
  • Salaried borrowers should have been abroad for a minimum of 1 year and a self-employed borrower should have been abroad for a minimum of 3 years. 
  • In the event, the loan tenure is from 11-15 years (for America and all other countries), the minimum educational qualification of the borrower should be Diploma or Graduate or have a minimum of 1 years of employment experience overseas. 
  • Borrowers having professional qualification should have a minimum work experience of 1 year overseas. 
  • Maximum tenure for both Home Improvement and Home Loan is 20 years. For Land Loan and Home Equity loan residential is 10 years. The borrower is not allowed Premises Loan. 

Documents –

Personal Documents –

  • Duly filled application form along with 1 passport size photograph of the applicant and co-applicant. 
  • Passport copies for all the borrowers. 
  • Visa copies for all the borrowers. 
  • Cheque/draft for fees, a borrower has to keep the date format in dd/mm/yy. 
  • Authority letter duly signed by the applicants. 
  • Self-attested proof of all the borrowers. 
  • Power of Attorney document duly signed by all the borrowers. 
  • Details of the company. 
  • Copy of PAN Card for 1st borrower or Form-60. 
  • Copy of existing abroad residential verification proof of all the borrowers. 

Financial Documents (Salaried Individuals)-

  • A copy of existing appointment letter or copy of salary certificate showing the date of joining, designation and current salary earned. 
  • Copy of previous appointment letters. 
  • Bank statements of last 6 months referring salary credits in the account. 
  • Last 3 months salary slips for fixed salary and last 4 months for variable salary. 

Self-employed Individuals –

Copy of –

  • For Middle East – last 2 years audited/chartered accountant profit & loss accounts. 
  • For US & Canada – Last 2 years CPA assembled/reviewed/audited profit & loss accounts. 
  • Others – Last 2 years CA or equivalent audited profit & loss accounts. 

Copy of –

  • Business profile & proof of office address. 
  • MOA & AOA of the company, if it is a private limited company. 
  • Bank statements of last 6 months in the name of the company.
  • Bank statements of last 6 months in the name of the borrower. 
  • Partnership deed, if it is a partnership firm. 

Processing Fees –

ICICI Bank charges a processing fee of 0.5% of the loan amount. 

Switching Charges –

If the borrower wants to change from Fixed to floating, the bank charges 1.75% of the outstanding loan amount. 

ICICI Bank Top Up Home Loan –

Borrowers have easy access to Top-Up Loan as and when they need to meet their personal requirements. They get to benefit from the additional funds against the security of their property. The borrowers will have easy access of the loan to fulfill their personal requirements according to the value of the property. 

Features –

  • Quick loan processing and easy documentation. 
  • Loan tenure is up to 20 years. 
  • The loan also has low EMIs.
  • The loan can be used for furnishing the home, buying a new vehicle, buying consumer products, going on a family holiday, financing daughter’s marriage, and bearing the expenses of the child’s higher education.

Interest Rate –

The rate of interest charged by ICICI Bank is 11.35% onwards.

Eligibility –

  • The vintage should be a minimum of 6 months.
  • The loan an be availed by both salaried and self-employed individuals.

Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme –

This is a credit linked subsidy scheme (CLSS) under PMAY (Pradhan Mantri Awas Yojna). This scheme will offer interest subsidy on housing loans if you are an eligible beneficiary and belong to EWS (Economically Weaker Section), MIG (Middle Income Group), and LIG (Lower Income Group) segment. 

The first-time loan borrowers can avail the loan at 4.62% per annum and it gets calculated on the loan amount of Rs. 25 Lac having an annual family income of Rs. 15 Lac and an interest rate of 8.35% bearing in mind the subsidy of Rs. 2.30 Lac under this scheme. The interest rates, scheme’s subsidy, and the income tax slab, may vary as per the amount of the loan. The effective rate is applicable for the first year only. 

Features –

  • Upfront interest subsidy benefit on principal outstanding
  • Under this scheme, there is no cap on both the loan amount or on the property’s cost. 
  • If the borrower has taken additional loan beyond the mentioned limits then it will be offered at non-subsidized rate. 

Terms –

  • The family of the borrower should not have received central assistance under the Mission “Housing for all by 2022”. 
  • This scheme is for all those families having husband, wife and unmarried kids. 
  • Document confirming that the borrower does not own a pucca house and his annual household income should be mentioned in order to be eligible for the scheme. 
  • In case of MIG category, Aadhaar number of the borrower’s family is compulsory. 
  • For processing of the subsidy as per PMAY CLSS for MIG I and MIG II schemes, it is necessary for all the members of the family to furnish the Aadhaar Card details. 
  • As per PMAY scheme, the borrowers are offered a maximum loan tenure of 20 years or the tenure availed by the borrower, whichever is lower. 
  • The property, on which the borrower is seeking subsidy, should have all the basic amenities such as – sewerage, water, sanitation, electricity, road, etc. 

Eligibility –

  • A family comprising of husband, wife and unmarried kids. 
  • The borrower can also be an unmarried individual earning member of the family (exclusively for MIG scheme).
  • The borrower should not own a pucca house either in his / her name or in the name of any member of his / her family in any part of India.
  • The borrower should not have received any central assistance under the CLSS scheme. 
  • The borrower should meet income criteria defined as per various categories under the scheme.

The eligibility of the borrower for the loan will be decided on the basis of the internal guidelines and also other process of ICICI Bank. 

As per the additional requirements, the borrower will be required to submit income documents like, salary slip, ITR, Bank statement, existing loan details etc for the purpose of eligibility assessment.

Scheme TypeEWS/LIGMIG – IMIG – II
Eligibility Family Income (Rs.)EWS – Rs. 0 to Rs. 3 LacsLIG – Above Rs. 3 Lacs to Rs. 6 LacsAbove Rs. 6 Lacs toRs.12 LacsAbove Rs.12 Lacs toRs.18 Lacs
Carpet Area-Max (sq. m.)30 sqm** / 60 sqm**90110
Subsidy calculated on a max loan ofRs. 6 LacsRs. 9 LacsRs. 12 Lacs
Interest Subsidy (%)6.504.003.00
TenureUp to 15 Years
Max Subsidy (Rs.)2.67 Lacs2.35 Lacs2.30 Lacs
Validity of scheme31 March 202231 March 201931 March 2019
Woman OwnershipMandatoryNon MandatoryNon Mandatory

Note: In case of EWS/LIG, the House constructed/acquired should be in the name of female head of the household or in the joint names of male head of the household and his wife. Only in cases, where there is no adult female member in the family, the house can be in the name of male member of the household.

However this stipulation is applicable only for new purchases and not for new construction (on an existing piece of land) or for enhancement/repairs of an existing house.

To view the list of Locations where scheme is available, click here.

ICICI Bank MCLR (Marginal Cost Lending Rate) –

MCLR stands for Marginal Cost of Funds based Lending Rate. MCLR is the benchmark rate below which the banks cannot provide loans to the customers who are availing loans linked to MCLR. This new benchmark rate is applicable for new loans sanctioned from April 1, 2016 onwards.

There is a reduction of 0.70% in I-MCLR benchmarks by ICICI Bank across the tenures. The new I-MCLR benchmarks are applicable from from January 3, 2017 and they are as mentioned below –

Benchmark TenureBenchmark nameBenchmark rate p.a.
OvernightI-MCLR-ON8%
1 MonthI-MCLR-1M8%
3 MonthsI-MCLR-3M8.10%
6 MonthsI-MCLR-6M8.15%
1 YearI-MCLR-1Y8.20%

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