|Loan amount||Up to 3 Crores|
|Rate of interest||6.75% - 7.55% p.a|
|Tenure||Up to 30 years|
|Lowest EMI possible||Rs. 649 Per Lakh|
|Processing fee||0.50% of Loan Amount|
|Foreclosure Charges||Nil for floating rates|
|Penal Interest Rate||2% per month|
ICICI Bank Interest Rates are offered as fixed as well as floating interest rates. Primarily home loans are offered at variable rates, linked to repo rate.
|Up to Rs 35 lakhs||6.75% to 7.15%||6.90% to 7.30%|
|Rs 35 lakhs to Rs 75||7.00% to 7.30%||7.15% to 7.45%|
|Above Rs 75 lakhs||7.10% to 7.40%||7.25% to 7.55%|
|Balance Transfer||6.75% to 7.40%||6.90% to 7.55%|
Home loan eligibility criteria for ICICI Housing Loan is determined basis your monthly income, current age, fixed monthly obligation, credit repayment history, market value of property etc. So make sure, you put a tick on all of these factors for securing the best ICICI bank Home Loan rate of interest.
Here are the eligibility specifics for ICICI Home Loans:
Age: 23 - 58 years
Minimum net monthly income: Rs. 30,000
Other factors: employment type, relationship with ICICI Bank
Total years in job or profession: Minimum 2 Years
Years in current residence: Minimum 1 year
Age: Minimum 28 years for self-employed & 25 years for doctors.
The maximum age should not be over 65 years.
Minimum turnover: Rs. 40 Lakhs for non-professionals and Rs. 15 Lakhs for professionals (as per audited financials).
Minimum profit after tax: Rs. 2 Lakhs for proprietorship firms/ self-employed individuals and Rs. 1 Lakh for non-professionals (as per audited financials).
Stability in current business: Minimum 5 years (3 years for doctors)
Relationship with ICICI Bank: 1 year liability relationship (Current/ Savings Account) or Asset Relationship (loan) either active or closed in the last 36 months. The repayment track record must be clean.
Always use ICICI Home Loan Interest Rate Calculator to determine eligibility and affordability of the loan. You can also use MyMoneyMantra EMI calculator. These are free tools to ease customer borrowing journey.
ICICI Bank ensures minimal documentation and ease of application for the customers. Thus home loan can be conveniently applied online by submitting following documents.
|Description of Charges||Applicable Charges|
|Loan Processing Charges (Non-refundable)||0.50% of the loan amount + applicable tax & surcharge. (Min: Rs 2000)|
|Late payment charges||2% per month|
|Home Loan Conversion Charges|
|Charges for Document Retrieval||Rs 500|
|Charges for Swapping Repayment Mode||Rs 500|
|Charges for Cheque/ECS/AD Bounce||Rs 500|
|Charges for CIBIL Report||Rs 50|
You can calculate ICICI Home Loan EMI using an online Calculator. Share loan details such as loan amount, rate of interest, and loan tenure in the ICICI Home Loan EMI Calculator and instantly you will get access to EMI and total interest repayable for the Home Loan. You can also use MyMoneyMantra Home Loan EMI Calculator to get these details along with amortisation schedule for the loan.
The EMI Calculator is one of the best tools for making an informed decision. Whether you are looking for a new home loan or want to transfer the balance and refinance your home loan, an EMI Calculator can help you understand the affordability of the loan decision. It also helps you compare offers from different banks.
|Loan Amount||10 years||20 years||30 years|
*For EMI calculation purpose, flat rate of Interest @ 6.75% p.a. is considered. The calculation is indicative only. Your EMI schedule will vary as per rate of interest offered to you.
Let’s explore types of ICICI Bank Home Loans below:
Pradhan Mantri Awas Yojana (PMAY) is a government backed credit linked subsidy scheme for home loans. The scheme was launched to provide affordable mortgage schemes to first time home owners across the urban and rural areas. It offers subsidy up to Rs 2.67 lakh annually. The beneficiaries are divided into 4 categories: Economically Weaker Section (EWS), Low Income Group and Middle Income Group (MIG) 1 and Middle Income Group (MIG) 2. The scheme strives to provide access to housing for all Indians by 2022.
To avail PMAY benefit on your ICICI Home Loan, all you need to do is share details on PMAY website and notify your bank. The benefit is directly processed online. The MIG Categories last applied for PMAY CLSS scheme until March 31, 2021. For LIG & EWS categories last date of application is March 31, 2022.
|Lender||Maximum Loan Amount||Maximum Tenure||Interest Rate||Processing Fee|
|ICICI Home Loan||90% of property value||30 years||6.75% - 7.55%||0.50% of the loan + GST|
|HDFC Home Loan||90% of property value||30 years||6.75% - 7.65%||Up to 1.50% + applicable taxes|
|Canara Home Loan||4 times gross annual salary/average gross annual income of 4 years||30 years||6.90% - 8.90%||0.50%|
|SBI Home Loan||90% of property value||30 years||6.70% - 8.05%||Up to 0.05% + GST|
|Kotak Home Loan||90% of property value||20 years||6.65% - 7.30%||Up to 2% + GST|
Any existing customer who has any complaint or a query regarding ICICI Home Loan, can contact ICICI Bank Home Loan customer care team by calling at 1860 120 7777
The helpline is available from Monday to Friday between 9 a.m. to 6 p.m.
Alternate city wise ICICI customer care numbers:
Chennai: 044 33667777
Kolkata: 033 33667777
Mumbai: 022 33667777
Delhi: 011 33667777
Domestic Customers Travelling Overseas: +91-40-7140 3333
*Call charges will apply.
Alternatively, you can email your query through website interface or drop in query at dropbox of helpdesk at branch/ATM.
Write to ICICI bank at:
ICICI Bank Limited, ICICI Phone Banking Center, ICICI Bank Tower, 7th floor, Survey no: 115/27, Plot no. 12, Nanakramguda, Serilingampally, Hyderabad – 500032
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MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.
People belonging to the categories of economically weaker sections, lower income group, and middle income group, are eligible for Pradhan Mantri Awas Yojana (PMAY). The eligibility criteria are as per the government’s guidelines for PMAY and are not bank specific. The beneficiary household should not own a permanent (pucca) house in the name of any member of the family.
Any resident or Non resident Indian can apply for ICICI Home Loan to buy or construct residential plot or property. The applicant should abide by minimum age, income and other eligibility criteria.
You can instantly check ICICI Home Loan Status using ‘trackmyloan’ feature on ICICI website or app. Share your loan application number and mobile number and you will get the status of your Loan, from login to sanction. ICICI Home Loan instant tracking system is one of the USPs of the lender. Alternatively you can also check the status of ICICI Home Loan application by calling customer care at 860 120 7777 from your registered mobile number on weekdays between 9 am to 6 pm.
A resident as well as a non resident Indian can apply for a home loan with ICICI Bank. The bank will determine eligibility on the basis of age, credit score, income & repayment capacity of the applicant. You can avail of a home loan sanction before or after searching the property of purchase. For preapproved sanction offer, check your ICICI customer dashboard and download it. Once you have located the property for purchase or construction, you can apply for the loan following the sanction. Submit KYC and income proof. Your application will be processed immediately. The disbursement of ICICI Bank Home Loan will not take more than 4-5 working days.
The eligibility for ICICI Home loan is calculated on the basis of applicant’s repayment capacity and the market value of the property. The bank will consider factors such as age, income, professional qualifications, number of dependants, assets, liabilities, job stability or continuity of business, and income/ credit profile of each co-applicant to determine the eligibility. In most cases, the applicant will be eligible for a maximum of 80% of the cost of the property or 80% of the cost of construction. For land loan, a maximum of 65% of the value of land will be sanctioned.
No. Full term fixed rate home loans are not linked to internal or external benchmarks. As the name suggests, lending rate is fixed for the entire tenor of the loan.
Prepayment charges of ICICI Home Loan are charged as below:
Yes, ICICI Home Loan can be instantly applied online through MyMoneyMantra. All you need to do is click on apply or eConnect with Bank option.
All existing ICICI Bank customers can switch from existing system of FRR/ PLR/ I-Base/ MCLR to Repo linked rate at applicable rates.
You must visit the nearest ICICI Branch (asset servicing) and submit the conversion request letter with your loan details.
As per RBI mandate, lenders are obligated to reset rates linked to external benchmark at least once in 3 months.
You can request for ICICI Home Loan income tax certificate through various channels: website, internet banking, iMobile app, customer care, and bank branch.
On website, you can request for IT certificate by clicking on Apply Online > Statement - Home Loan > Continue to Login. Then share your 16-digit alpha numeric LAN (Loan Account Number), along with any two details from DOB, Loan Amount, EMI, repayment bank account number. Submit to access the certificate.
Alternatively Login to dashboard using internet banking and click on Customer Service > Service Requests > Product > Home loan related > Request for Final IT Certificate (Physical).
On iMobile, login and select Cards, Loans & Forex icon > Loan Account > More Options > Income Tax Certificate
You can also call customer care to request an email with Income tax certificate. As for branch visit, make sure you carry valid identity proof and loan details along.
You can request the change of e-mail ID for home loan through internet banking, customer care or visiting the branch. For online request, login with User ID & Password and access customer dashboard. Select Customer Service > Service Requests > Loan > Loan Accounts-E Mail and Contact Number Updation.
ICICI bank offers 30 years to repay a home loan. The loan tenure is decided at the time of loan approval. You can adjust the tenure, for a maximum of 30 years from the date of disbursement. Part prepayment or full prepayment of Home Loan is also allowed.
Yes, ICICI you can apply for home loan transfer from your existing lender to ICICI bank. You can avail of reduced interest rate and adjust EMI & tenure as per your financial health.
There are no prepayment charges for Home Loans on floating interest rates. However, Home Loans with fixed interest rates involve prepayment charges of up to 4% of the principal outstanding.
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 customer care online or visit the nearest branch.
Under section 80C and section 24 of the Indian Income Tax Act 1961, Indian residents can enjoy tax benefits on principal amount and interest component of a Home Loan.
Yes. While applying for a Home Loan, a borrower is required to give the reference of an Indian resident. Your Power of Attorney or resident co-applicant can also be a reference.
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.
Typically the security for a Home Loan is the exclusive charge of the property to be financed, through depositing title deeds and/ or such other collateral security. The title to the property must be clear, marketable, and free from any encumbrances.