Since making its maiden venture in the home loan segment in 1999, ICICI Bank has been breathing down the neck of market leader HDFC, with its aggressive marketing strategy. Quality and value-added service - rather than interest rate - have been the hallmark of ICICI, with the company capitalizing on the absence of `door delivery' for housing loans. In a marked shift from the existing industry norms, ICICI carved a niche for itself by going to the potential borrower rather than waiting for him to come to them. Check out more information on the housing loans provided by ICICI bank.

ICICI Housing Loans

Products

* ICICI 'MaxMoney' Home Loans offer the unique advantage of higher loan eligibility, with a lower initial installment. One can get up to 30% higher amount against one's current income and the installment amount gets stepped up over the years.
* ICICI 'SmartFix' Home Loans combine the safety of fixed rates plus the advantages of floating rates. For the first 3 years the borrower gets a fixed interest rate and the fourth year onwards, the loan gets switched to the prevailing floating interest rate.
* ICICI Bank offers Home Improvement Loans for renovation /refurbishment of one's home. One can avail of loan up to Rs. 50 Lakhs and the interest rate is same as that of the Home Loans. The loan covers up to 70% of the cost of improvement and the repayment period is 15 years.

Features

* ICICI bank offers home loans for the first purchase in ready construction, under construction property, purchase in re-sale, self construction and extension of existing living space.
* The loan amount can be up to 80% of the Cost of Property.
* The applicant can conveniently repay the loan over a period up to 25 years.
* The bank provides the choices of both Floating rate of Interest or at the Fixed rate of Interest or at the combination of both Fixed & Floating rates, for the repayment of the home loan.

Eligibility

* The loan must terminate before or when the borrower turns 65 years of age or before retirement, whichever is earlier.
* The applicant must be 21 years of age, at the time when the loan amount is sanctioned.
* The applicant must be either self employed or salaried individual, with a regular source of income.
* An Indian resident, whether salaried or self-employed, can apply for ICICI Home Loan. In case if the applicant is an NRI, he/she should be salaried.

Documents Required

For Salaried Applicant

* Duly Completed Application Form with One Passport Size Photograph
* Identity, Residence Address and Age Proof
* Fee Cheque
* Signature Verification Proof
* Last 3 months Salary Slip
* Form 16
* Bank Statement for last 6 months from Salary Account
* Repayment Track record of existing loans / Loan closure letter

For Self-Employed Applicant

* Duly Completed Application Form with One Passport Size Photograph
* Identity, Residence Address and Age Proof
* Income Tax Return / Computation of Total Income / Auditors Report / Balance Sheet / Profit & Loss Account certified by Chartered Accountant for last 2 years (3 years for Home Equity) (both for business and personal of partners/directors)
* Bank Statement for last 6 month from operating account
* Repayment Track record of existing loans / Loan closure letter
* Board Resolution in case of a company
* Signature Verification is required to be provided for all the main partners / directors.

Benefits

* ICICI home loans come with benefits like easy interest rates, simplified documentation, doorstep service and free personal accident insurance.
* The facility of 'Loan On Phone' is beneficial for salaried or self-employed residents of India, applying for an ICICI Home Loan. The facility provides easy loan to the customer, with minimum documentation.