Getting a home loan is an integral step toward acquiring the home of your dreams.  It is the determining step between you and your dream home.  To get a home loan with ICICI HFCa person just has to complete some formalities with the bank, and the loan will get sanctioned within 3 to 5 days.  The eligibility criteria for home loans from ICICI HFC is one of the easiest among all NBFCs and banks in the market.  Half of your work is already done when you choose a housing loan from ICICI HFC.  This article will take you through what is a home loan, its features and benefits, and how to apply online for a home loan with ICICI HFC.

What is Home Loan

home loan, often known as a mortgage, is a sum of money obtained by an individual, typically from banks and lending institutions.  Home loans provide you with a lump sum advance of funds towards the purchase of your desired house, which is repayable with interest.  A home loan, thus, allows you to acquire a residential property and grow an asset while receiving tax benefits.  This is one of the added benefits of a home loan.  The housing loan amount can be returned over a certain length of time mutually decided by both parties.

Features & Benefits of Home Loan

Many finance companies, public banks, and private banks provide housing loans, in which you borrow money to buy the house of your choice and repay the loan in monthly installments.  ICICI HFC  brings a range of home loan schemes that suit the different requirements of our customers.  ICICI HFC caters to every section of society, including the individuals working in government, private, non-profit, unorganized sectors, salaried, self-employed professionals, cash-salaried professionals, permanent, temporary, and so on.  In short, ICICI HFC has a suitable home loan for everyone in India.

Listed below are some of the features and benefits of a home loan.

  • The tax benefits that can be received -

The most significant benefit of a home loan is the income tax deduction available for interest and principal repayments.  You can claim up to INR 1.5 lakh in principal repayments under Section 80C, up to Rs.2 lakh in interest repayments under Section 24B, up to INR 2 lakh in interest repayment under Sections 80EE and 80EEA, and up to INR 1.5 lakh in stamp duty expenditures under Section 80C.  With ICICI HFC, you can avail up to INR 30 lakhs home loan under Apna Ghar scheme (it will be up to INR 50 lakhs if you are in Delhi or Mumbai).  So you can take tax benefits on this amount.

  • Low rates of interest provided for the loan -

The interest rate on a house loan is substantially lower than the interest rate on any other loan type available.  This is another significant benefit of a home loan.  If you are facing monetary constraints, you may be able to acquire a top-up on your existing house loan at a cheaper interest rate than a personal loan to remedy the problem.

  •   No ITR is required –

ICICI HFC doesn’t ask you for ITR while processing your loan.  You can apply and get a home loan sanctioned from ICICI HFC even if you don’t file ITR.

  • Thorough checking of the property by ICICI HFC reduces the risk of being scammed -

When you buy a house through ICICI HFC, the bank will perform extensive legal checks on the property and determine whether all of the paperwork you have submitted is authentic.  This due diligent assessment by the bank will lower your chances of getting defrauded.  If the bank authorizes the property, you and your family are safe.

  • Long loan repayment periods for the loans -

Home loans, unlike other types of loans, have lengthier repayment terms, up to 25-30 years.  This is due to the substantial loan amount required to purchase a house.  Spreading the loan amount and related interest over a longer term reduces monthly EMIs, easing the borrower’s burden.

Eligibility Criteria for Home Loan

The Eligibility Criteria for Home loandiffer from bank to bank.  The basic requirements by ICICI HFC that every applicant must follow are -

  • The loan applicant must be of the age of 18 years, which is the bar for the minimum age.  The maximum age bar would be 60 years
  • The applicant must be an Indian citizen or a Non-Resident India (NRI) or a Person of Indian Origin (PIO)
  •  As per the criteria for the occupation of the applicant, he/she can be salaried or self-employed
  • The loan applicant must have the required credit score.  This is one of the most crucial eligibility criteria for a home loan.  ICICI HFC offers home loan to individuals having no CIBIL in Apna Ghar scheme.

How does EMI default impact CIBIL score

CIBIL scores are used by banks and other lending institutions to determine a person’s creditworthiness.  This number is calculated by credit bureaus and normally runs between 300 and 900.  It denotes a person’s ability to repay borrowed credit, such as loans.  In some cases, the impact of EMI default on CIBIL score can also go to the extent of cancellation of a home loan.

If a person has a CIBIL score of less than 650, getting a loan from any financial institution becomes challenging.  However, ICICI HFC offers loans to applicants with no CIBIL score in Apna Ghar scheme.  

How to Apply for Home Loan

Now let us discuss how to apply for a home loan online.  Express Home Loans from ICICI HFC provides a speedy financial solution.  With the help of a provisional sanction letter, you can now obtain a home loan on a fast-track basis.  Express Home Loans from ICICI HFC is meant to make the home loan process quick and simple.  When you submit your application online, you will receive quick approval with minimum documents.  Submission of ITR is not mandatory for loan approval.  The Express Home Loan from ICICI HFC allows you to obtain a Home Loan sanction in just five simple steps.  You do not need to go to any Bank branch to learn how to apply for a home loan.

How to apply for a home loan online

  1. Submit your loan application form along with the required documents
  2. Pay a non-refundable login fee to carry out KYC checks 
  3.  Get your loan application quickly reviewed by our team of experts who study your existing EMIs, age, income, and property
  4. Get a loan amount approved by our team of experts who are present at each ICICI HFC branch
  5. Pay a processing fee
  6. The approved loan amount will be disbursed on the basis of the stage of construction of your property.

Why Choose ICICI HFC for Home Loan

ICICI HFC’s affordable housing loans are not like the typical home loan packages available.  An individual from any professional background may benefit from the loan under this housing loan scheme.  You are eligible to apply for this housing loan program regardless of your professional background.  Another important advantage is the simple loan approval requirements.  The fact that the ITR document is not required makes it easier to obtain the loan.  Speedy loan approval within 3 to 5 business days makes it an advantageous deal for people looking for hassle-free and fast funding assistance.  Read Documents Required for Home Loan for more.


ICICI HFC aims to assist every applicant and has a suitable loan scheme for everyone.  With 170+ branches spread across the country, ICICI HFC provides its customers with trusted financial support that helps people fulfill their cherished dream of owning a house.