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| 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 28th September 2023
Apply For ICICI Bank Home Loan at Attractive Interest Rates Click Here
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Table of Contents |
ICICI Bank Home Loan Interest Rates
Special Home Loan Rates
| CIBIL Score | Salaried | Self-employed |
| >=800 | 9.00% | 9.00% |
| 750-800 | 9.00% | 9.10% |
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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% |
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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 | 8.40% - 10.15% | 8.40% - 10.05% | 8.40% - 10.05% |
| HDFC Bank Limited | 8.50% onwards | 8.50% onwards | 8.50% onwards |
| LIC Housing Finance | 8.50% – 10.35% | 8.50% – 10.55% | 8.50% – 10.75% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| PNB Housing Finance | 8.50% - 14.50% | 8.50% - 11.45% | 8.50%-11.45% |
| Punjab National Bank | 8.55%-10.25% | 8.50%-10.15% | 8.50%-10.15% |
| Bank of Baroda | 8.40% - 10.65% | 8.40% - 10.65% | 8.40% - 10.90% |
| Union Bank of India | 8.35% – 10.80% | 8.35% – 10.95% | 8.35% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Finance Limited | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.45% onwards | 8.45% onwards | 8.45% onwards |
| Tata Capital Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Federal Bank | 8.80% onwards | 8.80% onwards | 8.80% onwards |
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% |
| 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
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Types of ICICI Bank Home Loan
ICICI Bank New Home Loan
- Purpose: ICICI Bank offers New Home Loan scheme for purchase or construction of a house or flat.
- Tenure: Up to 30 years
ICICI Bank Home Loan Balance Transfer
- Purpose: Existing home loan borrowers of other banks and HFCs can avail ICICI Bank Home Loan Balance Transfer facility for transferring their existing home loans to ICICI Bank at lower interest rates.
- Tenure: Up to 30 years
ICICI Bank Money Saver Home Loan Scheme
- Purpose: ICICI Bank Money Saver Home Loan is a home loan overdraft facility wherein the applicant can deposit surplus funds in the money saver account/home loan account and withdraw as per their requirements. ICICI Bank also offers top-up facility under the Money Saver Home Loan scheme.
ICICI Bank Express Home Loan
- Purpose: ICICI Bank offers Express Home Loans to its new as well as select existing customers for availing home loans on a fast track basis with a provisional sanction within few hours. The provisional sanction would help the prospective borrowers to negotiate with the seller or builder before finalizing the property.
- Loan Amount: Up to Rs 5 crore
- Tenure: Up to 30 years
ICICI Bank Land Loan
- Purpose: Consumers can avail ICICI Bank Land Loans to raise funds for purchasing land/plot for home construction purposes provided the construction is completed within 2 years from the date of disbursement of loan.
- Tenure: Up to 20 years
ICICI Bank NRI Home Loan
- Purpose: NRI individuals can avail ICICI Bank NRI Home Loan for purchasing, constructing, repairing or renovating their home in India.
- Loan Amount: Up to Rs 5 crore or more
- Tenure: Up to 30 years
ICICI Bank Home Loan Overdraft
- Purpose: Existing home loan borrowers can avail home loan overdraft facility offered by ICICI Bank wherein they can deposit surplus funds in the linked overdraft account within the predetermined limit and withdraw money as per their requirements. The interest is charged only on the amount withdrawn.
- Loan Amount: Rs 5 lakh-Rs 5 crore
ICICI Bank Step Up Home Loans
- Purpose: ICICI Bank Step Up Home Loans applicants can avail higher loan amounts as compared to their home loan eligibility under regular home loans. The repayment schedule is divided into two terms- Initial or Primary Term wherein the borrower has to pay only the interest part and Secondary or Balance Term wherein the total EMI, i.e., the interest and the principal is payable. Under this scheme, the prospective home loan borrowers can increase their loan amount eligibility by up to 20%.
- Loan Amount: Up to Rs 3 crore
- Tenure: Up to 30 years
ICICI Bank Instant Home Loans (Pre-approved)
- Purpose: ICICI bank offers Instant Home Loans also known as ICICI Pre-approved Home Loans with instant sanction to those having their salary accounts with ICICI Bank.
- Loan Amount: Up to Rs 3 crore
- Tenure: Up to 30 years
ICICI Bank Pre-Approved (Instant) Balance Transfer
- Purpose: ICICI Bank offers pre-approved instant home loan balance transfer facility to existing customers of other banks and HFCs for transferring their existing home loans to ICICI Bank at lower interest rates. The lender offers a sanction letter to the applicant that is valid 6 months.
- Loan Amount: Up to Rs 1 crore
- Tenure: Up to 20 years
ICICI Bank 24 hours Top-up Loan
- Purpose: Consumers can avail ICICI Bank Pre-approved Top-up Loans branded as “24 hours Top-up Loans” wherein the bank provides instant sanction on Top-up Loan to its select existing customers. Such loans are offered over and above the existing home loans to meet the personal requirements of the applicants, such as travel, wedding, education, home renovation, medical emergency, etc.
- Loan Amount: Up to Rs 1 crore
- Tenure: Up to 10 years
ICICI Bank Insta Home Loan Overdraft (Pre-Approved)
- Purpose: Consumers can avail pre-approved digital ICICI Bank Insta 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 1 crore
ICICI Bank Insta Home Top-up Loan (Pre-Approved)
- Purpose: ICICI Bank offers Pre-approved Insta Top-up Home Loans to its existing home loan borrowers over and above their existing home loans wherein they can apply digitally either through mobile or internet banking. The loan amount gets disbursed instantly to the savings account linked to the existing home loan account.
- Loan Amount: Up to Rs 1 crore
- Tenure: Up to 10 years
Transfer your Home Loan to ICICI Bank at Lower Rates Click Here
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
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
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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
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ICICI Bank Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Also check ICICI Bank Home Loan EMI Calculator to know the amortization schedule for detailed breakup of principal and interest components of home loan EMI
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.