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ICICI Bank Step Up Home Loans FAQs

How does Step Up Home Loans work?

Step Up Home Loans are funded keeping into account the expected growth in salary income. Hence, the loan amount of step up home loan is more than the amount of home loans done under normal income parameter.

Can I make part payments into home loan account?

Pre-payment can be made into the home loan account after commencement of the EMI for the loan (during the secondary tenure of the loan only).

What are the interest and other charges for availing ICICI Bank Step Up Home Loans?

The rate and other charges are same as applicable to a standard home loan.

Can I avail a Top-up Loan under home loan?

Top-up loan can be availed only during the secondary tenure of the home loan.

How does Step Up Repayment Facility help to avail a higher loan amount?

Under Step Up Repayment Facility, the loan is funded keeping into account the expected growth in income. Hence, the loan amount is more than the normal income assessment.

How is the repayment structured under Step Up Repayment Facility?

The repayment under Step Up Repayment Facility is structured into 2 parts: 

- Initial (Primary) period of 3-5 years only interest is payable.
- Secondary period (balance term) EMI is payable.

What is the process for making a part payment for my home loan?

You can make a part payment request for your home loan through any of the following channels:

Online process through National Electronic Funds Transfer (NEFT):
Yes, ICICI Bank accepts part payment of your home loan through National Electronic Funds Transfer (NEFT). In case you want to make part payment on your home loan account through NEFT, you need to visit the nearest ICICI Bank Asset Servicing Branch. The Service Request number received at the branch must be mentioned in the remarks column in the NEFT form while making part payment through NEFT. Please note that the NEFT transactions with invalid request numbers will be rejected.

Customer Care:
If you have a ICICI Bank A/c then you may call our Customer Care to do a part payment for your Home Loan. To know the local Customer Care numbers, please click on the below mentioned link.

https://www.icicibank.com/customer-care.page.

ICICI Bank branch:
You may visit the nearest ICICI Bank Asset Servicing Branch along with your valid ID proof as PAN card and payment mode either through cash, cheque or DD to make the part payment for your loan account.

You may look for the nearest ICICI Bank Asset Servicing Branch on our website www.icicibank.com > Find ATM/Branch.

Who can avail this product?

To be eligible for this product, the borrower:

  • Should be working with select corporates as identified by ICICI Bank
  • Should have a minimum salary of Rs 20,000 per month
  • Should not be more than 40 years old

What is the maximum tenure which can be availed for Step Up Home Loans?

The maximum loan tenure under Step Up Repayment Facility is 20 years.

If the customer had a home loan earlier, but as per CIBIL the loan is closed. Can we fund him under Step Up Repayment Facility?

Yes. If there is no running loan at the time of loan application, the customer can avail the Step Up Repayment Facility.

What is the minimum income required to avail Step Up Home Loans?

The minimum income required to avail the Step Up Repayment Facility is ₹20,000 per month.

Can I avail Step Up Home Loan for a resale transaction?

Yes, the Step Up Repayment Facility can be availed for both, builder purchase and resale transactions. For completed properties/ resale, the maximum primary period will be 3 years.

I had a home loan, but now the loan is closed, can I avail Step Up Home Loans?

Yes, since there is no running loan at the time of loan application, you can avail this facility.

Which all products can I avail under Step Up Home Loans?

Only home loans are offered as Step Up Loans.

Can I avail repayment under Step Up Home Loans if I already have an existing Home Loan?

No, an existing loan cannot be switched to Step Up Repayment Facility. 

I already have a housing loan, can I take another home loan under the Step Up Repayment Facility?

No, if you have an existing home loan, you will not be eligible for the Step Up Repayment Facility. 

How will be the repayment schedule under this product?

The repayment schedule is divided into two terms – Initial or Primary term & Secondary or Balance term. The initial or Primary period is for 3-5 years. Only interest is payable during this period. During the Secondary or Balance term EMI (interest and principal) is payable.