About ICICI Bank Home Loans:
Building a house is a lot more than just making a huge investment, it is a very special experience. Be it planning the architecture to choosing the right apartment to designing its interiors; the joy and satisfaction of being a proud owner of your dream home is out of the world. But there is a flipside to every good thing. Similarly, acquiring a home can be is an extremely tedious, long and expensive process. The practical aspects of buying, constructing or renovating a house involves immense responsibility, impeccable research and thorough planning. For most of us, getting the right home loan scheme (which perfectly suits our needs) and repaying it with an interest can be a mammoth task, or maybe quite impossible. Though some people settle for a mortgage, it may not be the wisest option. In this scenario, the best thing to opt for is a comprehensive home loan plan. Most leading banks extend financial assistance to customers in the form of home loans, with the purpose of helping them to buy a house.
ICICI Bank is one on of India’s largest private sector banks. It is an extremely popular bank as well and has wide loyal customer base of. It boasts of a wide network comprising 4050 branches 12,890 ATMs across India. ICICI Bank’s loyal customers swear by its swift service, supportive staff and brilliant home loan plans. The bank offers home loans which have been especially designed to suit every customer’s varied requirement. This thoughtful and innovative gesture by ICICI bank makes it really easy for customers to get the best deal.
Home Loans from ICICI Bank:
It is a really a very quick and easy process to get a home loan from ICICI Bank. With a higher eligibility, the bank also offers lower EMIs at affordable and attractive rates of interest. Keeping up evolving technology, ICICI bank has introduced a new system by which you can go through the application process Tablet and Smart phone. This ensures faster processing and quick disbursal of the loan.
You can avail home loan from ICICI to buy your dream house (of your choice), or from ICICI bank’s approved projects. The also offers pre-approved home loans to selected customers, and existing customers get to enjoy reduced documentation process.
Features and Benefits of ICICI 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 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 Home Loan Interest Rates:
Before we get into the absolute numbers, it is essential to know how the interest rates are actually calculated. Like other home loans available from other banks in India, ICICI Bank home loans also offer an MLCR based interest rate calculation. It is essential to understand that the ICICI Bank floating rate home loan is benchmarked to I-MCLR-1Y. Effective Aug 01, 2016 I-MCLR-1Y is 9.10%. But the interest rates are calculated differently for different groups based on demographics which include:
Salaried Applicants:
|
Type of Interest Rate
|
Home Loan Amount
|
Rate
|
Effective Rate of Interest
|
|
Floating Interest Rate
|
Up to ₹ 5 crore |
I-MCLR-1Y + 0.35% |
9.45 percent |
|
Above ₹ 5 crore |
I-MCLR-1Y + 0.60% |
9.70 percent |
|
Fixed Interest Rate (2 and 3 years)
|
Up to ₹ 5 crore |
I-MCLR-1Y + 0.35% |
9.45 percent |
|
Above ₹ 5 crore |
I-MCLR-1Y + 0.60% |
9.70 percent |
|
Fixed Interest Rate (5 and 10 years)
|
Up to ₹ 30 lakhs |
I-MCLR-1Y + 0.35% |
9.45 percent |
|
Above ₹ 30 lakhs |
I-MCLR-1Y + (0.45% to 0.70%) |
9.55percent to 9.80percent |
|
Fixed Interest Rate (Full Tenure)
|
Up to ₹ 30 lakhs |
9.75 percent
|
|
Above ₹ 30 lakhs |
9.85 percent to 10.10 percent
|
Self-employed Applicants:
|
Type of Interest Rate
|
Home Loan Amount
|
Rate
|
Effective Rate of Interest
|
|
Floating Interest Rate
|
Up to ₹ 1.5 crore |
I-MCLR-1Y + 0.35% |
9.45 percent |
|
Above ₹ 1.5 crore |
I-MCLR-1Y + (0.45% to 0.60%) |
9.55 percent to 9.70 percent |
|
Fixed Interest Rate (2 and 3 years)
|
Up to ₹ 5 crore |
I-MCLR-1Y + 0.35% |
9.45 percent |
|
Above ₹ 5 crore |
I-MCLR-1Y + (0.45% to 0.60%) |
9.70 percent |
|
Fixed Interest Rate (5 and 10 years)
|
Up to ₹ 30 lakhs |
I-MCLR-1Y + 0.35% |
9.45 percent |
|
Above ₹ 30 lakhs |
I-MCLR-1Y + (0.45% to 0.70%) |
9.55 percent to 9.80 percent |
|
Fixed Interest Rate (Full Tenure)
|
Up to ₹ 30 lakhs |
9.75 percent
|
|
Above ₹ 30 lakhs |
9.85 percent to 10.10 percent
|
Women Applicants:
|
Type of Interest Rate
|
Home Loan Amount
|
Rate
|
Effective Rate of Interest
|
|
Floating Interest Rate
|
Up to ₹ 5 crore |
I-MCLR-1Y + 0.30% |
9.40 percent |
|
Above ₹ 5 crore |
I-MCLR-1Y + 0.55% |
9.65 percent |
|
Fixed Interest Rate (5 and 10 years)
|
Up to ₹ 30 lakhs |
I-MCLR-1Y + 0.30% |
9.4 percent |
| ₹ 30 lakhs to ₹ 5 crores |
I-MCLR-1Y + 0.40% |
9.5 percent |
|
Above ₹ 5 crore |
I-MCLR-1Y + 0.65% |
9.75 percent |
|
Fixed Interest Rate (Full Tenure)
|
Up to ₹ 30 lakhs |
9.70 percent
|
|
Above ₹ 30 lakhs |
9.80 percent
|
|
Above ₹ 5 crore |
10.05 percent
|
Weaker Section Applicants:
|
Type of Interest Rate
|
Home Loan Amount
|
Rate
|
Effective Rate of Interest
|
|
Floating Interest Rate |
Up to ₹ 25 lakhs |
I-MCLR-1Y + 0.30% |
9.40 percent |
ICICI Bank Home Loan Calculator:
ICICI Bank offers unique and dynamic tools like EMI calculator and Eligibility calculator to help customers with choosing the right home loan. With the use of the eligibility calculator you can find the home loan amount you are eligible to avail for, by entering certain basic details/parameters, and the EMI calculator calculates the monthly repayment amount you need to make towards the loan. For this you need to enter basic details like the loan tenure and loan amount. Make use of these tools to get the best deal.
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.
Frequently Asked Questions (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 9.40% - 9.65%. 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 9.40% - 9.65%.
- The fixed rate of interest (for 5 years, 10 years) ranges from 9.60% to 9.95%
- 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.
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