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Home / Money / Calculators /  Product Crack: ICICI Bank Express Home Loans

ICICI Bank Ltd has launched an initiative for quick approval of home loans called Express Home Loans. The bank claims that the approval process can be completed within eight working hours. Customers can fill application forms and upload know-your-customer (KYC) and other documents online. The final loan approval will also be given online without the need to visit a branch. This service can be used by all salaried individuals even if they are not ICICI Bank customers.

How does it work?

You need to log on to www.icicibank.com/homeloanonline and fill in basic details such as the city in which the property you want to purchase is located, purpose of loan, property cost, your date of birth, and income details. You have the option to enter a co-applicant’s name as well. When you click on ‘Get Quote Now’, based on your income and other details, you will be given an ‘approved’ loan amount, a predetermined loan tenure (maximum tenure is determined by the bank) and a fixed and floating interest rate offer. Currently, the bank has waived off administrative fees and processing charges for all salaried customers who apply through the portal. On clicking ‘Apply Now’, you will be asked to give your name and mobile phone number.

Once you have submitted this information, you will have to fill up the home loan application form. The application is auto filled if you are an existing ICICI Bank customer. The application form includes details such as your current home address, office address, email, and number of dependants. Once you submit the application form, an application reference number is generated and a provision is given for uploading documents, which is optional. The documents that need to be uploaded include signature verification document, your photograph, address proof, ID proof, income proof and bank statements. Once you hit submit, your home loan application will be processed and an e-approval will be given within eight working hours.

Mint Money take

ICICI Bank’s home loan portal is a good way of knowing your eligibility as regards the loan amount and tenure. However, it might not be the right way to apply for a loan, unless you already have a loan and know about the process. This is because even though a home loan approval is given within eight hours, the actual sanction happens only after the verification of documents and your signature on the forms provided by the bank. So, the actual process would take 3-7 days.

The final sanction would depend on whether the project is approved by the bank. Also note that the bank will not change the loan amount, tenure or interest rate, once the e-approval is given. This means you cannot negotiate on these. Hence, it would be best to visit a bank branch to avail a home loan, especially if you are a first-time borrower, as this can be a complicated process and you need to know every detail, including how the interest rate is calculated, prepayment charges, repayment schedule and debit mandate. You should also shop across institutions to get the best possible deal on your loan.

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