ICICI Bank Home Loan Interest Rates
Interest Rate

Starting @ 8.95%

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Processing Fee

Upto 11500

Loan Tenure

5-30 years

Lowest EMI Per Lakh

₹ 801 for 30 years

Prepayment Charges

Nil charges for floating rates loans

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ICICI Bank Home Loan

connectivity helps the customers to know about the different services and products that the bank offers and also they are easily available for the customers. ICICI Bank is popular for its Home Loan services which help the applicants to fulfill their dream to purchase or build a house of their own.

It also offers affordable and competitive rates of interest, processing fees and other charges, which make it preferred bank among its customers. The Home Loans from ICICI Bank can be utilised to buy, construct, repair, and renovate a house for a comfortable living or business purposes.

Benefits of Home Loans from ICICI Bank

  • Quick and easy Home Loan process
  • ICICI Bank is technologically advanced and one can apply online for Home Loan instantly through their website or smartphone/tablet app.
  • Ensures quick loan disbursal
  • Special assistance from the bank representatives
  • Affordable interest rates and longer loan tenure (up to 30 years)
  • Higher eligibility
  • The bank also offers pre-approved housing loans to selected borrowers and current customers get a chance to avail loans with reduced documentation. This housing loan can be sanctioned before the property selection.
  • You can opt for a Balance Transfer which helps you to reduce your equated monthly instalments (EMIs) and rate of interest.
  • The ICICI Bank provides online tools like EMI calculator, Balance Transfer Calculator, and Eligibility Calculator, which helps in a hassle-free eligibility check and loan application procedure.
  • There is an option to choose between fixed and floating interest rates after the first 10 years of the loan repayment tenure.

Interest Rate

9 % onwards 

Loan Tenure

Up to 30 years

Eligibility age

Salaried: 21 to 60 years

Self-employed: 21 to 65 years

Rate of Interest

9.05% to 9.25% per annum

NIL Prepayment Charges

For floating interest rate Home Loans and Home Improvement Loans

Lowest EMI

808 per lakh

Processing Fee

Up to 1% (Maximum 2,000), whichever is higher + applicable tax & surcharge

ICICI Bank Home Loan Interest Rates

The rates of interest for ICICI Bank housing loans start from 9%. Interest rates may vary on the basis of loan amount, tenure, occupation and income of an individual, and also the type of loan availed.

The interest rates are linked to 1 Year MCLR benchmark rate of the bank which is currently 8.75% (as on 16.04.2019).

Following are the floating interest rates applicable on ICICI Bank Home Loans as on 16.04.2019:

Loan Amount Interest Rate for Salaried Borrowers Interest Rate for Self-employed Borrowers

Up to 35 Lakhs

1 Yr MCLR + 0.30%: 9.05%

1 Yr MCLR + 0.35%: 9.15%

35 Lakh - 75 Lakhs

1 Yr MCLR + 0.40%: 9.15%

1 Yr MCLR + 0.45%: 9.20%

Above 75 Lakhs

1 Yr MCLR + 0.45%: 9.20%

1 Yr MCLR + 0.50%: 9.25%

Factors That Affect ICICI Bank Home Loan Interest Rates

  • Home Loan amount: The quantum of loan you want to borrow is one of the most important factors that impact the interest rate of the loan. Interest rate for the higher loan amount is usually lower.
  • Existing relationship with the bank: The ICICI Bank provides Home Loan at discounted interest rate for their existing customers to maintain a cordial and longer relationship with them.
  • Total earning of the borrower:The total monthly income or earning of the borrower helps in analyzing their creditworthiness and set interest rate on Home Loan. Interest rate for a person having a regular source of income is lower, and that is why salaried individuals get Home Loans at lower interest rate than self-employed applicants. People with high income also get reduced rates.
  • Type of Home Loan applied for:The type of Home Loan you are applying for also affects the interest rate. Every housing loan scheme has specific purpose to serve and the rate of interest may vary for each scheme.

ICICI Bank Home Loan Processing Fee and Other Charges

In addition to Home Loan interest rates, ICICI Bank also has some other charges which include:

  • Processing Fee: 0.50% - 1% of the loan amount or 1,500 ( 2,000 for Delhi, Mumbai, and Bangalore), whichever is higher + tax and surcharge.
  • Prepayment Charges: 
    • Nil for floating rate of interest Home Loans
    • Full prepayment of Home Loans with fixed rate of interest: 2% + applicable taxes on principal outstanding.
    • Full prepayment of Top Up Loan: 2% + applicable taxes on principal outstanding (if applicant/co-applicant is non-individual).
    • Prepayment of Home Loans: 4% + applicable taxes on principal outstanding (if loan is given to non-individual borrowers or to individual borrowers (with fixed rate of interest).
  • Late Payment Charges:
    • Home Loans: 2% per month
    • Home Overdraft: 1.5% of the outstanding amount (Minimum 500 & Maximum 5,000)
  • Conversion Charges
    • Floating to floating: 0.5% on principal outstanding + applicable taxes
    • Dual fixed to floating: 0.5% on principal outstanding + applicable taxes
    • Floating to dual fixed: 0.5% on principal outstanding + applicable taxes
    • Life time fixed to floating: 1.75% on principal outstanding + applicable taxes
  • Charges for Repayment Mode Swap: 500
  • Document Retrieval Charges: 500
  • Charges for Cheque/AD/ECS Bounce: 500
  • Duplicate NOC/ NOC/ Revalidation of NOC: 100
  • CIBIL Report Charges: 50

Popular ICICI Home Loan Schemes

ICICI Bank offers a variety of Home Loan schemes which are customised as per the requirements of the customer. Some of the Home Loan schemes are as below: 

  • Home Loan: This is a regular Home Loan that can be availed for purchasing/constructing a house of your own.
  • Pre-approved Home Loan: With these Home Loans, existing ICICI Bank customers can get a loan prior to selecting the property. Existing customers can get this loan with reduced documentation.
  • Pradhan Mantri Awas Yojana (PMAY): This is a Credit Linked Subsidy Scheme (CLSS) for EWS and LIG categories of citizens with a vision of housing for all by 2022. To know more about this scheme, read our blog Have You Booked Your Home Under Pradhan Mantri Awas Yojana Yet? 
  • ICICI Bank Step Up Home Loans: These loans are for the young salaried professionals, under which they can avail a higher loan amount as compared to their loan eligibility under normal housing loans.
    • Features
      • Enhanced eligibility of up to 20%
      • Up to 3 Crores loan amount
      • Minimum income of the applicants should be 20, 000 per month
      • Up to 20 years loan tenure
  • Balance Transfer: This type of loan can be availed to reduce the interest payable and also the EMI of the existing Home Loan from another bank/NBFC/HFC by transferring it to ICICI Bank.
  • Top Up Loan on Your Home Loan: This is a type of loan which can be availed by the existing housing loan borrowers in case one needs an additional amount of funds to fulfill their requirements.
    • Features
      • Simple documentation
      • Quick loan processing
      • Up to 20 years loan tenure
  • 30 Year Home Loan: As clear by the name this Home Loan comes with a longer tenure of maximum up to 30 years. These Home loans can be availed by women borrowers and applicants who are working with select group of companies

How to Apply for an ICICI Bank Home Loan?

It is very easy to get a Home Loan from ICICI Bank. You can apply for ICICI Bank Home Loan by any of the below-mentioned ways:

  • Apply online through MyMoneyMantra
  • Apply online through ICICI Bank's website
  • Visit any nearest ICICI Bank branch to apply offline

Once you have applied for the Home Loan, Home Loan representatives will call you to discuss and complete the entire application process.

The Documents Required for ICICI Home Loan

For Salaried Employees

  • Duly filled application form for Home Loan
  • Recent passport-sized photographs
  • Proof of identity, age, and residence
  • Bank statements of last 6 months
  • Salary slips of last 3 months
  • ITR / Form 16
  • Processing fee cheque

For Self-Employed Professionals

  • Duly filled application form for Home Loan
  • Recent passport-sized photographs
  • Proof of identity, age, and residence
  • Bank statements of last 6 months
  • Business existence proof
  • ITR for the last 3 years with computation of income
  • Balance Sheet and P&L Account (CA Certified/ Audited) for the last 3 years
  • Form 16
  • Education qualification certificate
  • Business existence proof
  • Processing fee cheque

For Self-Employed Non-Professionals

  • Duly filled application form for Home Loan
  • Recent passport-sized photographs
  • Proof of identity, age, and residence
  • Bank statements of last 6 months
  • Business existence proof
  • Business profile
  • ITR  for the last 3 years with computation of income
  • Balance Sheet and P&L Account (CA Certified/ Audited) for the last 3 years
  • Form 16
  • Processing fee cheque

FAQs on ICICI Bank Housing Loans

What is the maximum loan repayment tenure available for ICICI Bank Home Loan?

You can get Home Loan repayment tenure of up to 30 years with ICICI Bank.

How to increase the eligibility to avail a Home Loan from ICICI Bank?

When your partner or any family member earns well and is in a position to apply for a combined Home Loan then you can make them as a co-applicant for the same and increase the eligibility.

Can we transfer the Home Loan from another bank to ICICI Bank?

Yes, you can transfer your current housing loan from another lender to ICICI Bank without much difficulty under their Balance Transfer scheme.

Can I convert my housing loan rate from a fixed rate to a floating rate or vice-versa? What are the charges applicable?

Yes, you are allowed to convert your Home Loan interest rates. The charges applicable are as below:

  • Floating to floating: 0.5% on principal outstanding + applicable taxes
  • Dual fixed to floating: 0.5% on principal outstanding + applicable taxes
  • Floating to dual fixed: 0.5% on principal outstanding + applicable taxes
  • Life time fixed to floating: 1.75% on principal outstanding + applicable taxes

Do we get a tax benefit on Home Loan from ICICI Bank?

Yes, you can get income tax rebate for repayment of ICICI Bank Home Loan as per the Indian Income Tax Act, 1961. As per the Act, the Indian residents are eligible for a tax benefit on the principal amount (up to 1.5 Lakhs) and the interest component (up to 2 Lakhs) annually of the Home Loan under the section 24 and section 80C of Income Tax Act.

Can I foreclose my variable interest rate housing loan with ICICI Bank? If yes, what are the charges for the same?

Yes, you can foreclose the housing loan with ICICI Bank. There are NIL charges to pre-close a floating interest rate Home Loan.

Can I add my spouse's income with mine to apply for joint housing loan?

Yes, you can add your spouse's income to yours so that you increase the Home Loan eligibility. Here, the spouse must be a co-owner of the property or the guarantor of the Home Loan.

What is the standard benchmark that is applicable for a Home Loan with ICICI Bank?

The standard benchmark which is applicable for a housing loan with ICICI Bank is 1-year MCLR which is currently 8.75% (as on 16.04.2019).

Why should I opt for a transfer of current Home Loan balance to ICICI Bank?

Compared to the other banks that are available, the ICICI Bank offers a very attractive interest rate and better customer service. If you are paying a higher interest rate or if you are not satisfied with the services of the current lender, you can opt to balance transfer your existing Home Loan to ICICI Bank.

How much concession do women get on ICICI Bank Home Loan interest rates?

Women borrowers can get a concession on 5 basis points on ICICI Bank Home Loan interest rates.

ICICI Home Loan Latest News

2018-12-21: The ICICI Bank aims to grow housing loans and consumer loans disbursement in the state of Gujarat

ICICI Bank aims to grow its housing loans and consumer loans disbursement in the state of Gujarat by 20% (up to 14,000 Crores) during the FY2019. With interest rates going down, the bank is expecting more rush of home buyers who wish to avail home loan to purchase their dream home.

2018-10-02:The ICICI Bank increases MCLR by 10bps

ICICI Bank has raised its marginal cost to funds based lending rate (MCLR) for the month of October by 10 basis points which is applicable across all loan tenures. The current MCLR for one year is 8.65%.

2018-11-06: ICICI Bank hikes its housing loan interest rates

The ICICI Bank has increased its interest rates on Home Loans by 15 bps and the lowest interest rate is now 9% for the women borrowers and 9.05% for the men borrowers. ICICI Bank has also raised its MCLR across all the loan tenures.

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