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Instant Home Loan | Pre-approved
Instant Home Loan Sanction, is a pre-approved Home Loan exclusively for customers who have a Salary Account with us.
You can avail of pre-approved Home Loan through ICICI Bank Internet Banking and generate your Home Loan sanction letter in just a few clicks.
View & Click on Pre-Approved Offer | Pay Processing Fee | Download Sanction Letter
In case you have already taken Pre approved home loan sanction click here to proceed for disbursement.
Instant Home Loan Sanction Features
What is Instant Home Loan?
Instant Home Loan is an instant sanction for our customers with pre-approved Home Loan offers. You can generate your Home Loan sanction letter online in just a few clicks. Steps for Instant Home Loan:
- View offer and select your Home Loan offer
- Pay a discounted processing fee
- Download your sanction letter
The sanction letter will be valid for a period of months from the date of generation of the sanction letter.
Which type of customers will have pre-approved Home Loan offers?
Pre-approved Home Loan offers are generated for customers having a Salary Account with ICICI Bank and the loan amount is based on the salary credits appearing in the bank account.
If I do not have a Salary Account in ICICI Bank, can I still avail of the instant Home Loan sanction?
No, the instant Home Loan sanction is available only for customers having a Salary Account with ICICI Bank and pre-approved Home Loan offers.
What is the validity of a sanction letter issued at the time of instant Home Loan sanction?
The sanction letter is valid for a period of 6 months, during which you can avail of the disbursement.
What is the maximum loan amount I can avail of?
The maximum loan amount is based on your salary credit to your account and your existing obligations. The loan amount will be displayed when you log in to Internet Banking to avail of the offer. The maximum loan which can be availed of under the pre-approved Home Loan is Rs 3 crore.
What is the maximum tenure that I can avail of?
The maximum tenure that can be availed of is 30 years. However, the offer tenure based on your age will be displayed on the offer page. You can reduce the tenure if required but cannot increase it beyond the offer tenure.
I need a higher loan amount than the offer amount displayed. How do I apply for a higher amount?
If you need a higher loan amount, you need to add the income of spouse or other blood relatives which are acceptable as per ICICI Bank. For a loan amount higher than the pre-approved offer amount, you can visit the nearest branch or contact your Relationship Manager as per the pre-approved sanction letter.
After availing of the instant Home Loan sanction, do I need to submit any documents at the time of disbursement?
Yes. The following documents will be required to be submitted at the time of availing of the disbursement:
- Property documents of the proposed property
- Disbursement documentation (our executives/ branch sales managers will assist you)
- Documents of co-applicant
- Any other document as per the conditions mentioned in your sanction letter or as per the property identified
If I reduce the offer tenure, what will be the effect on the loan amount?
In case you reduce the offer tenure, your loan offer amount will get reduced according to the tenure so that the overall Equated Monthly Instalment (EMI) remains same.
Example: If your offer amount is Rs 1 crore and offer tenure is 30 years at ROI of 9%. The maximum EMI you can pay is Rs 80,460.
Suppose you reduce the tenure to 20 years. Now, since the maximum offer EMI is Rs 80,460, the revised loan amount will be computed at an EMI for Rs 80,460 but for a tenure of 20 years which comes to Rs 89.42 lakh.
So, the slider value for loan amount will reduce from Rs 1 crore to Rs 89.42 lakh when you reduce the tenure from 30 years to 20 years.
If you increase the tenure slider back to 30 years, the loan amount will be reset to the offer amount of Rs 1 crore.
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