ICICI Bank Home Loan

ICICI Bank Home Loan Highlights
Interest Rate	9.00%-10.05% p.a.
Loan Amount	As per the applicant’s eligibility
Tenure	Up to 30 years
Processing Fees	0.50%

Note: Rates as of 26th May 2023

Table of Contents Interest Rates Compare interest rates offered by other lenders Fees & Charges Types of ICICI Bank Home Loan Eligibility Criteria Documents Required Faq

ICICI Home Loan Interest Rates

Festive Offer Pricing

CIBIL Score	Salaried	Self-employed
>=800	9.00%	9.00%
750-800	9.00%	9.10%

Also Read: How you can build or rebuild your credit score with  Step UP Credit Card Co-branded with SBM Bank India Ltd

Standard Pricing

Slab	Floating Interest Rates (p.a.)
	For Salaried	For Self-employed
Up to Rs. 35 lakh	9.25%-9.65%	9.40%-9.80%
Rs. 35 lakh to Rs. 75 lakh	9.50%-9.80%	9.65%-9.95%
Above Rs. 75 lakh	9.60%-9.90%	9.75%-10.05%

Compare ICICI Home Loan Interest Rates vs Other Lenders

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	8.60% – 10.35%	8.60% – 10.55%	8.60% – 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 Loan Processing Fees & Other Charges

Particulars	Applicable Fees & Charges
Loan Processing Charges / Renewal Charges	0.50%
Prepayment Charges	· NIL for ICICI Home Loans and ICICI Home Improvement Loans with a floating rate of interest · 2% on the outstanding principal on full repayment for ICICI Bank Home Loan with a fixed rate of interest · 2% on the outstanding principal on full repayment for Top Up Loan if the applicant or co-applicant is Non-Individual · 4% on the outstanding amount of loan where the loan is given to Non Individual borrowers or with a fixed rate of interest to Individual borrowers.
Charges for late payment	· Home Loans: 2% per month · Home OD: 1.5% of the outstanding amount subject to a minimum of Rs. 500/- & Maximum of Rs.5000/-
Conversion charges for ICICI home loans	· Floating to Floating: 0.5% of the principal outstanding · Dual fixed rate to Floating: 0.5% of the principal outstanding · Floating to Dual fixed rate: 0.5% of the principal outstanding · Lifetime fixed to Floating: 1.75% of the principal outstanding
Repayment mode swap Charges	Rs 500
Document Retrieval Charges	Rs 500
Cheque bounce charges	Rs 500
Duplicate No Objection Certificate / No Due Certificate	Rs 100
Revalidation of No Objection Certificate	Rs 100
Administrative Charges	Rs 5000
CIBIL Report Charges	Rs 50
Legal, Repossession and Incidental Charges	At Actuals

Also know about home loan processing fees charged by top home loan lenders

Types of ICICI Bank Home Loan

Housing Loan

• Purpose: Regular home loans for purchase or construction of a new house
• Tenure: Up to 20 years

Instant Home Loans (Pre-approved)

• Purpose: ICICI pre-approved home loan facility with instant sanction offered to those having salary accounts with ICICI Bank
• Loan Amount: Up to Rs 3 crore
• Tenure: Up to 30 years

Express Home Loans

• Purpose: For availing home loans on a fast track basis through online application, quick processing and digital sanction. The Provisional Sanction Letter issued remains valid for 6 months from the date of issue.
• Loan Amount: Up to Rs 5 crore
• Tenure: Up to 30 years

Extraa Home Loan

• Purpose: Home Loan scheme with the provision of increasing the repayment period till 67 years of age of the applicant for enhancing the home loan amount by 20%. The enhanced loan amount and repayment tenure is backed by Mortgage Guarantee.
• Loan Amount: Up to Rs 2 crore
• Tenure: Up to 67 years of age of the borrower

Pre-Approved (Instant) Balance Transfer

• Purpose: A pre-approved instant home loan balance transfer facility offered to existing ICICI Bank customers for transferring their existing home loan availed from other banks/HFCs to ICICI Bank at lower interest rates.
• Loan Amount: Up to Rs 1 crore
• Tenure: Up to 20 years

Balance Transfer and Top-up

• Purpose: ICICI home loan balance transfer is offered for transferring existing home loans from other banks/HFCs to ICICI Bank at lower interest rates. Such borrowers can also additionally avail ICICI home loan top-up to meet their professional or personal requirements.
• Tenure: Up to 20 years

Pratham Home Loans

• Purpose: Home loans for affordable housing offered to salaried applicants with minimum salary of Rs 10,000 per month and self-employed applicants having business vintage of at least 5 years
• Loan Amount: Rs 5 lakh- Rs 50 lakh
• Tenure: Up to 20 years

Land Loan

• Purpose: ICICI Plot Loans are offered for purchase of land/plot
• Loan Amount: Rs 8 lakh-Rs 3 crore
• Tenure: Up to 20 years

NRI Home Loan

• Purpose: ICICI NRI Home Loans is the finance facility for NRI applicants for purchase/construction of house in India
• Tenure: Up to 30 years

Insta Home Loan Overdraft (Pre-Approved)

• Purpose: A pre-approved digital home loan overdraft facility with instant access to funds to meet the personal expenses such as education, home renovation, debt consolidation, other emergencies, etc.
• Loan Amount: Up to Rs 25 lakh

Insta Top-up Loan (Pre-Approved)

• Purpose: Pre-approved top-up loans to provide instant loan in just 3 clicks for funding personal and business requirements
• Loan Amount: Up to Rs 1 crore
• Tenure: Up to 10 years

Pradhan Mantri Awas Yojna (PMAY)

• Purpose: Interest subsidy of up to Rs 2.67 lakh for EWS, LIG and MIG groups for purchase of a new or old residential house, home construction, land purchase and construction of a dwelling unit and extension of existing residential property
• Tenure: Up to 20 years

ICICI Bank Home Loan Eligibility Criteria

For Express Home Loan

• Salaried and Self-employed individuals
• Resident and Non-Resident Indians

For Land Loan

• Salaried and Self-employed individuals
• Age: 25-65 years

For Extraa Home Loan

Middle aged salaried individuals up to 48 years of age, young salaried individuals up to 37 years of age, self-employed individuals

For NRIs

• Age: 21-65 years
• Salaried applicants with 1 year of employment overseas
• Self-employed applicants with 3 years of experience in current business overseas

For PMAY

• Age: 21-70 years
• Beneficiary or his family should not own a pucca house anywhere in the country
• The beneficiaries family would include wife, husband and unmarried children
• Either of the married couple or both together can apply for a single subsidy
• Beneficiary/beneficiary’s family should not have applied for any other government scheme or other benefits as under PMAY

ICICI Bank home loan eligibility may also depend on the monthly income and credit score of its home loan applicants.

Also know the home loan eligibility of top 10 banks and HFCs

Documents Required for ICICI Home Loan

Some of the common documents required for ICICI Home Loan are:

• Application form with photograph duly signed
• Proof of Identity
• Proof of Residence
• Proof of Age
• Processing fee cheque

For Salaried Individuals:

• Last 6 months bank statements
• Last 3 months Salary-slips
• Form 16 / Income Tax Returns

For Self-employed Professionals/ Self-employed Non-professionals:

• Identity, residence and age proof
• Last 6 months bank statements
• Form 16 / Income Tax Returns
• Proof of business existence
• Education qualification certificate and proof of business existence
• Last 3 years Income Tax Returns with computation of Income
• Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Know about the home loan documents required by lenders during loan application

FAQs

1. Does ICICI Bank offer pre-approved home loans?
Ans. ICICI Bank offers pre-approved instant home loans to its premium/select customers maintaining their salary account with the bank. The loan amount offered is based on the salary credits appearing in the salary account.

2. What is the minimum credit score required to avail home loans from ICICI Bank?
Ans. ICICI Bank has not specified the cut-off credit score for home loan applicants. However, the applicants having 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 rates

3. What is the validity of sanction letter issued at the time sanction of instant home loan?
Ans. The sanction letter is valid up to 6 months during which you get your home loan disbursed.

4. Can I choose between a fixed and floating rate of interest?
Ans. ICICI Bank offers home loans at floating rates only.

5. Can I make part-prepayments on my home loan availed from ICICI Bank?
Ans. Yes, you can prepay your home loan availed from ICICI Bank. It does not levy any prepayment charges on floating rates of interest.

6. How can you plan your home loan EMIs without burdening your finances?

Ans. Prospective home loans applicants should use online home loan EMI calculators to plan their monthly EMIs prior to making home loan applications. This is because lenders prefer home loan applicants having total EMIs, including existing EMIs and EMIs of proposed home loan, is within 50-60% of their monthly income. Thus, using home loan EMI calculator would reduce the chances of home loan rejection by allowing the applicants to opt for home loan tenure that contains their total EMIs within the aforesaid limit. Additionally, using EMI calculators would also allow the prospective home borrowers to choose the optimum EMI after factoring in their monthly unavoidable expenses and monthly investments for their crucial financial goals.

7. What parameters determine the home loan eligibility of the applicants availing ICICI Bank Home Loan?
Ans. The home loan eligibility of the applicants depend upon their age, monthly income, customer’s profile, credit history, retirement age, etc.