| ICICI Bank Home Loan Highlights – 2022 | |
| Interest Rate | 7.10% -7.95%p.a |
| Loan Amount | As per the applicant’s eligibility |
| Tenure | Up to 30 years |
| Processing Fees | 0.50% – 2% of loan amount |
Note: Rates as on May 09, 2022
Table of Contents |
ICICI Home Loan Interest Rate
| Slab | Floating Interest Rates (p.a.) | |
| For Salaried | For Self-employed | |
| Up to Rs. 35 lakh | 7.10%-7.55% | 7.20%-7.70% |
| Rs. 35 lakh to Rs. 75 lakh | 7.10%-7.70% | 7.20%-7.85% |
| Above Rs. 75 lakh | 7.10%-7.80% | 7.20%-7.95% |
Interest Rate Table of Balance Transfer with Repayment from ICICI Bank Account
| Segment | Floating Interest Rates (p.a.) |
| Salaried (Any Loan Amount) | 7.10%-7.80% |
| Self Employed (Any Loan Amount) | 7.20%-7.95% |
Compare ICICI Home Loan Interest Rates vs Other Lenders
| Interest Rates (% p.a.) | |||
| Name of Lender | Up to 30 Lakh | Above 30 Lakh & up to 75 Lakh | Above 75 Lakh |
| ICICI Bank | 7.10 – 7.95 | 7.10 – 7.95 | 7.10 – 7.95 |
| State Bank of India | 6.65-7.65 | 6.65-7.65 | 6.65-7.65 |
| HDFC | 7.00-8.45 | 7.00-8.60 | 7.00-8.70 |
| Axis Bank | 7.00-11.90 | 7.00-11.90 | 7.00-11.90 |
| Kotak Mahindra Bank | 7.00 onwards | 7.00 onwards | 7.00 onwards |
| PNB Housing Finance | 6.75-12.00 | 6.75-12.00 | 6.90-9.75 |
| Punjab National Bank | 6.95-8.35 | 6.90-8.05 | 6.90-8.00 |
| Bank of Baroda | 6.90-8.40 | 6.90-8.40 | 6.90-8.65 |
| Union Bank of India | 6.90-8.65 | 6.90-8.85 | 6.90-8.85 |
| IDFC First Bank | 7.10 onwards | 7.10 onwards | 7.10 onwards |
| L&T Housing Finance | 6.75 – 7.75 | 6.75 – 7.75 | 6.75 – 7.75 |
| Bajaj Housing Finance | 6.65 onwards | 6.65 onwards | 6.65 onwards |
| Godrej Housing Finance | 6.94-9.99 | 6.94-9.99 | 6.94-9.99 |
| Tata Capital | 7.15 onwards | 7.15 onwards | 7.15 onwards |
| LIC Housing Finance | 6.90-8.00 | 6.90-8.20 | 6.90-8.40 |
Compare Home Loan Schemes Offered by Top Lenders Compare Now
ICICI Home Loan Processing Fees & Other Charges
| Particulars | Applicable Fees & Charges |
| Loan Processing Charges / Renewal Charges | 0.50% – 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi and Bengaluru), whichever is higher |
| 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 |
Note: GST and other applicable charges applicable as per prevailing rate will be levied over and above on the charges given in the table. The figures given in the table are indicative and are subject to change at the banks’ discretion without prior information.
Types of ICICI Bank Home Loan
Housing Loan
- Purpose: For purchasing or constructing home properties
- Tenure: Up to 20 years
Instant Home Loans (Pre-approved)
- Purpose: A pre-approved home loan 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: For transferring existing home loans from other banks/NBFCs to ICICI Bank at lower interest rates.
Provision of top-up on existing home loan to meet any 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 perm 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: For purchase of land/plot
- Loan Amount: Rs 8 lakh-Rs 3 crore
- Tenure: Up to 20 years
NRI Home Loan
- Purpose: 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
Apply For ICICI Bank Home Loan at Attractive Interest Rates Click Here
Eligibility Criteria for ICICI Bank Home Loan
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
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
Note: The above list of documents is indicative and your lender may ask for more documents during the loan process.
Apply For ICICI Bank Home Loan at Attractive Interest Rates Click Here
FAQ
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 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.
3. Can I choose between a fixed and floating rate of interest?
Ans. ICICI Bank offers home loans at floating rates only.
4. 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.
5. 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.
