ICICI Home Loan Interest Rate 2020

Last Updated 21st May 2020

ICICI Bank Housing Loan Interest Rate

22nd May 2020 – RBI cuts Repo Rate by 40 bps to 4%

Current ICICI Bank Home loan interest rates for May 2020 starts at 8.10% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 0.25%, Minimum ₹ 5,000 and Maximum ₹ 5,000.

Loan AmountICICI Repo Rate Home Loan RateRate for Female BorrowerRateICICI Repo Rate Home Loan Rate New Repo Rate
Upto ₹ 35 Lakh8.10%N/AN/A
₹ 35 Lakh - ₹ 75 Lakh8.25%N/AN/A
₹ 75 Lakh - ₹ 5 Cr8.45%N/AN/A
Above ₹ 5 Cr8.45%N/AN/A

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ICICI Bank Home Loan

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

Features

  • ICICI Bank Home Loan Interest Rate starts from 8.10%.
  • ICICI Bank charges a processing fees of Upto 0.25%, 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 ₹ 741 per lakh offered at the lowest interest rate of 8.10% 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 4/5.0 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 8.10% to 9.10%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 8.10%. 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 Loan8.10% - 9.10%
Home Loan Balance Transfer 8.45%
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 Housing Loan Details

Lowest ICICI Home Loan Rate8.10% Compare Offers
Processing Fee Upto 0.25%
Minimum ₹ 5,000 Maximum ₹ 5,000
Max Tenure30 years
Lowest EMI₹ 741 per lakh
Prepayment ChargesAllowed with Nil charges for floating rate loans
Check Prepayment Rules
AgeMin 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Interest Rate Linked toRLLR

Latest ICICI home loan interest rate starts from 8.10% , as applicable based on the RLLR which is directly linked to RBI repo rate. Any change in repo rate will change the RLLR and will translate into a similar change in the bank’s home finance rate. ICICI Bank housing finance interest rate depends upon the loan amount, salary and occupation of the borrower, nature of property and type of home loan scheme.

  • Loan amount: ICICI Bank home loan rate depends upon the loan amount you apply for.
  • Occupation: ICICI Bank offers lower rate for salaried borrowers as compared to self employed borrowers.
  • Salary: Income helps in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate as higher will be the loan amount.
  • Gender: ICICI Bank also offers discounted or special rates for women borrowers to ensure that women own a house and become financially independent. If you are planning to take a loan, adding a women co-applicant can help you get the lowest rates from ICICI Bank.
  • Type of loan: ICICI Bank runs several special schemes for its borrowers. So for example if you opt for an overdraft scheme or a plot loan, you may required to pay a higher rate of interest vis-à-vis its regular home loan scheme.
  • Existing customers: ICICI Bank offers lower home loan rates to its existing bank account customers as compared to new bank customers, as it understands the past banking history of the customer and hence, is comfortable in sanctioning loans.

ICICI Bank Bank Home Loan Charges

ICICI Bank Home Loan Processing Fee

ICICI Bank home loan processing charges are upto 0.25% 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 Bank Home Loan Procedure

Getting a home loan from ICICI Bank is fairly easy with an online application process. A home loan can be availed from ICICI Bank in five simple steps:

Step 1: Visit the website, branch, or website of authorised online channel partner of ICICI Bank and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
Step 2: An official of ICICI Bank or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a ICICI Bank’s representative will visit your home or office to collect your documents.
Step 4: ICICI Bank will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from ICICI Bank and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

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.
      • 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 ₹ 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.
              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 ₹ 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.
                  • 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 ₹ 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.
                    • 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 ₹ 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
                    Who is Eligible?
                    • Salaried and self employed professional and business men can take this loan
                      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.
                      Who is Eligible?
                      • The borrower must be aged between 25-65 years of age.
                      • The loan amount should range between Rs 8 lakhs and Rs 3 crores.
                      • The maximum tenure for this loan is 20 years.
                      • ICICI Land loan can be taken by both salaried and self-employed people.
                      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 Manti 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)8.1% to 9.1%
                      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: Rs. 1 Lakh
                      • Time period: 5 years to 30 years
                      • ICICI Bank Home Loan Interest Rate: 8.10% to 9.10%
                      • Processing Fee payable to ICICI Bank: Upto Rs. 10,000. Current offer for processing fee is Upto 0.25%
                      • Fee payable to MyLoanCare: NIL
                      • Total Monthly Cost – From Rs. 741 for a 30 years Rs. 1 Lakh loan at 8.10% (lowest rate, longest time period) to Rs. 2,081 for a 5 years Rs. 1 Lakh loan at 9.10% (highest rate, shortest time period). This is inclusive of principal repayment.
                      • Total cost payable over loan tenure: Rs. 34,841 for 5 years loan to Rs. 1.77 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.

                      ICICI Bank Home Loan during Coronavirus

                      ICICI Bank has changed its Home Loan Interest Rate during the Coronavirus period with lowest rate starting at 8.10%. However, interest rate can be expected to come down post the RBI repo rate cut of 40 bps announced on 22nd May 2020. You may expect some delay in getting a loan from ICICI Bank during the COVID-19 outbreak due to social distancing norms.

                      Frequently Asked Questions

                      What is ICICI Bank home loan interest rate?

                      ICICI home loan interest rate ranges between 8.10% to 9.10%.

                      What is the eligibility for a home loan of ICICI Bank?

                      The eligibility to avail a home loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be Rs 25,000 along with a good credit score of 650 and above.

                      Does ICICI Bank home loan include registration fees?

                      Various charges charged by banks on home loans include processing fee, registration fee, legal and technical fee, or MODT charges. These may vary across lenders.

                      What is ICICI Bank home loan procedure?

                      You can apply for a ICICI Bank home loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online marketplace improves the chances of getting the 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 the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also apply by visiting ICICI Bank home loan apply online portal and can check your ICICI Bank online home loan status by logging into your customer account with MyLoanCare.

                      Why should I opt for balance transfer to ICICI Bank?

                      ICICI Bank offers competitive home loan rates with the best EMI of ₹ 741 per lakh availed at a low-interest rate of 8.10% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 741 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.

                      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 the benefit of paying less EMI per month.

                      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.

                      Can I foreclose 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. Availing loan transfer to ICICI Bank can allow you to save interest, 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 home loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

                      What is the benchmark applicable for a housing loan?

                      The benchmark applicable for home loan in ICICI Bank is RLLR .

                      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?

                      • ICICI Bank offers RBI Repo Rate linked home loan which starts at 8.10%. Current Repo Rate of RBI is 4.00%. Bank adds a mark up on RBI’s repo rate which is called ICICI Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 4.1% to the Repo Rate to arrive at this rate.
                      • When RBI increases rates, the bank may increase its Repo Rate linked home loan rates by the same basis points for all existing and new home loans. When RBI cuts interest rates, the ICICI home loan interest rates will reduce the interest rates by the same basis points, which will be effective from 1st day of the following month.
                      • For instance, if RBI slashes Repo Rate by 0.15%, then ICICI Bank Repo Rate linked home loan rate will cut from 8.10% to 7.95%.

                      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.

                      What is the current ICICI Bank home loan rate?

                      The current ICICI home loan rate starts from 8.10% with a processing fee of Upto 0.25%, Minimum ₹ 5,000 and Maximum ₹ 5,000.

                      ICICI Home Loan News - May 2020
                      *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