Thursday, December 8, 2022

ICICI Home Loan: ICICI Bank Home Loan Interest Rate @7.10%

ICICI Home Loan Interest Rate: With ICICI Home Loan, you can get the home of your dreams. Here you get the money required to buy and build a new house under different schemes. ICICI Bank offers a wide range of products to meet your housing loan requirement. ICICI Bank provides affordable home loans at attractive interest rates for tenures of up to 30 years.

Apply for an “ICICI Home loan” online and get digital approval in 5 simple steps through ICICI Bank Xpress Home Loan, a platform for existing customers of the bank, non-ICICI Bank customers as well as Non-Resident Indians (NRIs) digital platform. Here, we will take you through the ICICI Bank home loan benefits, features and charges in detail so that you do not face any problems getting an ICICI home loan.

ICICI Home Loan Status

ICICI Home Loan Interest Rate7.10% to 9.50% p.a.
Loan AmountAs per the applicant’s eligibility
Tenure TimeUp to 30 Years
ICICI Home Loan Processing FeesAs part of the festive offer, the Special Processing fee is Rs. 2999.00
Special Processing fee is only applicable for customers with Bureau Score >750 & Loan amount > 50Laksh & inclusive of all taxes, CIBIL & CERSAI charges.
ICICI Home Loan Customer Care Number1800-267-4455
[email protected]

ICICI Home Loan Interest Rate

We can avail of home loans with attractive interest rates on both floating and fixed-rate loans, low Equated Monthly Installments (EMIs), and no pre-payment charges on floating loan rates to get the home of your dreams. A long tenure of 30 years is available to repay the loan amount.

Festive Offer Pricing

CIBIL ScoreSalaried BorrowerSelf-Employed
>8008.40%8.40%
750 – 8008.40%8.50%

ICICI Home Loan Processing fee for the Festive Period

As part of the festive offer, the Special Processing fee is Rs. 2999.00

Special Processing fee is only applicable for customers with Bureau Score >750 & Loan amount > 50Laksh & inclusive of all taxes, CIBIL & CERSAI charges.

Valid till 31 October 2022

Standard Pricing

Salaried Borrower

SlabFloating Interest rates
Up to Rs. 35 Lakhs8.60% – 9.35%
Rs. 35 Lakhs to Rs. 75 Lakhs8.60% – 9.35%
Above Rs. 75 Lakhs8.60% – 9.35%

Self – Employed

SlabFloating Interest Rates
Up to Rs. 35 Lakhs8.70% – 9.50%
Rs. 35 Lakhs to Rs. 75 Lakhs8.70% – 9.50%
Above Rs. 75 Lakhs8.80% – 9.50%

Above mentioned interest rates will vary basis various parameters such as the Bureau Score, Profile, Segments, Etc.

The processing fee is 0.50% of the loan amount, plus applicable taxes Valid till 31 October 2022

Pricing of ICICI Home Loan Balance Transfer with repayment from ICICI Bank Amount

SegmentFloating Interest Rates
Salaried (Any Loan Amount)7.10% – 7.80%
Self–Employed (Any Loan Amount)7.20% – 7.95%

The processing fee is 0.50% of the loan amount, plus applicable taxes.

ICICI Home Loan Fees and Other Charges

ChargesMortgages Loans
Loan Processing Charges (Non-Refundable)0.50% – 2.00% of the loan amount or Rs. 3000/- whichever is higher, plus applicable taxes (including GST) and other statutory charges, if any. The processing/login fee is a one-time non-refundable fee and is collected by the Bank for evaluating the application for the facility and is independent of the outcome/result of such evaluation. The processing/login fee is payable at the time of submission of the application, through a cheque/demand draft in favor of the Bank and/or by any other mode acceptable to the Bank.
Part Prepayment FeesNil of amount prepaid plus applicable taxes and other statutory levies.
Prepayment ChargesNIL 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 a non-Individual.
4% on non-home loans on the amount prepaid and on all amounts tendered by the Borrower towards Prepayment of the Facility during the last year from the date of final repayment.
Nil Prepayment charges on fixed-rate loans if a loan is booked under priority sector lending and the Borrower type is Small or Micro & Loan amount is less than or equal to Rs. 50 lacs.
Cheque Dishonour Charges per transactionRs. 500/- charges per bounce of cheque and any payment instruction including AD/ECS/NEFT/ E-Cheque or such other amount as may be specified by the bank from time to time and it shall be levied as per the discretion of the Bank. The applicable taxes and other statutory levies shall be levied over and above charges charged by the bank.
Property Document retrieval chargesRs. 500/- Plus applicable taxes.
Cheque mode swap chargesRs. 500 + Applicable Taxes.
Late Payment FeesRs. 500 + Applicable Taxes.
Additional InterestHome Loans: 2% per month
Home OD: 1.5% of the outstanding amount (subject to a minimum of Rs. 500/- & Maximum of Rs. 5000/-)
Duplicate NOC (No Objection Certificate) ChargesRs. 250 + Applicable Taxes.
Charges for List of DocumentRs. 250/- Plus applicable taxes and other statutory levies, if any.
CIBIL Report ChargesFor Individual Applicant
Rs. 50 + Applicable Taxes
For Non – Individual Applicant
Rs. 500 + Applicable Taxes.
Interest CertificateNil
Charge of AddressNil
Provisional Income Tax CertificateNil

ICICI Home Loan Schemes

ICICI Bank Instant Home Loan

  • Pre-approved housing loans up to Rs.1 crore available exclusively for customers with salary accounts with the bank
  • No documents are to be submitted at the time of sanction
  • Discounted processing fee
Borrowers TypeFloating Rates of InterestProcessing fee
For Salaried8.60% – 9.45%Up to 2% of the loan amount + applicable taxes.
For Self – Employed8.70% – 9.60%Up to 2% of the loan amount + applicable taxes.

ICICI Bank 30-Year Home Loan

  • Competitive rates of interest on both floating and fixed-rate loans.
  • Extended loan term up to 30 years for easy repayment
  • EMI per lakh is as low as Rs. 808.
Borrowers TypeFloating Rates of InterestProcessing fee
For Salaried8.60% – 9.45%Up to 2% of the loan amount or Rs. 1500 (whichever is higher)
For Self – Employed8.70% – 9.60%Up to 2% of the loan amount or Rs. 1500 (whichever is higher)

ICICI Bank NRI Home Loan

  • Zero charges on pert-prepayment
  • Competitive rates of interest
  • Interest rates are calculated on a monthly reducing basis
  • Processing fee: Up to 2% of the loan amount plus applicable tax

ICICI Bank Pradhan Mantri Awas Yojana

ICICI Bank offers eligible beneficiaries Credit Linked Scheme under the Pradhan Mantri Awas Yojana. The scheme is available to beneficiaries under the following categories.

  • Economically Weaker Section (EWS)
  • Low Income Group
  • Middle Income Group

The CLSS can be availed by customers looking to:

  • Purchase a new property
  • Construct a house
  • Extend an already existing house
  • Improve the structure of an already existing property

Benefits of the PMAY Scheme:

  • Upfront interest subsidy ranging between 3.00% – 6.50% is offered on the outstanding principal amount.
  • Maximum loan subsidy of Rs. 2.67 Lakhs depending on the category the beneficiary is eligible for.
  • Interest subsidy can be availed on loan terms of up to 20 years.
  • A 9% discount is included in the calculation of the Net Present Value of the interest subsidy.

Extraa Home Loan

  • Purpose: Home Loan Scheme with the provision of increasing the repayment period to 67 years of age of the applicant for enhancing the home loan amount by 20%. The enhanced loan amount and the repayment tenure are backed by a Mortgage guarantee.
  • Loan Amount: Up to Rs. 2 crores
  • Tenure: Up to 67 years of age the borrower

Eligibility Criteria and Documents Requirement for ICICI Home Loan

DocumentsSalariedSelf – Employed ProfessionalSelf – Employed Non-Professional
Applicable form with photograph duly signedYesYesYes
Identity, residence, and age proofYesYesYes
Last 6 months’ bank statementYesYesYes
Last 3 months Salary – slipsYesNilNil
Processing Fee chequeYesYesYes
Form 16/Income Tax ReturnYesYesYes
Proof of business existenceNilYesYes
Business ProfileNilYesYes
Last 3 years’ Income Tax Returns with computation of IncomeYesYesYes
Last 3 years Balance Sheet and Profit & Loss AccountNilYesYes

ICICI Home Loan EMI Calculation

Amount10 years15 years20 years
Rs. 10 LakhsRs. 12,452Rs. 9,906Rs. 8,741
Rs. 15 LakhsRs. 18,678Rs. 14,859Rs. 13,112
Rs. 20 LakhsRs. 24,904Rs. 19,812Rs. 17,483
Rs. 25 LakhsRs. 31,130Rs. 24,765Rs. 21,854

ICICI Home Loan Apply Now

The lowest interest rate of 8.60% p.a. has been taken into consideration for this loan EMI illustration. Your final EMI amount can vary based on the rate offered to you by the bank.

Features and benefits of ICICI Home Loan

  • Affordable interest rates and both floating and fixed options.
  • A home loan can be sanctioned before the property is selected.
  • Easy simplified documentation process and fast documentation process for existing customers.
  • You get the freedom to enjoy longer tenure with lower EMIs. The loan tenure is available for up to 30 years.
  • With the help of the ‘Balance Transfer’ feature, you can transfer your existing home loan from any other bank to ICICI Bank.
  • With the ICICI Balance Transfer facility, you can enjoy an additional top-up loan amount.
  • The home loan page of the bank offers unique online tools like the eligibility calculator and EMI calculator. With the eligibility Calculator you can find out the home loan amount you are eligible for, and the EMI calculator calculates the monthly repayment amount of the loan.
  • Enjoy a fixed interest rate for the first Ten years, and then opt for fixed or floating interest rates.

FAQ:

How do I apply for an ICICI home loan?

You can directly apply for an ICICI home loan online by visiting the official website of ICICI Bank. There you can apply for ICICI Home Loan with just one click. Also, you need to fill out an original application form along with all the required documents. The bank will then evaluate your eligibility and your overall CIBIL score and credit report and approve your loan application.

What is the fixed interest rate for a home loan in ICICI Bank?

ICICI Bank offers home loans to eligible borrowers at attractive interest rates starting from 8.60% p.a. With an extended loan tenure of up to 30 years and easy repayment options.

What are the documents required to apply for a home loan?

To apply for a home loan, you need to submit documents such as proof of identity, address, a loan application form duly filled in, and your financial documents.

How do you reduce ICICI home loan interest rates?

The home loan interest rate can be reduced by transferring the balance to a new lender offering a lower interest rate than the existing lender. One can also approach the existing financier to reduce the interest rate.

What do you understand by the floating interest rate in a home loan?

The floating interest rate is linked to a benchmark rate. As per RBI guidelines, floating-rate home loans from banks are linked to external benchmark rates. ICICI Bank’s floating interest rate is linked to the repo rate announced by RBI from time to time. So, the interest rate on your home loan changes in line with the repo rate. As a result, depending on the change in the interest rate, the EMI or tenure of your loan will increase or decrease.

What is the minimum credit score required to avail home loan from ICICI Bank?

Answer. ICICI Bank has not specified the cut-off credit score for home loan applicants. However, applicants with a credit score of 750 and above generally have a higher chance of availing of a home loan at lower interest rates.

Which is the best ICICI home loan plan?

ICICI being a private sector bank offers a wide range of home loan options to choose from. However, it is advised that the one that meets all your needs will be the best option for you.

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