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ICICI Bank offers eligible borrowers housing loans at attractive interest rates starting at 6.95% p.a. with extended loan tenures up to 30 years and easy repayment options. The low processing fees ranging from 0% - 0.50% (plus Applicable Taxes) of the loan amount and full waiver of prepayment penalty on floating rate loans. ICICI also links with the PMAY Scheme, offering home-buyers a boost with respect to buying a house.
Interest rates calculated on monthly reducing basis
Processing Fee: Up to 2% of the loan amount plus applicable tax
ICICI Bank Home Loan Eligibility Criteria
Age
Applicant:
Minimum Age: 18 years
Maximum Age: 65 years
Co-applicant:
Minimum Age: 21 years
Maximum Age: 65 years
NRIs:
Minimum Age: 25 years
Maximum Age: 60 years
Residency Status
Resident Indian
Non-Resident Indian (NRI)
Type of Employment
Salaried
Self-employed
Self-employed professional
Document Required for All Home Loan Applicants Under ICICI Bank
Identity Proof (any one)
Voter ID
Aadhaar Card
Valid Passport
Driving License
PAN Card
Proof of Residence (any one)
Driving License
Passport
Copy of Utility Bills
Aadhaar Card
Voter ID
Age Proof (any one)
Birth Certificate
Aadhaar Card
Valid Passport
Voter ID
Proof of Income
Bank account statements for the previous 6 months
Latest Form 16 or Income Tax Returns
Other Documents
Processing fee cheque in favour of the bank
Duly filled loan application form with passport size photographs
Use BankBazaar ICICI Bank Home Loan EMI Calculator to Know Your EMI
The BankBazaar ICICI Bank Home Loan EMI Calculator is an automized online tool that allows you to compute the EMIs payable against your loan by entering a few basic parameters. The tool also provides an amortization schedule illustrating your debt repayments towards the interest and principal components of the EMIs on a monthly and annual basis.
Features and benefits of ICICI bank housing loan
Affordable interest rates and both floating and fixed options
The home loan can be sanctioned before selecting the property
A really smooth simplified documentation process and even faster documentation process for existing customers
You get the freedom of enjoying a longer tenure with lower EMIs
The ‘Balance Transfer’ feature allows you to transfer your existing home loan availed from any other bank, to ICICI Bank. This is for you to enjoy long term savings.
With the ICICI Balance Transfer feature, you can enjoy up to additional top up loan amount. This can be up to 100% of the original home loan.
The bank’s home loan page provides unique online tools like Eligibility calculator and EMI calculator. With the eligibility calculator you can find the home loan amount you are eligible to avail for, and the EMI calculator calculates the monthly repayment amount towards the loan.
Selected customers can enjoy pre-approved home loans.
Up to 30 years of loan tenure available
Enjoy a fixed interest rate for the first 10 years, and thereafter a choice of fixed or floating interest rates.
ICICI Bank Pradhan Mantri Awas Yojana
ICICI Bank offers eligible beneficiaries Credit Linked Scheme (CLSS) under Pradhan Mantri Awas Yojana (PMAY). The scheme is available to beneficiaries under the following categories:
Economically Weaker Section (EWS)
Low Income Group (LIG)
Middle Income Group – I (MIG - I)
Middle Income Group – II (MIG - II)
The CLSS can be availed by customers looking to:
Purchase a new flat/property
Construct a house
Extend/expand an already existing house
Improve/alter the structure of an already existing property
Benefits of PMAY Scheme:
Upfront interest subsidy ranging between 3.00% - 6.50% offered on the outstanding principal amount.
Maximum loan subsidy of Rs.2.67 lakh depending on the category the beneficiary is eligible for.
Interest subsidy can be availed on loan terms up to 20 years.
A 9.00% discount included in the calculation of the Net Present Value (NPV) of the interest subsidy.
ICICI home loan balance transfer
ICICI bank gives the privilege of lowering the EMI burden to its customers, and allows them to make savings by transferring their current home loan scheme from any other Bank to ICICI bank. The balance transfer feature is very innovative and a very thoughtful gesture on the bank’s part.
ICICI Bank Home Loan FAQs
I have opted for the floating interest rate option on my ICICI bank home loan. If there is a change in the rate, will it affect me? If so, then how?
This depends on what your home loan is linked to. If your loan is linked to FRR and PLR your rate of interest will reduce by 0.05%. This will happen due to the change in the FRR/PLR on June 26, 2015. Please note that this change will also correspondingly have an impact upon your EMI or loan tenor.
I am a home loan customer with an Initial /Renewable fixed rate of interest. What happens when the fixed rate tenure expires?
As per the fixed rate home loan, the loan is fixed for a stipulated period of time. The same would have been intimidated to you in the loan sanction letter. After the fixed rate period is over, your interest category of the loan would convert to floating rate. The applicable floating rate is decided based on a certain factor. This is the benchmark rate which is prevailing during the completion of fixed rate period.
Do I have the freedom to choose the category of interest rate (fixed or floating) on my ICICI bank home loan?
With ICICI bank home loans, borrowers can enjoy fixed interest rate for the first 10 years, and thereafter avail a choice of fixed or floating interest rates. The rate of interest varies according to certain factors like the loan amount, category of borrower, period of the loan and fixed or floating rate of interest.
Is there any special concession on the home loan interest rates offered by ICICI bank, for women borrowers?
Yes, for women borrowers the starting rate of interest from home loan is from 8.35% to 8.80%. The woman borrower needs to be the main applicant of the loan, or a co-owner in the financed property to avail the following rates of interest-
The floating rate of interest ranges from 8.65% to 8.80%.
The fixed rate of interest (for 5 years, 10 years) ranges from 8.70% to 8.90%
The full tenor fixed interest rate ranges from 9.70% to 10.05%
If I want to close my home loan, are there any charges on prepaying the loan?
If the home loan is availed on floating rate of interest, then there are no charges for this. If the loan has been availed on fixed rate of interest, then you need to pay 2% (plus applicable taxes) on the outstanding principal.
News About ICICI Bank Home Loan
Get ICICI Saral Affordable Home Loan with a subsidy of Rs.2.5 lakh
ICICI Home Finance is offering affordable home loans to its customers despite the corona virus crisis in the form of Saral- Affordable Home Loan Scheme. The scheme can be availed by women and middle-class income group by making loan arrangement flexible in urban and rural areas. Â
You can avail this scheme if your annual income falls between Rs.3 lakh and Rs.6 lakh. The rate of interest in this loan scheme starts at 7.98% and it can be availed for a maximum period of 20 years.Â
However, it is mandatory for the applicants to have a house in the name of a woman, says the company. Moreover, this loan aims at helping more women apply for this home loan scheme. Borrowers can also avail interest subsidy of up to Rs.2.67 lakh per house under the Pradhan Mantri Awas Yojana scheme till 31 March 2021.Â
The customer can either apply for this scheme by visiting the official website of ICICI Home Finance or visit the nearest bank branch with all the necessary KYC documents. Â
24 June 2020
ICICI HFC launches affordable housing loan
ICICI Home Finance (ICICI HFC) has launched SARAL – an affordable housing loan with an aim to fund homes in urban and rural areas. The housing loan has been developed for women, people in the lower-middle-income and economically weaker sections with maximum household income of up to Rs.6 lakhs annually. The housing loan can be availed at an interest rate which starts at 7.98 percent. The maximum loan amount one can opt for under SARAL is 35 lakhs with the maximum repayment tenure being 20 years.
People with pre-existing loans can also transfer their loans to ICICI Home Finance’s SARAL affordable housing loan. Loan applicants of the SARAL housing loan can also avail of an interest subsidy up to Rs.2.67 lakhs per house under the Pradhan Mantri Awas Yojana (PMAY) scheme till March 31, 2021.
18 June 2020
Home loans to be sanctioned on the spot by ICICI Bank for Bhubaneswar residents
One of the biggest lenders in India, ICICI Home Finance Company Limited, has come up with a scheme wherein home loans could be sanctioned on the spot for residents of Bhubaneswar in the state of Odisha. If you reside in Bhubaneswar, you can simply visit ICICI Home Finance branch 96, Janpath, Second Floor, Kharavela Nagar, Bhubaneswar, on the 14th or 15th of February and avail a home loan on the spot. In order to avail this facility, all you have to do is carry your Aadhaar card, your PAN card, your bank statements for the past 6 months, and your income tax returns and submit them when applying for the loan. In case you do not have sufficient income proof, or if you are borrowing for the very first time, and require funds for business expansion or to purchase a home, you can still qualify for the spot sanction in Bhubaneswar.
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I have taken home loan from ICICI Bank, my loan was sanction on time and its going to be disbursed soon. The amount of the loan is 18 lakh . the bank informed me that for construction plan I have to pay for 3 lakh. The interest rate is 8.65% but the bank will be reducing the rate by 1.5% from next month.
I hand applied for the Home construction loan @ Rabakavi Branch, Karnataka. We provided all the legal & Income documents. Loan got approved but they dragged it for 4 Months for the final steps and did not disburse finally saying legal issues which are absurd.
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5
Chetan Adivinnavar
, rabkavi banhatti
Reviewed on Mar 14, 2020
ICICI Bank, they offered me a home loan and the loan amount was Rs. 35L. The rate of interest as per the market rate but they keep on changing. I opted for the tenure period of 15 years and i am paying EMI of 40K since have an account in this bank so i got this offer.
I have taken home loan directly through ICICI Bank.I have taken this loan for house construction purpose.The rate of interest and the processing fee was less .This loan was sanctioned immediately and paying the premium on EMI basis .Everything was smooth and there was continuous callback and follow up from bank end.
I have taken home loan directly trough ICICI bank.The rate of interest and the processing fee was quite nominal .The loan amount got sanctioned on time without any delay .This loan is still active on my account. Banking service was much comfortable and satisfactory.
I have availed home loan directly through ICICI Bank .The rate of interest and the processing fee was very less.This loan is still active and i have not received the loan on time. It took almost 1-3 months very long process and i went to bank and given all documents. Customer service need to improve and it is not recommended .
I have taken home loan from ICICI Bank. My Instalment is of Rs 44,000/-. I lowered my Instalment Amount from Rs 44000/- to 34207/-. But Bank deducted Rs 44,000/- from my saving and adjusted Rs 34207/- and showing Rs 9793/- as excess received. Now the amount is Excess with Bank and Bank is demanding as 9.05% interest on my Principal Due including Rs 9793/- as excess deducted. I requested Bank to adjust my Excess deducted amount from my Principal Due from the date it was deducted from my account. Bank is refusing to adjust the same from the date it was deducted. I also requested Bank to refund my money back with interest, as i have to pay 9.05% interest on amount excess deducted. Bank is also refusing for same.
No body knows, that how much bank is having excess amount like this, which they have excess deducted from the customer account and not refunding it back to customer and also demanding interest on them.
It is one of the WORST BANK of INDIA. I request everyone to be careful.
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6
RAMAN SHARMA
, chandigarh
Reviewed on Jan 21, 2020
I have chosen home loan from ICICI BANK Since I am holding a salary account with them so got this loan offer. When I check with the builder, they had a three option in that i have chosen this bank. I had applied the loan amount of Rs. 30 lakhs and they have sanctioned the same amount. Processing fee was a nominal one. In the year 2015, I got the loan with the tenure period of 30 years.
I have availed home loan directly through ICICI Bank .The rate of interest and the processing fee was very less.This loan is still active and got the loan amount on time without any delay.I have just uploaded the documents throuhg online .I am really satisfied with the service.
I have taken a home loan from ICICI and the rate of interest is much high compare to the market scenario and i have done a balance transfer to SBI where they have offered me a less rate of interest 8.5% and EMI is Rs. 47,000 with the tenure of 25 years. Customer service and responsiveness was good.
I had applied for a home loan with ICICI Bank. They have taken my documentation and also completed the verification as well. The loan amount was Rs. 8.75 lakhs and the rate of interest was 8.6% i am happy with the interest.I received this loan instantly and i applied this loan through online channel.There is no pre closure charges.
I have taken home loan directly through ICICI Bank.The rate of interest and the processing fee was medium.I have got the loan sanctioned on time .The documents was very less and each and every detail was shared clearly by the agent .This loan is still active and there was no difficulties faced so far.
My home loan was taken from ICICI and they have deducted my EMI even before given the cheque to me. I have taken the loan amount of Rs. 40 lakhs in the year of 2012. Even before given the cheque to the builder they have taken the EMI amount of Rs. 55000 except processing fee. The loan has a tenure period of 10 years.
My home loan was taken from ICICI because i am a banking customer of ICICI from the year of 2012. I purchased the loan amount of Rs. 18 lakhs and i have been paying the EMI amount of Rs. 14900. I have selected the duration of 30 years. They have sanctioned the loan within 10 days.
ICICI bank has provided me a home loan at the time of i want on a immediate basis. Since the necessity is over they have provided me a timeliness loan. I taken the loan amount of Rs. 10 lakhs and the have charged me a higher interest rates which i'm not comfortable with.
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2
DIVYESH PRATAPBHAI FERFA
, mumbai
Reviewed on Oct 05, 2019
I am running a home loan with ICICI BANK and making the payments time to time from last 3 years. They have provided me 31L to purchase residential property but the loan process and services are not good, whatever I enquire they don't know that. The interest rate was very good.
I have chosen ICICI BANK for a home loan because they have provided me maximum fund and supportive. The loan duration is 10 years. I can do partial payment and foreclosure with some charges. The interest rate is okay and the processing fee is also normal.
I took new housing loan from ICICI bank, they approved the loan amount of Rs.26 lakhs with the duration of 10 years. They taken some stamp duty and processing fee from the disbursement, they have balance transfer part payment and foreclosure.
I have applied the home loan from ICICI bank since i have a salary account with them. In the branch, the approach is not good and they are not interested to provide the loan to the customer. I had applied the loan amount of Rs. 21 lakhs and they asked me to submit the documents once i given the same, they said they cannot able to process the same because they will give only for CITI side house.
I got the good option in CITI bank when i chosen the home loan. I purchase the loan in the year of 2006 but the interest rate is high. I applied the loan amount of Rs. 6.5 lakhs for that they have given me a interest rate of 11%. I have closed the loan in 2013. I have pre-closed the loan with the additional charges of 3%
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