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ICICI Home Loan Interest Rates 2022

ICICI Bank Housing Loan Interest Rate -Today

Last Updated 20th Jan 2022

  • Current ICICI Bank Home Loan interest rates Jan 2022 starts at 6.70% p.a. for a maximum tenure of 30 years.
  • The processing fee on ICICI Bank housing loans is Minimum ₹ 3,000 . Check Best Offers.
  • ICICI Bank offers a special discount of -1.5% on interest rates for women borrowers.
Loan AmountICICI Step Up Home Loan RateRate for Female BorrowerICICI Repo Rate Home Loan Rate
Upto ₹ 4 Lakh8.20%N/A6.70%
₹ 4 Lakh - ₹ 50 Lakh8.20%N/A6.70%
₹ 50 Lakh - ₹ 75 Lakh8.20%N/A6.70%
Above ₹ 75 Lakh8.20%8.20%6.70%
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback Get Call from Banker

ICICI Bank Home Loan Rate

ICICI Bank offers home loans to both salaried individuals and self-employed at a minimum rate starting at 6.70% up to 11.35%. Apart from the interest rate, the bank also has various other charges such as ICICI Bank processing fee - that is charged over and above the loan amount, is non-refundable and has to be paid at the time of loan application and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.

ICICI Bank Home Loan Processing Fee and Other Charges

ICICI Bank charges a minimum processing of ₹ 3,000 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees minimum processing fee of ₹ 3,000
Part Prepayment Charges Allowed
Foreclosure Charges Nil for floating rate home loans

Interest rates on ICICI Home Loans Schemes

ICICI Bank offers a housing loan interest rate at 6.70%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, ICICI Bank home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.

Below-mentioned are ICICI Bank home loan rates for multiple housing schemes.

ICICI Bank Home Loan Scheme Interest Rates
ICICI Repo Rate Home Loan6.70% - 7.40%
ICICI Home Loan Top Up6.75% - 7.40%
Home Loan Balance Transfer 6.75% - 7.40%
ICICI Home Improvement Loan6.75% - 7.40%
ICICI Pragati Home Loans6.75% - 7.40%
Saral Rural Housing Loan6.75% - 7.15%
ICICI Instant Home Loan8.95% - 9.25%

ICICI Home Loan Interest Rate for Salaried and Self-Employed

The home loan interest rates in ICICI for salaried and self-employed is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 35 Lakh 6.70%
₹ 35 Lakh - ₹ 50 Lakh 6.70%
₹ 50 Lakh - 75 Lakh 6.70%
Above ₹ 75 Lakh 6.70%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 35 Lakh 6.80%
₹ 35 Lakh - ₹ 50 Lakh 6.80%
₹ 50 Lakh - 75 Lakh 6.80%
Above ₹ 75 Lakh 6.80%

ICICI Bank Home Loan Interest Rate For Women & Govt Employee

Loan Amount ICICI Home Loan Rate For Women ICICI Home Loan Rate For Govt Employee
Upto ₹ 35 Lakh 6.70% 6.70%
₹ 35 Lakh - ₹ 50 Lakh 6.70% 6.70%
₹ 50 Lakh - 75 Lakh 6.70% 6.70%
Above ₹ 75 Lakh 6.70% 6.70%

ICICI Home Loan Balance Transfer Interest Rates

ICICI Bank home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to ICICI Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, ICICI Bank offers the loan balance transfer rate of 6.50%.

Illustration on Home Loan Interest Rate ICICI Bank
Maximum Annual Percentage Rate (APR) 6.73% to 11.38%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 30 Years
  • ICICI Bank Home Loan Interest Rate: 6.70% to 11.35%
  • Processing Fee payable to: Upto ₹ 1,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 645 for 30 Years ₹ 1,00,000 loan at 6.70% (lowest rate, longest time period) to ₹ 2,192 for 5 Years ₹ 1,00,000 loan at 11.35% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.73% to 11.38%
  • Total cost payable over loan tenure: ₹ 1,18,960 for 5 Years loan to ₹ 2,33,301 for 30 Years loan

FAQs

Has ICICI reduced home loan rates?

As per the current rates, ICICI has cut its home loan rates by 1.5% from 8.20% to 6.70%, which is one of the best rates in the market. The new rates are effective from 21 Sep, 2021.

Why should I opt for balance transfer to ICICI Bank?

ICICI Bank offers lowest Home Loan EMI of ₹ 645 per lakh availed at the lowest interest rate 6.70% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 645 per lakh, you should consider the option for a loan transfer to ICICI from your existing bank. Current ICICI balance transfer rate is 6.50%.

Can I convert my loan rate from fixed rate to floating rate or vice-versa? What are the charges applicable?

Yes, you can convert your Home Loan rates from fixed rate to floating rate and vice-versa. The charges applicable are as following:

  • On conversion of loan from fixed rate to floating rate, charges are 0.5% of the outstanding loan amount and applicable tax
  • On floating rate to fixed rate loan conversion, you will be charged 0.5% on the outstanding principal and applicable tax

Am I eligible for top up on my existing Home Loan?

ICICI bank allows you to top up your existing Home Loan at the time of balance transfer.

Can ICICI Bank housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with ICICI to lower the home loan rates. Apart from the home loan rates, you can also negotiate over the processing fee.

Can ICICI revise the home loan interest rates for their existing customers?

Yes, ICICI offers concessional rates to the existing customers, and you can negotiate with the bank to offer you the revised home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does ICICI offer a concessional home loan interest rate for women?

Yes, ICICI offers special home loan interest rates for women. As against ICICI home loan rates for male which is 6.70%, the home loan interest rate for women starts at 8.20%.

What is the ICICI home loan rate of ₹ 25 Lakh for 15 years?

For home loan upto ₹ 25 Lakh, ICICI provides home loan interest rate starting at 6.70%. However, you can get the lowest rates if you have a good relationship with the bank, work with top corporations, have a good CIBIL score and have stable income sources.

At what interest rate does an ICICI employee get a home loan?

ICICI offers concessional home loan rates of about 1% than the current home loan rates to ICICI employees.

Is ICICI Bank home loan a floating rate loan or fixed-rate loan?

ICICI home loan is offered at both fixed and floating rates. In the case of the fixed-rate, the interest remains the same throughout the tenure. On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.

What is the ICICI home loan rate today ?

ICICI home loan rate today is in the range of 6.70% to 11.35%.The bank also charges a processing fee of upto Minimum ₹ 3,000 of the home loan amount.

How much interest does ICICI take on home loans?

The rate of interest on ICICI home loans varies based on your eligibility, such as CIBIL score, age, repayment capacity, income etc. However, ICICI home loan current interest rate 2021 are in the range of 6.70% to 11.35%.


ICICI Bank Home Loan Reviews 4.1/5  by 97 customers
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ICICI Home Loan News - Jan 2022
  • 2021-12-07 : ICICI Bank Partners with Flipkart to Offer Instant Overdraft Facility
    ICICI Bank has partnered with Flipkart to offer Instant Overdraft to sellers and businesses registered on the e-commerce portal for up to Rs. 25 lakh.
  • 2021-10-14 : ICICI Bank Introduces ‘Home Utsav’
    ICICI Bank has introduced the ‘Home Utsav’ offer, which is a virtual property exhibition that allows home buyers to select their dream home project by browsing through projects by sitting at home or office. A customer can also avail of benefits on a home loan like lower interest rates, special processing fees and much more.
  • 2021-10-01 : ICICI Bank Introduces Festive Bonanza Offer
    ICICI Bank has introduced a festival bonanza offer from October 1, 2021. Under the offer, a borrower can avail home loan at an interest rate of 6.70% and a processing fee starting at Rs 1100.
  • 2021-09-24 : ICICI Bank Revises Home Loan Interest Rate
    ICICI Bank has cut home loan interest to 6.70%. The lowest rate for salaried is 6.70% and self-employed is 6.80%. If a borrower has a low credit score then they will have to pay 7.40% of the principal amount.
  • 2021-07-09 : ICICI Bank Q1 Net Profit seen up 59.1% YoY to Rs. 4,136.5 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects ICICI Bank to report a net profit of Rs. 4,136.5 crore up 59.1% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 15.6% Y-o-Y to Rs. 10,731.6 crore.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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