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India Home Loans -
Frequently Asked Questions |
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Getting Started
1.
When can I apply for the loan?
2. What are the types
of loan products available?
3. What loan amount am
I eligible for?
4. Who is a co-applicant?
Is a co-applicant mandatory for a loan?
5. Who can be a co-applicant
for the loan?
6. What are the different
tenures you offer on your loan?
Disbursement and repayment
1.
When do you disburse the loan?
2. How do I repay the
loan?
Prepayment / foreclosure
1.
What are the pre-payment options?
2. Can I foreclose
the loan ahead of schedule?
3. How can I partly
prepay or foreclose the loan?
4. If I foreclose the
loan ahead of schedule, how will you return the original
property documents to me?
Online application
1.
How does the online home loan application facility help
me?
2. How do I apply online?
3. Is the online application
form different from the downloaded or physical versions?
4. What happens after
I submit the loan application online?
5. Is the loan amount
and eligibility given in the submission letter the last
word on the matter?
6. What happens if
I lose the Internet connection of if there’s a problem
with my PC while I’m filling in the online application?
7. What do I have to
do after I get the submission confirmation letter?
8. How do I track the
progress of the loan application online?
9. Can I obtain the
status of all home loan applications submitted at any branch
/ office of ICICI Bank?
10. What stages in
the loan application process can I follow through the online
tracker?
11. What do I do to
find details if have a problem accessing the site?
Other details
1.
Are the costs / charges the same for online applications
and physical applications?
2. What are the fees
payable?
3. What is the security
for the loan?
4. What are the documents
required?
5. What’s the
difference between floating and fixed interest rates?
6. Can I switch between
fixed and floating interest rates during the tenure of the
loan?
7. Who is an Non-Resident
Indian (NRI)?
8. Who is a Person
of Indian Origin (PIO)?
9. Do I need to give
a residential address in India?
10. Do I need to give
permanent residential details in India?
11. Do you need employer
/ business details?
12. What is a Power
of Attorney (POA)?
13. Who is a guarantor?
14. Do I need to give
references?
15.
Do I need to give details of the property to be purchased?
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Getting Started
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When can I
apply for the loan?
You can apply for an India Home Loan even before you have
selected your property. ICICI Bank will sanction a loan
amount, based on your repayment capacity.
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What
are the types of loan products available?
ICICI Bank offers loans for a variety of purposes and for
varying tenures.
| Residential Property |
| Purpose of loan |
You can take
loans for purchase, construction, extension or renovation
of a new house or flat.
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| Tenure of loan |
#Salaried
: Upto 15 yrs
Self-employed : Upto 10 yrs |
| Maximum loan eligibility |
85% of the total cost of the
property |
| Plot of land |
| Purpose of loan |
You can take
loans for purchase of a plot of land for residential
use. This plot must be located within municipal limits.
Has to be non agricultural / non farm land.
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| Tenure of loan |
#Salaried
: Upto 10 yrs
Self-employed : Upto 10 yrs |
| Maximum loan eligibility |
75% of the total cost of the
property
subject to the maximum of INR 50 lakh |
| Against Existing
Residential Property |
| Purpose of loan |
You can take
loans by mortgaging an existing residential property
for Education, Business, Marriage, Purchase /Improvement
of Property, Medical treatment and other uses.
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| Tenure of loan |
#Salaried
: Upto 15 yrs
Self-employed : Upto 10 yrs |
| Maximum loan eligibility |
60% of the total cost of the
property |
# For GCC: Tenor between 11-15 years,
minimum qualification to be Post Graduate/ Professional Qualification.#
For USA and Other Countries: Tenor between 11-15 years, minimum
qualification to be Diploma/ Graduate with minimum 3 years
of employment abroad and Professional Qualification with 1
year of employment abroad.
*Please Note:- The maximum loan that can be given is INR 1
crore.The minimum loan that can be given is INR 5 lakh.
Minimum
loan amount for loan against property is 10 lakhs.
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What loan
amount am I eligible for?
You can get a home loan ranging from a minimum of Rs 5 lakh
to a maximum of Rs 1 crore, based on your repayment capacity
and the cost of the property. You will be eligible for a
maximum of 85% of the cost of the property or the cost of
construction as applicable and 75% of the cost of land in
case of purchase of land. To determine your repayment capacity,
we take into account factors such as:
· Age
· Income
· Qualifications
· Number of dependants
· Assets
· Liabilities
· Stability / continuity of your employment / business
· Income of co-applicant/s
Check out our section on Who’s
Eligible
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Who is a co-applicant?
Is a co-applicant mandatory for a loan?
A co-application is the co-borrower of the loan. A co-applicant
is mandatory if you want to apply to our India Home Loan.
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Who can be
a co-applicant for the loan?
You can include your spouse as a co-applicant; we will include
his / her income to enhance your loan amount. Further, if
there are any other co-owners, they too will need to be
co-applicants. We’ll need a personal guarantee from
you if there’s no co-applicant.
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What are the
different tenures you offer on your loans?
You can select a term of up to 15 years. However, you cannot
opt for a term that extends beyond your attaining retirement
age or 60 years of age (whichever is earlier).
For GCC: Tenure between 11-15 years. Minimum qualification:
post-graduate / professional qualification.
For USA and other countries: Tenure between 11-15 years.
Minimum qualification: Diploma / Graduate (should have been
employed abroad for a minimum period of three years) or
Professional (should have been employed abroad for at least
one year).
For tenor between 11 to 15 years for GCC: 96,000 Dhms p.a.
or its equivalent if the applicant is Post Graduate. 72,000
Dhms p.a or its equivalent if the applicant has professional
degree.
For tenor between 11 to 15 years for USA and all other countries:
42,000 USD p.a. or its equivalent.
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Disbursement and repayment |
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When
do you disburse the loan?
Your loan will be disbursed after you have selected a property;
submitted all the necessary legal documents; the property
is technically and legally cleared; and you have paid your
own contribution toward the purchase of the home. The cheque
for the loan amount is drawn in favour of the builder or
seller as the case may be. In the case of an under-construction
property, ICICI Bank disburses loan amounts appropriate
to the state of construction.
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How do I repay
the loan?
Repayment is done in equated monthly instalments (EMIs),
and includes interest and principal amount calculated on
monthly rests. You can pay EMIs by issuing post-dated cheques
from your NRE / NRO account, or any other account approved
by the Reserve Bank of India (RBI). In the case of part-disbursement
of the loan, the monthly interest is payable only on the
disbursed amount. This is called pre-EMI interest, and is
payable monthly till the final disbursement is made, after
which EMIs will commence.
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Prepayment / foreclosure |
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What are the pre-payment
options?
You can prepay part of the loan at no cost during the tenure
of the loan.
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Can I foreclose
the loan ahead of schedule?
Yes, you can foreclose the loan before its original tenure
expires. You will be charged 2% on the outstanding amount
and whatever has been pre-paid in the last 12 months.
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How can I
partly prepay or foreclose the loan?
You will have to send a cheque in
Indian rupees favouring ICICI Bank Ltd to your Power of
Attorney (POA) holder, along with a covering letter clearly
mentioning your application number or LAN number. Your POA
holder will have to submit them to any HFC branch in India.
Action will then be taken, and a re-schedulement / foreclosure
letter sent to your mailing address as mentioned in our
records.
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If I foreclose
the loan, how will you return the original property documents
to me?
Your POA holder can come and collect
the original documents personally from our office. They
will be handed over after he / she provides proof of identity.
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Online application
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How does the
online home loan application facility help me?
You can submit your application form and other details online.
In addition, you’ll also get to know the details of
the loan, including the amount you’re eligible for,
tenure and interest rate. You can also track the status
of the loan application submitted online.
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How do I apply
online?
The steps involved in the online application process are:
· Click on Apply Now / Apply Online option given
on our web site
· Fill in personal and loan details on the form that
appears
· You have the option of either downloading the form
and filling it by hand or doing it online and then taking
a print-out of the completed form
· In either case, you have to sign the application
form, attach the relevant income and personal documents
and send the entire set to ICICI Bank’s mailing address
· Please note that the accuracy of the loan details
(amount eligibility, amount, tenure etc) you get after you
submit the online application will depend on how correctly
you’ve filled in the required information
· The information you’ve submitted online will
need to be supported by valid documents at the time of submission
to actually avail of the loan
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Is the online
application form different from the downloaded or physical
versions?
The online and physical application forms are exactly the
same, and ask for the same information. The difference is
in the way details are filled in.
· In the physical form, you fill in the details by
hand
· The online application form is divided in two parts:
- The data input
form: This is the form that accepts application data online
- The printable
form: This is similar to the downloadable loan application
form, the difference being that you can input details
in it and take a print-out. All you need to do then
is sign on the relevant parts of the form
The data input form, as mentioned above, looks different
from the downloadable / physical form only while inputting
data online. All the contents are the same as that of the
physical / downloadable form.
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What happens
after I submit the loan application online?
Once the completed form is submitted online, an online submission
confirmation letter is displayed on the screen instantaneously.
This letter contains:
· Application Number:
This number is valid throughout the loan application and
disbursement process. All online application numbers start
with 999
· Eligibility:
Your loan eligibility based on the details on the form
· Documentation:
Documents to be submitted along with the physical form
· Charges:
Administrative fees payable. These vary according to the
loan applied for and the eligibility norms
· Next Steps:
This includes the address to where the documents need to
be sent
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Is the loan
amount and eligibility given in the submission letter the
last word on the matter?
No. The loan is sanctioned
only when ICICI Bank receives and assesses the actual physical
loan application documents. The eligibility mentioned in
the submission letter is only indicative; the final decision
will be taken only when we actually get the physical documents.
However, it does give you a good indication of what you’re
eligible for. In fact, the faster you send your documents,
the lower the chances of changes.
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What happens
if I lose the Internet connection of if there’s a
problem with my PC while I’m filling in the online
application?
The data that you have entered in the form will be lost.
You’ll have to fill in the details again.
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What do I
have to do after I get the submission confirmation letter?
You have to complete the required documentation mentioned
in the letter and send it to the address that’s given
there. You also have to attach a copy of the submission
confirmation letter for reference. The loan application
is processed only after ICICI Bank gets the physical documents.
US customers please note that you can mail your documents
to a PO Box address
in the United States itself. Your submission confirmation
letter will have the details. Incidentally, the PO Box facility
is offered by ICICI Bank India and has no connection with
our New York Representative Office.
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How do I track
the progress of the loan application online?
Here’s how you track your loan online:
· Go to the NRI Home Loans main page and click on
the link `Online Tracking’
· This will take you to the online loan application
tracking page. You’ll then have to input the loan
application number, passport number and the date of birth
of the main applicant. Once you do that, you’ll be
able to see the current status of your loan
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Can I obtain
the status of all home loan applications submitted at any
branch / office of ICICI Bank?
No. The online tracking facility is available only for applications
that are submitted online.
You cannot see the status of other applications
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What stages
in the loan application process can I follow through the
online tracker?
Depending on the current status of your application, you
can check the following:
· Documents to be received: This means ICICI Bank
hasn’t received the physical loan application set
· Discrepant:
This means we’ve received the loan application set,
but it’s either incomplete, or there’s a discrepancy
in the documents. The discrepancy is updated against the
status field for reference. Incase of further queries, please contact us through Email Us
or through any of the toll-free numbers provided on the
site for clarifications
· Received:
This means we’ve received the loan application set,
it’s in order and the loan is being processed
· Approved:
This means that the loan has been sanctioned. Sanction details
are given against this status field.
· Rejected:
This means ICICI Bank is unable to offer you a home loan.
· Expired:
The tracker gives you an `expired’ message if you
check the application status six months after the date of
application. You’ll have to reapply to get a loan
from ICICI Bank
· Invalid:
This means you haven’t entered the right combination
of loan application number, passport number and date of
birth in the tracker. You will have to enter the correct
data (in the proper format) to get the loan status.
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What do I do to
find details if have a problem accessing the site?
You can call us on our toll-free lines or incase of further queries, please contact us through Email Us.
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Other details |
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Are the costs
/ charges the same for online applications and physical
applications?
There is no extra charge for online applications. You’ll
only have to pay the rates / charges applicable to general
NRI loans.
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What are the
fees payable?
You'll be charged a total fee of 1.1236% of the loan amount in Indian rupees, payable at the time of submission of the application form. This includes:
· Processing /
administrative fees: 1% of
the loan amount in Indian rupees (rs.).
· Service tax:
12.36% of the processing / administrative fees.
The payment should be made through a single cheque in INR only. It should be dated in the DD/MM/YYYY format, payable to 'ICICI Bank Ltd. AF for HL - A/c of ', and given at the time of application.
Note: Processing Fees and Admin Fees are for processing of home loan application and are non-refundable.
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What is the security
for the loan?
You’ll need to provide security of the property and/or
any other additional collateral security as may be mutually
agreed upon.
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What are the documents
required?
Customers click
here for list of documents
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What’s
the difference between floating and fixed interest rates?
Floating Rates:
Depending on the movement of interest rates in the market,
the interest rate for the loan is reset at the beginning
of every quarter, i.e. January 1, April 1, July 1 and October
1. The rate is reset with reference to the ICICI Home Loan
Prime Lending Rate prevailing on the dates of the respective
resets. When the rates are reset, customers have the option
of either adjusting their loan installment or the loan tenure,
subject to the overall restrictions on the loan tenure.
Fixed Rates:
The interest rate is fixed on the
home loan for the term of the loan.
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Can I switch
between fixed and floating interest rates during the tenure
of the loan?
Yes you can. You can switch from a floating rate to a fixed
rate any time by paying a nominal switching fee of 1.75%
of the outstanding loan. You can also switch from a fixed
rate to a floating rate by paying a nominal switching fee
of 1.75% of the outstanding loan.
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Who is an NRI?
An NRI is an Indian citizen who stays outside India:
(a) for purposes of carrying out employment or any business
or vocation;
(b) under circumstances indicating an intention to stay outside
India for an uncertain
duration;
(c) any Indian citizen deputed outside India for a temporary
period in connection with employment. |
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Who is a PIO?
A citizen of a foreign country (other than a citizen of Bangladesh
or Pakistan) is a PIO if
(a) he/ she at any time held an Indian passport; OR
(b) he/ she or either of his/ her parents or any of his/ her
grandparents was a citizen of India; OR
(c) spouse (not being a citizen of Bangladesh or Pakistan)
of an Indian citizen or (a)
or (b) above.
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Do I need
to give a residential address in India?
You need to give the address in India where you / your immediate
family live, and where you may want to receive correspondence
on your India Home Loans. This is a mandatory requirement.
If your co-applicant (spouse, siblings, parent) has the
same residential address in India, you can select the option
‘Same as Applicant’ and the relevant fields
will be filled automatically, saving you the trouble of
doing it all over again!
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Status / Domicile of Co-Applicant
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Current Overseas Residential Address
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Residential Details in India
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Permanent Residential Details in
India
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| NRI |
Same
as Applicant
/Different from
Applicant |
NA |
Same
as Applicant
/Different from
Applicant |
| Resident |
NA |
Same
as Applicant
/Different from
Applicant |
Same
as Applicant
/Different from
Applicant |
| PIO |
Same
as Applicant
/Different from
Applicant |
NA |
NA |
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Do I need
to give permanent residential details in India?
You need to give the permanent address in India where you
/ your immediate family live and where you may want to receive
correspondence related to your India Home Loans. This may
be the same as the residential address in India. Since we
need it to do a credit verification, it is a mandatory requirement.
If your co-applicant (spouse, siblings, parent) has the
same residential address in India, you can select the option
`Same as Applicant’ and the relevant fields will be
filled automatically, saving you the trouble of doing it
all over again!!
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Status / Domicile of Co-Applicant
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Current Overseas Residential Address
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Residential Details in India
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Permanent Residential Details in India
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| NRI |
Same as
Applicant
/Different from
Applicant |
NA |
Same as
Applicant
/Different from
Applicant |
| Resident |
NA |
Same as
Applicant
/Different from
Applicant |
Same as
Applicant
/Different from
Applicant |
| PIO |
Same as
Applicant
/Different from
Applicant |
NA |
NA |
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Do you need
employer / business details?
We need your employer or business details for credit verification
purposes. Even though this is not a mandatory requirement,
your home loan in India will be sanctioned faster if you
fill in these fields.
We also need your official
email ID to write to you in case we can’t get in touch
with you through other means. You have to give us your personal
email ID and not company’s generic email ID. So, the
email ID should be yourname@company.com (e.g. rinkee.rani@icicibank.com).
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What is a
Power of Attorney (POA)?
A power of attorney is a resident Indian appointed to act
on behalf of all the applicants through an execution of
the General Power of Attorney (GPA) deed. It is mandatory
for both the applicant and co-applicant execute the GPA
in favour of the person concerned. If the co-applicant is
a resident Indian, he / she can also be the POA through
the execution of the GPA by the applicant.
Click on the links to
download the GPA deed format:
| Region/Country |
Link to Download
the PDF form |
| MIddle east |
Download
Form |
| Other
countries |
Download
Form |
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Who is a guarantor?
A guarantor guarantees the loan you take. Only an NRI can
guarantee an India Home Loan taken by another NRI. It’s
mandatory to have either a co-applicant or an NRI guarantor.
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Do I need
to give references?
References help us get in touch with you when we are unable
establish contact with you overseas. It is mandatory to
provide resident Indian references while applying for India
Home Loans. One of the references has to be a resident Indian
relative. One of your references can also be your POA or
resident co-applicant.
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Do I need
to give details of the property to be purchased?
Providing details of proposed property purchase enhances
your credibility and expedites the loan sanction process.
If you are planning to buy a plot of land, we highly recommended
that you tell us the location of the plot of land. Providing
the ownership pattern of the proposed property also helps
us expedite your loan sanction.
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