ICICI Bank Home Loan Interest Rates

4.5

ICICI Bank offers home loan products, a one-stop solution to all your home-buying needs. There is no maximum cap on the loan amount. Your repayment capacity and property value determine it. You can easily repay the loan with a tenure of up to 30 years. This loan offer is most sought after owing to the hassle-free processing and minimal processing charges.

  • Home Loan offer for You

  • 8.85% - 9.1%

    Interest Rate (p.a.)
  • ₹3L - ₹75L

    Tenure(5 - 30 Years)
  • ₹2,069 - ₹2,081

    EMI Per Lakh

Check Latest Home Loan Offer From ICICI Bank

  • 8.85% - 9.1%

    Interest Rate (p.a.)
  • ₹3L - ₹75L

    Tenure(5 - 30 Years)
  • The processing fee is 0.50% of the loan amount, plus applicable taxes

    Processing Fee

Compare ICICI Bank Home Loan Interest Rates with Other Lenders

ICICI Bank Home Loan Interest Rates are contrasted with those offered by other banks and lending organisations in the table below:

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Home loans from ICICI Bank are available for terms of up to 30 years starting at 8.75% p.a. Additionally, it provides salary account holders with pre-approved fast house loan sanction and home loan balance transfer options at lower interest rates. Affordably priced housing loans are available through the ICICI Bank Pratham Housing Loan Scheme to self-employed borrowers with a minimum company history of five years as well as salaried applicants making at least Rs 10,000 per month. Additionally, ICICI Bank provides ICICI Bank Extraa Home Loans, a unique home loan programme supported by Mortgage Guarantee, with the goal of expanding the loan amount eligibility of the borrowers by extending the loan term till they turn 67.

ICICI Bank Home Loan Highlight

Housing loans are available from ICICI Bank to qualified consumers with low interest rates starting at 8.75% p.a., long loan terms up to 30 years, and simple repayment alternatives. The lack of processing fees on adjustable rate loans, which range from 0% to 0.50% of the loan amount (plus applicable taxes). Additionally, ICICI collaborates with the PMAY Scheme, giving homebuyers an advantage while making a purchase.

ICICI Bank Home Interest Rates on Loan Schemes

ICICI Bank Home Loan offers four schemes to its customers. Listed below are the four schemes to use to avail of a housing loan according to your needs:

ICICI Bank Instant Home Loan

  • Exclusively for consumers with bank salary accounts, pre-approved house loans up to Rs. 1 crore are offered.
  • No documentation must be presented while applying for the sanction.
  • Reduced processing charge

ICICI Bank 30 Year Home Loan

  • Competitive interest rates on loans with both variable and fixed rates
  • 30 year loan extension for simple repayment
  • Lowest EMI per lakh: Rs. 808

ICICI Bank Step up Home Loans

  • Appropriate for young salaried workers with a middle-class salary
  • Required monthly income: Rs. 20,000
  • 20-year maximum loan term

ICICI Bank NRI Home Loan

  • No fees for partial prepayment
  • Competitive interest rates
  • Monthly lowering basis for interest rates
  • Processing fee: 2% of the loan's total amount plus any relevant taxes.

ICICI Bank Pradhan Mantri Awas Yojana

Under the Pradhan Mantri Awas Yojana, ICICI Bank provides Credit Linked Scheme (CLSS) to qualified recipients (PMAY). The following beneficiary groups are eligible for the programme:

  • Section with Lower Economy (EWS
  • Group with Low Income (LIG)
  • First Middle Income Group (MIG - I)
  • Second Middle Income Group (MIG - II)

Customers can use the CLSS if they want to:

  • Buy a new apartment or property
  • Build a house
  • Extend or enlarge an existing home
  • Renovate or make changes to an existing property's structure

ICICI Bank Home Interest for Salaried and Self-Employed

ICICI Bank provides salaried workers and self-employed professionals with personal loans with starting interest rates as low as 8.65%. Depending on the applicant's track record and other important factors including income, age, repayment history, etc.

Type of EmploymentOffered Personal Loan Interest RateProcessing Charges Prepayment Charges
Salaried Employee8.95%-9.70% per annum onwardsUpto 0%-0.50% of the approved loan amount + GSTNil on floating interest rates
Self-Employed Professional8.95%-9.70% per annum onwardsUpto 0%-0.50% of the approved loan amount + GSTNil on floating interest rates

ICICI Bank Home Interest for Govt Employee

ICICI Bank home interest rates for government employees are on par with those for any other customer in the private sector. The amount and interest rates are still the same for everyone. They occasionally offer incredible offers on their home loan programmes and provide the top financing services.

ICICI Bank Home Loan Interest Rate For Women

To boost women's empowerment and provide them with better programmes, ICICI Bank Home Loan Interest Rates comply with all applicable laws. On loans, they offer a subdued 3% government-approved stamp duty discount.

ICICI Bank Home Loan Interest Rate For NRI

NRI clients who have a home loan account with ICICI Bank are eligible for various benefits. Interested candidates can go to the bank's official website and provide specific information to learn if they qualify for a personal loan that has already been pre-approved. Like other lenders, ICICI Bank provides pre-approved personal loans to applicants with excellent credit scores and reliable payback histories.

ICICI Bank Home Loan Interest Rate and Other Charges

ParticularsApplicable Fees & Charges
Processing FeesFor applicants with bureau scores of 750 or less & loan amounts of 50 lakhs or less, an offer of special processing fee is Rs 2,999. This is inclusive of all applicable taxes, CIBIL & CERSAI charges.
Charges for Prepayment
  • NIL for ICICI Home Loans and ICICI Home Improvement Loans with a floating rate of interest
  • 2% on the outstanding principal on repayment of the full amount for ICICI Bank Home Loan with a fixed rate of interest
  • 2% on the outstanding principal on repayment of the full amount 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.
Charges on Late payment 
  • Home Loans: 2% per month
  • Home OD: 1.5% of the outstanding amount subject to a minimum of Rs. 500/- & Maximum of Rs.5000/-
Charges for Conversions
  • Floating to Floating: 0.5% of the principal outstanding
  • Dual fixed rate to Floating: 0.5% of the principal outstanding
  • Floating to Dual fixed rate: 0.5% of the principal outstanding
  • Lifetime fixed to Floating: 1.75% of the principal outstanding
Charges for the swap of mode of Repayment Rs 500
Charges for Retrieval of Document Rs 500
Charges for bounceRs 500
Duplicate No Objection Certificate / No Due CertificateRs 100
NOC Revalidation Rs 100
Charges for Administrative  Rs 5000
Charges for CIBIL Report  Rs 50
Legal, Repossession and Incidental Charges At Actuals

How to Calculate ICICI Bank Home Loan Interest?

Using ICICI Bank's home loan EMI calculator, one can accurately calculate the interest/EMI on the home loan, and one just needs to enter some basic loan information to determine the precise EMI (equivalent monthly instalment).

OR

One can use the following formula to calculate the EMI:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1] 

Where,

  • P is the principal amount
  • R is the interest rate charged on the home loan
  • r is the number of instalments on the tenure of the loan

Why is ICICI Bank Home Loan Interest Rates the Best for Customers?

The demands of numerous groups of individuals are met by ICICI Bank, which offers competitive interest rates and affordable processing costs. Floating and fixed interest rate options are available based on customer preference. Borrowers are not penalised if they prepay their ICICI Bank mortgage. In order to purchase or build your dream home, an ICICI Bank home loan is the ideal choice.

ICICI Bank Home Loan Interest Rates for Existing Customer

Given below are the interest rates, tenure, and processing charges for the existing customers:

ICICI Bank Home Loan Highlights 

Rate of Interest8.75%-9.80% p.a.
Amount of LoanDepends on the eligibility of the applicant
Time PeriodUp to 30 years
Processing FeesRs 2,999 (Special processing fee as a part of Festive Offer, applicable to applicants with Bureau Score ≥ 750 & Loan amount ≥ 50 Lakhs & inclusive of all taxes, CIBIL & CERSAI charges, if applicable)

Factors that affect ICICI Bank Home Loan Interest Rate and EMI

Many factors affect the ICICI Bank Home Loan Interest Rate and EMI. Below are some significant factors:

Score of Credit

It is impossible to exaggerate the significance of the credit score in deciding the interest rate. Higher scores are correlated with lower interest rates, and vice versa.

Repayments

If any of your credit accounts carry the terms "settled" or "written off," your loan application will be rejected. By accepting these terms, the lender acknowledges that you are in default on your loan and that it is unlikely that you will be able to pay the sum back. In the same way, if there are any inconsistencies—for instance, if your date of birth differs from what is on your application—the house loan may be declined. It is advisable to take care of any such irregularities well in advance to avoid your ICICI Bank home loan being rejected.

Job

If you apply for a house loan right away after starting a new job, your request can be rejected. If you're new to the industry, you won't have a stable job history, which banks prefer, putting you a risk if you apply for a home loan. It is best to wait at least six to twelve months after beginning new employment before applying for a mortgage.

Debt History

The EMI will be seen as a monthly payment because home loans are high-value investments. If the applicant already has debts that must be repaid, the loan application may be rejected.

Similar to this, there is a potential that the applicant, who is acting as a guarantee, will be required to pay the debt if the other party defaults on their loan if they are already the applicant's guarantor for another loan.

Frequently Asked Questions (FAQs)

Does ICICI Bank provide a 90% home loan?

Yes, loans up to 90% of the value of the property are available to applicants for terms of three to twenty years.

What is the EMI for a 30 lakhs home loan for 20 years?

The EMI for a 30 lakh home loan for 20 years would be Rs. 26,895.

How can I reduce my ICICI Bank home loan interest rate?

One can reduce their ICICI bank home loan interest rate by maintaining a good credit score, having a good track of repayments, etc.

Urban Money