ICICI Bank Home Loan
Interest Rate
9.10% - 9.30%
Processing Fee
0.50% - 1%
Loan amount
Upto 5 Crores
Tenure
Enjoy enhanced eligibility of up to 20%.
Avail loan amount as high as up to Rs. 5 Crores.
You can repay your loan in period as long as up to 30 Years.

ICICI Home Loan is one of the leading finance companies with a myriad of options when it comes to loans. Amongst its rich product offerings of loans, Home Financing solutions really stands out. These home loans are available to varied customer categories, promising competitive interest rates along with a wide range of features including - 0 foreclosure cost and provision of making partial prepayments.

ICICI Bank Home Loan at a glance


ICICI Bank Home Loan
Annual Interest Rate 8.65% - 10.10%
Loan Term Up to 30 Years
Loan Amount Upto Rs. 3 Crores
Processing Charges 0.50% to 1% of the loan amount
Pre-Closure Charges 0% to 4% on Principal Outstanding

ICICI Bank Home Loan


ICICI Bank offers affordable home loans for all those people who are looking to buy their own home. These home loans are offered at affordable interest rates, have higher repayment period, and includes hassle-free documentation.

Processing Charges

ICICI Bank charges Rs. 1500 (for Mumbai, Bangalore and Delhi it is Rs. 2,000) or 0.50% to 1% of the loan amount as a processing fee. These charges are non-refundable.

Prepayment Charges

There are no charges for the home loans with floating rate of interest.

Borrowers will have to pay 2% along with applicable taxes on the principal outstanding on full repayment of the home loans availed on fixed rate of interest.

Note: Current principal outstanding and all amounts tendered by the borrower towards prepayment of the Facility during the last one year from the date of final prepayment.

Interest Rate

Floating Interest Rate for Women Borrowers

Category Interest Rate
₹ 30 lacs to ₹ 75 lacs 8.65% per annum
₹ 75 lacs to ₹ 5 crore 8.70% per annum
Above ₹ 5 crore 8.80% per annum

Fixed Interest Rate for 5 Years, 10 Years for Women Borrowers

Category Interest Rate
Up to ₹ 30 lacs 8.70% per annum
₹ 30 lacs to ₹ 5 crore 8.80% per annum
Above ₹ 5 crore 8.90% per annum

Full Tenure Fixed Interest Rate for Women Borrowers

Category Interest Rate
Up to ₹ 30 lacs 9.70% per annum
₹ 30 lacs to ₹ 5 crore 9.80% per annum
Above ₹ 5 crore 10.05% per annum

Note: Woman borrower should be the main applicant to the loan and she should be either owner or co-owner in the property being financed.

Floating Interest Rate for Salaried Borrowers

Category Interest Rate
₹ 30 lacs to ₹ 75 lacs 8.70% per annum
₹ 75 lacs to ₹ 5 crore 8.75% per annum
Above ₹ 5 crore 8.85% per annum

Fixed Interest Rate for 2 Years, 3 Years for Salaried Borrowers

Category Fixed rate for 24/36 months Floating rate pricing from 25th/37thmonth
Up to ₹ 30 lacs 8.70% per annum 1 Year MCLR + 0.50%
₹ 30 lacs to ₹ 5 crore 8.75% per annum 1 Year MCLR + 0.55%
Above ₹ 5 crore 8.85% per annum 1 Year MCLR + 0.65%

Fixed Interest Rate for 5 Years, 10 Years for Salaried Borrowers

Category Fixed rate for 60/120 months Floating rate pricing from 61st/121stmonth
Up to ₹ 30 lacs 8.75% per annum 1 Year MCLR + 0.55%
Above ₹ 30 lacs 8.85% to 8.95% per annum 1 Year MCLR + 0.65% or 0.75%

Full Tenure Fixed Interest Rate for Salaried Borrowers

Category Interest Rate
Up to ₹ 30 lacs 9.75% per annum
Above ₹ 30 lacs 9.85% to 10.10% per annum

Floating Interest Rate for Self Employed Borrowers

Category Interest Rate
₹ 30 lacs to ₹ 75 lacs 8.70% per annum
Above ₹ 75 lacs 8.75% to 8.85% per annum

Fixed Interest Rate for 2 Years, 3 Years for Self Employed Borrowers

Category Fixed rate for 24/36 months Floating rate pricing from 25th/37thmonth
₹ 30 lacs to ₹ 75 lacs 8.70% per annum 1 Year MCLR + 0.50%
Above ₹ 75 lacs 8.75% to 8.85% per annum 1 Year MCLR + 0.55% to 0.65%

Fixed Interest Rate for 5 Years, 10 Years for Self Employed Borrowers

Category Fixed rate for 60/120 months Floating rate pricing from 61st/121stmonth
Up to ₹ 30 lacs 8.75% per annum 1 Year MCLR + 0.55%
Above ₹ 30 lacs 8.85% to 8.95% per annum 1 Year MCLR + 0.65% or 0.75%

Full Tenure Fixed Interest Rate for Self Employed Borrowers

Category Interest Rate
Up to ₹ 30 lacs 9.75% per annum
Above ₹ 30 lacs 9.85% to 10.10% per annum

Late Payment Charges

ICICI Bank charges 2% per month for late payment from the borrower.

Switching Charges

  • The borrower will be charged 0.5% of the principal outstanding plus applicable taxes for switching from Floating to Floating.
  • The borrowers will have to pay 0.5% of the principal outstanding plus applicable taxes for switching from Dual fixed rate to Floating.
  • 0.5% of the principal outstanding plus applicable taxes are charged from the loan borrowers for switching from Floating to Dual fixed rate.
  • 1.75% of the principal outstanding plus applicable taxes is what the loan borrowers will have to pay to ICICI Bank to switch from Lifetime fixed to floating.

Turn Around Time for processing Deliverable

Deliverable Type Deliverable Processing Turn Around Time (TAT)
Welcome Letter Post Disbursement of Loan 15 days
For Physical
2 days
On Email
List of Documents 15 days
For Physical
Copy of Property Documents 15 days
For Physical
Foreclosure Statement 7 days
For Physical
Amortization Schedule 7 days
For Physical
1 day
On Email
Statement of Account 7 days
For Physical
1 day
On Email
No Objection Certificate (NOC) 8 days post Loan Closure Date
For Physical
Income Tax Certificate 5 days
For Physical
1 day
On Email
Reschedulement Letter - Conversion/Part Payment (Payment through Cash) 5 days
For Physical
2 days
On Email
Reschedulement Letter - Conversion/Part Payment (Payment through Cheque) 11 days
For Physical
8 days
On Email
Reschedulement Letter - Part Payment (Payment through Call Centre) 6 days
For Physical
3 days
On Email
Handover of Original Property documents 15 days
For Physical

Note: The turn-around time of all other deliverables is post registration of service request, except for welcome letter. All days are considered as working days for turnaround time.

Documents for Salaried

  • The borrower need to submit a duly filled & signed application form along with attested photograph. The details need to be filled by him/her at the time of applying for ICICI Bank Home Loans. This is applicable in the case of salaried, self-employed professionals, and self-employed non-professionals.
  • Borrowers have to submit bank statements of last 6 months. With the help of these statements, the bank will have a clear idea of the borrower’s financial status along with the repayment capability of the loan. This is applicable for salaried, self-employed professionals and non-salaried self-employed professionals.
  • Borrowers have to submit salary slips of last 3 months. These salary slips will help in making the bank understand the current net salary of the borrower. And this will also help the bank to match the level of minimum net monthly income as mentioned in the home loan eligibility criteria of ICICI Bank.
  • Borrowers have to loan processing fee cheque. This cheque is to be issued for funding of opening of the account. This is needed in the cases of salaried, self-employed professionals and non-salaried self-employed professionals.
  • Borrowers have to submit Income Tax Returns/Form 16. These documents should be submitted by the borrower, while opening the account by salaried, self-employed professionals and non-salaried self-employed professionals.
  • Borrowers have to submit proof of existence of business. These documents should be submitted by self-employed professionals and nonprofessionals. This will help the bank to have holistic and authentic information of the borrower.
  • Income Tax returns of last 3 years along with computation of income. This will help the bank to understand the creditworthiness of the borrower and also their legal standing.
  • Borrowers also have to submit a profile of their business. This will be required especially in the case of businessmen just to have a clear idea about the whole nature of the business before the loan is being disbursed.
  • Borrowers have to submit the certificates of their educational qualification and proof of the existence of their business. These documents need to be submitted by the self-employed professionals and self-employed non professionals.
  • As proof of identity, residence, and age, the borrower has to provide - copy of driving license/passport/ voter ID card. Borrower can submit any one of the documents as Proof of Identity as all the mentioned documents will have the borrower’s photograph and most importantly carries the name against the photograph, justifying the identity of the borrower. Copy of telephone or electricity bill/passport/ration card/rental agreement. Borrowers need to submit the aforementioned documents stating right address of the borrower required for the verification process for ICICI Bank. These documents are needed for salaried, self-employed professionals and non-salaried self-employed professionals.
  • Borrowers have to submit audited balance sheet and Profit & Loss account of the last 3 years, duly certified by a chartered accountant. This will help in having a clear picture of the borrower’s financial status. These documents are to be submitted only by self-employed professionals and self employed non professionals.

Post closure of the loan, documents required for handover of original Property documents -

  • Power Of Attorney format for collection of original Property documents
  • In case of death of Loan Account holder:
    • Request letter from the Legal Heir/ Claimant/ Nominee(s) for handover of Property documents.
    • Letter of relinquishment for relinquishing right (Nominee/ Legal heir) in favour of Legal Heirs/ Nominees/ surviving owners for handover of Property documents.

ICICI Bank Pre-approved Home Loan


ICICI Bank offers Pre Approved Home Loan where you get an approval for your home loan even before you have started searching for your dream house. This really helps in streamlining your budget and gauging your eligibility.

ICICI Bank 30 Year Home Loan


  • The borrower has to pay an EMI as low as 780 per lakh.
  • All borrowers availing this home loan scheme get to enjoy both fixed and floating rate of interest.
  • Under this scheme, the borrower is eligible for higher loan amount.
  • Borrower has a longer repayment tenure i.e. of 30 years.
  • Home loans are available for the women borrowers and for all those borrowers who are employed for selected group of companies.

ICICI Bank Step Up Home Loans


This scheme is ideally suited for salaried individuals. Under this scheme, the borrower can avail a higher loan amount as compared to the standard home loans.

In the introductory years, borrowers are free to pay moderate EMIs, this will further accelerate during the following years considering your income. ICICI Bank only offer home loans as Step Up Loans. The facility of Step Up repayment can be availed for both resale transactions and builder purchase. In case of completed properties/resale, maximum period offered by ICICI Bank to the borrower is 3 years.

How it Works

Step Up Loans are provided considering the anticipated growth in the salary income. Therefore, the borrower has a chance of availing a higher loan amount.

Features

  • As per this loan, the borrower has enhanced eligibility i.e. up to 20%.
  • The borrower also has the provision of availing a loan amount of up to Rs. 3 Crore.
  • On availing this loan, the tenure offered by ICICI Bank is up to 20 years.
  • The borrowers can make the most of the top-up loan facility during the secondary tenure of the home loan.

Eligibility

  • The borrower’s age should not be more than 40 years old.
  • There are select corporates identified by ICICI Bank and it is important for the borrower to be employed with them.
  • Minimum income,set by ICICI Bank, is Rs. 20,000 per month.
  • In order to avail Step Up Repayment Facility, the borrower should not have an existing loan while applying for the loan. The borrower is also not allowed to switch an existing loan to Step Up Repayment Facility.

Prepayment

The borrower can only make a prepayment, into the home loan account, when EMI for the loan has started (this usually takes place during the 2nd tenure of the loan).

Repayment Schedule

This schedule is broken into two terms namely - Initial or Primary term and Secondary or Balance term. The time period for initial or primary term is for 3-5 years and the borrower only has to pay the interest during this period. And during the Secondary or Balance term EMI, the borrower is bound to pay both the interest and the principal.

ICICI Bank Extraa Home Loans


Under ICICI Bank Extraa Home Loans, the borrower can enhance their home loan eligibility by up to 20% and they can also extend their home loan tenure up to 67 years. As per this scheme of ICICI Bank, the borrowers get to enjoy dual advantage i.e. improved affordability and also a longer repayment tenure. The increase in the loan/repayment tenure is supported by Mortgage Guarantee scheme.

Features

  • For self-employed individuals, seasonality of income is considered.
  • Under this scheme, the borrowers are offered a maximum loan term of 30 years.
  • Maximum age, at the time of availing the loan, should be 48 years.
  • The maximum loan size offered to the borrower is Rs. 75 Lakhs.
  • The loan can be availed by both salaried and self-employed borrowers.
  • Available to borrowers residing in NCR (National Capital Region), Surat, Greater Mumbai, and Bengaluru.

ICICI Bank Pragati Home Loans


This loan caters to the needs of both salaried and self-employed individuals. As per this loan, the borrower can avail NRP (non-residential premises loan), home loan, and home improvement loan. If the borrower is a salaried individual, he/she need to have a minimum monthly income of Rs. 10,000. He/she can also avail a higher loan amount ranging from Rs. 5-50 Lakhs and the tenure is up to 20 years.

Eligibility

  • If the loan borrower is a salaried individual, he/she should have a minimum monthly salary of Rs. 10,000 and should have at least a work experience of 1 year.
  • For self-employed borrowers, they should have a business vintage of 5 years.
  • Under ICICI Bank Pragati Loans, cash salary will not be considered for funding.

Loan to Value

  • In the case of salaried borrower, maximum Loan to Value ratio is as decided by the Reserve Bank of India.
  • For self-employed non-professionals, Loan to Value ratio is 65%.
  • For non-residential premises, Loan to Value Ratio is 60%.

Balance Transfer

In case the borrower has successfully serviced the loan for a period of 18 months, he/she can opt for balance transfer to ICICI Bank under this home loan scheme.

Approved Locations for Pragati Home Loans -

  • Cochin
  • Bengaluru
  • Ahmedabad
  • Hyderabad
  • Surat
  • Kolkata
  • Delhi NCR
  • Chennai
  • Jaipur
  • Vadodara
  • Rajkot
  • Pune
  • Nashik
  • Mumbai MMR
  • Agra
  • Nagpur
  • Raipur
  • Indore
  • Lucknow

ICICI Bank Saral Rural Housing Loan


Borrowers belonging to the rural areas including women borrowers and all those who belong to weaker sections can avail this loan at ICICI Bank Base Rate i.e. 9.70%. As an eligible borrower, you can borrow up to Rs. 15 Lakhs.

Features

  • Rate of interest is offered at a base rate of 9.70% to the women belonging to the rural areas.
  • This is a floating rate home loan.
  • Loan is offered up to 90% of the property value.
  • The loan amount ranges between Rs. 5 Lakhs – Rs. 15 Lakhs.
  • The loan tenure is between 3 years – 20 years.
  • The loan amount can range from Rs. 5 Lacs - Rs. 15 Lacs.

Purpose

The loan can be availed for construction, renovation, acquisition, upgrading, repairing a house in the rural areas.

ICICI Bank Home Improvement Loan


Borrowers belonging to the rural areas including women borrowers and all those who belong to weaker sections can avail this loan at ICICI Bank Base Rate i.e. 9.70%. As an eligible borrower, you can borrow up to Rs. 15 Lakhs.

Features

  • Home Improvement Loan covers an extensive range of facilities both internal and external to the structure.
  • Home Improvement Loan is offered at equity rate of interest.

Eligibility

  • The age of the borrower should be 23 years and less than 65 years.
  • Both salaried and self-employed individuals can apply for this loan.
  • The borrower should have a monthly income of Rs. 15,000 or more.

Loan Terms

  • The age of the borrower should be between 21- 60 years in order to avail the loan.
  • Loan is offered for a maximum of 30 years.
  • The borrowing loan amount ranges from Rs. 1,500,000 to 100,000,000.
  • The loan has an option to apply for a maximum LTV of 80% of the value of the property.

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