Home Loan Application Process in ICICI Bank

I have written this post to share my experience about the home loan process in ICICI Bank, Nagras Road, Aundh Pune.

Taking a Home loan  is a 2 step process -

1. Sanction Process
2. Disbursement Process (Legal and Technical)

Please  note that home loan process differs depending upon below factors - salaried/businessman, resale/new property etc.
I am salaried employee and I am applying for a home loan to buy a resale property. So this post applies to salaried-resale case.

Now let us understand the sanction process -
After you apply for a home loan, you will have to submit below documents.

• Passport size photo for Applicant & Co-applicant.
• ID proof (Pan card/Driving License/Passport/Election ID)- Applicant & Co-applicant.
• Age proof ( Pan card/Driving License/Passport/Election ID)- Applicant & Co-applicant.
• Residence proof (Electricity Bill/Leave & License Agreement & Telephone/Electricity Bill of Land line).
• Latest Land line or post-paid Mobile Bill.
• Latest salary slips ( Applicant & Co-applicant).
• Latest 6 months Bank Statement where salary gets credited.(Applicant & Co-applicant)
• Latest Form 16 (Applicant & Co-applicant).
• Administrative Fee cheque  favoring 'ICICI Bank Limited' (0.50% of Loan amount+Service Tax).
• Track record of All kinds of  loans if any (Personal/Auto etc)
• Bank Statement - 6 months
• Passport

In case there is existing loan on the property, Below documents (Seller's are required)

• Foreclosure Statement from the loan issuing bank.
• All documents submitted to the loan issuing bank.
• Repayment track of existing loan.

After you have submitted above documents, bank will sanction the loan and then home loan disbursement process starts.

There are 2 types of documents that are required to complete loan disbursement.

• Legal Documents

1. Latest Search and Title report
2. Draft Copy of Sale Deed
3. Society registration Certificate
4. NOC from Society
5. If there is existing loan on the property, Foreclosure letter and other documents submitted to the bank

• Technical Documents

1. Copy of previous agreement
2. Completion Certificate
3. Sanction plan/ Blue Print

 After clearance of above documents, Bank initiates the loan disbursement process.