Compare Home Loan & Choose Best Offers
| ICICI Bank Home Loan Highlights – 2022 | |
| Interest Rate | 6.70% -7.55%p.a. |
| Loan Amount | As per the applicant’s eligibility |
| Tenure | Up to 30 years |
| Processing Fees | 0.50% of loan amount |
Note: Rates as on January 20, 2020
Table of Contents |
Standard Interest Rate Table of ICICI Home Loan
| Slab | Floating Interest Rates (p.a.) | |
| For Salaried | For Self-employed | |
| Up to Rs. 35 lakh | 6.70% – 7.15% | 6.80% – 7.30% |
| Rs. 35 lakh to Rs. 75 lakh | 6.70% – 7.30% | 6.80% – 7.45% |
| Above Rs. 75 lakh | 6.70% – 7.40% | 6.80% – 7.55% |
Interest Rate Table of Balance Transfer with Repayment from ICICI Bank Account
| Segment | Floating Interest Rates (p.a.) |
| Salaried (Any Loan Amount) | 6.70% – 7.40% |
| Self Employed (Any Loan Amount) | 6.80% – 7.55% |
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 |
| State Bank of India | 6.70-7.65 | 6.70-7.75 | 6.70-7.85 |
| HDFC | 6.70-8.45 | 6.70-8.60 | 6.70-8.70 |
| Axis Bank | 6.75-11.50 | 6.75-11.50 | 6.75-11.50 |
| ICICI Bank | 6.70-7.55 | 6.70-7.55 | 6.70-7.55 |
| Kotak Mahindra Bank | 6.55 onwards | 6.55 onwards | 6.55 onwards |
| PNB Housing Finance | 6.99-12 | 6.99-12 | 7.15-12 |
| Punjab National Bank | 6.55-7.95 | 6.50-7.65 | 6.50-7.60 |
| Bank of Baroda | 6.50-8 | 6.50-8 | 6.50-8.25 |
| Union Bank of India | 6.40-7.60 | 6.40-7.65 | 6.40-7.65 |
| IDFC First Bank | 6.90 onwards | 6.90 onwards | 6.90 onwards |
| L&T Housing Finance | 6.75 – 7.75 | 6.75 – 7.75 | 6.75 – 7.75 |
| Bajaj Finserv | 6.65 – 14 | 6.65 – 14 | 6.65 – 14 |
| Godrej Housing Finance | 6.59 onwards | 6.59 onwards | 6.59 onwards |
| Tata Capital | 6.70 onwards | 6.70 onwards | 6.70 onwards |
| LIC Housing Finance | 6.75 – 7.85 | 6.70 – 8.05 | 6.70 – 8.05 |
Check interest rates on Home Loans for other Banks and HFCs Compare Now
ICICI Home Loan Processing Fees & Other Charges
| Particulars | Applicable Fees & Charges |
| Loan Processing Charges / Renewal Charges | 0.50% of loan amount 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 purchase/construction of a new house
- 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
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.
Get Your Free Credit Report with Monthly Updates Check Now
Why Apply for ICICI Home Loan through Paisabazaar
1. Top Offers at One Place: Paisabazaar brings to you the best home loan offers from 20+ financial institutions including Axis Bank at a single platform.
2. Compare & Choose: When applying for a loan as big as a home loan, the interest rate becomes an important consideration. After all, even a slight dip in your home loan rate can help you save big on the interest outgo. At Paisabazaar, you can compare all possible options available to you and choose the lowest interest rate on offer.
3. Pre-Approved Offers: All home loan borrowers who are registered with Paisabazaar get personalised pre-approved home loan balance transfer offers at low-interest rates from time to time as per their past credit behaviour.
4. Check Your Credit Score for Free: Lenders check your credit score when reviewing your home loan application. A higher credit score generally qualifies you for lower rates and better loan terms. Therefore, before applying for a home loan one must check their credit score and if found low must take necessary steps to improve it.
At Paisabazaar, you can check your credit score and credit report for free and ensure that your credit history and personal details are in order so as to avoid rejection from a lender. You also get free monthly credit score updates and credit advisory services to help you build, improve and maintain a high credit score for easy access to credit in the future.
Get Your Free Credit Report with Monthly Updates Check Now
5. End-to-end Assistance: Team Paisabazaar is there for you right from the time you start looking for a home loan offer till you get the money disbursed in your bank account. Our team works with you and the lender throughout the process in an effort to give you a seamless loan experience.
FAQs
What are the ICICI Home Loan benefits?
ICICI Home Loan benefits are:
- Offers home loan at affordable interest rates
- Offers pre-approved home loans for urgent fund requirements
- Provides a wide range of home loan schemes to suit different loan requirements
- Offers home loan insurance to make home loan repayment easy in case of borrower’s demise
- Allows to get a home loan sanctioned before selecting the property (depending on the scheme)
- Offers home loan online application facility
- Has easy and quick documentation process
- Offers longer loan tenure with lower EMIs (depending on the scheme)
How much home loan can a customer get on his/her salary?
The loan amount a home loan applicant will get on his/her salary depends on various factors such as net salary, credit score, current debt situation and value of the property.
Which ICICI Home Loan Scheme is the best?
All ICICI Home Loan Schemes are different from each other. Each has its unique features and benefits to cater to varied home loan requirements. Which ICICI Home Loan Scheme will be the best for customers depends on their requirements and credit profiles. If you are unable to decide on which home loan scheme is best for you, check out the options, here.
Which factors determine ICICI Home Loan Eligibility?
ICICI Home Loan eligibility is dependent on various factors. Some of them are:
- Age of the loan applicant
- Type of employment (Salaried or Self Employed)
- Work experience or total years in business
- Status of business or employment
- Monthly income or business turnover
- Credit history of company or individual
- Type of property being purchased under home loan
Q. How should I contact ICICI Bank for home loan related queries and assistance?
For queries related to ICICI home loan or in case of any general enquiries, get in touch with the ICICI Home Loan Customer Care in the following ways:
- Call ICICI customer care at 1860 120 7777
- Give a missed call at 9022499400
- Send an e-mail at customer.care@icicibank.com
