ICICI Bank Home Loan

4.5

ICICI Bank Home Loan is the one-stop solution for acquiring your dream home. The ICICI Home Loan has many interesting features, like low-interest rates, minimal documentation, and long repayment tenure. The ICICI Home Loan has been designed to suit your needs in buying your dream house.

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ICICI Bank Home Loan

  • Interest Rate

    8.85% - 9.1%

  • Loan Amount

    ₹3L - ₹75L

  • EMI Per Lakh

    ₹2,069 - ₹2,081

  • Processing Fees

    The processing fee is 0.50% of the loan amount, plus applicable taxes
  • Pre-Payment Charges

    • NIL for ICICI Home Loans and ICICI Home Improvement Loans with a floating rate of interest.
    • 2% on the outstanding principal on full repayment for ICICI Bank Home Loan with a fixed rate of interest.
    • 2% on the outstanding principal on full repayment for Top Up Loan if the applicant or co-applicant is Non-Individual.
    • 4% on the outstanding amount of loan where the loan is given to Non Individual borrowers or with a fixed rate of interest to Individual borrowers.
    ... more

Plan Offered

Term Loan

Showing Data for CIBIL Score 800 - 1000

ICICI Bank Home Loan

  • CIBIL: 800 - 1000

  • CIBIL: 0 - 700

  • CIBIL: 701 - 799

ICICI Bank Home Loan

CIBIL: 800 - 1000

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CIBIL Score range

  • CIBIL: 800 - 1000

  • CIBIL: 0 - 700

  • CIBIL: 701 - 799

Showing Data for CIBIL Score 800 - 1000

  • Salaried
  • Self-Employed (Non-Professional)
  • Self-Employed
Loan AmountLoan TypeMen (ROI)Women (ROI)
Any Loan AmountNew8.60%8.60%
  • Salaried
  • Self-Employed (Non-Professional)
  • Self-Employed
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiAny Loan AmountNew8.60%8.60%
PuneAny Loan AmountNew8.60%8.60%
Kalyan-DombivaliAny Loan AmountNew8.60%8.60%
Pimpri-ChinchwadAny Loan AmountNew8.60%8.60%
ThaneAny Loan AmountNew8.60%8.60%
Vasai-VirarAny Loan AmountNew8.60%8.60%

Last updated on: 22, Jun 2024

StepUp Loan

Showing Data for CIBIL Score 800 - 1000

ICICI Bank Step Up Home Loan

  • CIBIL: 800 - 1000

  • CIBIL: 700 - 799

  • CIBIL: 0 - 699

ICICI Bank Step Up Home Loan

CIBIL: 800 - 1000

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CIBIL Score range

  • CIBIL: 800 - 1000

  • CIBIL: 700 - 799

  • CIBIL: 0 - 699

Showing Data for CIBIL Score 800 - 1000

  • Salaried
Loan AmountLoan TypeMen (ROI)Women (ROI)
Any Loan AmountNew8.60%8.60%
  • Salaried
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiAny Loan AmountNew8.60%8.60%

Last updated on: 22, Jun 2024

ABB

Showing Data for CIBIL Score 800 - 1000

ICICI ABB Home Loan

  • CIBIL: 800 - 1000

ICICI ABB Home Loan

CIBIL: 800 - 1000

CIBIL Score range

  • CIBIL: 800 - 1000

Showing Data for CIBIL Score 800 - 1000

  • Self-Employed (Non-Professional)
  • Self-Employed
Loan AmountLoan TypeMen (ROI)Women (ROI)
Any Loan AmountNew8.60%8.60%
  • Self-Employed (Non-Professional)
  • Self-Employed
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiAny Loan AmountNew8.60%8.60%
PuneAny Loan AmountNew8.60%8.60%
Kalyan-DombivaliAny Loan AmountNew8.60%8.60%
Navi MumbaiAny Loan AmountNew8.60%8.60%
Pimpri-ChinchwadAny Loan AmountNew8.60%8.60%
ThaneAny Loan AmountNew8.60%8.60%
Vasai-VirarAny Loan AmountNew8.60%8.60%

Last updated on: 22, Jun 2024

Features and Benefits of ICICI Bank Home Loan

A home loan's lower interest rate is very important because it helps you save in the long run. ICICI Bank offers a starting interest rate of 9% for home loans, one of the best rates in the market. This means you pay less overall when you repay the loan.

Attractive Loan Amount

ICICI Bank is generous with the amount they lend for buying a home. They can loan you up to 80% of the property's value, up to a maximum of 10 crores in Indian Rupees. However, the exact amount you can get depends on factors like your credit score, monthly income, property value, and how reliable you are with credit. You can use the ICICI Bank Home Loan Eligibility Calculator to estimate how much you can borrow.

Flexible Loan Repayment Tenure

You have flexibility in how long you take to repay the loan. You can choose a loan tenure of up to 25 years. This allows you to adjust your monthly payments according to your income, making it easier to avoid missing payments. You can start with smaller payments and increase them as your income grows, making repayment comfortable and adaptable.

Convenient Application

The ICICI Bank home loan application process is completely digital, making it easy and quick. You don't have to deal with paperwork or visit the bank in person. The whole process can be completed online in just about 10 minutes.

Minimal Documentation

Regarding paperwork, ICICI Bank doesn't ask for too many documents. You must provide basic proof of age, income, property, and bank account statements.

ICICI Bank Home Loan Overview

An ICICI Bank home loan is a type of loan where you use your house as a promise to pay back the money. You can use this money to buy, build, fix, or improve your home. But remember, you have to pay some money back every month and some extra money called interest.

If you have a good record of paying money on time and can prove you can repay the loan, it's easier for you to get it. However, before you start asking for this loan, there are important things to think about. These include how much extra money you'll have to pay (interest rates), how much money you need to give just to start the loan (processing fees), what papers you need to show (document requirements), and how much money you have to give every month (EMI amounts).

ICICI Bank Home Loan Fees and Charges

Let's take a look at the prominent fees and charges associated with ICICI Bank home loans:

Fees and Charges Salaried Self-Employed
Processing Fees (Non-refundable) 0.50% - 2.00% of the loan amount or Rs. 3000 0.50% - 2.00% of the loan amount or Rs. 3000
Administrative Charges 0.25 % of the Facility Amount or INR 5000 0.25 % of the Facility Amount or INR 5000
Commitment charges / Non utilisation fee (Applicable for Overdraft Facility) A minimum 30% utilisation required on a quarterly average basis. Charge of 0.5% will be levied on the deficit amount. Not applicable for salaried customers. Minimum 30% utilisation required on a quarterly average basis. Charge of 0.5% will be levied on the deficit amount.
Part Prepayment Fees Nil of amount prepaid plus applicable taxes and/or other statutory levies Nil of amount prepaid plus applicable taxes and/or other statutory levies
Prepayment Charges 2% on Home loan Same as salaried

Documents Required for ICICI Bank Home Loan

These are the documents you need to include with your application:

  • Proof of Who You Are: Show any of these: Aadhaar card, voter card, driver's license, passport, etc.
  • Proof of Where You Live: Use documents like ration card, electricity bill, water bill, property tax receipts, or post-paid mobile bill.
  • Proof of How Much You Earn: If you work for someone, show your last three months' salary slips, Form 16, and your bank statements for the last six months. If you run your own business, share your Income Tax returns for the past 3 years, along with your balance sheet and profit and loss statement.
  • Proof of Property You Own: Share documents like the sale deed, agreement to sell, allotment letter, possession letter, and title clearance report.

How does the EMI calculation work for ICICI Bank Home Loan?

To figure out how much you'll pay monthly for an ICICI Bank home loan, you use a formula called EMI. EMI stands for Equated Monthly Instalment. It depends on how much money you're borrowing (loan amount), the interest rate the bank charges, and how long you'll take to pay it back (loan tenure).

i.e., EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

  • P is the loan amount
  • R is the monthly interest rate
  • N is the loan tenure in months

You can use a handy tool like the ICICI Home Loan EMI Calculator to make this easier. 

  • From the Urban Money website, click on 'Bank Calculators,
  • choose 'ICICI Bank Calculators,
  • and then 'ICICI Bank Home Loan Calculator'.
  • Put in the loan amount, loan tenure, and interest rate, and it will quickly tell you how much you'll need to pay each month. It even shows you a breakdown of how much is for the loan and how much is for the interest.

Balance Transfer ICICI Bank Home Loan

Let's take a look at the step-by-step process involved in the balance transfer of a ICICI Bank home loan.

  • Step 1: Let your current lender know you want to move your home loan. Ask for a letter saying it's okay to switch.
  • Step 2: Apply to ICICI Bank for a new home loan to pay off the old one. Give them all the needed papers like ID, loan history, property documents, and the letter from your old lender.
  • Step 3: ICICI Bank will review your papers and check if you can get the new loan. They will then pay off your old loan with the money from the new one.

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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