ICICI housing loan Documents list
ICICI Bank’s Home Loans
ICICI Bank’s Home Loans are characterised by long tenures and low EMIs on the back of comparatively low interest rates.
The interest rates quoted on home loans less than Rs. 75 lakhs for salaried individuals is as low as 10.15% up to June 2014.
ICICI Bank offers home loans to both residents as well as non resident Indians to three categories of individuals - salaried, self employed professionals self employed non professionals.
The documentation required by the bank varies for the different categories. Letâ€™s look at the different documents to be given for each of these categories: ď ľ
Salaried individuals must submit the application form duly signed along with photographs.
The regular Know Your Customer (KYC) documents comprising of identity, residence and age proof should be submitted.
Along with this, the last 6 months bank statements, the last 3 months salary slips,
Form 16/Income Tax returns and the cheque for the processing fee will need to be submitted.
Self Employed Professional: 1.
Self-employed professionals will also need to give a duly signed application form, photographs, identity, residence and age proofs, the last 6 months bank statements and the processing fee cheque.
In addition to this, self employed professionals should submit education qualification certificate and proof of business existence.
The last 3 years Income Tax Returns with computation of Income along with the last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account are additional documents to be provided.
Self Employed Non Professional:
The document list for this category is the longest among the 3 categories of borrowers. Home loan application form which is duly signed along with the photographs, KYC documents of identity, residence and age proof, processing fee cheque and the last 6 months bank statements will need to be provided.
In addition, there is documentation needed for proof of business existence, business profile, last 3 years Income Tax Returns with computation of Income along with the last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account.
If you are an existing customer of ICICI Bank, you can enjoy the benefit of reduced documentation.
You will need to sign in to your account using your debit card, credit card or loan account.
Thereafter, you can get an instant e-approval, after which you can hand over the documents to be submitted.
You can also enhance the eligibility of your home loan by making your spouse the coapplicant. In this case, you will need to provide all the required documentation for the co-applicant as well.
Note that co-owners of the property must necessarily be co-applicants, although coapplicants need not be co-owners.
These documents are required to be given at the initial stage to the bank. A very important condition of the home loan is that you should either be salaried or self employed with a regular source of income. Thus the bank would first want to establish this aspect. Once your credibility and repayment capacity have been ascertained by the bank by verifying your salary slips or business income statements, then it will move on to the next stage. This involves gives information about the property to be purchased and handing over the necessary document copies from the builder relating to the land and property. After the registration of the property, the bank will require you to deposit the original property papers as a security. This is because the property you have purchased will be the primary security for the bank on the basis of which you receive the home loan.
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