ICICI Bank offers a wide range of home loan products to meet the requirement of purchasing or building a new house. ICICI Home Loan provides a one-stop solution to owning a house. It offers an affordable rate of interest for a period of up to 30 years. An applicant can get the home loan sanctioned digitally with the help of ICICI Bank Express Loan Service in 5 simple steps.
A Snapshot of ICICI Bank Home Loan
| ICICI Bank Home Loan – A Snapshot | |
| Interest Rate | 9.00%-10.05% p.a. |
| Loan Amount | As per the applicant’s eligibility |
| Tenure | Up to 30 years |
| Processing Fees | Rs 2,999 (Special processing fee as a part of Festive Offer, applicable to applicants with Bureau Score ≥ 750 & Loan amount ≥ 50 Lakhs & inclusive of all taxes, CIBIL & CERSAI charges, if applicable) |
ICICI Home Loan Interest Rates
Below mentioned are the ICICI Home Loan Interest Rates:
Special Home Loan Interest Rates
| Bureau Score | Salaried | Self – Employed |
| > 800 | 9.00% | 9.00% |
| 750 – 800 | 9.00% | 9.10% |
Standard Home Loan Interest Rates
| Loan Slab | Salaried | Self-Employed |
| Up to ₹ 35 lakhs | 9.25% – 9.65% | 9.40% – 9.80% |
| ₹ 35 lakhs to ₹ 75 lakhs | 9.50% – 9.80% | 9.65% – 9.95% |
| Above ₹ 75 lakhs | 9.60% – 9.90% | 9.75% -10.05% |
ICICI Bank Interest Rates Vs. Other Banks Interest Rates
Below mentioned is a comparison of the interest rates of ICICI Bank and other banks:
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 9.15% – 10.15% | 9.15% – 10.05% | 9.15% – 10.05% |
| HDFC | 8.50% – 10.35% | 8.50% – 10.60% | 8.50% – 10.70% |
| LIC Housing Finance | 8.90% – 10.35% | 8.90% – 10.55% | 8.90% – 10.75% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| PNB Housing Finance | 8.50% – 14.50% | 8.50% – 13.00% | 8.50%-10.85% |
| Punjab National Bank | 8.65%-9.60% | 8.60%-9.50% | 8.60%-9.50% |
| Bank of Baroda | 9.15% – 10.65% | 9.15% – 10.65% | 9.15% – 10.90% |
| Union Bank of India | 9.00% – 10.75% | 9.00% – 10.95% | 9.00% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Tata Capital | 8.95% onwards | 8.95% onwards | 8.95% onwards |
| Federal Bank | 10.15%-10.20% | 10.20%-10.25% | 10.25%-10.30% |
ICICI Home Loan Processing Fees & Other Charges
| Particulars | Applicable Fees & Charges |
| Loan Processing Charges / Renewal Charges | Rs 2,999 (Special processing fee as a part of Festive Offer, applicable to applicants with Bureau Score ≥ 750 & Loan amount ≥ 50 Lakhs & inclusive of all taxes, CIBIL & CERSAI charges, if applicable) |
| Prepayment Charges | · NIL for ICICI Home Loans and ICICI Home Improvement Loans with a floating rate of interest
· 2% on the outstanding principal on full repayment for ICICI Bank Home Loan with a fixed rate of interest · 2% on the outstanding principal on full repayment for Top Up Loan if the applicant or co-applicant is Non-Individual · 4% on the outstanding amount of loan where the loan is given to Non Individual borrowers or with a fixed rate of interest to Individual borrowers. |
| Charges for late payment | · Home Loans: 2% per month
· Home OD: 1.5% of the outstanding amount subject to a minimum of Rs. 500/- & Maximum of Rs.5000/- |
| Conversion charges for ICICI home loans | · Floating to Floating: 0.5% of the principal outstanding
· Dual fixed rate to Floating: 0.5% of the principal outstanding · Floating to Dual fixed rate: 0.5% of the principal outstanding · Lifetime fixed to Floating: 1.75% of the principal outstanding |
| Repayment mode swap Charges | Rs 500 |
| Document Retrieval Charges | Rs 500 |
| Cheque bounce charges | Rs 500 |
| Duplicate No Objection Certificate / No Due Certificate | Rs 100 |
| Revalidation of No Objection Certificate | Rs 100 |
| Administrative Charges | Rs 5000 |
| CIBIL Report Charges | Rs 50 |
| Legal, Repossession, and Incidental Charges | At Actuals |
Documents Required
Below mentioned are the documentation that is required to apply for ICICI Home Loan:
In case of Salaried Individuals/ Businessman/ Professionals:
- Application Form with Photograph
- Identity & Residence Proof
- Last 6 months Bank Statements
- Processing Fees Cheque
Income Documents:
- Latest Salary Slip
- Form 16
- Educational Qualification Certificates & Proof of Business
- Business Profile & Last 3 years ITR (Self & Business)
- Statement of Loan availed in Last 2 years
- Last 3 years P & L and Balance Sheet
Features & Benefits of ICICI Home Loan:
- Floating & Fixed home loan at affordable rates of interest.
- It can be sanctioned before the selection of property.
- Longer tenure available with lower EMIs.
- Easy & Faster Documentation.
- Transfer existing home loan from any other bank to ICICI Bank with the help of “Balance Transfer” feature.
- Also, users can enjoy an additional top up loan amount.
- Up to 30 years of loan tenure.
- Fixed ROI for up to 10 years and then floating ROI.
Types of ICICI Home Loan:
Housing Loan:
- Purpose: Purchase or construction of a new house
- Tenure: Up to 20 years
Instant Home Loan (Pre-Approved):
- Purpose: It is offered to salary accounts with ICICI Bank.
- Loan Amount: Up to 3 crore
- Tenure: Up to 30 years
Expree Home Loan:
- Purpose: Avail home loans via online application on Fast Track basis, Quick processing & digitally sanction.
- Loan Amount: Up to 5 crore
- Tenure: Up to 30 years
Extraa Home Loan:
- Purpose: Increasing the loan repayment period till the age of 67 years of the applicant and amount by 20%
- Loan Amount: Up to 2 crore
- Tenure: Up to 67 years of age of the borrower
Pre-Approved (Instant Balance Transfer):
- Purpose: Transfer existing home loan from other banks to ICICI Bank at lower rate of interest.
- Loan Amount: Up to 1 crore
- Tenure: Up to 20 years
Balance Transfer & Top Up:
- Purpose: Transfer existing home loans from other banks to ICICI at lower ROI. Also, avail ICICI Home Loan Top-Up to meet personal or professional needs.
- Tenure: Up to 20 years
Pratham Home Loan:
- Purpose: Offered to salaried applicants with minimum salary of INR 10,000 per month and self-employed applicants having business vintage of at least 5 years.
- Loan Amount: INR 5 lakh – INR 50 lakh
- Tenure: Up to 20 years
Land Loan:
- Purpose: Purchase of land/ plot
- Loan Amount: INR 8 lakh – INR 3 crore
- Tenure: Up to 20 years
NRI Home Loan:
- Purpose: Purchase/ Construction of house in India
- Tenure: Up to 20 years
Insta Home Loan Overdraft:
- Purpose: To meet the personal expenses such as education, home renovation, debt consolidation, other emergencies, etc.
- Loan Amount: Up to INR 25 lakh.
Insta Top Up Loan (Pre-Approved):
- Purpose: To provide instant loan in just 3 clicks to fund personal & business needs
- Loan Amount: Up to INR 1 crore.
- Tenure: Up to 10 years
Pradhan Mantri Awas Yojna (PMAY):
- Purpose: Interest subsidy of up to INR 2.67 lakh for EWS, LIG and MIG groups for purchase of a new or old residential house, home construction, land purchase and construction of a dwelling unit and extension of existing residential property
- Tenure: Up to 20 years
Eligibility Criteria:
For Express Home Loan:
- Salaried & Self Employed Individuals
- Resident & Non-Resident Individuals
For Land Loan:
- Salaried & Self Employed Individuals
- Age: 25-65 years
For Extraa Home Loan:
- Middle age Salaried Individuals: Up to 48 years of age
- Young Salaried Individuals: Up to 37 years of age
For NRIs:
- Age: 21-65 years
- Salaried applicants with 1 year of experience of overseas employment
- Self-employed applicants with 3 years of overseas experience in current business.
For PMAY:
- Age: 21-70 years
- Beneficiary or his family member should not own a pucca house anywhere in the country
- The beneficiaries family includes wife, husband and unmarried children
- Either of the married couple or both together can apply for a single subsidy
- Beneficiary or his family should not have applied for any other government scheme or other benefits as under PMAY