ICICI Bank Home Loan Interest Rates
Updated on: Jun 7th, 2024
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4 min read
ICICI Bank helps you own a house by offering several home loan schemes. ICICI bank understands how critical it is to choose the right home and how important it is to you and your family when looking for a home.
You have to view all your options, keeping in mind the factors that are important to you and starting your search using reliable sources. ICICI Bank can help you with both new constructions as well as resale property.
This article will highlight the important factors you should know before you apply for a home loan.
Top home loan schemes of ICICI Bank
| Home Loan | This is the regular home loan scheme where you can get financing for purchase/construction of house/flat or renovate an existing home. Get a tenure of up to 30 years to repay the loan. |
| Loan Against Property | You can apply for this scheme to get some cash to fulfil your personal or business needs. Both residential and commercial property can be provided as collateral for this loan and get financing up to 70% of the property value. Tenure of up to 15 years is provided for repayment. |
| Home Loan Balance Transfer | Transfer the home loan from other banks to ICICI Bank at attractive interest rates, reduce EMI, and minimal documentation. The scheme works based on the repo rate and a 20-year tenure. |
| Pradhan Mantri Awas Yojana (PMAY) | This is a credit-linked subsidy scheme aiming to provide affordable housing for all by 2022. Interest subsidy offered on purchase/construction/enhancement/improvement of a house belonging to economically weaker sections and lower-income group individuals. |
| Step Up Home Loan | Designed for young salaried professionals to avail a higher loan amount compared to their eligibility under normal schemes. Initially, moderate EMIs are charged and gets stepped up eventually. |
Interest rates of ICICI Bank home loans
As per RBI, the current repo rate (RR) is 4.00% effective from 22 May 2020.
| Slab | Interest Rate for Salaried Borrower | Interest Rate for Self-Employed Borrower |
| Up to Rs.35 lakh | RR + 2.80% (6.80%) to RR + 3.60% (7.60%) | RR + 2.95% (6.95%) to RR + 3.85% (7.85%) |
| Rs.35 lakh-Rs.75 lakh | RR + 2.90% (6.90%) to RR + 3.75% (7.75%) | RR + 3.00% (7.00%) to RR + 3.95% (7.95%) |
| Above Rs.75 lakh | RR + 2.90% (6.90%) to RR + 3.95% (7.95%) | RR + 3.00% (7.00%) to RR + 4.05% (8.05%) |
| Home Loan Balance Transfer | RR+2.80% (6.80%) to RR+3.35% (7.35%) | RR+2.95% (6.95%) – RR+3.50% (7.50%) |
Features and benefits of ICICI Bank home loan
- Prepayment, foreclosure charges are NIL for floating-rate loans.
- Track your loan application status online with the Trackmyloan Application feature on the official website of ICICI Bank.
- Quick and transparent processing.
- Special benefits for premium banking customers.
- Repay your home loan in smaller EMIs initially and step up eventually over a tenure of 30 years subject to conditions.
- Avail attractive interest rates for different categories.
- Choose the right home loan scheme based on your requirements.
- Transfer the home loan from another bank to ICICI Bank and pay reduced EMI.
Who is eligible for ICICI Bank home loans
- Any person in the age group of 21 to 60 years (salaried applicants) and 21 to 65 years (self-employed applicants) can apply for the home loan.
- Existing and new bank customers.
- Resident Indians.
A person’s eligibility is also determined by their monthly income, fixed monthly obligation, current age, retirement age, and other factors.
Documents required for ICICI home loans
| Salaried | Self Employed Professional | Self Employed Non-Professional |
| Application form with photograph duly signed | Application form with photograph duly signed | Application form with photograph duly signed |
| Identity, residence, and age proof | Identity, residence, and age proof | Identity, residence, and age proof |
| Last 6 months’ bank statements | Last 6 months’ bank statements | Last 6 months’ bank statements |
| Last 3 months’ salary slips | Processing fee cheque | Processing fee cheque |
| Processing fee cheque | Form 16/income tax returns | Form 16/income tax returns |
| Form 16/income tax returns | Proof of business existence | Proof of business existence |
| Proof of business existence | Last 3 years’ income tax returns with computation of Income | Business profile |
| Education qualification certificate and proof of business existence | Last 3 years’ income tax returns with computation of income | |
| Last 3 years’ CA Certified/Audited Balance Sheet and Profit and Loss Account | Last 3 years’ CA Certified/Audited Balance Sheet and Profit and Loss Account |
Fees and charges
| Processing Charges/Renewal Charges | 0.50%-2.00% of the loan amount or Rs.1,500 (Rs.2,000 for Mumbai, New Delhi and Bangalore), whichever is higher + applicable GST |
| Prepayment Charges | Home Loan, Land Loan and Home Improvement Loan with a floating rate of interest: Nil Home Loan, Land Loan, Home Improvement Loan & Top Up on Home Loan with a fixed rate of interest: 2% + applicable taxes on principal outstanding Top Up on Home Loan if the end use is for business purpose: 2% + applicable taxes on principal outstanding |
| Late Payment Charges | Home Loans: 2% per month Home Overdraft: 1.5% of the outstanding amount; Rs.500 up to Rs.5,000 |
| CIBIL Report Charges | Rs.50 |
ICICI Bank home loan EMI calculator
Use our free home loan EMI calculator to understand how much EMI you will have to pay for what loan amount over the loan tenure.
Frequently Asked Questions (FAQs)
Can I get a top-up option when I transfer my home loan from another bank?
You can get up to 100% of your original loan as a top-up loan when you transfer your home loan from another bank. If you are an existing customer of ICICI Bank, you may be eligible for a pre-approved balance transfer offer to get an instant sanction of your property loan.
Is it mandatory to provide all the listed documentation to avail a home loan?
It is necessary to provide all the listed documentation as long as you are an existing bank customer. Current customers may submit reduced documentation for the same purpose.
How does transferring home loan balance from another bank to ICICI Bank help me?
It is necessary to provide all the listed documentation as long as you are an existing bank customer. Currentx customers may submit reduced documentation for the same purpose.
How does transferring home loan balance from another bank to ICICI Bank help me?
If you transfer the home loan to ICICI Bank, you can choose one of the three ways to save:
- Keep your loan tenure the same as before and reduce your monthly instalment amount.
- Keep your monthly instalment amount the same as before and pay off the loan earlier.
- Choose the maximum tenure that comes with a much-reduced instalment amount.
Are there specific criteria for Loan Against Property?
Yes. A separate set of eligibility criteria apply to avail Loan Against Property.
| Loan Amount | Rs.10 lakh up to Rs.5 crore |
| Age | Minimum: 25 years Maximum: 65 years or retirement age, whichever is earlier |
| Eligible Applicants | Salaried and Self-Employed |
| Loan Tenure | Up to 15 years |
| Purpose | Business, Personal Utility, and Debt Consolidation |
Quick Summary
ICICI Bank offers various home loan schemes including Home Loan, Loan Against Property, Home Loan Balance Transfer, PMAY, and Step Up Home Loan. Interest rates range from 6.80% to 8.05%. Eligibility depends on factors like age, income, and existing banking relationship. Documents required include identity and income proof, bank statements, and tax returns. Different fees apply such as processing charges and prepayment penalties. Customers can use the EMI calculator and ask about top-up options and documentation requirements when transferring a home loan to ICICI Bank.
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