We all dream of buying a home. In fact, I would say it’s good to have one property which you can call it your own. A physical property will serve as a tangible fixed asset which will provide returns in the form of appreciation and rental income in case you rent it out.
These days most of the people buy a home with their savings and a home loan. Home loan has become a must these days due to the price of the properties have skyrocketed in major metros.
However, the most tedious step involved while obtaining a home loan is the paperwork and the time it takes. Sometimes the numbers of documents involved are endless. I have personally been through this and the time it takes drove me crazy. But now, it’s ICICI Bank which has come up with an innovative solution for this problem.
ICICI Bank has recently launched its Instant Home Loan facility. Under this,
- The first service – ‘Instant Home Loan’enables its customers to get final sanction letter for new home loans instantaneously.
- The second service – ‘Insta Top Up Loan’ allows existing customers of its home loan to take a top-up loan and instantly receive the money in their account in a fully digital manner.
Instant Home Loan –
Instant Home Loan facility is available to people having a salary account with ICICI Bank.
This facility enables you to avail final sanction letter digitally & instantly for loans uptoRs 1 crore for a tenure of upto 30 years using the Bank’s internet banking facility.
This facility significantly improves your convenience as you no longer require visiting a branch to submit physical documents like application form, KYC and income documents. The final sanction letter, which is delivered instantly to your registered email id, is valid for six months. For the disbursal of the home loan, the borrower needs to visit the nearest branch or contact the assigned relationship manager with the sanction letter and the documents of the home he/she wants to purchase.
Steps to apply 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 6 months from the date of generation of the sanction letter.
Insta Top Up Loan –
Insta Top Up Loan helps existing home loan customers of the Bank to avail the facility of topping up his/her loan instantaneously uptoRs 20 lakh for a tenure up to 10 years, in a completely digital and paperless manner. The facility helps you to get the top up amount disbursed immediately in their account as compared to the industry practice of approving and disbursing a top-up home loan in a few working days.
Steps for instant top up of home loan:
- Log in to retail internet banking > exclusive offerings > view offer on apply online
- Choose loan amount and tenure. Customer will get an OTP on the registered mobile number
- Enter OTP and click on ‘Disburse now’
- Loan in credited to account instantly
After availing of the instant Home Loan sanction you need to submit your documents at the time of disbursement. 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 (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
Interest rate is in slabs starting with 9.1% p.a. for loans up to 35 lakh and there are no prepayment charges. For other charges, you can visit the bank website.
If you have a salary account with ICICI Bank you could check your pre-approved offer by logging in the internet banking platform.