ICICI Home Loan for Senior Citizens

Banks might hesitate to loan senior citizens due to concerns about repayment capabilities. Factors such as fixed incomes or potential health issues could be considered risks in ensuring timely repayment. However, ICICI Bank is there to help seniors get their dream home. ICICI offers home loans for seniors; special programs like Apna Ghar are available for customers. The bank will support you if your dream home takes you into gated communities, gram panchayats, and regularised colonies. Moreover, Urban Money has excellent resources that will assist you in making a smooth loan sanction experience.

ICICI Home Loan for Senior Citizens - Highlights

Features ICICI Home Loan for Senior Citizens  
Interest Rate From 9.00 %  p.a onwards
Loan Amount Up to Rs 3 crore
Repayment Tenure Up to 30 years
Additional Benefits Flexible eligibility norms Subsidy benefits of up to 2.67 lakhs Quick loan disbursal
Balance Transfer facility Reduce your EMI burden if you are repaying an additional home loan.

ICICI Home Loan for Senior Citizens - Fees and Charges

Customers applying for an ICICI Home Loan for Senior Citizens can expect the following fees and charges.

  • Loan processing fee (non-refundable): 0.50% to 2.00% of the loan amount or Rs.3000/-, whichever is higher, plus applicable taxes and other statutory charges.
  • Management fee: Applicable tax of 0.25% of facility value or Rs.5000/- whichever is less.

ICICI Home Loan for Senior Citizen - Documents Required

On top of the personal identification and residence proof, applicants must provide the following documents for a successful application for an ICICI home loan for senior citizens.

For purchase of builder property
  • Sale agreement
  • No Objection Certificate from the builder
  • Letter from the builder with construction progress status
  • Original Own Contribution receipt & bank clearance
  • Registered Sale Deed
  • Completion/Occupancy Certificate
  • A demand letter from the builder

Moreover, for self-construction, applicants must provide documents like an original registered sale deed/lease, deed/partition deed/gift deed, approved building plans, tax receipt, etc. 

ICICI Home Loan for Senior Citizen - Eligibility Criteria

The borrower should be a select/premium salary account holder of ICICI Bank. To qualify for the loan, the borrower must be an Indian citizen aged at least 60 and own a self-occupied residential property in India with a clear title and a residual life of at least 20 years. Married couples can jointly apply if one spouse is over 60 and the other is above 55.

Urban Money