ICICI Bank Home Loan

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.