1. When can you apply for a loan?

The moment you decide to buy a home, you can put in your application for a Home Loan with ICICI Home Finance. You can apply for a Home Loan even before you have selected the property. The loan amount would be sanctioned or approved, based on your repayment capability.

2. What are the loan tenure options?

ICICI HFC offers loans up to 20 years, provided the term does not extend beyond 65 years of age or the retirement age, whichever is earlier.

3. How is the interest charged/ calculated?

Interest is calculated on monthly rest.

4. Who can be the co-applicants for the loan?

• Your spouse can be a co-applicant for the loan.
• Co-owners need to be co-applicants too. You can consult your Home Loan counselor for any other approved co-applicants for the loan.

5. What are the securities/ collaterals you need to provide?

Security for the loan is a first and exclusive charge of the property to be financed, by way of deposit of title deeds and/ or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from any encumbrances.

6. What are the stages involved in taking a loan?

• Application - Submit a completely filled in application with all the necessary documents.
• Sanction - You get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property.
• Disbursement – Transfer of loan amount.
• Disbursement – Disbursement will be made as per stage of construction.

• Home Loan
• Land Loan
• Office Premises Loan
• EMI Under Construction
• Balance Transfer
• Top-Up Loan
• Loan Against Property
• Lease Rental Discounting

8. What is a Monthly Reducing Balance?

An Equated Monthly Installment (EMI) has 2 components: interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in significant savings for the customer over the tenure of the loan.

9. What is an Annual Reducing Balance?

An Equated Monthly Installment (EMI) has 2 components: interest and principal. When the interest is calculated on annual rests, the principal reduces only at the end of the year. Therefore, you continue to pay interest on a portion of the principal that you have already actually paid back to the lending company.

10. How does ICICI Home Finance help you in selecting a property of your choice?

Through ICICI Home Search, you can identify a property that fulfills your requirements from a vast database of properties. We arrange for site visits to the properties short-listed by you, and also assist you with the legal documentation. This service comes to you free of cost for first sale properties. This facility is available in select cities only.

11. What is an amortization schedule?

An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the break-up of every EMI towards repayment interest and outstanding principal of your loan.

12. Can you get IT certificates in the name of both the applicant and co-applicant separately?

As per IT rules, only one certificate can be issued for a Home Loan hence one certificate will be issued in the name of both the applicant and co applicant.

13. When is the IT certificate issued?

You can request for a provisional IT certificate that can be issued any time during the course of the year.The final IT certificate will be issued at the end of a financial year. You can expect to receive your copy in the month of April or May.

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