ICICI Bank 'Instant Home Loan': Get credit up to Rs 1 crore for your dream home instantly using internet banking

Home Loan: ICICI Bank has today announced the launch of two instantaneous home loan facilities, which it claims to be first-of-its-kind in the industry. The first facility enables customers to get final sanction letter for new home loans instantaneously, while the second service allows existing customers to take a top-up loan and instantly receive the money in their account in a fully digital manner. "The first service - called ‘Instant Home Loan’, enables lakhs of pre-approved salaried customers of the Bank to avail final sanction letter digitally & instantly for loans up to Rs 1 crore for a tenure of up to 30 years (based on the age of the customer) using the Bank’s internet banking facility," said the bank.

It added that this facility significantly improves the customers’ convenience as they no longer need to visit a branch to submit physical documents like application form, KYC and income documents. It is a marked improvement on the existing practice of customers getting provisional sanctions of home loans from lenders on the basis of their self-declared information. The final sanction letter, which is delivered instantly from the Bank to the customer’s registered email id, is valid for six months, it said. 

However, 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. 

"The second initiative, ‘Insta Top Up Loan’, helps existing home loan customers of the Bank to avail the facility of topping up his/her loan instantaneously up to Rs 20 lakh for a tenure of up to 10 years, in a completely digital and paperless manner. The facility helps the customers 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," said ICICI Bank. 

For the instant home loan, the Bank examines the creditworthiness and eligibility of existing customers, by using an intelligent combination of multiple financial parameters such as credit bureau checks, salary credits, average balances, repayment track among others. Based on the credit score of the customer, the Bank provides a pre-approved new home loan or top-up home loan offer. 

Aspirant home loan borrowers can avail the instant home loan facilities of availing an instant sanction letter or top up a home loan in using the Bank’s internet banking facility. The facility will also be available on iMobile shortly. 

Steps for instant home loan approval:

1.    Log in to retail internet banking > click on ‘My accounts’ > Loans > click on instant sanction - home loan 

2.    Select the amount and tenure required > pay processing fee as displayed.

3.    Download or get sanction letter on email id

(At this stage, borrowers can also check their PMAY eligibility on this page by filling a few details) 

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Steps for instant top up home loan:

1.    Log in to retail internet banking > exclusive offerings > view offer on apply online

2.    Choose loan amount and tenure. Customer will get an OTP on registered mobile number

3.    Enter OTP and click on ‘Disburse now’

4.    Loan in credited to account instantly