ICICI Bank Home Loan
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.
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Check ICICI Bank Home Loan Eligibility
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:
|Loan Processing Charges / Renewal Charges (Non Refundable)||0.5% to 2% of the approved loan amount|
|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.
|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%)|
|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:
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.
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.
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.
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|
|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:
|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|
|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|
|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 DetailsThe table given below shows how you can contact ICICI Bank customer care:
|Phone Number||1860 120 7777|
|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.|
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Home Loan By Other Banks
- Axis Bank Home Loan
- Bank of Baroda Home Loan
- HDFC Bank Home Loan
- Bajaj Finserv Home Loan
- IndiaBulls Home Loan
- Canara Bank Home Loan
- Union Bank of India Home Loan
- CITI Bank Home Loan
- YES Bank Home Loan
- DHFL Home Loan
- Federal Bank Home Loan
- IndusInd Bank Home Loan
- State Bank of India Home Loan
- Punjab National Bank Home Loan
- IDFC FIRST Bank Home Loan
- Hero FinCorp Home Loan
- IDBI Bank Home Loan
- Kotak Bank Home Loan
- Poonawalla Fincorp Limited Home Loan
- Ujjivan Small Finance Bank Home Loan
- Muthoot Finance Ltd Home Loan
- Piramal Housing Finance Home Loan
- Fullerton India Home Loan
- Punjab National Bank Housing Finance Home Loan
- Reliance Bank Home Loan
- RBL Bank Home Loan
- Standard Chartered Bank Home Loan
- Tata Capital Housing Finance Limited Home Loan
- Housing Development Finance Corporation Home Loan
- IIFL Finance Home Loan
- Godrej Housing Finance Home Loan
- Home First Finance Company Home Loan
- DCB Bank Home Loan
- Edelweiss Financial Services Home Loan
- Vastu Housing Finance Home Loan
- Indian bank Home Loan
- Bank of India Home Loan
- Aditya Birla Finance Limited Home Loan
- HDFC Sales Home Loan
- Aadhar housing Finance Home Loan
- Capri Global Home Loan
- Capital First Ltd. Home Loan
- L&T Finance Home Loan
- Bank of Maharashtra Home Loan
- LIC Housing Finance Home Loan
- Punjab & Sind Bank Home Loan
- Cholamandalam Finance Home Loan
- Deutsche Bank Home Loan
- Clix Capital Home Loan
- HSBC Home Loan
- Hero Housing Finance Home Loan
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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Picture your child running to you with a landscape drawing of your home amidst the mountains where the sun shines high and bright. You smile as a home loan allows the dream of owning a house to come true, and the home