ICICI Bank Home Loan Interest Rates

When a borrower takes a home loan from ICICI Bank, a certain percentage rate is charged to enable ICICI bank to earn a profit for enabling you to buy or build a home immediately. This charge is expressed as a percentage on the principal amount, known as the interest rate.

ICICI Bank home loans provide a one stop solution for constructing your home or buying a new one. ICICI Bank offers attractive Interest rates starting at 6.90% p.a. and low EMIs with longer repayment tenure of 30 years.

General eligibility criteria for ICICI home loans

For taking a home loan the eligibility criteria may differ from bank to bank. The general criteria accepted by all banks and lenders for approving a home loan is mentioned below:

Age range (Salaried and Self-employed)Minimum 18 – Maximum 65
Minimum and maximum repayment tenure5 – 30 years
Interest Rates range6.90% p.a. to 8.05% p.a.
Processing Fees  0.50% of the loan amount along with other applicable taxes. Existing processing fees and charges can be waived off in scenarios like when the applicant has an excellent credit history or a good historical relationship with the bank itself.
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Loan Scheme Specific interest rates on ICICI Home Loans.  

ICICI Bank offers home loan with attractive interest rates starting from 6.90% p.a. to 8.05% p.a. or above – depending upon the individual applicant’s borrowing profile*

Different home loan products exist for different customers and borrowing profiles, and the home loan plan you pick eventually depends on your exact requirements.

The different ICICI Home Loan schemes along with their interest rates are listed below:

ICICI Bank Instant Home Loan

  • The Instant Home Loan is for existing ICICI Bank customers.
  • Time taken for background verification is greatly reduced as ICICI already has your information on file.
  • ICICI offers an extended tenure of up to 30 years.
  • Age – Minimum 18 years – Maximum 65 years.
  • This scheme is an exclusive home loan product offered to only selected customers of ICICI Bank.
  • An applicant can get a maximum loan amount of Rs.1 Crore.
  • ICICI instant home loan features discounted processing fees to top corporates and companies.
  • Hassle-free sanction of the loan amount, when done online.
  • An applicant can request for disbursement of the loan amount anytime within 6 months.
  • Interest rates for the ICICI Instant Home loan start at 6.75% p.a. for both – salaried employees and self-employed applicants:
Loan SlabFloating Interest rates for Salaried (% p.a.)Floating Interest rates for Self-employed (% p.a.)
Up to Rs.35 LakhsRR + 2.75% (6.75%) to RR + 3.15% (7.15%)RR + 2.90% (6.90%) to RR + 3.30% (7.30%)
Rs.35.01 – Rs.75 LakhsRR + 3.00% (7.00%) to RR + 3.30% (7.30%)RR + 3.15% (7.15%) to RR + 3.45% (7.45%)
Rs.75.01 Lakhs and aboveRR + 3.10% (7.10%) to RR + 3.40% (7.40%)RR + 3.25% (7.25%) to RR + 3.55% (7.55%)

Note*:

RR = Repo Rate

Interest rates could vary.

ICICI 30 Years Home Loan

  • This loan product is for long-term planners.
  • The ICICI 30 Years Home Loan can be applied for online.
  • Age – Minimum 18 years – Maximum 65 years.
  • Higher loan amounts are available on the 30-year home loan, and the repayment works out to lower monthly EMIs as its spread over a longer tenure.
  • Hassle-free documentation process.
  • ICICI offers home loans on both – fixed and floating rate of interest models.
  • ICICI 30-Year home loan interest rates for salaried and self-employed applicants are listed below:
Loan SlabFloating Interest rates for Salaried (% p.a.)Floating Interest rates for Self-employed (% p.a.)
Up to Rs.35 LakhsRR + 2.75% (6.75%) to RR + 3.15% (7.15%)RR + 2.90% (6.90%) to RR + 3.30% (7.30%)
Rs.35 .01 – Rs.75 LakhsRR + 3.00% (7.00%) to RR + 3.30% (7.30%)RR + 3.15% (7.15%) to RR + 3.45% (7.45%)
Rs.75.01 Lakhs and aboveRR + 3.10% (7.10%) to RR + 3.40% (7.40%)RR + 3.25% (7.25%) to RR + 3.55% (7.55%)

Note*:

RR = Repo Rate

Interest rates could vary.

ICICI NRI Home Loan

  • A specific home loan product by ICICI, designed for Non-Resident Indians (NRIs) to purchase or construct a home or property in India.
  • ICICI NRI Home Loan tenure can go up to 30 years
  • Age – Minimum 18 years – Maximum 65 years
  • ICICI Bank does not charge any pre-payment fees to NRIs
  • Fixed and floating rates of interest available
  • Quick disbursement of the loan amount.
  • Free Personal Accident Insurance
  • Hassle-free loan application process.
  • The NRI home loan is available from ICICI at a fixed or floating rate model.
Loan SlabFloating Interest rates for Salaried (% p.a.)Floating Interest rates for Self-employed (% p.a.)
Up to Rs.35 LakhsRR + 2.75% (6.75%) to RR + 3.15% (7.15%)RR + 2.90% (6.90%) to RR + 3.30% (7.30%
Rs.35.01 – Rs.75 LakhsRR + 3.00% (7.00%) to RR + 3.30% (7.30%)RR + 3.15% (7.15%) to RR + 3.45% (7.45%)
Rs.75.01 Lakhs and aboveRR + 3.10% (7.10%) to RR + 3.40% (7.40%)RR + 3.25% (7.25%) to RR + 3.55% (7.55%)

Note*:

RR = Repo Rate

Interest rates could vary.

ICICI Instant Balance Transfer

  • ICICI Bank offers Instant Balance Transfer to enable borrowers to repay their existing home loan from any bank at a lower interest rate. In some cases, applicants can enjoy lower EMIs by transferring the outstanding loan amount to ICICI Bank from any other bank
  • ICICI Instant Balance Transfer is available for – Home Loan, Loan Against Property and Non-Residential Premises Loan
  • Under this scheme, ICICI Bank provides longer repayment tenure of up to 30 years.
  • Quick and easy documentation – paperless and online
  • Attractive interest rate at 6.95% p.a. – 8.05% p.a.* at floating rate of interest.
Floating Interest rates for Salaried (% p.a.) (for any loan amount)Floating Interest rates for Self-employed (% p.a.) (for any loan amount)
RR+2.75% (6.75%) to RR+3.40% (7.40%) *RR+2.90% (6.90%) to RR+3.55% (7.55%) *

Note*:

RR = Repo Rate

Interest rates could vary.

ICICI Top-Up Loan

  • ICICI Top-Up Loan is taken as an addition to your existing home loan to cover any additional expenses or costs that arise when constructing or purchasing a home. Sometimes the initial amount just isn’t enough and you need a little bit more to build it right.
  • Minimal documentation because the bank already has your information from the initial home loan
  • ICICI Bank top up loan is up to 20 years
  • You can borrow an additional Rs.25 Lakhs on your existing Home Loan
  • Low monthly EMIs*
  • Quick processing along with overdraft facilities
  • Quick disbursement of loan amount
Floating Interest rates for Salaried (% p.a.) (for any loan amount)Floating Interest rates for Self-employed (% p.a.) (for any loan amount)
RR+2.75% (6.75%) to RR+3.40% (7.40%)RR+2.90% (6.90%) to RR+3.55% (7.55%)

Note*:

RR = Repo Rate

Interest rates could vary.

ICICI Bank home loan Processing fees and Charges

ICICI bank charges a one-time non-refundable processing fee (a small percentage of your principal amount) when you take a home loan. For more information, refer the table below:

Processing fees and charges (Non-Refundable)0.50% – 2% of your loan amount + applicable taxOr Rs.1,500 – Rs.2,000 for the applicants in Mumbai, Delhi and Bangalore) + applicable taxes
Prepayment and foreclosure chargesBorrowers with a home loan with a floating rate of interest: No chargesBorrowers with home loans at fixed rate of interest: 2% + applicable taxes on the outstanding amountBorrowers with home loans at a Floating rate of interest (and the end use is other than business purpose): No chargesOn foreclosing the home loan account with a fixed rate of interest: 4% on the principal amount + applicable taxes


Compare ICICI Bank Home Loan interest rates with other top banks and lenders

Taking a home loan can be a decades-long commitment and before making a decision it is necessary to perform thorough research on the different lenders and banks offering home loans. Compare home loan interest rates from top banks from the list below:

 SBIHDFCAxis BankLIC HFL
Interest Rate (Lowest Updated)6.70%*6.75%*6.90%*6.90%*
Tenure Range1– 30 yearsUp to 30 years5 – 30 YearsUp to 30 Years
Processing Fees0.35%0.50% to 1.50%1%0 – 0.50%
Eligible Age18 – 70 years21 – 65 years21 – 60 yearsMax. 50-75 Years

Note*: Interest rates could vary.

FAQs.

  1. What is the current interest rate offered by ICICI Bank on home loans?

ICICI Bank provides home loan to its customers at an attractive interest rate of 6.75% p.a. – 8.05% p.a.*

  1. What is the repayment tenure for ICICI Bank NRI Home Loan?

ICICI Bank provides a longer repayment tenure of 30 years for ICICI Bank NRI Home Loan.

  1. If I want to foreclose my home loan account, what are the charges needed to be paid?

Your foreclosure charges depend on your type of interest rate. For floating rate of interest, there are no applicable charges on foreclosing your account. However, if you have a home loan at a Fixed Rate of Interest then you will have to pay 4% on your principal amount and other applicable taxes.

  1. If I want to take an ICICI home loan, how much processing fee do I have to pay?

ICICI charges a one-time, non-refundable processing fee of 0.50%-2% for conducting the administrative process for your home loan application.

  1. What is the maximum home loan amount offered by ICICI Bank?

ICICI offers a maximum loan amount of Rs.1 Crore* to its customer for home loans. Home loan amount depends on the applicant’s eligibility, income, and repayment history.

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