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ICICI Home Loan Interest Rate Calculator - May 2017

Last Updated 24th May 2017

ICICI Bank Home Loan Interest Rates

Interest Rate 8.35% - 8.85%
Check Best Offers
Lowest EMI Rs. 758 per lakh
Max Tenure 30 years
Processing Fee Upto 1.00%
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 home loan to the people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

Home Loan ICICI

Home loan interest rates offered by ICICI Bank depends upon MCLR.

  • Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in MCLR rate and should be chosen only if you believe that the rates will not hike in future.
  • Floating rates changes with a single change in MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates.

ICICI Bank offers home loan based on 1 Year MCLR rates which is currently 8.20%.

ICICI Bank home loan interest rate depends upon

  • Loan amount: Home loan rate in ICICI Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: ICICI Bank has a list of companies to which they lend Home loan. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. ICICI Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Home Loan Charges

  • 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 home loan with Nil prepayment charges
  • Processing Fee - ICICI Bank asks for a processing fee of 1.00% of loan amount with applicable service tax

ICICI Home Loan EMI Calculator

Home Loan EMI of ICICI Bank is a fixed amount that you pay each month towards the repayment of your home loan till the end of tenure

  • Home Loan EMI calculator of ICICI Bank helps you to calculate your monthly EMI at different rate of interest and also check 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 interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI

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

  • EMI calculator of ICICI Bank helps you to calculate your monthly EMI at different rate of interest
  • ICICI Bank Housing 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

ICICI Home Loan Eligibility Calculator

Home Loan eligibility criteria ICICI Bank

Eligibility of House loan in ICICI Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. ICICI Bank offers Home loan to salaried at the age of 21 to 60 years and self employed individuals at 21 to 65 years
  • Income: In case of salaried person, ICICI Bank Loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. ICICI Bank asks for net monthly income of minimum Rs. 25,000. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
  • Job stability and Profession: Job stability is important to improve your status and eligibility for Home loan from ICICI Bank. In case you are salaried, you must be in a full time job for at least 2 months. In case you are self-employed, you must be in current profession or business for at least 5 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your ICICI Bank eligibility. If you are working with a reputed company, probability of getting home loan from ICICI Bank increases as the income is considered to be more stable
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your Home loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your Home loan eligibility
  • Loan Amount: ICICI Bank gives you Home loan depending upon your income. ICICI Bank gives you an amount ranging from Rs. 1,500,000 to Rs. 100,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service
Popular Products

ICICI offers you different type of loans.

Express Home Loan

  • This type of home loan is offered to salaried class people residing in India. A customer needs to apply online, upload the documents online and the bank will sanction the loan in 8 working hours without any meeting
  • Women borrower can get loan at 9.40% rate and others at 9.45%

ICICI Bank Saral Rural Housing Loan

  • This loan is invented to empower the delicate sector of rural areas and women borrowers to fulfill their dream of having a home
  • Applicant can get a loan up to 90% of the property value and loan amount Rs. 5 Lakh to Rs. 15 Lakh for a loan tenure of 3-20 years

ICICI Bank Extra Home Loan

  • Extra home loans gives you dual benefit by letting you boost your amount up to 20% and give you an option to expand your loan tenure up to an age of 67 years. A guarantee fee has to be provided for development in loan period
  • Currently, this service is available in Bengalure, National Capital Region, Greater Mumbai and Surat

Pradhan Mantri Awas Yojna

  • Our honorable Prime Minister Narendra Modi launched a Credit Linked Subsidy Scheme under Pradhan Mantri Awas Yojna. The scheme belongs to the family who comes under Economically Weaker Section and Low Income Group
  • Families including husband, wife and unmarried children who don't have a pucca house
  • The loan is provided at 6.5% p.a. rate to first home buyers for tenure of 15 years

Land Loan for Self Construction

  • You can apply for land loan for the purchase of a residential plot and can do construction on the plot. Construction should get complete with in 2 years of first disbursement
  • The land should be allotted under municipal limit or by Development Authority

NRI Home Loan

  • ICICI bank offers home loan to Non Resident Indians for purchasing a house or property in India. Applicant age should be 25 years at the time of loan sanction and 60 years at loan maturity
  • The loan is provided for a maximum tenure of 20 years

ICICI Bank Floating Rate Home Loans

ICICI Home Loan Floating
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% linked to 1 Year MCLR
special offer for female borrower
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% linked to 1 Year MCLR
Express Home Loan
Upto Rs. 3,000,000 - 9.25%
Rs. 3,000,001 - 7,500,000 - 9.25%
Rs. 7,500,001 - 15,000,000 - 9.25%
Above Rs. 15,000,000 - 9.25% linked to 1 Year MCLR
special offer for female borrower
Upto Rs. 3,000,000 - 9.20%
Above Rs. 3,000,001 - 7,500,000 - 9.20%
Above Rs. 7,500,001 - 15,000,000 - 9.20%
Above Rs. 15,000,000 - 9.20% linked to 1 Year MCLR
Saral Rural Housing Loan
Upto Rs. 500,000 - 9.20%
Rs. 500,001 - 750,000 - 9.20%
Rs. 750,001 - 1,000,000 - 9.20%
Above Rs. 1,000,000 - 9.20% linked to 1 Year MCLR
special offer for female borrower
Upto Rs. 500,000 - 9.15%
Above Rs. 500,001 - 750,000 - 9.15%
Above Rs. 750,001 - 1,000,000 - 9.15%
Above Rs. 1,000,000 - 9.15% linked to 1 Year MCLR

ICICI Bank Fixed Rate Home Loans

ICICI Home Loan Fixed
Upto Rs. 3,000,000 - 8.40%
Rs. 3,000,001 - 15,000,000 - 8.70%
Rs. 15,000,001 - 50,000,000 - 8.75%
Above Rs. 50,000,000 - 8.85% linked to 1 Year MCLR
special offer for female borrower
Upto Rs. 3,000,000 - 8.35%
Above Rs. 3,000,001 - 15,000,000 - 8.80%
Above Rs. 15,000,001 - 50,000,000 - 8.80%
Above Rs. 50,000,000 - 8.90% linked to 1 Year MCLR

ICICI Bank Home Loan Top up, Transfer

Transfer of Home Loan from another bank to ICICI Bank?

ICICI Bank offers home loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of ICICI Bank
You can avail additional top-up home loan from ICICI Bank, subject to your eligibility

Housing Loan ICICI documents required

Home Loan for Salaried employee ICICI Bank documents required

  • 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

Home Loan for Self-Employed ICICI Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • ITR of last 3 years
  • 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

Why to take home loan from ICICI Bank?

ICICI Bank offers home loan at lower rate of interest i.e. at 8.35% 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 home 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 home 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 home loan with Nil charges.

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

Yes, ICICI Bank gives you the facility to transfer your existing home loan with a hassle free process. Home 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 home loan in ICICI Bank?

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 interest rate on ICICI Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.20%. So, when ICICI 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 interest rate.
  • When RBI increases interest 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 home 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 in India

ICICI Bank Home Loan Interest Rate Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 808-166-7777
Ahmedabad 079-33667777/ 079-44455000
Ambala 901-766-7777
Anand 800-066-7777
Aurangabad 902-166-7777
Bangalore 080-33667777/ 080-44455000
Bhilai 909-866-7777
Bhilwara 787-766-7777
Bhiwadi 787-766-7777
Bhopal 0755-3366777
Bhubaneswar Cuttack 0674-3366777
Bikaner 787-766-7777
Chandigarh 0172-3366777/ 0172-4445500
Chennai 044-33667777/ 044-44455000
Cochin 902-066-7777
Coimbatore 0730-566-7777
Dehradun 0135-3366777
Delhi 011-33667777/ 011-44455000
Durg 909-866-7777
Faridabad 901-766-7777
Gandhinagar 800-066-7777
Ghaziabad 808-166-7777
Goa 902-166-7777
Greater Noida 808-166-7777
Gurgaon 0124-3366777/ 0124- 4445500
Guwahati 986-466-7777
Gwalior 909-866-7777
Hyderabad 040-33667777/ 040-44455000
Indore 909-866-7777
Jabalpur 909-866-7777
Jaipur 0141-3366777/ 0141-4445500
Jalandhar 730-766-7777
Jodhpur 787-766-7777
Kanpur 808-166-7777
Karnal 901-766-7777
Kolhapur 902-166-7777
Kolkata 033-33667777/ 033-44455000
Kota 787-766-7777
Kozhikode 902-066-7777
Lucknow 0161-3366777/ 0161-4445500
Ludhiana 730-766-7777
Madurai 0730-566-7777
Meerut 808-166-7777
Mehsana 800-066-7777
Mohali Sas Nagar 730-766-7777
Mumbai 022-33667777/ 022-44455000
Mussoorie 808-166-7777
Nagpur 902-166-7777
Nashik 902-166-7777
Noida 808-166-7777
Noida Extn 808-166-7777
Panipat 901-766-7777
Patna 0612-3366777
Pondicherry 0730-566-7777
Pune 902-166-7777
Raipur 0771-3366777
Rajkot 800-066-7777
Ranchi 0651-3366777
Rohtak 901-766-7777
Roorkee 808-166-7777
Salem 0730-566-7777
Shimla 0177-3366777
Sonepat 901-766-7777
Surat 800-066-7777
Trichy 0730-566-7777
Udaipur 787-766-7777
Vadodara 800-066-7777
Varanasi 808-166-7777
Vijaywada 730-666-7777
Vizag 730-666-7777
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ICICI Home Loan News - May 2017
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