ICICI Home Loan Interest Rate

Last Updated 13th Dec 2018

ICICI Bank Home Loan Rate Dec 2018

5th Dec 2018 – RBI keeps Repo Rate unchanged at 6.50%

ICICI Bank's home loan interest rate starts from 9.10%, which is one of the best home loan rates in India. The rates vary by loan amount, occupation, income and type of loan availed. Check Best Offers

Loan AmountICICI Home Loan Floating Interest RateRate for Female BorrowerRate
Upto Rs. 30 Lakh9.15%9.10%N/A
Rs. 30 Lakh - 75 Lakh9.25%9.20%N/A
Rs. 75 Lakh - 5 Cr9.30%9.25%N/A
Above Rs. 5 Cr9.30%9.25%N/A

Nil prepayment fees for floating rates

Apply for Home Loan @ 8.65%*Get Call from Banker
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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. Taking a loan from ICICI Bank has the following benefits:

  • Nil prepayment fees for floating rates
  • High loan eligibility
  • Simplified documentation process
  • Nil PF on balance transfer
ICICI Home Loan Details
Interest Rate9.10% onwards
Compare with Other Banks
Processing Fee Upto 1.00%
Minimum Rs. 5,000 Maximum Rs. 5,000
Max Tenure30 years
Lowest EMIRs. 812 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 9.10% to 10.30%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 9.10%.

ProductsInterest Rates
ICICI Home Loan Floating9.10% - 9.30%
Express Home Loan9.10% - 9.30%
Saral Rural Housing Loan9.10% - 9.30%
ICICI Extraa Home Loan9.10% - 9.30%
ICICI Pragati Home Loans9.10% - 9.30%
ICICI Home Improvement Loan9.10% - 9.30%
Home Loan Balance Transfer 9.10% - 9.30%
ICICI Home Loan Top Up9.65%

ICICI Bank Fixed Rate Home Loans

Home Loan ICICI Bank Interest Rates
ICICI Home Loan Fixed9.35% - 10.30%

Latest ICICI home loan rate starts from 9.10% , as applicable based on the 1 Year MCLR, last announced on 01st Dec 18. Any change in ICICI Bank benchmark 1 Year MCLR rate will translate into a similar change in the bank’s home loan rate. For instance, if ICICI Bank slashes 1 Year MCLR rate by 0.15%, its current home loan rate will be cut from 9.10% to 8.95%

ICICI Bank housing loan interest 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 you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
  • Type of loan opted for: ICICI Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.
  • 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 loan from ICICI Bank also carry some other charges which include:

  • Processing Fee - ICICI Bank applies 1.00% 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 submit an application 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.

ICICI Housing Loan: Apply

If you want to get a housing loan from ICICI Bank, the process to get 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 loan. You will also be assisted by MyLoanCare’s personal 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 do a comparison of HDFC Bank ICICI Bank’s Home Loan Interest rates and other charges using 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.
    Who is Eligible?
      • 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 Rs. 15 Lakh to Rs. 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
      • Loan that increases your loan amount by up to 20 percent and also extends the repayment period up to 67 years of age.
        Who is Eligible?
          • Borrowers who could not meet eligibility criteria due to difference in their age or income. Most suitable for young and middle age, salaried customers and self employed customers.
          Key Loan Terms
          • Home loan available at the age of Extended repayment tenure up to 65 years of age: salaried borrowers up to 48 years old
          • Loan amount that you can borrow ranges from Rs. 15 Lakh to Rs. 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 Rs. 5 Lakh to Rs. 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.
            Who is Eligible?
              • 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 Rs. 5 Lakh to Rs. 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.
              Who is Eligible?
                • 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 Rs. 15 Lakh to Rs. 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 Rs. 15 Lakh to Rs. 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 Home Loan ICICI Bank
                  Maximum Annual Percentage Rate (APR)9.1% to 10.3%
                  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: 9.10% to 10.30%
                  • Processing Fee payable to ICICI Bank: Upto Rs. 10,000. Current offer for processing fee is Upto 1.00%
                    Minimum Rs. 5,000 Maximum Rs. 5,000
                  • Fee payable to MyLoanCare: NIL
                  • Total Monthly Cost – From Rs. 812 for a 30 years Rs. 1 Lakh loan at 9.10% (lowest rate, longest time period) to Rs. 2,140 for a 5 years Rs. 1 Lakh loan at 10.30% (highest rate, shortest time period). This is inclusive of principal repayment.
                  • Annual Percentage Rate (APR) of charge including all applicable fees: 9.1% to 10.3%
                  • Total cost payable over loan tenure: Rs. 38,370 for 5 years loan to Rs. 2.02 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 loan 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 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 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 in your customer account with MyLoanCare.

                  Why should I opt for balance transfer to ICICI Bank?

                  ICICI Bank offers competitive home loan rates with best EMI of Rs. 812 per lakh availed at low interest rate of 9.10% for a maximum tenure of 30 years. If you are paying an EMI more than Rs. 812 per lakh, you should consider 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 a benefit of paying less EMI per month.

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

                  As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the 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 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 1 Year MCLR.

                  What is the effect of part prepayments on ICICI Bank housing loan 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 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 interest rate on ICICI Bank housing loan change in future?
                  • Floating rate on ICICI Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.80%. When Bank offers a home loan at 9.10%, it applies a premium of 0.3% to its MCLR Rate to arrive at this home loan rate.
                  • When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
                  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 2018
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