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ICICI Home Loan Interest Rates 2020

ICICI Bank Housing Loan Interest Rate

Last Updated 21st Sep 2020

Current ICICI Bank Home loan interest rates for Sep 2020 starts at 6.90% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 0.50%, Minimum ₹ 5,000 and Maximum ₹ 5,000.

Loan AmountICICI Repo Rate Home Loan Rate
Upto ₹ 35 Lakh6.90%
₹ 35 Lakh - ₹ 75 Lakh7.00%
₹ 75 Lakh - ₹ 5 Cr7.00%
Above ₹ 5 Cr7.00%

Low Interest for High Credit Score

ICICI Bank Home Loan Interest Rates

ICICI Bank offers various products on home loan. ICICI Bank home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • ICICI Bank Home Loan Interest Rate starts from 6.90%.
  • ICICI Bank charges a processing fees of Upto 0.50%, Minimum ₹ 5,000 and Maximum ₹ 5,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from ICICI Bank is ₹ 659 per lakh offered at the lowest interest rate of 6.90% at the longest loan tenure of 30 years.
  • ICICI Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • ICICI Bank has an average customer rating of 4.1/5.0 from customers who have taken a home loan from the bank.

ICICI Bank Home Loan Rate

Current ICICI Bank home loan interest rates are in the range of 6.90% to 7.00%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.90%. The table below gives the interest rates on various housing finance schemes of ICICI Bank.

ICICI Bank Home Loan Scheme Interest Rates
ICICI Repo Rate Home Loan6.90% - 7.00%
Home Loan Balance Transfer 7.10% - 7.35%
ICICI Home Improvement Loan8.65% - 9.25%
ICICI Land Loan8.90% - 9.50%
ICICI Pragati Home Loans9.65% - 10.25%
Saral Rural Housing Loan9.65% - 10.25%

ICICI Bank Bank Home Loan Charges

ICICI Bank Home Loan Processing Fee

ICICI Bank home loan processing charges are upto 0.50% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The bank charges a minimum processing of ₹ 5,000 and has capped the maximum processing fees at ₹ 5,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to ICICI Bank housing loan 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.

ICICI Bank Home Loan Prepayment

ICICI Bank charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to ICICI Bank for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from ICICI Bank, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with ICICI Bank.

ICICI Home Loan Documents

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

Documents 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.
    Key Loan Terms
    • Home loan available at the age of 21 - 60 years
    • Loan amount that you can borrow ranges from ₹ 20 Lakh to ₹ 7 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

        Key Loan Terms
        • Home loan available at the age of 21 - 60 years
        • Loan amount that you can borrow ranges from ₹ 15 Lakh to ₹ 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.
        Key Loan Terms
        • Home loan available at the age of 21 - 60 years
        • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 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.
        Key Loan Terms
        • Home loan available at the age of 21 - 60 years
        • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 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.
        Key Loan Terms
        • Home loan available at the age of 21 - 60 years
        • Loan amount that you can borrow ranges from ₹ 20 Lakh to ₹ 7 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
        Key Loan Terms
        • Home loan available at the age of 21 - 60 years
        • Loan amount that you can borrow ranges from ₹ 20 Lakh to ₹ 7 Cr
        • Option to apply for a maximum ltv of 80% of value of the property
        • Housing loan for a maximum period of 20 years

        ICICI Land Loan

        • The loan is taken for the purchase of a plot to construct a home.
        • ICICI Land Loan is a loan product for the purchase of a plot of land for constructing a home. Customers can also avail credit for construction on this loan product, as per the construction estimate. However, the development of the land must be completed under two years.
        Key Loan Terms
        • Home loan available at the age of 21 - 60 years
        • Loan amount that you can borrow ranges from ₹ 8 Lakh to ₹ 3 Cr
        • Option to apply for a maximum ltv of 70% of value of the property
        • Housing loan for a maximum period of 20 years

        ICICI Bank Pradhan Mantri Awas Yojana

        The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

        a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at ICICI Bank if you fulfil the eligibility criteria. Know more about PMAY Scheme

        b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

        c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

        d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

        e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

        f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

        Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

        Illustration on ICICI Bank Home Loan Interest Rate
        Maximum Annual Percentage Rate (APR)6.9% to 7%
        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 Lakh
        • Time period: 5 years to 30 years
        • ICICI Bank Home Loan Interest Rate: 6.90% to 7.00%
        • Processing Fee payable to ICICI Bank: Upto ₹ 10,000. Current offer for processing fee is Upto 0.50%
        • Fee payable to MyLoanCare: NIL
        • Total Monthly Cost – From ₹ 659 for a 30 years ₹ 1 Lakh loan at 6.90% (lowest rate, longest time period) to ₹ 1,980 for a 5 years ₹ 1 Lakh loan at 7.00% (highest rate, shortest time period). This is inclusive of principal repayment.
        • Total cost payable over loan tenure: ₹ 28,807 for 5 years loan to ₹ 1.47 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.

        FAQs

        What is ICICI Home Loan interest rate?

        ICICI Home Loan interest rate ranges between 6.90% to 7.00%.

        Why should I opt for balance transfer to ICICI Bank?

        ICICI Bank offers competitive Home Loan rates with the best EMI of ₹ 659 per lakh availed at a low-interest rate of 6.90% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 659 per lakh, you should consider the option for a loan transfer to ICICI Bank from your existing bank. EMIs can be calculated through ICICI Bank Home Loan EMI calculators.

        Do I get tax benefits on a Home Loan from ICICI Bank?

        As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

        What is the effect of part prepayments on ICICI Bank housing finance 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 Home Loan 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 a loan.

        How will ICICI Bank housing loan rate of interest change in the future?

        • 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 6.90% with a processing fee of Upto 0.50%, Minimum ₹ 5,000 and Maximum ₹ 5,000

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        ICICI Bank Home Loan News - Sep 2020
        • 2020-09-21 : ICICI Bank launches Home Utsav
          ICICI Bank launched Home Utsav, a virtual property exhibition. The scheme will digitally showcase real estate projects by renowned developers from key cities across the country. Individuals will get exclusive benefits of low home loan interest rates, special processing fees, and as well as the digital sanction of loans.
        • 2020-09-01 : ICICI Bank to launch Home Utsav
          ICICI Bank announced the launch of Home Utsav. Home Utsav is a virtual property exhibition that digitally showcases real estate projects by renowned developers from key cities across the country. It provides the customers enhanced convenience, as they can simply browse through these projects online without visiting the locations.
        • 2020-07-09 : Banks exceed digital transaction target set for 2019-20
          The government notified that 17 banks received an overall good rating for their performance on digital transactions in 2019-20, with ICICI Bank topping the list of 56 banks and closed wallets. The result is the indication of ameliorating banking services like providing retail and business loans digitally with ease.
        • 2020-06-01 : ICICI Bank extends moratorium on EMIs
          ICICI Bank has extended the moratorium on retail loans like home and personal loans along with business, mudra and car loans till August 31, the moratorium will be applicable for the principal and interest falling due between June 1 to August 31, 2020. According to the guidelines, The customer needs to submit the moratorium request at least five working days before EMI due date
        • 2020-06-01 : ICICI Bank extends moratorium on EMIs, credit cards
          Following RBI guidelines, the ICICI Bank has extended the moratorium on retail loans like personal, home, gold, car, two-wheeler and credit cards till August 31, 2020. The moratorium will be applicable for the principal and interest falling due between June 1 to August 31, 2020. Individuals need to apply to avail the benefits of the moratorium. If they fail to apply, loan instalments will continue to be debited every month as per the existing process.
        *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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