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Key Features of ICICI Mortgage Loans

Loan Types and Flexibility: For purchasing or constructing a residential property, with options for salaried and self-employed individuals.
Allows borrowing against residential or commercial property for personal or business needs.
Loan Amount and Tenure: - Minimum: ₹10 lakh (may vary based on location and profile).
- Maximum: Up to ₹15 crore (subject to property value and repayment capacity).
- Typically, you can borrow up to 50-60% of the market value of the property (Loan-to-Value ratio).
Property Types Eligible: - Residential properties (self-occupied, rented, or vacant).
- Commercial properties (offices, shops, etc.).
- In some cases, industrial properties or plots (subject to approval).
Loan Against Property: Up to 65% of the property’s market value (for loans above ₹5 crore, up to 60%), with tenures up to 15 years.
Pradhan Mantri Awas Yojana (PMAY): Loans up to ₹35 lakh for eligible Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG) applicants, with tenures up to 20 years.

- Interest Rates: Competitive rates starting from 8.75% p.a. for home loans (floating rates linked to RBI’s repo rate). Fixed and floating rate options available. Special rates for women borrowers and PMAY applicants (e.g., 6.90%–7.30% p.a. for PMAY loans up to ₹9 lakh). Rates for LAP and top-up loans vary based on credit profile and loan type.
- Eligibility and Documentation: Available for salaried, self-employed professionals, and non-professionals aged 21–65 years. Minimum income requirements: ₹10,000 p.m. for salaried, ₹1.2 lakh p.a. for self-employed.
  Simplified documentation, including KYC, income proof (e.g., salary slips, ITR), and property documents. Higher eligibility for joint applications (up to four co-applicants).
- Processing and Charges: Processing fees: Up to 0.50% of the loan amount for home loans (plus GST), higher for LAP (up to 1%) and top-up loans. No prepayment penalty on floating-rate home loans; fixed-rate loans may incur charges (e.g., 2% plus GST for LAP prepayment). Late payment fees: 2%–3% per month on overdue EMIs.
- Special Features: Instant Home Loan: Digital sanction within minutes for pre-approved customers, up to ₹3 crore.
  Step-Up EMI: Higher EMIs as income grows, ideal for young professionals.
  Express Home Loan: Approval within 72 hours for eligible applicants.
  PMAY Subsidy: Interest subsidy of 3%–6.5% for eligible borrowers, reducing EMIs burden.
  Overdraft Facility: For LAP, allowing flexible withdrawals and repayments to reduce interest costs.
  Home Loan Insurance: Optional plans like ICICI Pru Loan Protect to cover loan liability in case of unforeseen events.
- Digital and Customer Support: Online application and tracking via ICICI Bank’s website or iMobile Pay app. Tools like EMI Calculator, eligibility calculators, and pre-qualified offer checks. Dedicated relationship managers and 24/7 customer support.
- Tax Benefits: Home loans: Deductions up to ₹1.5 lakh on principal (Section 80C) and ₹2 lakh on interest (Section 24) annually.
  LAP for business: Interest paid is deductible as a business expense.

Benefits of ICICI Bank Mortgage Loans

Competitive Interest Rates: Attractive rates starting at 8.75% p.a. for home loans, with lower rates for women borrowers and PMAY applicants (as low as 6.90% for eligible cases).
Floating rates linked to RBI’s repo rate ensure transparency and potential savings if rates drop.
Fixed-rate options provide EMI stability.
High Loan Amounts and Long Tenures: Home loans up to ₹10 crore and LAP up to 65% of property value cater to diverse needs, from buying a home to funding business expansion.
Tenures up to 30 years for home loans and 15 years for LAP reduce monthly EMI burden.
Tax Savings: Home loans offer deductions of up to ₹1.5 lakh on principal (Section 80C) and ₹2 lakh on interest (Section 24) annually.

- Flexible Loan Options: Multiple products like home loans, LAP, top-up loans, and balance transfers allow customization for personal or professional needs.
- PMAY Subsidy for Affordable Housing: Eligible borrowers under Pradhan Mantri Awas Yojana (EWS/LIG/MIG) can avail interest subsidies of 3%–6.5%, lowering EMI costs significantly.
- Quick and Digital Processing: Instant Home Loan-Pre-approved offers with sanction in minutes for up to ₹3 crore. Express Home Loan-Approval within 72 hours for eligible applicants.
- No Prepayment Penalty on Floating Rates: Floating-rate home loans can be prepaid fully or partially without charges, offering flexibility to reduce debt faster.
- Enhanced Eligibility: Joint applications (up to four co-applicants) boost loan eligibility by combining incomes. Relaxed criteria for salaried and self-employed borrowers, with minimal income requirements.
- Additional Features and Security: Balance transfer facility reduces interest costs by switching high-cost loans from other banks, with optional top-up funding.
- Wide Accessibility: Available for salaried, self-employed professionals, and non-professionals, including NRIs. Loans for purchase, construction, renovation, or refinancing cater to varied property-related needs.

How to Apply for ICICI Bank Mortgage Loans

1. Online Application:
- Visit the Website or App: Go to www.icicibank.com or use the iMobile Pay App.
- Select Loan Type: Navigate to “Loans” > “Home Loan” or “Loan Against Property.”
- Check Eligibility: Use the eligibility calculator by entering income, age, and loan preferences.
- Pre-approved Offers: Log in to check instant sanctions, such as pre-approved loans up to ₹3 crore.
- Fill Application: Provide personal, employment, and property details.
- Upload Documents: Upload scanned KYC, income, and property documents. e-KYC via Aadhaar OTP may be available.
- Processing Fee: Pay online (0.50%–1% + GST depending on loan type).
- Track Application: Use the reference number to track status via site/app.
2. Offline Application:
- Visit a Branch: Locate and visit the nearest ICICI branch.
- Meet a Loan Officer: Discuss loan needs and submit documents.
- Fill and Submit Form: Complete the physical form and attach self-attested documents.
- Processing Fee: Pay via cash, cheque, or digital method as advised by the branch.
- Verification: ICICI conducts property valuation, document check, and credit assessment.
3. Apply via Loan Agent/DSA:
- Contact authorized Direct Selling Agents or loan partners.
- They assist in form filling, document collection, and submission.
- Ensure agent verification to prevent fraud.
Required Documents:
- Identity Proof:
- Aadhaar
- PAN
- passport
- voter ID
- driving license.
- Address Proof:
- Aadhaar
- utility bill
- passport
- rental agreement.
- Income Proof:
  - Salaried: Last 3 months’ salary slips, 6 months’ bank statements, Form 16, or ITR.
  - Self-Employed: 2 years’ ITR, balance sheet, P&L, 6 months’ bank statements.
- Property Documents:
  - Home Loans:
  - Sale agreement
  - title deed
  - approved plan
  - NOC
  - possession certificate.
  - LAP: Title deed, tax receipts, encumbrance certificate, valuation report.
- Others: Passport-size photos, signed loan application, co-applicant docs (if applicable).
- For PMAY Applicants: Income certificate, EWS/LIG/MIG proof, Aadhaar.

Eligibility Criteria for ICICI Bank Mortgage Loans

Applicant Type:
- Salaried Individuals: Employees working in private companies, PSUs, or government organizations.
- Self-Employed Professionals (SEP): Doctors, engineers, architects, chartered accountants, etc.
- Self-Employed Non-Professionals (SENP): Business owners, traders, or proprietors.
- Non-Resident Indians (NRIs): Eligible for specific home loan schemes (additional criteria like valid work visa apply).
Age:
- Minimum Age: 21 years at the time of application.
- Maximum Age at Loan Maturity:
  - Salaried: Up to 65 years (or retirement age, whichever is earlier).
  - Self-Employed: Up to 70 years (may vary for LAP).
- Co-applicants (if any) must also meet age criteria.
Income Requirements:
- Salaried:
  - Minimum monthly income: ₹10,000 (may vary by city or loan amount).
  - Stable employment with at least 2 years of work experience (1 year in current job preferred).
- Self-Employed:
  - Minimum annual income: ₹1.2 lakh (as per ITR or financials).
  - Business continuity of at least 3–5 years (depending on loan type).
- NRIs: Minimum monthly income equivalent to ₹30,000–₹50,000 (varies by country and loan scheme).
- PMAY Applicants:
  - EWS: Up to ₹3 lakh annual household income.
  - LIG: ₹3–6 lakh.
  - MIG I: ₹6–12 lakh.
  - MIG II: ₹12–18 lakh.
Credit Score:
- A CIBIL score of 750 or above is preferred for better approval chances and competitive interest rates.
- Lower scores may lead to higher rates or rejection, depending on other factors like income stability.
- No history of loan defaults or bankruptcy.
Loan Amount and Property Value:
- Home Loan:
  - Loan amount: Up to ₹10 crore, based on income, repayment capacity, and property value.
  - Loan-to-Value (LTV) ratio: Up to 90% for loans up to ₹30 lakh, 80% for higher amounts.
- Loan Against Property (LAP):
  - Loan amount: Up to 65% of property’s market value (60% for loans above ₹5 crore).
  - Property must be residential or commercial, with clear title and no legal disputes.
- PMAY Loans:
  - Maximum loan: ₹35 lakh (subject to property size and income limits).
  - Carpet area limits:
    - EWS/LIG: Up to 30/60 sq.m.
    - MIG I: Up to 160 sq.m.
    - MIG II: Up to 200 sq.m.
Employment/Business Stability:
- Salaried: Minimum 1–2 years of continuous employment (varies by loan type).
- Self-Employed: Business or profession should be operational for 3–5 years with consistent income proof.
- ITRs for the last 2–3 years are mandatory for self-employed applicants.

Documents Required ICICI Bank Mortgage Loan

Common Documents for All Applicants:
Application Form: Duly filled and signed loan application form (available online at www.icicibank.com or at branches). Recent passport-size photographs (2–4) of the applicant and co-applicant(s).
Identity Proof (any one, self-attested):
PAN card (mandatory)
Aadhaar card
Passport
Voter ID
Driving license.
Address Proof (any one, self-attested): Aadhaar card, Utility bill (not older than 3 months), Passport, Rental agreement, Voter ID, Property tax receipt.
Signature Proof (if required):
PAN card
Banker’s signature verification
Passport.
Income Documents:
For Salaried Applicants:
Salary slips (last 3 months)
Form 16 or ITR (last 2 years)
Bank statements (last 6 months)
Appointment letter
Increment letter (if applicable).
For Self-Employed Applicants:
ITR with income computation (last 2–3 years)
Balance sheet and P&L account (audited if applicable, last 2 years)
Bank statements (last 6–12 months)
Business proof (GST registration, shop license, partnership deed)
Professional qualification proof (for professionals).
For NRI Applicants:
Salary slips (last 3 months)
Overseas tax returns or ITR (last 2 years)
NRE/NRO/overseas bank statements (last 6 months)
Valid work permit
visa
employment contract
Passport copy with travel stamps
POA documents (if representative in India).
For PMAY Applicants: Income certificate (by competent authority), Affidavit declaring no prior property ownership, Aadhaar card (mandatory for subsidy).
Property Documents:
Home Loans:
Sale agreement/allotment letter
Title deed (with chain documents)
Approved building plan/layout
NOC from builder/housing society
Possession certificate
Advance payment receipts
Encumbrance certificate

Factors of ICICI Bank Mortgage Loan

Applicant Profile:
- Type: Salaried, self-employed (professional or non-professional), or NRI.
- Employment Stability: Salaried applicants need stable employment (minimum 1–2 years). Self-employed require business continuity (3–5 years). NRIs need valid work permits and overseas income proof.
- Age: 21–65 years (up to 70 for self-employed in some cases) at loan maturity.
- Co-Applicants: Adding up to four co-applicants (spouse, parents, siblings) boosts eligibility by combining incomes.
Income and Repayment Capacity:
- Minimum Income: ₹10,000/month for salaried; ₹1.2 lakh/year for self-employed.
- PMAY: ₹3–18 lakh annual income (EWS, LIG, MIG).
- Debt-to-Income Ratio: EMI should not exceed 50–60% of net income.
- Income Stability: Consistent salary slips, ITRs, or business financials are critical for approval.
Credit Score:
- CIBIL Score: 750+ ensures better approval chances and lower interest rates.
- Below 700: May lead to higher rates or rejection.
- Repayment History: No defaults, bankruptcies, or frequent inquiries strengthen the profile.
- Impact: Influences loan amount, rate, and processing speed.
Loan Type and Purpose:
- Home Loan: For purchase, construction, or renovation; up to ₹10 crore, tenures up to 30 years.
- Loan Against Property (LAP): For personal/business use; up to 65% of property value, tenures up to 15 years.
- Top-Up Loan: Additional funds on existing loans.
- Balance Transfer: To reduce interest burden.
- PMAY Loan: With subsidy benefits.
Property Characteristics:
- Type & Approval: Home loan requires residential properties with valid approvals. LAP covers residential, commercial, or industrial with clear title.
- LTV Ratio: Up to 90% for home loans (≤ ₹30 lakh), 80% for higher amounts. LAP up to 65%.
- Legal & Technical Clearance: Valid title deed, NOC, valuation by ICICI-approved valuers.
- PMAY: Must meet size (30–200 sq.m.) and cost norms.
Interest Rates:
- Home Loan: Starting at 8.75% p.a. (floating), fixed options available.
- PMAY: Subsidized rates (e.g., 6.90% up to ₹9 lakh).
- LAP: 9–11% p.a., depending on profile.
- Rate Influencers: Credit score, loan amount, employment type, and property category.
Loan Amount and Tenure:
- Home Loan: ₹5 lakh to ₹10 crore.
- LAP: Based on property value (up to ₹100 crore possible).
- PMAY: Up to ₹35 lakh with subsidy.
- Tenure: Home loans up to 30 years, LAP up to 15 years, PMAY up to 20 years.
- Tenure Tip: Longer terms reduce EMI but raise total interest; shorter terms suit higher repayers.
Documentation:
- KYC: PAN, Aadhaar, passport, or voter ID.
- Income Proof:
  • Salaried: Salary slips, Form 16, 6-month bank statements.
  • Self-Employed: ITRs, financials, 2–3 year bank statements.
  • NRI: Overseas income proof, visa, work contract.
- Property Docs: Sale agreement, title deed, approved plan.
- PMAY: Income certificate, no-ownership affidavit.
Fees and Charges:
- Processing Fee: Up to 0.50% for home loan, up to 1% for LAP (plus GST).
- Other Charges:
  • Legal/technical fees: ₹2,000–₹10,000.
  • Prepayment: Nil for floating-rate loans, 2% for fixed-rate LAP.
  • Late EMI: 2–3%/month on overdue amount.

Frequently Asked Questions (FAQs)

What types of mortgage loans does ICICI Bank offer?

Home Loan: For purchasing, constructing, or renovating a residential property.
Loan Against Property (LAP): Borrowing against residential or commercial property for personal or business needs.
Top-Up Loan: Additional funding over an existing home loan or LAP.
Balance Transfer: Transferring high-interest loans from other banks to ICICI for lower rates.
PMAY: Subsidized loans for affordable housing for EWS, LIG, and MIG categories.

Who is eligible for an ICICI Bank mortgage loan?

Applicant Types: Salaried, self-employed professionals (e.g., doctors, CAs), non-professionals (business owners), and NRIs.
Age: 21–65 years (up to 70 for self-employed) at loan maturity.
Income:
- Salaried: ₹10,000/month minimum
- Self-Employed: ₹1.2 lakh/year minimum
- PMAY: ₹3–18 lakh/year (EWS/LIG/MIG)
Credit Score: Preferably 750+
Property: Clear title, meets valuation criteria
Co-applicants: Up to 4 co-applicants can enhance eligibility

What is the maximum loan amount and tenure?

Home Loan: Up to ₹10 crore, tenure up to 30 years
LAP: Up to 65% of property value (60% if loan > ₹5 crore), tenure up to 15 years
PMAY: Up to ₹35 lakh, tenure up to 20 years
Top-Up / Balance Transfer: Based on existing loan and eligibility

What are the interest rates for ICICI Bank mortgage loans?

Home Loan: Starts at 8.75% p.a. (floating)
LAP: Typically 9%–11% p.a.
PMAY: 6.90%–7.30% p.a.
Women Borrowers: Get 0.05%–0.10% rate concession
*Rates vary by profile, credit score, and employment type.

What documents are required to apply?

KYC: PAN, Aadhaar, passport, voter ID, or driving license
Income Proof:
- Salaried: 3 months’ salary slips, Form 16, 6 months’ bank statements
- Self-Employed: 2–3 years ITR, balance sheets, bank statements
- NRI: Salary slips, visa, work contract, overseas bank statements
Property Documents: Sale deed, title deed, approved plan, NOC
PMAY: Income certificate, no-ownership affidavit

How can I apply for an ICICI Bank mortgage loan?

Online: Visit www.icicibank.com or use iMobile Pay app to apply
Offline: Visit an ICICI branch and submit documents
DSA: ICICI-authorized agents can assist
Timelines: 72 hours for Express Home Loan, longer for LAP due to property checks

What are the processing fees and other charges?

Home Loan: Up to 0.50% of loan amount + GST
LAP: Up to 1% + GST
Other Charges: Legal/valuation: ₹2,000–₹10,000
Prepayment: Nil for floating-rate home loans; 2% (plus GST) for fixed-rate LAP
Late Payment: 2%–3% monthly on overdue EMI

Can I prepay or foreclose the loan?

Floating-Rate Loans: No charges
Fixed-Rate Loans / LAP: 2% (plus GST) prepayment charges
Overdraft Facility: Flexible prepayment, interest only on utilized amount

What tax benefits are available?

Home Loan:
- Section 80C: ₹1.5 lakh on principal
- Section 24: ₹2 lakh on interest
LAP: Interest deductible as business expense (if used for business)
PMAY: Additional ₹1.5 lakh under Section 80EEA (first-time buyers)

What is the PMAY scheme, and how does it apply?

Overview: Govt-backed scheme with interest subsidy
Eligibility: Income ₹3–18 lakh/year, first-time homebuyers, property 30–200 sq.m.
Subsidy: 3%–6.5% interest subsidy (up to ₹2.67 lakh benefit)
ICICI: Offers PMAY loans at 6.90%–7.30%, female co-ownership required in some cases

Can I transfer my existing loan to ICICI Bank?

Balance Transfer: Available for eligible borrowers with good repayment history (6–12 months)
Benefits: Lower rates, top-up loan option, no prepayment penalty on floating rate
Fees: 0.50% + GST

What is the Instant Home Loan feature?

Eligibility: Pre-approved ICICI customers
Loan Amount: Up to ₹3 crore
Process: Instant sanction via app/website, upload documents later

Does ICICI offer loans for under-construction properties?

Yes, for ICICI-approved projects/builders
Disbursement: In stages, based on construction
Requirement: Tripartite agreement, demand letters, approved plans
Interest: Only on disbursed amount (pre-EMI)

What is the overdraft facility in LAP?

Available under LAP
Features: Withdraw/redeposit funds as needed
Benefit: Interest charged only on amount used, ideal for business liquidity

How is the EMI calculated, and can I customize it?

Calculation: Based on loan amount, interest rate, and tenure
Tools: Use EMI calculator at www.icicibank.com
Step-Up EMI: Option for increasing EMI over time
Tips: Longer tenures = lower EMI but more interest; shorter tenures = higher EMI, less interest

List of ICICI Bank Mortgage Loans

Home Loan
Balance Transfer
Loan Against Property (LAP)

Home Improvement Loan
Land Loan
NRI Home Loan

Top-Up Loan
Money Saver Home Loan
Step Up Home Loan

Home Overdraft
Pradhan Mantri Awas Yojana (PMAY) Scheme
Express Home Loans

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