A "low interest" loan shouldn't mean you have very little interest in paying it back!
Up to 30 September 2023, there are also special home loan interest rates which are based on the applicant's credit scores. The interest rates are 9.00% p.a. for salaried individuals and 9.00% to 9.10% p.a. for self-employed individuals.
Compare: Home Loan Interest Rate all Banks
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.12,803 | Rs.9,159 | Rs.8,227 |
| Rs.20 lakh | Rs.25,607 | Rs.18,317 | Rs.16,454 |
| Rs.40 lakh | Rs.51,213 | Rs.36,635 | Rs.32,907 |
| Rs.50 lakh | Rs.64,016 | Rs.45,793 | Rs.41,134 |
*Lowest interest rate of 9.25% 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.
The standard interest rates for ICICI Bank home loan schemes are as follows:
| Slab | Floating Interest Rate |
| Up to 35 lakhs | 9.25% to 9.65% |
| 35 lakhs to 75 lakhs | 9.50% to 9.80% |
| More than 75 lakhs | 9.60% to 9.90% |
| Slab | Floating Interest Rate |
| Up to 35 lakhs | 9.40% to 9.80% |
| 35 lakhs to 75 lakhs | 9.65% to 9.95% |
| More than 75 lakhs | 9.75% to 10.05% |
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:
The CLSS can be availed by customers looking to:
Benefits of PMAY Scheme:
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| Applicant: |
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| Co-applicant: |
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| NRIs: |
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| Residency Status | |
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| Type of Employment | |
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| Identity Proof (any one) |
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| Proof of Residence (any one) |
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| Age Proof (any one) |
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| Proof of Income |
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| Other Documents |
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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.
The documents that are required to apply for ICICI home loan are identity proof, address proof, age proof, income proof, etc.
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.
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.
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.
The fixed interest rate for ICICI Bank home loans range from 8.90% to 12.05% p.a.
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