Frequently Asked Questions

An ICICI Bank Home Loan is a secured loan used for purchasing or renovating a property. Loan eligibility is assessed based on:- Submitting required documents Undergoing property verification Loan approval and agreement signing Disbursal of funds and repayment through EMIs.

ICICI Bank offers: Home Purchase Loans Home Construction Loans Home Improvement Loans Home Loan Balance Transfer Top-Up Loans

ICICI Bank lends for under construction properties. Disbursement is made as per the builder’s construction milestones.

To apply for a Home Loan, visit ICICI Bank’s website, user the iMobile app or log in to Net Banking

Application status can be tracked online using the “Track My Loan” feature on the website or by contacting your Relationship Manager. SMS and e-mail updates are also available.

Incomplete documents, low credit score, insufficient income, high existing liabilities, or adverse property/legal title issues commonly cause rejection

After loan approval, the process involves: Property Valuation: Accessing the property’s value Documents Submission: Submitting required documents Legal & Technical Checks: Conducting necessary checks Execution of Loan Agreement: Signing the loan agreement Disbursement per Milestone: Funds are disbursed based on project milestones. You can track by clicking ‘Track My Loan’.

Salaries individuals Self-employed individuals Professionals NRIs and OCIs.

The minimum income requirement depends on the applicant profile,, loan product. Applicants should use the ICICI Bank eligibility calculator or check product details for exact criteria.

Home Loan eligibility is determined by factors such as age, income, existing liabilities, credit score, and property value.

Yes. Joint applicants’ income can increase the eligible loan amount.

ICICI Bank generally preferred 700 or above for Home Loan approval

You can get a home loan if you have an existing loan. Your existing EMIs will be considered while calculating eligibility.

Required income proof documents for salaried applicants: Latest three month’s salary slips Recent Form 16 (if applicable) Bank statements showing salary credits for the last 3 months.

Documents required for Self-Employed applicants: Income Tax Returns for the past two to three years Audited or CA-certified balance sheet and profit & loss statements Bank statements for business and/or personal account for the last six months Business registration proof, such as GST Certificate, MSME registration, Udyam, or similar documents.

Property related documents required for home loan applications: Sale deed or allotment letter (for purchase) Approved building plan Occupancy certificate (for completed properties) Construction approvals (for properties under construction) Latest encumbrance certificate (EC) Property tax receipts. Note: Required documents may vary based on property type-resale, under construction, or land construction.

Documents required for home loan balance transfer: Original documents submitted to the existing lender Foreclosure or closure letter from the current lender Relevant property documents and title deeds (as required for new loans) Updated KYC and Income proof.

It is the interest rate published by RBI at which it lends money to banks.

All new floating rate Home Loans are linked to the RBI Repo Rate.

As per Master Direction - RBI (Interest Rate on Advances) Directions, 2016, floating rate loan means a loan on which interest rate does not remain fixed during the tenure of the loan. Hence, in case of a floating interest rate loan, the benchmark rate of the loan gets revised on a pre-defined frequency. Floating rates are revised every three months as per RBI guidelines.

As per Master Direction - RBI (Interest Rate on Advances) Directions, 2016, the interest rate under external benchmark shall be reset at least once in months. Thus, the Repo Rate component of the Interest Rate will be reset on the first day of the third subsequent month from the month in which the Facility is first disbursed (irrespective of the date of disbursement) and every three months thereafter, as a sum of Repo Rate + “Spread”, plus applicable statutory levy, if any. The applicable Repo Rate shall be the rate prevailing one business day preceding the reset date. Illustration: For first disbursements made in the month of October 2019, the first reset date will be Jan 01, 2020 the first reset date will be 01 January 2020, and thereafter on Apr 01, 2020, and so on.

As per Master Direction - RBI (Interest Rate on Advances) Directions, 2016, the spread of the facility may undergo change when borrower’s credit assessment undergoes a substantial change, as agreed upon in the loan contract or the Bank could alter the spread once in three years. Thus, in case of any change in spread of the facility, the effective rate of interest may change.

On the reset date, if the applicable Repo rate has increased, the effective ROI of the loan account will increase which in turn will impact the EMI/tenure of the loan. In case of decrease in Repo Rate, the ROI will decrease which in turn will impact the tenure of the loan. Illustration: Consider a scenario where first disbursement of the loan is done on Oct 15, 2019, under RBI Repo linked benchmark rate, with the RBI Repo Rate being 5.15% per annum (as on Oct 14, 2019) with a spread/margin of 400 basis points (bps). In such a case the effective rate would be 9.15% per annum. In the above scenario, the effective rate of 9.15% per annum would remain constant till the next reset date, i.e. Jan 01, 2020. On Jan 01, 2020, the loans would be reset with the applicable RBI Repo rate as on Dec 31, 2019.

Fixed interest rates remain unchanged throughout the agreed period, providing payment predictability. In contrast, floating rates vary based on market benchmarks, causing EMIs to fluctuate accordingly, which may result in lower payments if rates decrease.

Floating rates are linked to the RBI Repo Rate. Repo Rate change leads to an adjustment in benchmark-linked interest rates, resulting in a potential change to loan EMI or Tenure.

For all new floating rate Home/Mortgage Loans sanctioned from Oct 01, 2019, the Bank will only give loans linked to Repo Rate. However, the existing loans will continue the respective PLR/FRR/I-Base/MCLR till its repayment.

No, the existing loans will continue under the existing benchmark rate.

Yes, all existing customers have an option to switch from the existing system of FRR/PLR/I-Base/MCLR (FRR/PLR/I-Base/MCLR +/- spread) to the new system of Repo linked rate (Repo + spread) at prevailing rate applicable for new loan with the same category of customers. Illustration: If an existing customer with a loan amount of Rs 2.5 million at 9.10% interest rate (I-MCLR-1Y (8.55%) + 0.55%) and if the customer opts to switch-over to Repo linked rate, then the applicable interest rate will be 8.90% per annum since the applicable ROI for new loan with the same category of customer is Repo rate (5.15%) + 3.50%.

Yes, customers will have to pay Switch/conversion fee. For details, the customer will be required to visit the nearest Asset Servicing Branch.

For changing from existing benchmark rate of FRR/PLR/I-Base/MCLR to Repo based benchmark rate, the customer will be required to visit the nearest Bank Asset Servicing Branch and submit the conversion request letter

Processing fees for home loans differs by product. Please click here to for more information.

There are no hidden charges. All standard fees and any additional costs are disclosed upfront in the official fee schedule and sanction documents.

There are no hidden charges. All standard fees and any additional costs are disclosed upfront in the official fee schedule and sanction documents.

Yes. GST is applicable as per government regulations.

Late or missed EMIs attract penal interest/charges and can impact credit score. Click here to know the applicable charges.

ICICI Home Loan tenures vary by product (up to 30 years in some schemes)

Yes — update NACH/auto-debit mandate by submitting new mandate via branch or Net Banking.

You can request it online or at the branch after full repayment.

Yes, ICICI Bank accepts part payment of your home loan through National Electronic Funds Transfer (NEFT). In case you want to make a part payment on your home loan account through NEFT, you need to visit the nearest ICICI Brach.

The minimum pre-payment amount should be an amount equivalent to 1 EMI.

No, unless part payment or conversion is done.

All original property documents submitted at the time of loan sanction are kept in safe custody with ICICI Bank at its designated document storage facility

ICICI Bank follows strict internal controls, secure vault storage, and regular audits to ensure the safety and confidentiality of customers’ original property documents.

Original documents cannot be released during the active loan tenure. However, you may request certified copies or view document details by contacting the servicing branch

Partial prepayment does not impact document custody. Original documents remain securely held by the bank until full loan closure.

Yes. ICICI Bank provides a document acknowledgement list at the time of loan disbursement, which should be retained for future reference.

A Home Loan EMI Calculator available on the ICICI Bank website helps you estimate your monthly EMI based on loan amount, interest rate, and tenure.

You can use the formula above or a spreadsheet (Excel/Google Sheets). You can calculate EMI using the formula: EMI = [P × R × (1+R)ⁿ] / [(1+R)ⁿ – 1] where P = loan amount, R = monthly interest rate, and n = number of months. For example, a ₹40 lakh loan at 8% for 20 years gives an EMI of about ₹33,458 per month.

A prepayment calculator shows how much interest you can save by paying a part of your loan early. Example: Paying ₹2 lakhs extra after 3 years can reduce total interest by over ₹3–4 lakhs and shorten the tenure by 1–2 years.

A balance transfer calculator helps you compare your existing home loan with a new lender offer. You enter your current balance, interest rate, and remaining tenure, and the tool shows how much interest

Go to a Home Loan EMI Calculator, enter your loan amount, interest rate, tenure and you’ll instantly get: EMI amount Total interest payable Total repayment amount Amortization chart (principal vs interest).

Yes - A Home Loan Eligibility Calculator estimates how much loan you can get based on your income, age, expenses, and existing EMIs. For example, a person earning ₹60,000 per month with minimal liabilities can be eligible for around ₹30–35 lakhs, depending on the lender and credit score.

Use a Home Loan EMI Calculator and select “View Amortization Schedule.” It shows a month-wise breakdown of principal and interest payments, along with total interest payable over the loan period.

Use a comparison calculator to test both options. A lower rate reduces total interest cost, while a longer tenure gives smaller EMIs but higher total interest.

Use a comparison calculator to test both options. A lower rate reduces total interest cost, while a longer tenure gives smaller EMIs but higher total interest

Calculator results are indicative estimates based on the inputs provided. Actual EMI may vary depending on final sanctioned terms, applicable fees, and other loan conditions.

ICICI Bank offers home loan balance transfers from other banks. To qualify, you must have a good repayment history and credit score. This option may offer improved rates or tenure.

Contact your Relationship Manager or branch immediately to raise correction request; provide supporting identity/property documents for amendment

After full repayment and NOC issuance, the bank returns original title documents; follow branch instructions and collect originals as advised

If on floating rate, EMI may rise due to a benchmark/repo rate increase or change in bank’s pricing, check rate notification and statement.

Yes - request EMI date change via branch or customer care; processing and charges (if any) depend on product rules

You can make a request for income tax certificate through the following channels: Online process without login: Visit our website www.icic.ibank.in Click on Apply online Click on Statement - Home Loan Click on Continue to Login and enter your 16-digit alpha numeric loan account number, along with any two details from DOB, Loan Amount, EMI Amount, repayment bank account number Click on Submit. Net Banking: Login to www.icic.ibank.in with your User ID and Password Main Page Customer Service Service Requests Service Request search Product Select Home loan related Request for Final IT Certificate (Physical). iMobile: Login to iMobile Select Cards, Loans Forex icon Select Loan Account Select More Options Select Income Tax Certificate Customer Care: You may call our Customer Care to get Income tax certificate on your registered E-mail ID. To know the local Customer Care numbers, please click here. ICICI Bank branch: You may visit the nearest ICICI Bank Asset Servicing Branch along with your valid ID proof. You may look for the nearest ICICI Bank Asset Servicing Branch on our website www.icic.ibank.in Find ATM/Branch.

You can change the e-mail ID in your home loan account through the following channels: Net Banking: Please login to www.icic.ibank.in with your User ID and Password > Customer Service > Service Requests > Category - Loan > Loan Accounts-E Mail and Contact Number Updation Customer Care: You may call our Customer Care to change your mobile number. To know the local Customer Care numbers, please click here. ICICI Bank branch: You may visit the nearest ICICI Bank Asset Servicing Branch along with your valid proof of identity. You may look for the nearest ICICI Bank Asset Servicing Branch on our website www.icic.ibank.in > Find ATM/Branch.

Log in to Net Banking or iMobile Pay → Loans section → view current rate, outstanding balance and repayment schedule.

Principal repayment qualifies under Section 80C (limit applies) and interest repayment under Section 24(b); consult a tax advisor and keep documents for claims.

Yes - co-owners/co-borrowers can claim deductions proportionate to their share of repayment/ownership as per tax rules; consult a tax advisor

Benefits include potentially lower interest rates, longer tenure, instant sanction offers, special processing fees, top-up options and minimal documentation.

Yes - co-owners/co-borrowers can claim deductions proportionate to their share of repayment/ownership as per tax rules; consult a tax advisor.

Benefits include potentially lower interest rates, longer tenure, instant sanction offers, special processing fees, top-up options and minimal documentation.

Part-payments reduce outstanding principal, lower interest accrual and overall EMI burden or tenure; follow bank’s part-payment procedure

Yes - you can make higher payments or part-payments to reduce tenure; check with the bank for process and any charges.

Yes — ICICI offers Home Loan Top-Up with quick processing, instant disbursal and easy documentation for eligible customers

Full Prepayment / Foreclosure – Paying the entire outstanding loan before tenure end Partial Prepayment – Paying an additional lump sum to reduce principal Regular Closure – Loan automatically closes when all EMIs are paid.

For Full Closure Valid ID proof (Aadhaar / PAN / Passport / DL) Loan account number Cheque/DD for outstanding amount (if paying offline) Prepayment request form (at the branch) Bank statement showing last EMI (if required). If multiple borrowers All borrowers’ signatures or authorization from co-borrower.

You can check through: ICICI iMobile App → Loans → Home Loan → “Outstanding Amount” Net Banking → Loans → Loan Details Customer Care Nearest ICICI Loan Servicing Branch.

For Home Loans (floating rate) – Individuals No foreclosure charges No part-prepayment charges For fixed-rate home loans Charges may apply if the loan is not closed with your own funds. Check with the branch for latest applicable rates.

Yes. Paths: iMobile App: Loans → Home Loan → “Part Payment” Net Banking: Payments → Loans → “Part Prepayment” Can I foreclose my home loan online? Full foreclosure usually requires: Request via phone or branch Payment of final outstanding via branch or Net Banking (if enabled) However, most customers complete final foreclosure by visiting the branch.

Loan closure update: 2–5 working days

You will receive: Loan Closure / No Dues Certificate (NOC) Foreclosure Statement All Original Property Documents, including: Sale deed Agreement to sell Property title documents Chain documents Post-dated cheques (if any remaining). Where should I collect my property documents? From the Home Loan Servicing Branch or Loan Processing Centre assigned to your loan. You will receive SMS/email once documents are ready for collection.

Yes. They must carry: They carry authorization letter Their ID proof Photocopies of borrowers’ ID proofs.

Yes. ICICI Bank updates CERSAI lien release within 15–30 days of closure. You can check your record on CERSAI website.

Yes. ICICI Bank updates CIBIL/Equifax within 30–45 days of loan closure. If not updated, you can raise a request with ICICI Bank.

You can request a duplicate NOC from the branch (charges may apply).

Take the NOC + property documents to the sub-registrar. Submit for lien removal / mortgage cancellation (process varies by state).

All original property papers received No dues letter has correct: Borrower names Loan account number Property details Zero outstanding CERSAI details updated (check after few days)

For floating loans – allowed For fixed loans – charges may apply

Aadhaar is preferred, but any valid ID can be used.

If you pay the final amount: ICICI Bank stops ECS/NACH automatically Keep the NOC as proof Check with your bank to ensure mandate is inactive

Yes, but final signing/collection requires branch visit.

You can download from: iMobile → Loans → Home Loan → “Statements” Net Banking → Loan Statements Branch request

Home Loan insurance is not mandatory. However, it is recommended for the protection of loan repayments. Please refer to your sanction letter or product page for insurer options.

ICICI Bank communicates important updates through SMS, email, and registered contact details.

Yes. ICICI Bank allows joint Home Loan applications with eligible co-applicants such as spouse or parents

Yes. You can update your contact details through Net Banking, iMobile app, customer care, or by visiting the nearest ICICI Bank branch