A "low interest" loan shouldn't mean you have very little interest in paying it back!
ICICI (Industrial Credit and Investment Corporation of India) Bank is one of the most reputed Indian multinational banking and financial services company in our country. They offer a wide range of financial products that are carefully designed to cater their customer’s need.
ICICI Bank home loans are quick, easy, and requires minimum documentation. Whether you are looking for a pre-approved home loan or a top-up on your existing home loan, ICICI Bank offers it all. Their 30 Year Home Loan, Home Overdraft, and Home Loan Insurance are some of the excellent products they have designed in the last couple of years.
Known for serving their customers right, ICICI Bank allows their customer to choose from Adjustable, Floating, or Fixed Rate Home Loan. The bank charges a nominal processing fee on all the home loans they disburse. Considering the high-quality service and other features they offer, the processing fee is worth paying.
Currently, ICICI Bank charges 0.50% to 1.00% of the loan amount or Rs.1,500, whichever is higher plus applicable Service Tax and Surcharge as loan processing fee.
If you are residing in Mumbai, Bangalore, or Delhi, you will be charged anywhere between 0.50% to 1.00% of the loan amount or Rs.2,000, whichever is higher plus applicable Service Tax and Surcharge as loan processing fee.
| Charges | In Mumbai, Bangalore, or Delhi | Other Cities |
|---|---|---|
| ICICI Home Loan Processing Fee | 0.50% to 1.00% of the loan amount or Rs.2,000, whichever is higher plus applicable Service Tax and Surcharge. | 0.50% to 1.00% of the loan amount or Rs.1,500, whichever is higher plus applicable Service Tax and Surcharge. |
ICICI Bank Home Loan Processing Fee can range anywhere between 0.50% to 1.00% of the loan amount. Many factors affect the ICICI home loan take over processing fees such as the total loan amount, the interest rate, and the remaining tenure. ICICI Bank does not charge a fixed processing fee for all their customers. The processing fee varies from one customer to another.
As of the quarter ended on September 2017, ICICI Bank charges a minimum of 8.20% p.a and a maximum of 11.35% p.a. The interest rate on their mortgage (Home) loans.
| Interest Rate | Minimum | Maximum | Mean |
| Home Mortgage Loans | 8.20% p.a | 11.35% p.a. | 8.47% p.a. |
There are many customers who request a home loan processing fee waiver. If you are one of them, contact the bank directly to check if the home loan processing fee can be waived.
Like mentioned earlier, ICICI Bank Home Loan Transfer processing fee can range from 0.50% to 1.00% of the loan amount or Rs.2,000, whichever is higher plus applicable Service Tax and Surcharge if you are residing in Mumbai, Bangalore, or Delhi.
If you are residing in other cities, the processing fee will range from 0.50% to 1.00% of the loan amount or Rs.1,500, whichever is higher plus applicable Service Tax and Surcharge.
| Prepayment Charge | Details |
|---|---|
| For Home Loans and Home Improvement Loans with floating rate of interest | Nil |
| For Home Loans with fixed rate of interest | 2% plus applicable taxes on principal outstanding on full repayment amount |
| Top Up Home loan (If the applicant or co-applicant is Non-Individual) | 2% plus applicable taxes on principal outstanding on full repayment amount |
| Home loans* given to Non-Individual borrowers or with fixed rate of interest to Individual borrowers | 4% plus applicable taxes on principal outstanding |
*Home Equity Loan/Home Equity Enhancement Loan, Office Premises Loan and Lease Rental Discounting Loan.
ICICI Bank does not charge a fixed foreclosure charge on their home loan. In the event of a foreclosure, the charge will be calculated after considering many factors like the administration fee involved, the term of the loan, and the loan amount. You will have to contact the bank directly to find out the foreclosure charge.
When you apply for a home loan, there are many hidden charges. Some of them are:
| Prepayment ChargeCharges | Amount |
|---|---|
| Repayment mode swap Charges | Rs.500 |
| Document Retrieval Charges | Rs.500 |
| Cheque/AD/ECS bounce charges | Rs.500 |
| Duplicate No Objection Certificate | Rs.100 |
| Administrative charges | Rs.5,000 |
| CIBIL Report Charges | Rs.50 |
If you have any further questions about ICICI Bank Home Loan Processing fees, visit the nearest bank or talk to their customer service representative.
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