Sit back. Initializing magnetic field for maximum savings on home loan
ICICI Bank offers eligible borrowers housing loans at attractive interest rates starting at 8.60% 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.
On-the-spot loans to be offered by ICICI Bank through Maha Loan camps
Private lender ICICI Bank has announced the launch of an initiative known as ‘Maha Loan Dhamaka’ to offer on-the-spot loans. These loans will be approved instantly, and exclusive manufacturer-led offers can also be availed during these ‘Maha Loan’ camps. Customers and non-customers of the bank in semi-urban and rural locations can get loans at these camps. ICICI Bank will conduct these camps in large corporate premises as well and by the end of March 2020, it will host about 2,000 such camps across India. Customers will be able to avail home loans, car loans, and personal loans on the spot at these camps. Individuals visiting these camps, which is a two-day affair, with the required documents can walk out with instant approvals to fund their dream products. The first camp was inaugurated in Gujarat at Deesa, Banaskantha district. A comprehensive range of offers and special packages will be offered on two and four-wheeler loans, personal loans, gold loans, etc. Kisan Credit Cards will also be offered at the ‘Maha Loan Dhamaka’.
18 November 2019
ICICI customers to get cheaper loans as MCLR reduced by 10 bps
In a welcome Dussehra gift to customers, ICICI Bank has reduced its Marginal Cost of Funds based Lending Rate (MCLR) by 10 basis points (bps). This came into effect from 1 October 2019. Lending rates on personal loans, auto loans, home loans, as well as other retail loans will now be lower than before by 0.1%. This means lesser EMIs for customers. A circular was released on 4 October 2019 by the Reserve Bank of India advising banks to link their retail loans with its Repo Linked Lending Pattern (RLLP). This has already been done by a few leading banks, notably State Bank of India (SBI) and Indian Overseas Bank (IOB). With the reduction of MCLR, customers of ICICI will now have an annual MCLR of 8.55% while the day-to-day MCLR has now become 8.3%.
4 October 2019
ICICI Bank Looking At 11% Growth in Home Loan Business
ICICI Bank announced it is targeting home loan growth of 11% in Maharashtra this fiscal, looking at disbursing Rs.4,200 crore though home loans. Technology-led instant loans are set to be a key driver of this growth.
With the industry seeing a slump, the bank has revised its growth forecast downwards. ICICI Bank has remained one of the most resilient lenders amidst the deepening credit slump, which has reduced credit extensions to already overleveraged corporates.
Retail loans for the bank have seen 20% growth, mainly due to high value mortgage loans. With Maharashtra a mature market for loan products, the bank is confident it can achieve its target.
27 September 2019
ICICI Bank targets 11% growth in home loans in Maharashtra
Private sector lender ICICI Bank is looking at increasing the home loan segment by at least 11% this fiscal in Maharashtra. This comes at a time when there is an overall fall in demand for loans and everything else. As per the latest data revealed by the Reserve Bank of India (RBI), the growth in system-wide bank credit has declined to 10.24% at Rs.96.80 lakh crore for the fortnight to 30 August 2019. In the previous fortnight to 16 August, the credit growth was 11.64% at Rs.96.82 lakh crore. Throughout the year, the industrial credit has been deteriorating in mid-single digits. ICICI Bank aims to disburse home loans worth Rs.4,200 crore in the western state except for Mumbai. It is noteworthy that Maharashtra is the state that banks the most owing to the presence of Mumbai, the country’s financial capital and broader industrialization. ICICI Bank has witnessed a growth of 20% in retail loans fueled mainly by the high-value mortgage loans.
26 September 2019
Lending rates of ICICI Bank reduced by 10 bps
According to sources, ICICI Bank, the second-largest private sector bank, has reduced its lending rates across all maturities by 10 bps. The rates have been decreased based on the Marginal Cost of Funds-based Lending Rate (MCLR) system.
The Reserve Bank of India (RBI) has been making constant requests to all banks to link the interest rates with their repo-rates. The recent deduction sees ICICI Bank reduce their quantum rate by 20 bps since April. The new rates will be effective from 1 September 2019. The over-night MCLR will come down to 8.30%, while the one-year MCLR will come down to 8.55%. In case of retail loans, the one-year MCLR is vital as all long-term loans such as home loans are linked to this MCLR. The one-year MCLR of HDFC Bank and Axis Bank are at 8.60% and 8.55%, respectively. In the first week of July, ICICI reduced the interest rates by 5 bps. According to RBI, banks have passed on only 30 bps of the RBI’s 75 bps rate cuts to borrowers. State-run banks have so far cut their interest rates in line with RBI, however, private sector banks have not made the move yet.
9 September 2019
ICICI Bank Set To Grow Retail Loans by 30% In FY20
ICICI Bank aims to grow its retail loan disbursement by 30% in Karnataka in FY20, according to the bank. All segments of retail loans such as consumer loans, mortgages and agriculture loans are set to see rapid growth during this financial year.
The bank seeks to do this by expanding its personal and auto loans by 33% to over Rs.5,100 crore compared to the previous financial year.
With a growing market for such credit offerings, the bank is looking to maximise disbursements in this sector.
It is also looking at expanding its mortgage loan disbursement by close to 30% compared to the previous year.
27 August 2019
‘Insta Auto Loan’ for pre-approved customers launched by ICICI bank
ICICI Bank, one of many private lenders in the country recently launched ‘Insta Auto Loan’ for its pre-approved customers. The private lender launched the facility along with another facility named ‘Insta Two-Wheeler Loan’.
The move is expected to boost the bank’s vehicle financing portfolio as it aims to grow its vehicle loan portfolio by 17% in FY20. Both the facilities would enable millions of pre-approved customers to get the final sanction letter instantly for two-wheeler and car loans.
While Insta Auto Loan would enable an individual to get a sanction letter for up to Rs.20 lakh, Insta Two-Wheeler Loan will help an individual to get a loan of up to Rs.2 lakh. Both the facilities offer hundred percent of the on-road price of the vehicle.
It needs to be mentioned here that with the help of the sanction letter, an individual can get the loan disbursed within a few hours. The launch of the two facilities is a continuation of the bank’s efforts to introduce ‘instant’ digital products. In March, the bank had launched a secured home loan product called ‘Instant Home Loan’ for pre-approved salaried customer. It enabled them to avail the final sanction letter for instant loans of up to Rs.1 crore for a tenure of up to 30 years.
23 April 2019
ICICI Bank cuts its MCLR by 5 basis points
ICICI Bank, one of the top private sector lenders in the country has cut the Marginal Cost of Funds based Lending Rate (MCLR) across all tenors by 5 basis points. The bank reduced the lending rates for the overnight and one-month tenor to 8.10 percent from the existing 8.55 percent, the rates for the three-month tenor came down to 8.55 percent from 8.60 percent. As for the six-month tenor and the one year tenor, the new lending rates will be 8.70 percent and 8.75 percent respectively. The new rates have come into effect from 1 April 2019 and are applicable on all rupee loans sanctioned and credit limits renewed from the aforementioned date.
It needs to be mentioned here that last month HDFC Bank and Bank of Baroda had also reduced its MCLR. While HDFC bank reduced the MCLR for loans of two and three-year tenors by 5 basis points, Bank of Baroda had reduced the lending rates across all tenors up to one year by 10 basis points.
10 April 2019
Two instantaneous home loan facilities launched by ICICI Bank
ICICI Bank, one of the top private sector lenders in the country on Thursday announced the launch of two instantaneous home loan facilities. The instantaneous home loan facilities are titled ‘Instant Home Loan’ and ‘Insta Top Up Loan’.
The Instant Home loan service will enable pre-approved salaried customers of the bank to avail final sanction letter digitally and instantly for loans up to ?1 crore using the internet banking facility. The repayment tenure can go up to 30 years depending on the age of the customer.
The ‘Insta Top Up Loan’ initiative offered by the bank would enable the existing home loan customers to avail the facility of topping up their loan immediately up to Rs.20 lakh for a tenure up to 10 years. This can be done in a completely digital and paperless manner.
Anup Bagchi, the Executive Director of ICICI Bank talking about the recently launch home loan facilities has stated that the strategy was in line with the bank’s motive of achieving rapid growth in their mortgage portfolio.
It needs to be mentioned here that the bank had also created a new seamless experience for mortgages and had identified as many as 500-high potential branches for mortgages with a dedicated area for the business.
28 March 2019
ICICI Bank opens its digital tax collection centre in Mangaluru
The citizens of Mangaluru will now be able to pay over 20 types of taxes to Mangaluru City Corporation (MCC) at the digital tax collection centre of ICICI Bank. One of the top private sector banks in the country, ICICI bank has opened the centre at its Valencia extension counter.
The bank in a press release stated that it was the first bank in the country to offer a digital mode of tax payment through debit and credit card alongside traditional payment modes such as cash, cheque and demand draft in the state of Karnataka. It added that setting up the digital tax collection centre will offer taxpayers the convenience of a one-stop solution to generate e-challans and pay taxes directly to the MCC.
It needs to be mentioned here that the tax collection solution has been customised by the bank, wherein the bank has integrated hand-held point-of-sale (PoS) terminal with the MCC server. This will enable them to instantly fetch, accept and update payment data in real time.
The setting up of the collection hub is expected to help one million tax-paying entities in Mangaluru.
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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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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%
I have taken Home loan directly through ICICI Bank .The rate of interest and the processing fee was nominal .I have applied for the loan amount of 27 lakhs for the tenure of 18 years .I have got the loan amount on time and it was sufficient as well .While submitting the documents there was no drawbacks .
The process is simple hence i have chosen the Home loan from ICICI. It was done the loan in 7 days. So far i have taken the home loan 5 times in that 4 has been repaid and final one still going on. I bought the loan amount of Rs. 30 lakhs and the tenure period of 20 years. My previous loan was done a pre-closure one. They have charged me a pre-closure charges of 2 to 3% which is on higher side.
The rate of interest is low at the time of taking a loan when i compared to other bank and also they have a fore-closure options hence i have taken my home loan from ICICI bank. It was a 5 years loan and i have paid the entire amount in 2 years. The loan amount was Rs. 15 lakhs and they have provided me a loan within 20 days.
I have applied for a home loan with ICICI BANK because they are giving me good offer on the interest rate was around 8.5%. Their representative was very helpful and good to me but unfortunately I could not process this loan due to my personal reason from my end but still they have been keep following me and getting notifications too.
I have taken the home loan from ICICI and they are too good on any kind of commitment even they have given me some grace period to make the payment. I have already cleared the loan 5 years back. In face i have a savings account from them. Their interest rates are very reasonable and they come up with all the offers and some surprised discount will be there which customer looks into it.
I have a loan from ICICI. I have chosen ICICI because one of my friend is working over there and their interest rate is competitive in the market. They have disbursed the loan in 15 days. I'm not aware of the partial payment and pre-closure charges.
I was applied for a home loan in ICICI bank on a previous month which was processed through an online. The loan was sufficient for the tenure of 20 years. The rate of interest and fee are nominal. Due to some documents are not available so I have not processed for further.
I am using from lat 2 years, i have submitted the documents, i got the loan amount within a weeks time. The loan amount i got was within one shot, it is sufficient, the rate of interest was 8.30%, 8.6%. The duration for repaying the loan was 15 years.
Last 5 years i have a account with them hence i have chosen ICICI for my home loan. The loan amount is 13 lakhs which has processed in 5 days. I'm not sure about the interest rate provided to me. Through ECS, the EMI amount has been deducted. Total tenure period of the loan is 15 years.
I approached the bank directly when i purchased the loan. The service has been good and it took 2 months to sanctioned the loan. I got the loan 15 years back and the interest rate was 11 to 13.5%. Still the EMI is going since i have chosen the EMI for 20 years. I have been paying the premium of Rs. 20000 through net banking.
I applied for a home loan from ICICI Bank. I have not submitted my documents yet. I am businessman so ITR is pending. They did not inform me about rate of interest. Loan amount is very less. Their customer service is really good. I visited the branch one for the same reason. They had given me very clear information.
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