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ICICI Home Loan Interest Rates 2021

ICICI Bank Housing Loan Interest Rate -Today

Last Updated 14th Jul 2021

Current ICICI Bank Home Loan interest rates Jul 2021 starts at 6.75% p.a. for a maximum tenure of 30 years. The processing fee on its housing loans is Minimum ₹ 3,000 .

Loan AmountICICI Repo Rate Home Loan Rate
Upto ₹ 35 Lakh6.75%
₹ 35 Lakh - ₹ 75 Lakh7.00%
₹ 75 Lakh - ₹ 5 Cr7.10%
Above ₹ 5 Cr7.10%
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Current ICICI Bank Home Loan Rate

Today ICICI Bank home loan interest rates are in the range of 6.75% to 7.40%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.75%.

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

ICICI Bank Home Loan Scheme Interest Rates
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% - 7.40%
ICICI Repo Rate Home Loan6.75% - 7.40%

ICICI Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in ICICI for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 35 Lakh 6.75%
₹ 35 Lakh - ₹ 75 Lakh 7.00%
₹ 75 Lakh - 5 Cr 7.10%
Above ₹ 5 Cr 7.10%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 35 Lakh 6.90%
₹ 35 Lakh - ₹ 75 Lakh 7.15%
₹ 75 Lakh - 5 Cr 7.25%
Above ₹ 5 Cr 7.25%

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
Foreclosure Charges Nil for floating rate home loans

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 lowest home loan balance transfer rate of 6.75%.

Illustration on Home Loan Interest Rate ICICI Bank
Maximum Annual Percentage Rate (APR) 6.75% to 7.4%
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: 6.75% to 7.40%
  • Processing Fee payable to: NIL
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 649 for 30 Years ₹ 1,00,000 loan at 6.75% (lowest rate, longest time period) to ₹ 1,999 for 5 Years ₹ 1,00,000 loan at 7.40% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.75% to 7.4%
  • Total cost payable over loan tenure: ₹ 1,18,101 for 5 Years loan to ₹ 2,33,496 for 30 Years loan

FAQs

What is ICICI Home Loan Interest Rate?

ICICI Home Loan interest rate ranges between 6.75% to 7.40%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has ICICI reduced home loan rates?

As per the current rates, ICICI has cut its home loan rates by 0.35% from 7.10% to 6.75%, which is one of the best rates in the market. The new rates are effective from 12 May, 2021.

Why should I opt for balance transfer to ICICI Bank?

ICICI Bank offers lowest Home Loan EMI of ₹ 649 per lakh availed at the lowest interest rate 6.75% for a maximum tenure of 30 years. you are paying an EMI more than ₹ 649 per lakh, you should consider the option for a loan transfer to ICICI Bank from your existing bank.

  • 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

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:

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.

What is the current ICICI Bank Home Loan rate?

The current ICICI Home Loan rate starts from 6.75% with a processing fee of Minimum ₹ 3,000.ICICI housing loan rate varies across the applicant’s eligibility and the scheme they opt for. ICICI offers different home loan rates for different home loan products.

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.

What are the interest rates of home improvement loans in ICICI?

You can avail of ICICI home loans for home improvement at regular home loan rates starting at 6.65%.

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

ICICI home loan rates change for the existing customers if they have availed 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 6.75%, the home loan interest rate for women starts at %.

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

ICICI home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, ICICI provides home loan interest rate starting at 6.65%.

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 rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


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ICICI Bank Home Loan News - Jul 2021
  • 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.
  • 2021-06-03 : ICICI Bank revised its Marginal cost of lending rates
    ICICI Bank revised its MCLR, with effect from 1 June 2021. The overnight and one-month MCLR is 7.05%. The rate for three months, six months and one year are 7.10%, 7.25% and 7.30%, respectively.
  • 2021-05-12 : ICICI Bank cut its home loan rates to 6.75%
    With an aim to attract housing loan borrowers, ICICI Bank reduced the home loan rates for the month of May. The new home loans rates start at 6.75%. The revised home loan rates will help the home loan borrowers.
  • 2021-04-28 : ICICI Bank reported a massive hike of 261% in its Q4 profits
    ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
  • 2021-03-05 : ICICI Bank reduced the home loan rates to 6.70%
    ICICI Bank revised its home loan rates for March 2021. The new home loan rate stands at 6.70%. Further, the LAP rate for the bank stands at 8.35%.
*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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