ICICI Bank Home Loan
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.
Some of the Best Features Provided By ICICI Bank Home Loan are as follows:
- 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.
- They also offers pre-approved home loans to selected customers, and existing customers get to enjoy reduced documentation process.
Owning a house is a smart investment and comes with great tax benefits. Explore Home Loans
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 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 Eligibility Criteria:
- Applicants must be at least 21 years old when the loan is sanctioned.
- The entire loan must be repaid at or before the age of 65 years.
- Applicant must be self-employed or salaried with a regular income source.
- The co-applicant’s age must be at least 18 years.
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:
ICICI Home Loan Interest Rates for Women:
|
Floating Rate of Interest
|
| Category |
Effective Interest Rate |
Rate |
| 30 Lakhs to Rs.75 Lakhs |
8.65% |
I-MCLR-1Y+0.45% |
| Rs.75 Lakhs – Rs.5 Crores |
8.70% |
I-MCLR-1Y+0.50% |
| Above Rs.5 Crores |
8.80% |
I-MCLR-1Y +0.60% |
|
Fixed Interest Rate for tenure of 5 years and 10 years
|
| Up to 30 Lakhs |
8.70% |
I-MCLR-1Y+0.50% |
| Rs.30 Lakhs – Rs.5 Crores |
8.80% |
I-MCLR-1Y +0.60% |
| Above Rs.5 Crores |
8.90% |
I-MCLR-1Y +0.70% |
|
Fixed Interest Rate (Full tenure)
|
| Up to 30 Lakhs |
8.70%
|
| Rs.30 Lakhs – Rs.5 Crores |
8.80%
|
| Above Rs.5 Crores |
8.90%
|
Note :
-
I-MCLR-1Y is 8.20% : Above mentioned floating rates are linked to One year MCLR (I-MCLR-1Y) benchmark rate.
- The above interest rates are valid only for home loans where the woman borrower is the main applicant. She also has to be the owner or co-owner of the property for which the loan is being borrowed.
ICICI Home Loan Interest Rates for Salaried Borrower:
|
Floating Rate of Interest
|
| Category |
Effective Interest Rate |
Rate |
| 30 Lakhs to Rs.75 Lakhs |
8.70% |
I-MCLR-1Y+0.50% |
| Rs.75 Lakhs – Rs.5 Crores |
8.75% |
I-MCLR-1Y+0.55% |
| Above Rs.5 Crores |
8.85% |
I-MCLR-1Y +0.65% |
|
Fixed Interest Rate for tenure of 2 years and 3 years
|
| Category |
Fixed Interest Rate for 24 months or 36 months |
Floating Rate pricing from the 25th month or the 37th month |
| 30 Lakhs to Rs.75 Lakhs |
8.70% |
I-MCLR-1Y+0.50% |
| Rs.75 Lakhs – Rs.5 Crores |
8.75% |
I-MCLR-1Y+0.55% |
| Above Rs.5 Crores |
8.85% |
I-MCLR-1Y +0.65% |
|
Fixed Interest Rate for tenure of 5 years and 10 years
|
| Category |
Fixed Interest Rate for 60 months or 120 months |
Floating Rate pricing from the 61st month or the 121st month |
| Up to 30 Lakhs |
8.75% |
I-MCLR-1Y+0.50% |
| Above 30 Lakhs |
8.85% to 8.95% |
I-MCLR-1Y+(0.65% to 0.75%) |
|
Fixed Interest Rate (Full tenure)
|
| Category |
Effective Interest Rate
|
| Up to 30 Lakhs |
9.75%
|
| Above 30 Lakhs |
9.85% to 10.10%
|
ICICI Home Loan Interest Rates for Self Employed Borrower:
|
Floating Rate of Interest
|
| Category |
Effective Interest Rate |
Rate |
| 30 Lakhs to Rs.75 Lakhs |
8.70% |
I-MCLR-1Y+0.50% |
| Above Rs.75 Lakhs |
8.75% to 8.85% |
I-MCLR-1Y + (0.50% to 0.65%) |
|
Fixed Interest Rate for tenure of 2 years and 3 years
|
| Category |
Fixed Interest Rate for 24 months or 36 months |
Floating Rate pricing from the 25th month or the 37th month |
| 30 Lakhs to Rs.75 Lakhs |
8.70% |
I-MCLR-1Y+0.50% |
| Above Rs.75 Lakhs |
8.75% to 8.85% |
I-MCLR-1Y + (0.50% to 0.65%) |
|
Fixed Interest Rate for tenure of 5 years and 10 years
|
| Category |
Fixed Interest Rate for 60 months or 120 months |
Floating Rate pricing from the 61st month or the 121st month |
| Up to 30 Lakhs |
8.75% |
I-MCLR-1Y+0.55% |
| Above 30 Lakhs |
8.85% to 8.95% |
I-MCLR-1Y+(0.65% to 0.75%) |
|
Fixed Interest Rate (Full tenure)
|
| Category |
Effective Interest Rate
|
| Up to 30 Lakhs |
9.75%
|
| Above 30 Lakhs |
9.85% to 10.10%
|
Special pricing for Home Loans up to 30 lakhs
Floating Interest Rate
| Category |
(8.15%) I-MCLR-6M |
(8.20%) I-MCLR-1Y |
| Salaried Borrower |
Loan Amount up to 30 Lakhs
|
| Women |
(8.35%) I-MCLR-6M + 0.20% |
(8.35%) I-MCLR-1Y + 0.15% |
| Others |
(8.40%) I-MCLR-6M + 0.25% |
(8.40%) I-MCLR-1Y + 0.20% |
| Self Employed Borrower |
Loan Amount up to 30 Lakhs
|
| Women |
(8.50%) I-MCLR-6M + 0.35% |
(8.50%) I-MCLR-1Y + 0.30% |
| Others |
(8.55%) I-MCLR-6M + 0.40% |
(8.55%) I-MCLR-1Y+ 0.35% |
Fixed rate for 24 months or 36 months - (8.20%) I-MCLR-1Y
| Category |
Fixed rate for 24 or 36 months |
Floating rate pricing from 3rd & 4th year onwards |
| Salaried Borrower |
Loan Amount up to 30 Lakhs
|
| Women |
8.35% |
I-MCLR-1Y + 0.15% |
| Others |
8.40% |
I-MCLR-1Y + 0.20% |
| Self Employed Borrower |
Loan Amount up to 30 Lakhs
|
| Women |
8.50% |
I-MCLR-1Y + 0.30% |
| Others |
8.55% |
I-MCLR-1Y + 0.35% |
ICICI Bank Home Loan EMI 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.
Pradhan Mantri Awas Yojana By ICICI Bank
The CLSS or Credit Linked Subsidy Scheme has been announced by the Prime Minister of India, Narendra Modi under the Pradhan Mantri Awas Yojana. According to the CLSS under PMAY, everyone will have a house by 2022.
Under the housing for all by 2022 scheme, interest subsidy can be availed by the customers belonging to MIG (Middle Income Group), LIG (Lower Income Group) and EWS (Economically Weaker Section) for improvement, extension, construction and purchase of houses.
Features of PMAY Schemes:
- In case of MIG categories, the beneficiary family’s Aadhaar numbers are mandatory.
- The interest subsidy benefit can be availed on the outstanding principal.
- The subsidy can be availed for maximum tenure of 20 years or the tenure availed by the customer, whichever is lower.
- No cap is there on the property’s cost or the amount of loan.
- The NPV or Net Present Value of the subsidy is calculated at a discounted rate of 9%.
- Any additional loan above the specified cap, will come with a non-subsidized rate.
Eligibility for Applying PMAY Scheme:
- In order to be eligible for this scheme, the beneficiary family must not have received any central assistance under Housing of all by 2022.
Beneficiaries Under the PMAY Scheme:
- This particular scheme is offered to the families comprising of wife, husband and unmarried kids. Any adult member earning for himself/herself, irrespective of his/her marital status, will be treated as separate household under the Middle Income Group category.
- The beneficiary family should not have a pucca house in any part of India. Even the family members cannot own a pucca house anywhere in India.
Interest Rate:
The NPV or Net Present Value of the subsidy is calculated at a discounted rate of 9%.
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 Home loan
-
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.
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