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ICICI Home Loan Interest Rate

Last Updated 05th Dec 2019

ICICI Bank Home Loan Rate Dec 2019

5th December 2019 – RBI keeps Repo Rate unchanged at 5.15%

ICICI Bank's home loan interest rate starts from 8.65%, which is one of the best home loan rates in India. Check Best Offers

Instead of MCLR, now ICICI Bank offers home loan linked to RBI's Repo Rate. Home loan rate will change after the announcment of repo rate change in monetory policy which is due on Feb 2020. Any change in Repo Rate will impact housing loan rates by the same basis points.

Loan AmountICICI Repo Rate Home Loan RateRate for Female BorrowerRateICICI Repo Rate Home Loan Rate New Repo Rate
Upto ₹ 35 Lakh8.65%N/AN/A
₹ 35 Lakh - ₹ 75 Lakh9.05%N/AN/A
₹ 75 Lakh - ₹ 5 Cr9.10%N/AN/A
Above ₹ 5 Cr9.10%N/AN/A

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ICICI Bank Home Loan

ICICI Bank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. ICICI Bank Housing loan rate of interest is best in the market. Taking a loan from ICICI Bank has the following benefits:

  • Overdraft facility to save interest
  • Nil prepayment fees for floating rates
  • Top up facility available
  • High loan eligibility
  • Low PF on balance transfer
ICICI Home Loan Details
Lowest ICICI Home Loan Rate8.65%
Compare with Other Banks
Interest Rate Linked toRepo Rate
Processing Fee Upto 0.25%
Minimum ₹ 5,000 Maximum ₹ 5,000
Max Tenure30 years
Lowest EMI₹ 780 per lakh
Prepayment ChargesAllowed with Nil charges for floating rate loans
Check Prepayment Rules
AgeMin 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed

Home Loan Interest Rates ICICI Bank

ICICI Bank home loan interest rates are in the range of 8.65% to 9.25%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest rate of 8.65%.

ProductsInterest Rates
Home Loan Balance Transfer 8.55%
ICICI Home Improvement Loan8.65% - 9.25%
ICICI Repo Rate Home Loan8.65% - 9.25%
ICICI Pragati Home Loans9.65% - 10.25%
Saral Rural Housing Loan9.65% - 10.25%

Latest ICICI home loan rate starts from 8.65% , as applicable based on the Repo Rate, which is 5.15%, last announced on 05th Dec 19. Any change in Repo Rate will translate into a similar change in the bank’s home finance rate.

ICICI Bank housing finance interest rates depends upon
  • Loan amount: Housing loan rate in ICICI Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
  • Your Salary: Income helps in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate as higher will be the loan amount.
  • Type of loan opted for: ICICI Bank also offers differential rates for women borrowers under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers as per its features.
  • Existing bank customers: ICICI Bank offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

ICICI Bank Home Loan Processing Fee and Other Charges

In addition to interest rates, home finance from ICICI Bank also carry some other charges which include:

  • Processing Fee - ICICI Bank applies 0.25% processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
  • Technical and Legal Charges - ICICI Bank also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on ICICI Bank rules.
  • Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to ICICI Bank. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with ICICI Bank at Nil charges.

Affordable Housing Loan Scheme by ICICI Bank

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) Pradhan Mantri Awas Yojna: Launched in 2015 to provide houses to the homeless. You can apply for PMAY scheme at ICICI Bank if you fulfil the eligibility criteria.

b) Pradhan Mantri Gramin Awas Yojna: It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: Its a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojna: Launched in 2009 with the aim of bringing illegal construction under the formal system and encourage slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

If you want to get a housing loan from ICICI Bank, the process of getting the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online, and ICICI Bank’s representatives will get in touch to begin the process of getting a home finance. You will also be assisted by MyLoanCare’s housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from ICICI Bank.

You can also make a comparison of ICICI Bank’s Home Loan Interest rates and other charges using the MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

ICICI Home Loan Documents

For Salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension
For Self-Employed
  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Home Loan ICICI Schemes

ICICI Bank offers customized schemes for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

ICICI Bank Saral Rural Housing Loan
  • Loan to support the socio economic development of women's and other weaker sections of the society. Also includes support in acquisition, construction, repairs, renovation or up gradation of rural houses.
      • Rural women and other weaker sections of the society benefit the most from this loan as it is designed for their upliftment.
      Key Loan Terms
      • Home loan available at the age of 21 - 60 years
      • Loan amount that you can borrow ranges from ₹ 15 Lakh to ₹ 10 Cr
      • Option to apply for a maximum ltv of 90% of value of the property
      • Housing loan for a maximum period of 30 years
      ICICI Bank Extra Home Loan
              Key Loan Terms
              • Home loan available at the age of 21 - 60 years
              • Loan amount that you can borrow ranges from ₹ 15 Lakh to ₹ 75 Lakh
              • Option to apply for a maximum ltv of 80% of value of the property
              • Housing loan for a maximum period of 30 years
              PRAGATI HOME LOANS
              • Specially designed loan to cater your home loan requirements. Under the scheme, a borrower can avail home loan, home improvement loan and non residential premise loan.
              • Loan to cater the home loan requirements of wider section of the society.
              • Home loan borrowers can avail home improvement loan and non residential premises loans under this scheme.
              Who is Eligible?
              • Salaried individuals with a minimum income of Rs. 10,000 per month, self employed individuals with a business experience of 5 years.
                Key Loan Terms
                • Home loan available at the age of 21 - 60 years
                • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 50 Lakh
                • Option to apply for a maximum ltv of 90% of value of the property
                • Housing loan for a maximum period of 20 years
                ICICI Home Loan Balance Transfer
                • Loan to reduce EMI and interest paid on your loan amount to avail attractive discount and benefits on balance transfers.
                • Loan comes with the attractive and affordable rate of interest.
                • Offers loan amount upto 100 percent in addition to the original home loan.
                  • Borrowers who wish to lower their EMI obligation on their existing home loan from other banks and non banking financial companies. Customers who wants additional funds for meeting their personal or business needs.
                  Key Loan Terms
                  • Home loan available at the age of 21 - 60 years
                  • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 10 Cr
                  • Option to apply for a maximum ltv of 80% of value of the property
                  • Housing loan for a maximum period of 30 years
                  HOME IMPROVEMENT LOAN
                  • Loan to improve/renovate your dwelling unit by availing a loan at lower rate of interest.
                  • Loan is offered at home equity rate of interest for both internal and external furnishing at affordable rates of interest.
                    • Individuals who wants to renovate or refurnish their existing house property.
                    Key Loan Terms
                    • Home loan available at the age of 21 - 60 years
                    • Loan amount that you can borrow ranges from ₹ 15 Lakh to ₹ 10 Cr
                    • Option to apply for a maximum ltv of 80% of value of the property
                    • Housing loan for a maximum period of 30 years
                    ICICI Home Loan Top up
                    • Can be availed for meeting home furnishing, marriage expenses, funding children?s higher education, holiday expenses etc
                    • Avail loan amount up to 100% of originally sanctioned Home Loan
                    • Tenure up to the remaining period of existing loan
                    • Lower EMI and attractive interest rates
                    Who is Eligible?
                    • Salaried and self employed professional and business men can take this loan
                      Key Loan Terms
                      • Home loan available at the age of 21 - 60 years
                      • Loan amount that you can borrow ranges from ₹ 15 Lakh to ₹ 10 Cr
                      • Option to apply for a maximum ltv of 80% of value of the property
                      • Housing loan for a maximum period of 20 years
                      Illustration on ICICI Bank Home Loan Interest Rates
                      Maximum Annual Percentage Rate (APR)8.65% to 9.25%
                      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: Rs. 1 Lakh
                      • Time period: 5 years to 30 years
                      • ICICI Bank Home Loan Interest Rate: 8.65% to 9.25%
                      • Processing Fee payable to ICICI Bank: Upto Rs. 10,000. Current offer for processing fee is Upto 0.25%
                        Minimum Rs. 5,000 Maximum Rs. 5,000
                      • Fee payable to MyLoanCare: NIL
                      • Total Monthly Cost – From Rs. 780 for a 30 years Rs. 1 Lakh loan at 8.65% (lowest rate, longest time period) to Rs. 2,088 for a 5 years Rs. 1 Lakh loan at 9.25% (highest rate, shortest time period). This is inclusive of principal repayment.
                      • Annual Percentage Rate (APR) of charge including all applicable fees: 8.65% to 9.25%
                      • Total cost payable over loan tenure: Rs. 35,279 for 5 years loan to Rs. 1.91 Lakh for 30 years loan

                      ICICI Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of ICICI Bank.

                      Frequently Asked Questions

                      What is ICICI Bank home loan procedure?

                      You can apply for a ICICI Bank home finance by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online market place improves the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process, which includes checking your CIBIL score, property valuation, technical and legal checks on the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also check your ICICI Bank home loan status by logging into your customer account with MyLoanCare.

                      Why should I opt for balance transfer to ICICI Bank?

                      ICICI Bank offers competitive home loan rates with the best EMI of ₹ 780 per lakh availed at a low-interest rate of 8.65% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 780 per lakh, you should consider the option for a loan transfer to ICICI Bank from your existing bank.

                      What is the maximum loan tenure I can opt under ICICI Bank house loan?

                      ICICI Bank offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

                      Do I get tax benefit on home loan from ICICI Bank?

                      As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

                      Can I foreclose my home loan? What are the charges applicable?

                      Yes, you can foreclose your loan with Nil charges.

                      Can I transfer my house loan from another bank to ICICI Bank?

                      Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to ICICI Bank can allow you to save interest, pay lower EMIs, and save money.

                      Can I club the income of my spouse with mine and apply for joint home loan?

                      You can club the income of your spouse to increase your home loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

                      What is the benchmark applicable for housing loan?

                      The benchmark applicable for home loan in ICICI Bank is Repo Rate .

                      What is the effect of part prepayments on ICICI Bank housing finance EMI ?

                      Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

                      How to increase my eligibility on ICICI Bank housing loan?

                      If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

                      How will ICICI Bank housing loan rate of interest change in the future?
                      • ICICI Bank offers RBI Repo Rate linked home loan which starts at 8.65%. Current Repo Rate of RBI is 5.15%. Bank adds a mark up on RBI’s repo rate which is called Repo Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains same throughout the tenure. Bank applies a premium of 3.5% to the Repo Rate to arrive at this rate.
                      • When RBI increases rates, the bank may increase its Repo Rate linked home loan rates by the same basis points for all existing and new home loans. When RBI cuts interest rates, the bank will reduce the interest rates by the same basis points, which will be effective from 1st day of the following month.
                      • For instance, if RBI slashes Repo Rate by 0.15%, then SBI's Repo Rate linked home loan rate will cut from 8.65% to 8.5%.
                      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.

                      ICICI Home Loan News - Dec 2019
                      *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More