ICICI Bank Home Loan

Home Home Loan ICICI Bank Home Loan

About ICICI Bank Home Loan

ICICI Bank is India's second largest private sector bank. The bank meets the expectations of its customers and provides them all the financial products and services they need. ICICI Bank's products include Credit Cards, debit cards, Personal Loans, Home Loans and insurance. ICICI bank currently has a network of 300 loan services branches across India with experienced workforce.

ICICI Bank provides hassle free Home Loans at relatively low interest rates covering a large part of the demography. The brisk disbursal of loan amount makes ICICI Bank Home Loan best in the business. You can go ahead and avail ICICI Bank's Home Loan to build your dream home.

All About ICICI  Bank Home Loan

Loan tenure

  • Up to 30 years

Loan turnaround period

  •  8 - 15 days

Loan to value (LTV)

  • Ranges from 75% to 90% of property value

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • NRIs
  • Indian residents

Co-applicants

  • Up to 4 applicants are allowed as co-applicants

Lowest EMI

  • 794 per Lakh

Why ICICI Bank Home Loan?

Here are some of the key reasons why one should opt for ICICI Bank Home Loan:

  • Instant E-Approval: Applications are processed and approved online in minutes.
  • Attractive Rate of Interest: The interest rates offered by ICICI Bank on Home Loans typically vary from 8.85% to 10.30%. Also, the bank offers special rates for women borrowers.
  • Variety of Home Loans: ICICI Bank offers different types of Home Loans. All of them are designed for different purposes and sections of the society. Rural Housing Loan, Extra Home Loan, Pragati Home Loan are some of most preferred Home Loans offered by ICICI Bank.
  • Eligibility: NRIs, Indian residents, salaried employees and self-employed individuals can avail the Home Loan provided they furnish the required documents.

Features and Benefits of ICICI Bank Home Loan

  • Longer tenure (of up to 30 years)
  • Facility of Home Loan Insurance available so that you don't have to worry about repayment in case of any unfortunate incident.
  • Availability of overdraft facility
  • Higher loan amount
  • Simplified documentation and quick loan processing

ICICI Bank Home Loan Interest Rates

The interest rates offered by ICICI Bank on Home Loans typically vary from 8.85% to 10.30%. Also, there are special rates of interest for some borrowers. For example, the bank offers a rate of interest as low as 8.85% to the women applicants.

Here's the detailed interest rates table of ICICI Bank Home Loans:

 

A. Special pricing for loans up to 30 Lakhs

Floating Interest Rate*

Category

I-MCLR-6M (8.50%)

I-MCLR-1Y (8.55%)

Salaried borrower loan amount <= 30 lakhs

Women Borrower

8.85%

8.85%

Others

8.90%

8.90%

Self-employed borrower loan amount <= 30 lakhs

Women Borrower

8.90%

8.90%

Others

8.95%

8.95%

*Interest rates are subject to change without prior information.

B. Below mentioned floating rates are linked to I-MCLR-1Y (One year MCLR) benchmark rate. I-MCLR-1Y is 8.55%.

Women Borrower- Salaried

Floating interest rates*

Category

Effective rate of interest

Rate

30 Lakhs to 75 Lakhs

8.95%

I-MCLR-1Y+0.40%

Above 75 Lakhs

9.00%

I-MCLR-1Y+0.45%

Fixed interest rates for 2 years, 3 years

Category

Fixed rate of interest for 24/36 months

Floating Rate pricing from 25th/ 37th month

Up to  30 Lakhs

9.10%

I-MCLR-1Y + 0.55%

30 Lakhs to 75 Lakhs

9.20%

I-MCLR-1Y + 0.65%

Above 75 Lakhs

9.25%

I-MCLR-1Y+0.70%

Fixed interest rates for 5 years, 10 years

Category

Fixed rate of interest

Floating Rate pricing from 61st/ 121st month

Up to  30 Lakhs

9.25%

I-MCLR-1Y + 0.70%

30 Lakhs to 75 Lakhs

9.35%

I-MCLR-1Y + 0.80%

Above 75 Lakhs

9.40%

I-MCLR-1Y+0.85%

Full tenor fixed interest rates

Category

Fixed rate of interest

Floating Rate pricing from 61st/ 121st month

Up to  30 Lakhs

9.90%

30 Lakhs to 5 Crores

10.00%

Above 5 Crores

10.25%

*Interest rates are subject to change without prior information.

Women Borrower-Self Employed

Floating interest rates*

Category

Effective rate of interest

Rate

30 Lakhs to 75 Lakhs

9.00%

I-MCLR-1Y + 0.45%

Above 75 Lakhs

9.05%

I-MCLR-1Y + 0.50%

Fixed interest rates for 2 years, 3 years

Category

Fixed rate of interest for 24/36 months

Floating Rate pricing from 25th/ 37th month

Up to  30 Lakhs

9.15%

I-MCLR-1Y + 0.60%

30 Lakhs to 75 Lakhs

9.25%

I-MCLR-1Y + 0.70%

Above 75 Lakhs

9.30%

I-MCLR-1Y + 0.75%

Fixed interest rates for 5 years, 10 years

Category

Effective rate of interest

Up to  30 Lakhs

9.30%

I-MCLR-1Y + 0.75%

30 Lakhs to 75 Lakhs

9.40%

I-MCLR-1Y + 0.85%

Above 75 Lakhs

9.45%

I-MCLR-1Y + 0.90%

Full tenor fixed interest rates

Category

Effective rate of interest

Up to  30 Lakhs

9.90%

30 Lakhs to 5 Lakhs

10.00%

Above 5 Crores

10.25%

*Interest rates are subject to change without prior information.

Salaried Borrower

Floating interest rates*

Category

Effective rate of interest

Rate

30 Lakhs to 75 Lakhs

9.00%

I-MCLR-1Y + 0.45%

Above 75 Lakhs

9.05%

I-MCLR-1Y + 0.50%

Fixed interest rates for 2 years, 3 years

Category

Fixed rate of interest for 24/36 months

Floating Rate pricing from 25th/ 37th month

Up to  30 Lakhs

9.15%

I-MCLR-1Y + 0.60%

30 Lakhsto 75 Lakhs

9.25%

I-MCLR-1Y + 0.70%

Above 75 Lakhs

9.30%

I-MCLR-1Y + 0.75%

Fixed interest rates for 5 years, 10 years

Category

Fixed rate of interest for 60/120 months

Floating Rate pricing from 25th/ 37th month

Up to  30 Lakhs

9.30%

I-MCLR-1Y + 0.75%

Above 30 Lakhs

9.40% to 9.45%

I-MCLR-1Y + (0.85% to 0.90%)

Full tenor fixed interest rates

Category

Effective rate of interest

Up to  30 Lakhs

9.95%

Above 30 Lakhs

10.05% to 10.30%

*Interest rates are subject to change without prior information.

Self Employed Borrower

Floating interest rates*

Category

Effective rate of interest

Rate

30 Lakhs to 75 Lakhs

9.05%

I-MCLR-1Y + 0.50%

Above 75 Lakhs

9.10%

I-MCLR-1Y + 0.55%

Fixed interest rates for 2 years, 3 years

Category

Fixed rate of interest for 24/36 months

Floating Rate pricing from 25th/ 37th month

Up to  30 Lakhs

9.20%

I-MCLR-1Y + 0.65%

30 Lakhs to 75 Lakhs

9.30%

I-MCLR-1Y + 0.75%

Above 75 Lakhs

9.35%

I-MCLR-1Y + 0.80%

Fixed interest rates for 5 years, 10 years

Category

Fixed rate of interest for 60/120 months

Floating Rate pricing from 25th/ 37th month

Up to  30 Lakhs

9.35%

I-MCLR-1Y + 0.80%

Above 30 Lakhs

9.45% to 9.50%

I-MCLR-1Y + (0.90% to 0.95%)

Full tenor fixed interest rates

Category

Effective rate of interest

Up to  30 Lakhs

9.95%

Above 30 Lakhs

10.05% to 10.30%

*Interest rates are subject to change without prior information.

ICICI Bank Home Loan Processing Fees and Other Charges

Description of Charges

Applicable Charges

 Loan Processing Charges (Non-refundable)

  • 0.50% to 1% of the sanctioned loan amount or  1,500 (whichever is higher) + applicable tax and surcharge.
  • 0.50% to 1% of the sanctioned loan amount or 2,000 for Mumbai, Delhi &  Bangalore (whichever is higher) + applicable tax and surcharge.

 Late payment charges

  • 2% per month

 Pre-payment Charges

  • Nil - For floating interest rate Home Loan and Home Improvement Loan.
  • 2% + applicable taxes on principal outstanding - On full repayment of fixed interest rate Home Loans.
  • 4% + applicable taxes on principal outstanding - On loan provided to non-ndividual borrowers.

 Home Loan Conversion Charges

  • 0.5% of the principal outstanding + applicable taxes - For conversion from floating to floating.
  • 0.5% of the principal outstanding + applicable taxes - For conversion from dual fixed interest rate to floating.
  • 0.5% of the principal outstanding + applicable taxes - For conversion from floating interest rate to dual fixed rate.
  • 1.75% of the principal outstanding + applicable taxes - For conversion from life time fixed rate to floating rate.

 Charges for Document Retrieval

  • 500

 Charges for Swapping Repayment Mode

  • 500

 Charges for Cheque/ECS/AD Bounce

  • 500

 Charges for CIBIL Report

  • 50

Types of ICICI Bank Home Loans

Home Loan schemes of ICICI Bank are tailored according to the varied needs of customers. Below are the types of ICICI Bank Home Loans:

  1. ICICI Bank Saral Rural Housing Loan: Home Loan for empowering women borrowers and underprivileged sections of the society. It provides for the purchase, maintenance, acquisition, renovation and repairs of property. This loan scheme is designed to uplift the backward sections of the society and rural women in particular.
  2. ICICI Bank Extraa Home Loan: Increase loan amount up to 20% with this loan. The repayment of the loan can be extended up to 67 years of age. This loan provides longer repayment tenure and improved affordability to the borrowers. The loan is best suited to self-employed, salaried, young and middle-aged customers.
  3. ICICI Bank Pragati Home Loans: This loan scheme is meant for a much wider section of the society. Non-residential premise loan, home improvement and Home Loan are available to a borrower under this category. Salaried employees earning at least 10,000 are eligible. Also, self-employed individuals having an experience equal to 5 years can also apply for this loan.
  4. Balance Transfer: This scheme enables the customers to get reduced interest rate and lower the EMI obligation on their existing Home Loan from other bank or Non-Banking Financial Company (NBFC) by transferring it to ICICI Bank.
  5. Home Improvement Loan: As the name suggests, this loan is taken to improve or renovate an existing residence. The loan is available at a relatively low rate of interest.
  6. Pradhan Mantri Awaas Yojana: This housing scheme aims to provide houses to all by 2022. The scheme was launched by honourable Prime Minister Narendra Modi. This loan is meant for economically weaker sections of the society, lower income group and middle income group. Also the interest rate for the first year is as low as 4.67%.
  7. Land Loan: If you wish to by a residential piece land for construction of your own house, you can avail ICICI Bank's Land Loan. The construction of property must be completed within 2 years from the disbursement date of loan.
  8. Home Loans for Non Resident Indians (NRIs): ICICI Bank offers Home Loans to NRIs at attractive interest rates (fixed and floating both). The loan comes with zero part-payment charges, free personal accident insurance, and doorstep service till disbursement (in India).

  • Interest Rate 8.85% - 9.10%
  • Loan Amount 20L - 100Cr
  • Processing Fee 11500 - 0.25%
  • Tenure30 Years

  • Quick Apply

ICICI Bank Home Loan Eligibility Criteria

There are several factors that determine your eligibility for a Home Loan. Basic rules determining eligibility are same for salaried as well as self-employed individuals. Salaried individuals, self-employed professionals and self-employed non-professionals are eligible to take a Home Loan. ICICI Bank Home Loan Eligibility is calculated on the basis of following factors:

  1. Your current income: Salaried employees should have the bank statement of the last 6 months of the account where the salary is credited and salary slips of the last 3 months. Self-employed individuals need to furnish a record of accounts for the last 12 months where they receive credits for products and services offered by them.
  2. Continuity of employment/business: It is fairly easy for salaried employees to prove their continuity of employment. Salaried individuals can procure their appointment letter, IT Returns, salary slips, Form 16 and Form 26 to show continuity of employment. Self-employed individuals have to furnish financial statements like balance sheet, profit and loss statement. They also need to furnish IT Returns to go with financial statements.
  3. Current obligations: An applicant may have an existing loan for which they are paying EMIs. These instalments need to be considered for calculating eligibility for Home Loan.
  4. Credit history: This is by far the most important factor in determining eligibility. Bureaus like CIBIL are responsible for keeping a track of loan related activities of every borrower. All banks are members of CIBIL. CIBIL generates your credit score based on your credit history. The score is a number generally between 300 and 900. Higher score means a better chance of getting a loan approval. Defaults and missing payments can decrease your score. If you have a score of 650 or above, there is a good possibility that you are eligible for Home Loan.
  5. Value of the property: Value of the property is of utmost importance to the bank because the property they finance is also the mortgage. Also the title should be free from any discrepancies. Keeping all this in mind, banks usually finance up to 90% of the property and the rest of the amount is to be contributed by the borrower.
  6. Legal position: The prime security for any Home Loan is a mortgage of the land and property they have financed. You have to create the mortgage and register the same with the respective registering authorities. In order to do so, you must be legally empowered to create the mortgage. Hence, banks and financial institutions insist on a legal scrutiny report from their panel of advocates who carry out a search for the previous 30 years to establish the ownership chain.
  7. Age of the borrower: Any eligible 21 year old individual can borrow a Home Loan. The age at the time of maturity should generally be 65 years.

Documents Required for ICICI Bank Home Loan

Type of document

Salaried individuals

 Application form

  • Duly filled application form with photograph

 Age/Identity proof

  • PAN card
  • Passport
  • Any other certificate from Statutory Authority

 Residence proof

  • Passport
  • Driving License
  • Telephone Bill
  • Ration Card
  • Voter ID Card
  • Any other certificate from Statutory Authority

 Income proof

  • Last 3-month Salary-slips
  • Form 16
  • IT Returns
  • Last 6 months bank statements (salary account)

 Other Documents

  • Cheque for processing fee

 

Type of document

Self-employed professionals

 Application form

  • Duly filled application form with photograph

 Age/Identity proof

  • PAN card
  • Passport
  • Any other certificate from Statutory Authority

 Residence proof

  • Passport
  • Driving License
  • Telephone Bill
  • Ration Card
  • Voter ID Card
  • Any other certificate from Statutory Authority

 Educational qualification proof

  • Certificate of latest degree

 Income proof

  • Bank statements of last 6 months
  • Form 16
  • IT Returns of last  years
  • Business existence proof
  • Last 3 years P&L Account and Balance Sheets (audited/certified by Chartered Accountant.

 Other documents

  • Cheque for processing fee

 

Type of document

Self-employed non-professionals

 Application form

  • Duly filled application form with photograph

 Age/Identity proof

  • PAN card
  • Passport
  • Any other certificate from Statutory Authority

 Residence proof

  • Passport
  • Driving License
  • Telephone Bill
  • Ration Card
  • Vote ID Card
  • Any other certificate from Statutory Authority

 Income proof

  • Business existence proof
  • Form 16
  • IT Returns of last 3 years with income computation
  • P&L Account and Balance Sheets of last 3 years duly certified/audited by a Chartered Accountant.
  • Last 6 months bank statements

 Other documents

  • Business profile proof
  • Processing fee cheque

Other Products by ICICI Bank

Some other mortgage products offered by ICICI bank are:

  • Top Up Loan Linked to Home Loan: If you are an existing ICICI Home Loan borrower, you can avail this loan to fulfil your immediate personal as well as business needs. This loan offers funding of up to 100% of original loan amount at an attractive interest rate.
  • Balance Transfer and Top Up Loan: If you want to avail the benefits of Home Loan Balance Transfer and Top Up Loan, this product is a perfect choice. You just need to transfer your existing Home Loan to ICICI Bank and get Top-Up Loan at an attractive interest rate.
  • Loan Against Property: Utilise your idle property to get fund against its value for fulfilling your immediate financial needs. This multi-purpose loan comes at low interest rate and long tenure (of up to 15 years). You can use ICICI Bank Loan Against Property to fund your business expansion, marriage or higher studies of your children, vacation or any other reason.
  • Lease Rental Discounting (LRD): This funding option helps you to get loan against future expected rentals of commercial property owned by you. Like Home Equity Loan, this loan too can be used for multiple purposes.
  • Office Premises Loan (Against Non Residential Property): If you're a self-employed professional or businessman who is need of a permanent office address to set up your business, you can opt for this loan facility. This loan covers all expenses related to office premise setup such as purchasing, constructing, extending and improving your office premise.

How to Calculate ICICI Bank Home Loan EMI?

It is important to calculate your EMI before you proceed to take a loan. Keeping this in mind, experts at MyMoneyMantra have designed an EMI calculator that facilitates the applicants to compare the cost of different Home Loans and predetermine their monthly obligation towards the loan. This also helps the applicants to plan their monthly budget accordingly.

You don't need to be an expert to use the EMI calculator at MyMoneyMontra. Just enter the loan amount, the tenure and rate of interest. EMI calculator will give you a kind of an amortization schedule which is very helpful to plan your payments in advance.

Why Apply for ICICI Bank Home Loan on MyMoneyMantra?

Users can apply for ICICI Home Loan online through MyMoneyMantra. On MyMoneyMantra, you can check your ICICI Home Loan eligibility and enlist customised Home Loan details. MyMoneyMantra brings the below mentioned features and benefits for its customers looking for a Home Loan:

  • Instant Eligibility Check Facility: The EMI calculator tool of MyMoneyMantra helps you check your Home Loan eligibility and offers personalised loan offers instantly.
  • Customised Quotes: The eligible loan applicants are offered instant quotes customised as per their CIBIL Score at attractive interest rates.
  • E-Approval Facility: Loan approval process takes place in a jiffy for all ICICI Bank Home loan applications made through MyMoneyMantra.
  • Hassle Free Documentation: We provide doorstep documentation pickup facility which reduces the total turnaround time and helps customers to avail loan instantly.
  • Assured Privacy: We assure complete confidentiality for all ICICI Home Loan applications made through us. We send applications electronically to the concerned loan section of ICICI Bank.

MyMoneyMantra dives deep into your credit history, personal profile and repayment records to determine your credibility for a Home Loan.

How to Apply for ICICI Bank Home Loan on MyMoneyMantra?

Applying for a Home Loan through MyMoneyMantra is very easy. Below is all the information that an applicant should know before applying for a Home Loan through us:

  • Head to the official website of MyMoneyMantra.
  • Click on Home Loan section and fill in all the quick application form online.
  • Choose ICICI Bank as your preferred Home Loan partner

ICICI Bank Home Loan Customer Care

Any borrower who has any difficulty, complaint, query regarding the Home Loan that they have taken, can easily contact the ICICI Bank Home Loan customer care team on the below number on Monday to Friday between 9 a.m. to 6 p.m.

1800 200 3344

ICICI Home Loan Latest News

ICICI Bank Increases Home Loan Interest Rates

2nd September 2018: India's largest private sector lender ICICI Bank raised their interest rates by 15 basis points. ICICI Bank has increased its six month MCLR (Marginal Cost of funds based Lending Rate) by 15 basis points from 8.35% p.a. to 8.50% p.a. One basis point equals a hundredth of percentage point. The lowest interest rate for ICICI Bank Home Loan will increase from 8.70% p.a. to 8.85% p.a. if loans continue to be priced at a spread of 35 basis points.

ICICI Bank Aims to Grow Home Loan Book to 2 Trillion by FY20

July 5, 2018: ICICI Bank is aiming to grow their Home Loan book to 2 trillion by Financial Year 2020 as they have recently achieved a Home Loan portfolio of around 1.5 trillion for the first time. This makes it the largest mortgage lender among private sector banks. "The total retail loan portfolio is about 3 trillion, of which Home Loan book constitutes around 52%," Anup Bagchi, Executive Director of the bank, in a conference call with reporters. ICICI Bank's Home Loan book is currently witnessing a growth rate of 16-17% over the past year and expecting an increase in demand from customers with lower interest rates and improving housing quality in market. ICICI Bank is expecting a growth from tier-II, tier-III and tier-IV locations.

ICICI Bank Drops Plan to Sell its Housing Unit

25th April 2018: ICICI Bank has dropped its plan to sell its non-banking finance company, primarily into home finance after more than two years. ICICI Bank is currently looking to expand its loan book through the affordable housing segment which is witnessing a growth in demand due to government subsidy. ICICI Home Finance will start again their financing consumer durables purchases 10 years after stopping that business in the bank, IHF Chairman Anup Bagchi said in an interview.

ICICI Bank Waives Off Loan Late Payment Penalty Charges in Kerala

17th August 2018: ICICI Bank announced its decision to waive off late payment penalties on loan EMIs by its customers in Kerala this month. This was announced in order to aim at providing support to its customers in flood hit Kerala. So, any ICICI Bank customers in Kerala of Home Loans, car loans or Personal Loans from ICICI Bank will not be charged any penalty for delayed payment of EMIs in the month of August.

Frequently Asked Questions

Q 1 - How much time do I get to repay the Home Loan?

ICICI bank gives you a maximum of 30 years to repay the loan. This reduces the burden of EMI on the borrower.

Q 2 - Can I transfer a house loan sanctioned from another bank to ICICI bank?

ICICI bank gives you the functionality to transfer your existing loan from another bank to ICICI bank. In doing so, you will experience a reduction in the interest that you are paying every month. Also, the transfer process is hassle free.

Q 3 - What are the prepayment charges?

There are no prepayment charges for Home Loans and home improvement loans with floating interest rates. However, Home Loans with fixed interest rates involve prepayment charges of up to 4% of the principal outstanding.

Q 4 - If I choose to increase my EMI, can I decrease it in the future?

EMI once increased cannot be decreased in the future. However, there is an exception in the case of part prepayment or conversion. If you need further assistance, you can contact ICICI bank or visit the nearest branch.

Q 5 - Are the borrowers of ICICI bank Home Loan entitled to tax benefit?

Under section 80C and section 24 of the Indian Income Tax Act 1961, Indian residents can enjoy tax benefits on principle amount and interest component of a Home Loan.

Q 6 - Is it necessary to give references?

ICICI bank mandates to give references as they help to establish contact with the borrower in case the bank is not able to contact the borrower directly. While applying for a Home Loan with ICICI Bank, the borrower has to give the reference of an Indian resident and a relative that is an Indian resident. Your Power of Attorney or resident co-applicant can also be a reference.

Q 7 - Who can become a co-applicant for a Home Loan?

Adding a co-applicant works in favour of the borrower as it can increase the amount of the loan. Co-applicants can be a spouse, parents, male children or co-owners of the property. The borrower will be required to give a personal guarantee in case no co-applicant is available.

Q 8 - Is it necessary to provide collateral or security?

Typically the security for the loan is a first and exclusive charge of the property to be financed, by way of deposit of title deeds and/or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from any encumbrances. 

Q 9 - Who is eligible for PMAY?

People belonging to economically weaker sections (EWS), lower income group (LIG) and middle income group (MIG) are eligible for Pradhan Mantri Awas Yojana (PMAY).

Q 10 - When can a person apply for a Home Loan?

An individual can apply for a Home Loan with ICICI as and when they decide to buy a house. Individuals can apply for a Home Loan even before they have decided which property they want to buy.

Other Available products from ICICI Bank

EMI CALCULATOR

EMI Calculator

EMI Calculator

Loan EMI

Total Interest Payable

Total of Payments
(Principal + Interest)