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ICICI Home Loan Interest Rate Calculator - Aug 2017

Last Updated 23rd Aug 2017

ICICI Bank Home Loan Interest Rates

Interest Rate 8.35% - 9.45%
Check Best Offers
Lowest EMI Rs. 758 per lakh
Max Tenure 30 years
Processing Fee Upto 1.00%
Minimum Rs. 10,000 Maximum Rs. 10,000
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%*
Rs.
Rs.
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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 charges for floating rate home loans
  • Additional benefits to existing customers of the bank
  • Simplified documentation and approval process

ICICI Bank Home Loan Interest Rates

In addition to its regular loan products, bank also offers customized loans for special categories of borrowers. Bank offers lower rates to ladies borrowers. Click on the details to get slabwise interest rates.

ICICI Bank Floating Rate Home Loans

Product Interest Rates
ICICI Home Loan Floating 8.35% - 8.85%
Details+
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 interest 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.

ICICI Bank Eligibility Criteria

ICICI Bank has detailed criteria to determine a potential borrower’s eligibility for housing loans. Some of the key criteria are:

ICICI Bank Home Loan Eligibility Criteria
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
  • Age: Age plays an important role to know your eligibility and repayment capacity. ICICI Bank offers loan to salaried at the age of 21 to 60 years and self- employed individuals at 21 to 65 years. A borrower taking a home loan at the age of 50 cannot get a loan of more than 10 years, which may result in lower loan eligibility and monthly EMI given higher servicing burden on his existing income. A person taking a loan at the age of 25, can get loan of up to 30 years, thus reducing servicing burden on his existing income and hence, improving his loan amount eligibility
  • Income: In case of salaried person, 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. 10000. 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. In case you are salaried, you must be in a full time job for at least 1 years. In case you are self-employed, minimum turnover and minimum net income criteria may apply. ICICI Bank also looks for business vintage (number of years a business has been in existence of years. 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 loan eligibility. If you are working with a reputed company, probability of getting house 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 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 house loan eligibility. ICICI Bank looks for a minimum credit score of 650 and above
  • Loan Amount Bank gives you loan depending upon your loan eligibility. 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
  • Property Value: The value of the property to be purchased is used to calculate your maximum loan eligibility based on the maximum permissible LTV ratio which can range upto 90%. ICICI Bank will get a detailed property assessment done to establish that all legal titles are in place, the market is saleable or liquid and to get an estimate of the fair market value of the property. LTV is calculated based on the estimated fair market value or registered value, whichever is lower
  • Fixed Obligations to Income Ratio (FOIR): ICICI Bank will also calculate the proportion of your fixed obligations (including EMIs paid on other existing loans) to your income to calculate the Fixed Obligations to Income Ratio, popularly known as FOIR. In summary, fixed obligations include estimated average monthly expenses and EMIs you are paying on other existing loans. Minimum FOIR to be eligible for a ICICI Bank home loan is 0.65

ICICI Bank Loan Eligibility Calculator and EMI 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.

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
  • 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 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

Other Home Loan Charges

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 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 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% 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:
            • 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?
                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 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 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

                        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

                        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 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
                        Icici Bank Home Loan Interest Rate
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