ICICI Home Loan Details

Loan amountUp to 3 Crores
Rate of interest6.75% - 7.55% p.a
TenureUp to 30 years
Lowest EMI possibleRs. 649 Per Lakh
Processing fee0.50% of Loan Amount
Foreclosure ChargesNil for floating rates
Penal Interest Rate2% per month

ICICI Home Loan Features

  • ICICI Home Loan Interest Rates start from 6.75 % per annum
  • Loan amount: Up to 90% of the property value
  • ICICI Housing Loan Processing Fees is nominal and starts from Rs 2000.
  • ICICI Repayment tenure: Flexible, up to 30 years
  • Lowest EMI possible: Rs. 649 Per Lakh

ICICI Bank Home Loan Benefits

  • Competitive ICICI Home Loan interest rate
  • Affordable EMI plans- step up option available
  • Preapproved online sanction
  • Simplified documentation
  • Quick ICICI Home loan Processing
  • Online application tracking
  • Seamless digital customer support
  • Repayment flexibility
  • Responsive website & app
  • Easy overdraft, top up and/or balance transfer options
  • PMAY credit linked subsidy for eligible borrowers

ICICI Home Loan Interest Rate

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.

Latest ICICI Bank Home Loan Floating Interest Rate (linked to Repo Rates) are as under:

CategorySalariedSelf employed
Up to Rs 35 lakhs6.75% to 7.15%6.90% to 7.30%
Rs 35 lakhs to Rs 757.00% to 7.30%7.15% to 7.45%
Above Rs 75 lakhs7.10% to 7.40%7.25% to 7.55%
Balance Transfer6.75% to 7.40%6.90% to 7.55%

ICICI Home Loan Eligibility Criteria

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:

Eligibility for Salaried-

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

Eligibility for Self-employee

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.

Documents Required for ICICI Bank Home Loan

ICICI Bank ensures minimal documentation and ease of application for the customers. Thus home loan can be conveniently applied online by submitting following documents. 

List of documents required

  • Duly filled Home Loan application form along with self attested photograph.
  • KYC documents for Identity, residence & age proof.
    • Proof of Identity (any one): Passport / Driving License / Voter’s ID / PAN
    • Proof of Residence (any one): Driving License / Registered Rent Agreement / Latest Utility Bill
    • Proof of Age (any one): PAN / Passport/ Driving License/ Voter ID / Birth certificate/ Employee ID / School or college leaving Certificate
  • Bank account statements for last 6 months
  • Processing fee cheque

For income proof, salaried individuals needs to submit:

  • Last 3 months Salary-slips
  • Form 16

The self employed must submit following documents as income proof:

  • last 3 year’s Income Tax Returns with computation of Income
  • Balance Sheet and Profit & Loss Account audited by CA
  • proof of business existence
  • Business profile
  • Professionals must offer education qualification certificate along the other self employed documents

ICICI Bank Home Loan Processing Fees & Charges

Description of ChargesApplicable Charges
Loan Processing Charges (Non-refundable)0.50% of the loan amount + applicable tax & surcharge. (Min: Rs 2000)
Late payment charges2% per month
Pre-payment Charges
  • Nil - For floating interest rate Home Loans & Home Improvement Loans
  • 2% + applicable taxes on principal outstanding for fixed interest rate Home Loans to individuals.
  • 4% + applicable taxes on principal outstanding  on loans provided to non-individual borrowers
Home Loan Conversion Charges
  • 1.75% of the principal outstanding + applicable taxes - For conversion from life time fixed rate to floating rate.
  • O.5 % on all other conversion
Charges for Document RetrievalRs 500
Charges for Swapping Repayment ModeRs 500
Charges for Cheque/ECS/AD BounceRs 500
Charges for CIBIL ReportRs 50

How to Calculate ICICI Home Loan EMI?

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.

ICICI Bank Home Loan EMI Calculation

Loan Amount10 years20 years30 years
Rs.20 lakhRs.22,965Rs.15,207Rs.12,972
Rs.30 lakhRs.34,447Rs.22,811Rs.19,458
Rs.40 lakhRs.45,930Rs.30,415Rs.25,944
Rs.50 lakhRs.57,412Rs.38,018Rs.32,430
Rs.60 lakhRs.68,894Rs.45,622Rs.38,916

*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.

ICICI Home Loan Scheme & Offers

Let’s explore types of ICICI Bank Home Loans below:

ICICI Instant Home Loan

  • Scheme for ICICI Salary account customers
  • Preapproved offer up to 3 Crore
  • No documents required for sanction
  • Get instant sanction letter, valid for 6 months
  • Pay discounted processing fees only
  • Eligibility as per salary credits in the account
  • Max tenure of 30 years
  • Documentation required prior disbursement only

ICICI Express Home Loan

  • ICICI home loan scheme for all resident Indians
  • Both salaried as well as self employed can apply
  • Online application process
  • Fast digital sanction
  • Attractive housing interest rate
  • Check eligibility online

ICICI Insta Top Up Loan

  • ICICI Home Loan Top up scheme for existing HL customers
  • Preapproved offer up to 1 Crore
  • Can be applied through SMS, iMobile app or internet banking
  • No documentation required

ICICI Instant Balance Transfer Home Loan

  • Preapproved offer for ICICI Salary Account customers
  • Eligibility criteria are similar to ICICI Instant Home Loan
  • Discounted processing fee
  • Up to two mortgage loans can be transferred
  • Up to Rs 3 Crore can be transferred

ICICI - PMAY 

  • Interest subsidy up to Rs 2.67 lakh
  • Loan repayment tenure up to 20 years.
  • Schemes for first time home buying households

ICICI NRI Home Loan

  • Exclusive offers for non residents
  • NRIs can choose from home loan, home improvement and land loan.
  • NRI Home loan is available for 30 Years
  • Home Improvement Loan is available for 15 Years
  • While land loan can be availed of for 20 Years
  • Attractive interest rates on both fixed and floating rate variants
  • Zero part-payment charges
  • Free personal accident insurance
  • Doorstep services till disbursement (in India).

ICICI Bank Extraa Home Loan: 

  • Special home loan scheme with Indian Mortgage Guarantee Corporation (IMGC)
  • Enhances up to 20% additional home loan eligibility
  • Repayment age can be extended up till 67 years
  • Maximum ICICI Home Loan amount of Rs. 2 Crores.
  • Open to a wide range of applicants such as self-employed, salaried, young and middle-aged customers.

ICICI Bank Saral Rural Housing Loan

  • Scheme for empowering people in rural areas
  • Funding for buying, constructing, repairing or up-gradation of a house
  • ICICI Loan amount ranges from Rs. 5 Lakhs to Rs. 15 Lakhs
  • Tenure range from 3 to 20 years

ICICI Bank Pragati Home Loans: 

  • Scheme for low income group
  • Minimum eligible income of Rs 10,000 per month
  • Salaried as well as self employed can apply
  • Loans up to Rs 5 lakh to Rs 50 lakh
  • Tenure up to 20 years
  • Easy Balance Transfer facility available

ICICI Pratham Home Loans: 

  • Pratham is another ICICI housing loan for affordable homes
  • Minimum salary of Rs. 10,000 per month to apply
  • Self-employed should have business vintage of 5 years
  • ICICI Home Loan amount up to Rs. 50 Lakhs
  • Maximum tenure of 20 years

ICICI Land Loan

  • Loan to buy land for construction of a residential property.
  • Construction should be completed within 2 years from the disbursement date
  • Rate of interest is affordable and similar to regular Home Loans
  • ICICI Land loan amount ranges from Rs 8 Lakh to Rs. 3 Crore
  • Maximum tenure for ICICI Land Home Loan is 20 years
  • The age of the applicant should be between 25 to 65 years.
  • Both salaried and self employed can apply.

ICICI Pradhan Mantri Awas Yojana (PMAY) Subsidy 2021

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.

Compare ICICI Home Loan with Other Banks

LenderMaximum Loan AmountMaximum TenureInterest RateProcessing Fee
ICICI Home Loan90% of property value30 years6.75% - 7.55%0.50% of the loan + GST 
HDFC Home Loan90% of property value30 years6.75% - 7.65%Up to 1.50% + applicable taxes
Canara Home Loan4 times gross annual salary/average gross annual income of 4 years 30 years6.90% - 8.90%0.50%
SBI Home Loan90% of property value30 years6.70% - 8.05%Up to 0.05% + GST
Kotak Home Loan90% of property value20 years6.65% - 7.30%Up to 2% + GST

ICICI Bank Home Loan Customer Care

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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Best Value Home Loans

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.

ICICI Bank Home Loans FAQs

✅ Who is eligible for ICICI PMAY?

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.

✅ When can a person apply for ICICI Home Loan?

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.

✅ How to check home loan status in ICICI bank?

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.

✅ What is the procedure to apply for ICICI Bank Home Loan?

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. 

✅ How to check eligibility for ICICI Bank Home Loan?

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. 

✅ Is full tenure fixed rate home loan linked to external benchmark?

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.

✅ What are the charges for pre-closure or foreclosure of home loan?

Prepayment charges of ICICI Home Loan are charged as below:

  1. Nil for floating rate of interest Home Loan, Land Loan and Home Improvement Loan.
  2. On full repayment of fixed rate of interest Home Loan, Land Loan, Home Improvement Loan & Top Up on Home: 2% + applicable taxes on principal outstanding

✅ Can I apply for an ICICI Home Loan online?

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.

✅ What all interest regimes can be converted to Repo based loans?

All existing ICICI Bank customers can switch from existing system of FRR/ PLR/ I-Base/ MCLR to Repo linked rate at applicable rates.

✅ What is the process of converting to repo linked home loan?

You must visit the nearest ICICI Branch (asset servicing) and submit the conversion request letter with your loan details.

✅ How frequently do the floating rate home loans are reset?

As per RBI mandate, lenders are obligated to reset rates linked to external benchmark at least once in 3 months. 

✅ How to request for income tax certificate for home loan?

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.

✅ How to change e-mail ID for home loan account?

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.

✅ How much time do I get to repay ICICI Home Loan?

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.

✅ Can I transfer a Housing Loan from another bank to ICICI Bank?

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. 

✅ What prepayment charges for ICICI Home Loan?

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.

✅ 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 customer care online or visit the nearest branch.

✅ 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 principal amount and interest component of a Home Loan.

 

✅ Is it necessary to give references with Home Loan application?

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.

✅ Is it advisable to add a co-applicant in ICICI 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.

✅ Is it necessary to provide collateral or security for Home Loan?

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.