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ICICI Bank Home Loan

ICICI Bank
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ICICI bank offers you a one stop option for acquiring your dream house through home loan. ICICI bank put forward a comprehensive choice of products that are ideally suited to satisfy your housing loan requirements, whether you wish to buy a house or build one. Unlock affordable mortgage loans at low interest rates, minimal documentation, and repayment tenure up to 30 years. Lessen the burden of loan repayment with attractive home loan interest rates.

  • ICICI Bank
  • Home Loan
Loan Amount:₹3L - ₹75L
Interest Rate:6.7% - 7.55%
Processing Fee: 0.5% - 2%
Tenure:30 Years
Details
BanksInterest RateProcessing FeeLoan Amount/Tenure
Quick Approvals
ICICI Bank

6.7% - 7.55%

0.5% - 2%

₹3L - ₹75L

Tenure(5 - 30 Years)

Details

Features and Benefits of ICICI Bank Home Loan

Given below are some of the features and benefits of an ICICI Bank home loan:

  • There are no foreclosure or prepayment charges for floating interest rate home loans.
  • You can track your loan application status using the Trackmyloan Application option on the official website.
  • Fast and hassle free processing.
  • Premium banking customers get special benefits.
  • ICICI bank offers an option of repaying in smaller installments and then gradually stepping up over a 30 year tenure.
  • Affordable interest rates.
  • Multiple home loan products to meet every requirement.
  • Transfer home loan from another bank to ICICI for lower interest rates.

ICICI Bank Home Loan Overview

ICICI Bank is one of the leading banking service providers in the country, offering home loans with reasonable interest rates and flexible loan tenure. It offers home loan products with interest rates starting at 6.9% p.a. Additionally, the bank also offers lenient repayment tenure of upto 30 years. Depending on the applicant’s eligibility, ICICI bank sanctions loans of upto Rs. 75 lakhs. 

  • Affordable interest rates
  • Quick and hassle-free loan disbursal
  • Flexible repayment schedule

ICICI Bank Home Loan Eligibility Criteria

  • Any salaried individual in the 21 to 60 years age group and self-employed individual in the 21 to 65 years age group are eligible to avail an ICICI bank home loan.
  • New and existing customers.
  • Indian citizens.

ICICI Bank Home Loan Fees and Charges

The below given table shows the various fees and charges associated with ICICI Bank home loans: 

Category Fees
Loan Processing Charges / Renewal Charges (Non Refundable) 0.5% to 2% of the approved loan amount
Prepayment Charges
  • Nil on repayment of loan with floating interest rates
  • 2% + applicable taxes on full repayment of loan
Late Payment Charges 2% per month
Cheque/AD/ECS bounce charges Rs. 500/-
Administrative charges Rs. 5000
Cash transaction charge for repayment of EMI dues at bank branches Rs. 100

ICICI Bank Home Loan Interest Rates

The interest rate for an ICICI Bank home loan is linked to the floating Repo Rate (RR), which currently stands at 4%. Given below are the ICICI Bank home loan rates for salaried and self-employed borrowers.

Salaried Borrower

Loan Amount Interest rates
Up to ₹35 lacs RR + 2.70% (6.70%) - RR + 3.15% (7.15%)
₹35 lacs to ₹75 lacs RR + 2.70% (6.70%) - RR + 3.30% (7.30%)
Above ₹75 lacs RR + 2.70% (6.70%) - RR + 3.40% (7.40%)

Self-Employed Borrower

Amount Interest rates
Up to ₹35 lacs RR + 2.80% (6.80%) - RR + 3.30% (7.30%)
₹35 lacs to ₹75 lacs RR + 2.80% (6.80%) - RR + 3.45% (7.45%)
Above ₹75 lacs RR + 2.80% (6.80%) - RR + 3.55% (7.55%)

Factors Affecting ICICI Bank Home Loan Interest Rates

Given below are some of the factors that affect your ICICI bank home loan interest rates:

Credit Score

This is one of the major factors that affect your home loan interest rate. Your credit report is a statement of your repayment ability, financial habits and creditworthiness. A lower credit score generally means high credit risk, which can lead to higher interest rates. A higher credit score on the other hand can lead to low interest rates.

Property Location

The location of the property that you are availing a loan for also affects your home loan interest rates. Properties in a well-facilitated location generally have a higher resale value. Homes in less desirable locations might be comparatively cheaper but usually have a lower resale value. Lenders usually view the former as a lucrative investment option and charge lower rates of interest on home loans.

Loan Tenure

Home loans with shorter tenures tend to attract lower interest rates as compared to loans with longer tenures, which generally have high interest rates associated with them.

Job Profile

Individuals drawing high and steady salaries are considered to be low-risk applicants as compared to applicants having an unstable income. Therefore, people with steady incomes are granted lower home loan interest rates.

How Does ICICI Bank Compare With Other Lenders?

The table given below shows how ICICI Bank compares with other home loan providers in the country: 

Lender Name Interest Rate Upto Rs. 30 Lakhs Interest Rate for Rs. 30 Lakhs to 75 Lakhs Interest Rate for Above Rs. 75 Lakhs
SBI 6.70-7.65% 6.70-7.75% 6.70-7.85%
HDFC 6.70-8.45% 6.70-8.60% 6.70-8.70%
Axis Bank 6.75-11.50% 6.75-11.50% 6.75-11.50%
Kotak Mahindra Bank 6.55% onwards 6.55% onwards 6.55% onwards
PNB Housing Finance 6.99-12% 6.99-12% 7.15-12%
Bank of Baroda 6.50-8% 6.50-8% 6.50-8.25%
LIC Housing Finance 6.66-7.85% 6.66-8.05% 6.66-8.05%
L&T Housing Finance 6.75 – 7.75% 6.75 – 7.75% 6.75 – 7.75%

Documents Required for ICICI Bank Home Loan

Given below are the documents required to avail a home loan from ICICI bank:

Salaried Applicants

Completed application form with photograph Salary slips from the previous 3 months
Age, identity and address proof documents Cheque for processing fee
Bank statements from the last 6 months ITR or Form 16

Self-Employed Professionals

Completed and duly signed application form with photograph Form 16 or ITR
Age, residence and identity proof documents ITR from previous 3 financial years with income computation
Bank statements from the previous 6 months Education qualification certificate
Cheque for processing fee amount Audited balance sheet from the previous 3 financial years

Self-Employed Non-Professional

Completed and duly attested application form with photograph ITR or Form 16
Residence, age and identity proof documents Business Profile
Bank statements from the previous 6 months ITR with income computation from previous 3 financial years
Cheque for processing fee amount Audited balance sheet from the previous 3 financial years

ICICI Bank Customer Care Details

The table given below shows how you can contact ICICI Bank customer care: 
Phone Number 1860 120 7777
E-Mail Address [email protected]
By Post ICICI Bank Limited ICICI Phone Banking Center, ICICI Bank Tower, 7th floor, Survey no: 115/27, Plot no. 12, Nanakramguda, Serilingampally, Hyderabad – 500032.

FAQs

From refinancing to reducing your interest, we have the answers right here.

How do I apply for an ICICI Bank home loan?

You can apply for an ICICI Bank home loan on the bank’s official website. Alternatively, you can also apply for a home loan by visiting your nearest ICICI Bank branch.

What are the basic parameters for determining ICICI Bank home loan eligibility?

ICICI Bank determines your home loan eligibility based on several factors like income, existing obligations, age, potential retirement age, etc.

What is the floating interest rate?

A floating rate of interest is linked to the market benchmark rate. The ICICI Bank home loan interest rate is linked to Repo Rate which is decided by the Reserve Bank of India. This means that the interest rate changes with any change in the Repo Rate.

Are there any tax benefits of ICICI Bank Home Loan?

Yes, you can claim tax benefits with respect to the repayment of principal and interest amounts. The limit of deductions on such amounts are dictated under the Income Tax Act.

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