Certainly, you have the option to prepay your home loan taken from ICICI Bank. It does not impose any fees for early payment on variable interest rates.
ICICI Bank Home Loan
ICICI Bank provides home loans with interest rates beginning at @ 8.65% per annum for amounts up to Rs 5 crore and terms extending to 30 years. The bank provides pre-approved immediate home loan approval for its salary account clients and offers a home loan balance transfer option to current borrowers from other lenders at reduced interest rates.
ICICI Bank Home Loan Highlights
| Particulars | Details |
|---|---|
| Interest Rates | 8.65% p.a. onwards |
| Loan Amount | Up to Rs 5 crore |
| Tenure | Up to 30 years |
| Processing Fees | Up to 2% of the loan amount |
Table of Contents
ICICI Bank Home Loan Interest Rate
ICICI Bank home loan interest rates start from 8.60% p.a. onwards for pre-approved customers of the bank. The lender offers differential interest rates based on the credit score, loan amount and occupation profile of home loan applicants.
ICICI Home Loan Processing Fee & Other Charges
| Particulars | Applicable Fees & Charges |
|---|---|
| Loan Processing Charges | Up to 2% of the loan amount |
| Part Prepayment | NIL |
| Repayment mode swap charges | Rs 500 |
| Document Retrieval Charges | Rs 500 |
| Legal, Repossession and Incidental Charges | At Actuals |
| Revalidation of No Objection Certificate | Rs 250 |
Types of ICICI Bank Home Loan
1. ICICI Bank New Home Loan
- Purpose: ICICI Bank offers New Home Loan scheme for purchase or construction of a house or flat.
- Tenure: Up to 30 years.
2. ICICI Home Loan Balance Transfer
- Purpose: Home loan borrowers from other banks and HFCs can utilize the ICICI Bank Home Loan Balance Transfer option to shift their existing home loans to ICICI Bank for lower interest rates.
- Tenure: Up to 20 years
3. ICICI Money Saver Home Loan Scheme
Purpose: ICICI Bank Money Saver Home Loan is an overdraft facility for home loans that allows the applicant to deposit excess funds into the money saver account/home loan account and withdraw them according to their needs. ICICI Bank provides a top-up option within the Money Saver Home Loan program.
4. ICICI Bank Express Home Loan
- Purpose: ICICI Bank provides Express Home Loans to both new and selected existing customers, enabling them to obtain home loans swiftly with a provisional approval within a few hours. The temporary approval would assist potential borrowers in discussions with the seller or builder prior to concluding the property deal.
- Loan Amount: Up to Rs 5 crore
- Tenure: Up to 30 years
5. ICICI Bank Land Loan
- Purpose: Applicants can avail ICICI Bank Land Loans to raise funds for purchasing land/plot for home construction purposes provided the construction is completed within 2 years from the date of disbursement of loan.
- Tenure: Up to 20 years.
6. ICICI NRI Home Loan
- Purpose: NRI individuals can avail ICICI Bank NRI Home Loan for purchasing, constructing, repairing or renovating their home in India.
- Loan Amount: Up to Rs 5 crore or more.
- Tenure: Up to 30 years.
7. ICICI Home Loan Overdraft
Purpose: Current home loan borrowers can utilize the home loan overdraft facility provided by ICICI Bank, allowing them to deposit excess funds into the linked overdraft account up to a specified limit and withdraw money as needed. Interest is applied solely to the withdrawn amount.
Loan Amount: Rs 5 lakh to Rs 5 crore.
8. ICICI Bank Step Up Home Loans
- Purpose: Applicants for ICICI Bank Step Up Home Loans can access larger loan amounts than what they would qualify for under standard home loans. The repayment plan consists of two phases: the Initial or Primary Term, during which the borrower pays only the interest, and the Secondary or Balance Term, when the total EMI, encompassing both interest and principal, is due. Under this plan, potential home loan applicants can raise their loan eligibility by as much as 20%.
- Loan Amount: Up to Rs 3 crore
- Tenure: Up to Rs 3 crorea
9. ICICI Pre-Approved (Instant) Balance Transfer
- Purpose: ICICI Bank provides a pre-approved instant home loan balance transfer option to current customers of other banks and HFCs, enabling them to move their existing home loans to ICICI Bank at reduced interest rates. The lender provides a sanction letter to the applicant, which remains valid for 6 months.
- Loan Amount: Up to Rs 1 crore.
- Tenure: Up to 20 years.
10. ICICI Bank 24 hours Top-up Loan
- Purpose: Customers can access ICICI Bank Pre-approved Top-up Loans known as “24 hours Top-up Loans,” through which the bank offers immediate approval on Top-up Loans to a chosen group of existing clients. These loans are provided in addition to current home loans to fulfill the personal needs of applicants, including travel, weddings, education, home improvements, medical emergencies, and more.
- Loan Amount: Up to Rs 1 crore
- Tenure: Up to 10 years
11. ICICI Insta Home Loan Overdraft (Pre-Approved)
- Purpose: Customers can access the pre-approved digital ICICI Bank Insta Home Loan Overdraft service for immediate funds to cover personal expenses like education, home improvements, debt consolidation, emergencies, and more.
- Loan Amount: Up to Rs 1 crore
12. ICICI Insta Home Top-up Loan (Pre-Approved)
- Purpose: ICICI Bank provides Pre-approved Insta Top-up Home Loans to its current home loan customers in addition to their existing loans, allowing them to apply online via mobile or internet banking. The loan sum is transferred immediately to the savings account associated with the current home loan account.
- Loan Amount: Up to Rs 1 crore
- Tenure: Up to 10 years
Compare ICICI Home Loan Interest rates with Banks/NBFCs
| Banks/NBFCs | Interest Rate (%) | Action |
|---|---|---|
| Aadhar Housing Pvt Ltd | 10.50% onwards | Apply Now |
| Axis Bank | 8.55% onwards | Apply Now |
| Bajaj Housing Finance | 8.50% onwards | Apply Now |
| HSBC | 8.45% onwards | Apply Now |
| Godrej Housing Finance | 8.75% onwards | Apply Now |
| Capri Global Housing Finance Ltd | 10% onwards | Apply Now |
| Bank of Baroda | 8.40% onwards | Apply Now |
| DBS Bank | 8.50% onwards | Apply Now |
| Edelweiss Housing Finance Ltd | 8.70% onwards | Apply Now |
| Indiabulls | 8.80% onwards | Apply Now |
| Federal Bank | 8.60% onwards | Apply Now |
| HDFC Ltd. | 8.60% onwards | Apply Now |
| ICICI Bank | 8.65% onwards | Apply Now |
| ICICI Home Finance | 8.90% onwards | Apply Now |
| Kotak Mahindra Bank | 8.50% onwards | Apply Now |
| PNB Housing Finance | 8.60% onwards | Apply Now |
| State Bank of India | 8.45% onwards | Apply Now |
| IIFL | 8.90% onwards | Apply Now |
| Aditya Birla Housing Limited | 8.75% onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% onwards | Apply Now |
| Piramal Housing Finance Ltd | 10.50% onwards | Apply Now |
Documents Required for ICICI Home Loan
Some of the common documents required for ICICI Home Loan are:
- Application form with photograph duly signed
- Proof of Identity
- Proof of Residence
- Proof of Age
- Processing fee cheque
For Salaried Individuals
- Last 6 months bank statements
- Last 3 months Salary-Slips
- Form 16/Income Tax Returns
For Self-employed Professionals/Non-Professionals
- The applicant or the co-applicant must be the Karta of the HUF.
- The HUF should have been in existence for a minimum of three years.
- The HUF should provide their IT returns for a minimum of three years.
- HUF with a Minimum Net Income of: 2,40,000 per annum for the HUFs in Delhi, Mumbai, Bangalore, Pune, and Chennai. 1,80,000 per annum for the HUFs in other cities.
ICICI Home Loan Eligibility Criteria
Eligibility Criteria | Details |
Age | 20 to 65 years for salaried individuals and 21 to 70 years for self-employed individuals |
Income | Minimum salary of Rs 25,000 |
Economic Stability | Self-employed: Stable Business track record |
Credit Score | A good credit score of 700 and above |
Nationality | Indian |
ICICI Bank Home Loan Calculator
The potential home loan applicants of ICICI Bank can input the loan amount, interest rate, and loan duration into the home loan EMI calculator provided below to determine the monthly EMI and the total interest due by the end of the loan period.
How to Apply Online for ICICI Bank Home Loan?
Candidates can submit their applications for ICICI Bank Home Loan online via the ICICI Bank’s official website. Users can additionally download the ICICI Bank app, iMobile Pay, and request the home loan online. Potential home loan applicants can also submit their applications online for ICICI Bank Home Loan via financial platforms like OneNDF.
How to Apply for a Home Loan Through OneNDF
When seeking a mortgage loan at OneNDF, you won’t need to navigate a pile of paperwork or endure a tedious process. Here’s the approach to take:
- Visit the official website of OneNDF and register or login.
- Register on the funds using your mobile number and generate a one time password.
- Upload any required financial or identification documents.
- Complete the mortgage application form.
- Through OneNDF, you will get in touch with numerous lenders that are ready to provide you with great rates on their mortgages.
That’s all! Your application has been sent. A member of our team will reach out to you soon to assist you with the upcoming steps.
ICICI Home Loan Customer Care
Below-mentioned are the ICICI home loan customer care number and email ID:
- Customer Care Number- 1800 1080
- For domestic customers travelling overseas- +91-22-33667777
- Backup Customer Care Number- 1860 120 7777
- Email Id- [email protected]
FAQs
The home loan eligibility of the applicants depend upon their age, monthly income, customer’s profile, credit history, retirement age, etc.
ICICI Bank has not indicated the requirement of a co-applicant when applying for an ICICI Bank Home Loan. Nonetheless, including a co-applicant merges their income and credit profile with that of the main applicant, thus enhancing eligibility and the loan amount for the mortgage.
ICICI Bank has set the minimum monthly salary eligibility of Rs 25,000 for its home loan applicants.
ICICI Bank offers home loans at floating rates only.
You can access your ICICI Bank Home Loan information via the official ICICI Bank website or its mobile banking app, iMobile. You may reach out to customer care or visit the ICICI Bank branch for any questions regarding your ICICI Bank Home Loan.
