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ICICI Home Loan Interest Rate Oct 2017

Last Updated 18th Oct 2017

ICICI Bank Home Loan Interest Rates

Interest Rate 8.35% - 9.45%
Check Best Offers
Processing Fee Upto 1.00%
Minimum Rs. 10,000 Maximum Rs. 10,000
Max Tenure 30 years
Lowest EMI Rs. 758 per lakh
Prepayment, Foreclosure Charges Allowed with Nil charges for floating rate loans
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Home Loan @ 8.35%*
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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:

  • ICICI Bank cash back offer of 1 percent on each EMI of home loan
  • Nil prepayment charges for floating rate home loans
  • Additional benefits to existing customers of the bank
  • Simplified documentation and approval process

Home Loan Interest Rates ICICI Bank

ICICI Bank offers attractive home loan rates in the range of 8.35% to 9.45%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.35%. Compare and click on details in the table to get slab wise interest rates of different ICICI Bank housing loan offers.

ICICI Bank Floating Rate Home Loans

Home Loan ICICI Bank Interest Rates
ICICI Home Loan Floating 8.35% - 8.85%
Details -
ICICI Home Loan Floating
Loan Amount Rate
Upto Rs. 3,000,000 8.40%
Rs. 3,000,001 - 7,500,000 8.70%
Rs. 7,500,001 - 50,000,000 8.75%
Above Rs. 50,000,000 8.85%
special offer for female borrower
Loan Amount Rate
Upto Rs. 3,000,000 8.35%
Above Rs. 3,000,001 - 7,500,000 8.65%
Above Rs. 7,500,001 - 50,000,000 8.70%
Above Rs. 50,000,000 8.80%
Express Home Loan 9.40% - 9.45%
Details+
Saral Rural Housing Loan 9.15% - 9.20%
Details+
ICICI Extraa Home Loan 8.35% - 8.70%
Details+
ICICI Pragati Home Loans 8.35% - 8.70%
Details+
ICICI Home Improvement Loan 8.35% - 8.85%
Details+
Home Loan Balance Transfer with Top Up 8.35% - 8.85%
Details+

ICICI Bank Fixed Rate Home Loans

Product Interest Rates
ICICI Home Loan Fixed 8.35% - 8.90%
Details+

ICICI Bank home loan rate 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.

Interest Rate and its impact on ICICI Bank Home Loan Eligibility

ICICI Bank has detailed criteria to determine a potential borrower’s eligibility for housing loans. These eligibility criteria determine the loan amount you can avail. Interest rate offer by ICICI Bank also impacts the amount of loan you can avail from ICICI Bank.
Some of the key eligibility criteria are summarized in the table below:

ICICI Bank Home Loan Eligibility Criteria
Interest Rate 8.35% - 9.45%
Age 21 - 60 years
Minimum Income Rs. 10,000
Job Stability in case of Salaried (in years) 1 years
Minimum Credit Score 650 and above
Loan Amount Rs. 1,500,000 to Rs. 100,000,000
Loan to Value Ratio Upto 90%
FOIR (Fixed Obligations to Income Ratio) Up to 0.65

Home Loan Charges Applicable (Other than Interest)

In addition to interest rates, home loan also carry some other charges which include:

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. ICICI Bank allows prepayment of house loan with Nil prepayment charges
  • Processing Fee - ICICI Bank charges a processing fee of 1.00% of loan amount Minimum Rs. 10,000 Maximum Rs. 10,000 with applicable tax
  • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.

Home Loan ICICI Products

ICICI Bank offers customized products 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

Description:
    • 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. 1,500,000 to Rs. 100,000,000
      • 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

      Description:
        • 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; Extended repayment tenure till 67 years of age: salaried borrowers up to 37 years old.
          • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 7,500,000
          • 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

          Description:
          • 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.
          • 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.
          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. 500,000 to Rs. 5,000,000
            • Option to apply for a maximum ltv of 90% of value of the property
            • Housing loan for a maximum period of 20 years

            BALANCE TRANSFER AND TOP UP

            Description:
            • Loan comes with the attractive and affordable rate of interest.
            • Offers loan amount upto 100 percent in addition to the original home loan.
            • Loan to reduce EMI and interest paid on your loan amount to avail attractive discount and benefits on balance transfers.
            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. 500,000 to Rs. 100,000,000
              • 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

              Description:
              • Loan is offered at home equity rate of interest for both internal and external furnishing at affordable rates of interest.
              • Loan to improve/renovate your dwelling unit by availing a loan at lower rate 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. 1,500,000 to Rs. 100,000,000
                • Option to apply for a maximum ltv of 80% of value of the property
                • Housing loan for a maximum period of 30 years

                ICICI Bank Home Loan Eligibility Calculator

                ICICI Bank Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from ICICI Bank. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

                ICICI Bank Home Loan EMI and Interest Calculator

                Further, you can also use the ICICI Bank Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure

                • EMI calculator of ICICI Bank helps you to calculate your monthly EMI at different rate of interest and also check and compare lowest EMI per lakh on home loan
                • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
                • Rate of interest is an important factor which affects your EMI. Higher the rate, higher will be the EMI. You can also estimate the interest amount you pay over the tenure of the loan at various loan tenure as well as interest rates. Home loan interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility
                • Loan tenure matters equally as higher tenure reduces your EMI

                What are the benefits of calculating ICICI Bank Housing Loan EMI?

                • EMI calculator helps you to calculate your monthly EMI at different rate of interest
                • ICICI Bank Home Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
                • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

                Housing Loan ICICI documents required

                For Salaried employee

                • 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

                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

                Frequently Asked Questions

                What is ICICI Bank home loan interest rate?

                ICICI Bank housing loan interest rates are 8.35% to 9.45% depending on eligibility, loan amount, loan tenure and type of property. If you are an existing customer with a salary account in the bank, then you are eligible to get low interest rates on loan.

                What is ICICI Bank home loan processing fees?

                ICICI Bank charges a home loan processing fees of up to 1.00% of the loan amount. Processing fees charged is between Rs. 10,000 to Rs. 10,000

                What is ICICI Bank home loan procedure?

                You can apply for a ICICI Bank home loan by contacting the bank directly or by approaching them through online marketplaces like myloancare.in. Approaching the bank 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.

                Why to take home loan from ICICI Bank?

                ICICI Bank offers housing loan at 8.35% rate with the lowest EMI of Rs. 758 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to ICICI 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 foreclosure 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. Loan balance transfer to ICICI Bank offers you to 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 payments on ICICI Bank housing loan EMI ?

                Part payments 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 8.20%. When Bank offers a home loan at 8.35%, it applies a premium of 0.15% 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 Bank Home Loan Interest Rate
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