ICICI Home Finance (ICICI HFC) Home Loan

ICICI Home Finance Home Loan Highlights
Interest Rate	9.20% p.a. onwards
Loan Amount	Rs 3 lakh – 5 crores
Tenure	Up to 25 years
Processing Fees	0.75%-3%

Note: Rates as of 5th June 2023

ICICI HFC Home Loans Interest Rates 

Floating-Rate Home Loans

Loan Type	Interest Rates
Regular Home Loan	For salaried- 9.20% p.a. onwards For self-employed- 9.35% p.a. onwards
Apna Ghar	For salaried- 11.50% p.a. onwards For self-employed-12.25% p.a. onwards

Fixed-Rate Home Loans

Applicant Type	Interest Rate
For Salaried Applicants	11% p.a.
For Self-employed Applicants	11.15% p.a.

Compare Interest Rates on Home Loans for Top Banks & HFCs

Name of Lender	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI	8.50% - 10.15%	8.50% - 10.05%	8.50% - 10.05%
HDFC	8.50% - 10.35%	8.50% - 10.60%	8.50% - 10.70%
LIC Housing Finance	8.45% – 10.35%	8.45% – 10.55%	8.45% – 10.75%
ICICI Bank	9.00%-9.80%	9.00%-9.95%	9.00%-10.05%
Kotak Mahindra Bank	8.85% onwards	8.85% onwards	8.85% onwards
PNB Housing Finance	8.75% - 14.50%	8.75% - 13.00%	8.75%-11.35%
Punjab National Bank	8.65%-9.60%	8.60%-9.50%	8.60%-9.50%
Bank of Baroda	8.60% - 10.65%	8.60% - 10.65%	8.60% - 10.90%
Union Bank of India	8.50% – 10.75%	8.50% – 10.95%	8.50% – 10.95%
IDFC First Bank	8.85% onwards	8.85% onwards	8.85% onwards
L&T Housing Finance	8.60% onwards	8.60% onwards	8.60% onwards
Bajaj Housing Finance	8.50% onwards	8.50% onwards	8.50% onwards
Tata Capital	9.15% onwards	9.15% onwards	9.15% onwards
Federal Bank	10.15%-10.20%	10.20%-10.25%	10.25%-10.30%

ICICI Home Finance (ICICI HFC) Home Loan Fees and Charges

Charges	Home Loans
Processing Fees	0.75%-3%
Pre-payment charges	NIL
ECS/Cheques/NACH dishonor charges	Rs 500 or other amount specified by IHFC plus applicable taxes
Conversion charges	0.50% for housing loans, 1% for the non-housing loans plus applicable charges
Charges for pre-payment statement	Rs 500 plus applicable taxes
Copy of original documents	Rs 1,000 plus applicable charges
Charges for amortization schedule	Rs 100 plus applicable taxes
Repayment mode swap charges	Rs 1,000 plus applicable taxes
Charges for the swap of property	Rs 10,000 plus applicable taxes
Charges for a statement of account	Rs 100 plus applicable taxes
Charges on non-submission of PDC/NACH Mandate Form for EMI payment, per transaction	Rs 2000 plus applicable taxes
List of documents	Rs 500 plus applicable taxes
Penalty for delayed payment	2% per month plus applicable taxes
Charges for duplicate NOC/No dues	Rs 500 plus applicable taxes

Types of ICICI Home Finance (ICICI HFC) Home Loans

New Home Loan

• Purpose: Regular home loans for salaried as well as self-employed applicants

• Loan Amount: Rs 3 lakhs- 5 crores

• Tenure: Up to 25 years (capped at 60 years of age or retirement for salaried and 70 years of age for self-employed applicants)
• Processing Fees: 0.75% of the loan amount or Rs 11,000 plus applicable taxes

Apna Ghar Home Loan

Purpose: Affordable housing loan scheme for both salaried and self-employed applicants with Pradhan Mantri Awas Yojana’s (PMAY) subsidy benefit of up to Rs 2.67 lakh

Loan Amount: 

• Up to Rs 20 lakh for salaried
• Up to Rs 50 lakh for self-employed
• Processing Fees: 1% of the loan amount + GST @ 18%

Plot Loan

Purpose: Loan to salaried and self-employed individuals to purchase a plot of land for construction of the house

Loan Amount: Up to Rs 1 crore

Processing Fees: 0.75% of the loan amount or Rs 11,000

Home Improvement Loan

Purpose: Home loan for carrying out home repairs and renovations

Loan Amount: Rs 3 lakh- 5 crores

Tenure: Up to 20 years

Processing Fees: 0.75% of the loan amount or Rs 11,000

Home Loan Balance Transfer

Purpose: For transferring existing home loans availed from other banks and HFCs to ICICI Home Finance at lower interest rates

Loan Amount: Rs 3 lakh to Rs 5 crores

Tenure: Up to 25 years

Processing Fees: 0.75% of the loan amount

Also Know: What is the benefit of ICICI Bank balance transfer?

Top-up Home Loan

Purpose: To arrange finance for any personal/business requirements during the tenure of the home loan

Loan Amount: Up to Rs 1.5 crores

Tenure: Up to 20 years

Processing Fees: 0.75% of the loan amount or Rs 11,000

Also Know: How do I take a top-up loan with ICICI bank?

Insta Top-up Home Loan

Purpose: Loan provided over and above the existing home loan to meet the financial needs of the existing home loan and non-housing loan borrowers of ICICI Home Finance

Tenure: Up to 10 years

Loan Processing Time: within 72 hours

Apna Ghar Dreamz

Purpose: Affordable home loans for those lacking income proof documents along with PMAY’s subsidy benefits of up to Rs 2.67 lakhs

Loan Amount:

• Salaried: Rs 2 lakh- 20 lakh
• Self-employed: Rs 2 lakh- 30 lakh (up to Rs 50 lakh in Delhi/Mumbai)

LTV Ratio: Up to 80% of a Home’s market value

Tenure: Up to 20 years

Eligibility for ICICI Home Finance (ICICI HFC) Home Loans

For New Home Loan

Nationality

• Salaried: Indians residing in India and NRIs
• Self-employed: Indians residing in India

Age

• Salaried: 23-60 years of age for Indian residents; 25-60 years of age for NRIs
• Self-employed: 28-70 years of age

Income

• Salaried: Minimum monthly income of Rs 12,000
• Self-employed: Minimum annual income of Rs 1.5 lakh (after tax deduction)

Co-applicant

• Salaried/Self-employed: The age of the co-applicant should be 18-65 years

Also Check: Home Eligibility of Top Banks & HFCs

For Apna Ghar Home Loan

Nationality

• Salaried/Self-employed: Indian residing in India

Age

• Salaried: 25-60 years
• Self-employed: 30-70 years

Job Profile

• Salaried: Applicants working with partnerships, proprietorship, LLP or public or private sector companies, MNCs
• Self-employed: A self-employed doctor, lawyer, CA, CS, etc.

For Plot Loan

Nationality

• Salaried: NRIs and Indians residing in India
• Self-employed: Indians residing in India

Age

• Salaried: 23-60 years (resident Indians), 25-60 years (NRIs)
• Self-employed: 28-70 years

For Home Improvement Loan

Nationality

• Salaried/Self-employed: Indian residing in India

Age

• Salaried: 23-60 years (Indian resident); 25-60 years (NRIs)
• Self-employed: 28-70 years

For Home Loan Balance Transfer

• Applicant paying a higher rate of interest currently for a home loan and are looking for some relaxation
• Applicants with all EMIs paid for an existing home loan

For Top-up Home Loan

Nationality

• Salaried: Indian residents and NRIs
• Self-employed: Indian residents

Age

• Salaried: 21-60 years (Indian residents); 23-60 years (NRIs)
• Self-employed: 28-70 years

For Insta Top-up Home Loan

Existing home loan borrowers of ICICI Home Finance who have made repayments for at least 18 months

Also Read: How to Avail Insta Top-up Home Loan from ICICI Bank?

For Apna Ghar Dreamz Home Loan

Nationality

• Salaried/Self-employed: Indian residing in India

Age

• Salaried: 23-60 years (Income considered); 18-80 years (Income not considered)
• Self-employed: 23-70 years (Income considered); 18-80 years (Income not considered)

Minimum Income

• Salaried/Self-employed

Home Loan Repayment Options

• Step-up repayment facility- Where EMI increases with the increase in income
• Part-fixed and Part-floating– When the interest rate is fixed for a few years and floating for the rest of the years
• Flexible loan installment payment– For those applicants whose income will decrease in a few years, for eg., if you are nearing retirement
• Equated Monthly Installments (EMIs)– When a fixed amount is paid even when the income increases

Documents Required for ICICI Home Finance (ICICI HFC) Home Loan 

For New Home Loan

Salaried

• Duly filled and signed application form
• Residence and ID proofs for KYC, like, Aadhaar card, PAN card, voter ID, job card issued by NREGA
• Last 2-month salary slips, 3 months bank statement, Form 16
• Documents of the property (unless the property is not finalized)

Self-employed Individuals/ Non-individuals

• Completely filled and signed application form
• Property documents
• ID and residence proofs for KYC
• Latest 2 income tax returns, 6 months bank statement, latest 2 years balance sheet (with schedules), and P&L accounts

For Apna Ghar Home Loan

Salaried

• Filled and signed application form
• Residence proofs and ID proofs (Aadhaar card, voter ID, PAN card, job card issued by NREGA) for KYC
• Income proofs (3 months bank statements, last 2 months salary slips, Form 16)
• Property documents (unless the property is not finalized)

Self-employed

• Completely filled application form
• ID and residence proofs
• Last 2 months ITR, last 2-year financials such as P&L accounts and balance sheet (with schedules), 6 months bank statement
• Documents of the property unless it is not finalized

For Home Loan Balance Transfer

Salaried/Self-employed

• A letter was written by the existing lender on his letter-head mentioning the list of property documents submitted to him by the borrower
• Letter from the existing financial institution stating the latest outstanding balance on their letter-head
• Xerox of the property documents (unless the property is not finalized)

For Home Improvement Loan

Salaried

• Filled application form

• ID and residence proofs

• Income proofs (last 2 months salary slips, Form 16, job card issued by NREGA, voter ID)

• Property documents (unless the property is not finalized)

Self-employed Individuals

• Application form

• ID and residence proofs

• Income proofs

• Property documents (unless the property is not finalized)

Self-employed Non-individuals

• ID and residence proofs (PAN card, GST registration copy, MOA of the company, AOA)

• Completely filled application form

• Property documents (unless the property is not finalized)
• Income proofs

For Plot Loan

Salaried

• Application form duly filled
• Income proofs such as 3 months bank statement, last 2 months salary slips, Form 16
• ID and residence proofs for KYC
• Property documents (unless the property is not finalized)

Self-employed Individuals/Non-individuals

• Completely filled application form
• ID and residence proofs (Aadhaar, PAN, Voter ID)

For Self-employed non-individuals- PAN, GST registration copy, MOA of company, AOA

• Last 2 months ITR, P&L accounts and balance sheet (with schedules) for last 2 years, 6 months bank statements

For Top-up Loan

Salaried

• Application form filled and signed
• ID and residence proofs for KYC
• Income proofs such as last 2 months salary slips, 3-month bank statement, Form 16
• Property documents (unless the property is not finalized)

Self-employed Individuals/ Non-individuals

• Application form
• KYC proofs such as PAN, Aadhaar, voter ID

For self-employed non-individuals- PAN, GST registration copy, AOA, MOA copy of the company

• Income proofs like the last 2 ITRs, 6 months bank statements, P&L accounts, and balance sheet (with schedules) for the last 2 years

For Insta Top-up Loan

Salaried

• Application form
• KYC proofs such as Aadhaar, PAN, etc.
• Latest salary slip/1-month bank statement for income proofs

Self-employed

• Application form
• ID and residence proofs
• Last 1-month bank statement as income proofs

For Apna Ghar Dreamz Home Loan

Salaried

• Completely filled and signed application form
• Property documents (unless the property is not finalized)
• ID and residence proofs

Self-employed

• Application form
• KYC proofs
• 6 months bank statements (At least Rs 1,500 for home loan up to Rs 5 lakh and Rs 3,000 for loan above Rs 5 lakh)
• Property documents (unless the property is not finalized)

ICICI Home Finance (ICICI HFC) EMI Calculator

FAQs

1. How can the home loan applicants increase their home loan eligibility?
Ans. The home loan applicants can increase their home loan eligibility by adding a co-applicant like spouse or any immediate family member.

2. Does ICICI Home Finance provide preferential interest rates to women applicants?
Ans. Yes, ICICI Home Finance provides lower interest rates to women applicants. However, the HFC has not disclosed the concessions on interest rates offered to women applicants.

3. Who can be a co-applicant to my home loan?
Ans. Your spouse or any immediate family member can be the co-applicant. Adding woman as a co-applicant can help in availing home loans at lowers interest rate.

4. What is the minimum credit score required to avail home loans from ICICI Home Finance?

Ans. ICICI Home Finance has not specified the cut-off credit score for home loan applicants. However, the applicants with credit scores of 750 and above usually have higher chances of availing home loans at lower interest rates.

Click Here:- To know more about Credit Score based Home Loan Interest rates

5. Can I prepay the home loan availed from ICICI Home Finance?
Ans. Yes you can prepay your home loan availed from ICICI Home Finance, in part or in full. There are no prepayment charges levied on home loans with floating rates. However, the HFC levies prepayment fees of 2% on the outstanding loan amount for fixed rate home loans.

6. What are the benefits of EMI planning?

Ans. Home loan lenders usually prefer lending to those applicants whose total EMIs, including the existing EMIs as well as the EMI of the proposed home loan, is within 50-60% of their monthly income. Applicants exceeding this ratio have very low chances of availing home loans. Thus, home loans applicants should use home loan EMI calculator to find out their EMI affordability after factoring in their existing EMIs, monthly unavoidable expenses and monthly investments for their crucial financial goals. Doing so would reduce the chances of home loan rejection, find them their optimum home loan tenure based on their repayment capacity and ensure long term financial fitness.

7. Can I choose between a fixed and floating rate of interest?
Ans. ICICI Home Finance offers home loans at both fixed and floating rates of interest.