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  • ICICI Home Loan

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  • ICICI Bank offers eligible borrowers housing loans at attractive interest rates starting at 8.75% 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.
    • Attractive Interest rates on both fixed and floating rate loans
    • Lower Equated Monthly Installments (EMIs)
    • Zero prepayment charges on floating rate loans
    More

    Compare: Home Loan Interest Rate all Banks

    ICICI Home Loan Calculator

    BankBazaar ICICI Bank Home Loan EMI Calculator is an easy-to-use and hassle-free financial tool that lets you calculate your monthly instalments quickly with 100% accurate results every time. All you need to do is enter your preferred loan amount, interest rate, processing fee, and tenure. Hit “Calculate” to view the results.

    You can also check a detailed breakdown of your repayment schedule through an amortisation table.

    ICICI Bank Home Loan EMI Calculation
    Amount 10 years 20 years 30 years
    Rs.10 lakh Rs.12,452 Rs.8,742 Rs.7,760
    Rs.20 lakh Rs.24,904 Rs.17,483 Rs.15,520
    Rs.40 lakh Rs.49,808 Rs.34,967 Rs.31,040
    Rs.50 lakh Rs.62,261 Rs.43,708 Rs.38,801

    *Lowest interest rate of 8.60% p.a. has been taken into consideration for this loan EMI illustration. Your final EMI amount can vary based on the rate offered to you by the bank.

    ICICI Bank Home Loan Schemes

    The standard interest rates for ICICI Bank home loan schemes are as follows:

    Salaried:

    Slab Floating Interest Rate
    Up to 35 lakhs 8.95% to 9.70%
    35 lakhs to 75 lakhs 8.95% to 9.70%
    More than 75 lakhs 8.95% to 9.70%

    Self-Employed:

    Slab Floating Interest Rate
    Up to 35 lakhs 9.05% to 9.85%
    35 lakhs to 75 lakhs 9.05% to 9.85%
    More than 75 lakhs 9.05% to 9.85%

    ICICI Bank Instant Home Loan

    • Pre-approved housing loans up to Rs.1 crore available exclusively for customers with salary account with the bank
    • No documents to be submitted at the time of sanction
    • Discounted processing fee

    ICICI Bank 30 Year Home Loan

    • Competitive rates of interest on both floating and fixed rate loans
    • Extended loan term up to 30 years for easy repayment
    • EMI per lakh as low as Rs.808

    ICICI Bank Step Up Home Loans

    • Suitable for young salaried professionals with moderate income
    • Minimum monthly income required: Rs.20,000
    • Loan term up to 20 years
    Borrowers Type Floating Rate of Interest (% p.a.) Processing Fee
    For All 8.60% - 9.60% Up to 2% of the loan amount or Rs.1,500* (whichever is higher)

    * Rs.2,000 in Bangalore, Delhi and Mumbai

    ICICI Bank NRI Home Loan

    • Zero charges on part-prepayment
    • Competitive rates of interest
    • Interest rates calculated on monthly reducing basis
    • Processing Fee: Up to 2% of the loan amount plus applicable tax

    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 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)
    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

    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 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.

    FAQs on ICICI Bank Home Loan

    1. 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.

    2. 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.

    3. 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.

    4. Is there any special concession on the home loan interest rates offered by ICICI bank, for women borrowers?

      Yes, for women borrowers the interest rate on home loan is starting from 8.10%. 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%
    5. 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.

    6. What are the documents required to apply for ICICI Home Loan?

      The documents that are required to apply for ICICI home loan are identity proof, address proof, age proof, income proof, etc.

    7. Does ICICI provide 90% home loan?

      ICICI Bank will offer a loan at 90% LTV if the subject property is valued at less than Rs.30 Lakh. ICICI Bank will offer mortgages with an 80% LTV for properties with values between INR 30 Lakh and Rs.70 Lakh.

    8. What is fixed interest rate for home loan in ICICI Bank?

      The interest rate for ICICI Bank home loan vary from scheme to scheme.

    9. Did ICICI bank increase rates?

      The interest rates on fixed deposits under Rs.2 crore were increased by up to 50 basis points by ICICI Bank on 29 October 2022. The interest rates on fixed deposits from Rs.2 to Rs.5 crores have been revised by ICICI Bank.

      

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