ICICI Bank Home Loan 

ICICI Bank, one of India’s biggest home loan providers, helps you in owning a home by offering support throughout the process and provide a loan based on your preference. 

A home is a ‘financial freedom’ aspiration that everyone wants to achieve! Owning a home gives a sense of security to all and is also a merit of achievement. 

ICICI Bank therefore helps one achieve this goal by providing seamless loans to home buyers at affordable interest rates and long tenures.  

Home Loan – What It Is 

A home loan is often a very large amount that you borrow from the bank, for the purpose of buying a home. The EMI also tends to be high and therefore you need to decide before hand how much an amount of loan you would want, what interest rate you are comfortable paying and also the tenure of the loan. 

ICICI Bank offers specially curated Home Loans up to a tenure of 30 years with interest rates starting at just 6.90%. 

Features & Benefits of ICICI Home Loan 

The key features and benefits of ICICI Home Loan are mentioned below: 

  • Pre-approved loans are available 
  • Home Loan insurance is offered to make repayment of ICICI Home loan easier for borrower’s family in case of their demise. 
  • Tax benefit of up to Rs. 1.5 lakh on home loan in selected cases. 
  • Wide range of ICICI home loan schemes are offered to cater to different home loan requirements of its customers 
  • Loans are offered at attractive interest rates starting at 6.90% p.a. 

Additional Value-Added Offerings on ICICI Home Loan 

Added benefits on ICICI Home Loan are mentioned below: 

  • Approved projects: Get loans quickly by buying projects approved by ICICI Bank. 
  • Pre-approved home loans: ICICI bank also facilitates pre-approved loans for select customers, thus reducing the hassle of detailed documentation. 
  • Home loan insurance: ICICI bank, keeping in mind any unforeseen incident in the user’s life, provides for Home Loan insurance to make ICICI Home loan repayment easier for the user’s family or close ones. These products come in two variants: 
  • Home Insurance and Secure Mind: This scheme is also called a single premium long- term plan that requires no medical checkup up to a premium of Rs. 3 crores. This is helpful in and as a tax benefit and also multiple applicants can be covered under one single plan. 
  • Loan Protect: This provides for a tax benefit and also gives the option to continue life cover even after closure of the loan. Life coverage remains the same for 20 years. This plan also extends an option of no medical test for premium up to Rs. 5 crores. 

Interest Rates of ICICI Home Loans 

Check the latest and updated interest rates of ICICI Bank home loans. 

ICICI BankSalaried & ProfessionalNon-Salaried &/or Non Professional
Up to Rs. 35 lakhs Range of 6.90% to 7.60% 7.05% to 7.85% 
Rs. 35 lakhs up to Rs.75 lakhs 7.00% to 7.75% 7.10% to 7.95% 
Above ₹ 75 lakhs 7.05% to 7.95% 7.10% to 8.05% 

ICICI Home Loan Schemes 

Given below is a list of the various schemes offered by ICICI  

Instant Home Loan 

Benefits Features 

  • Loan sanctioned in just a few clicks. 
  • No documents required at the time of sanction of the loan. 
  • Exclusive offers for top corporates 
  • Online application process is available. 

Interest Rates 

SlabsFloating Rate of Interest
              Salaried IndividualsSelf Employed
                Up to 35L 6.90% – 8.95% 8.80% – 9.10% 
                35L – 75L 9.05% – 9.20% 9.20% – 9.35% 
                Above 75L 9.10% – 9.25% 9.25% – 9.40% 

Processing Fees & Other Charges 

Loan Processing Charges / Renewal Charges 0.50% of loan amount + taxes 
Prepayment Charges For floating interest rate  – 0 
CIBIL Report Charges Rs. 50/- 
Administrative Charges Rs. 5,000/- or 0.25% (whichever is lower) 
ICICI Group 

Eligibility 

  • Customers having an ICICI Bank Salary Account can apply for this loan. 

30 Year Home Loan 

Key Features & Benefits 

  • Option of both floating and fixed interest rates available 
  • EMI as low as Rs.809 per lakh (T&C Apply) 
  • Longer repayment tenure option of up to 30 years 

Eligibility 

  • Women borrowers and other individuals who are working for a certain group of companies can apply for this loan 

ICICI Home Improvement Loan 

Key Features & Benefits 

  • Covers a range of facilities – external as well as internal changes to the structure without an increase in the living space.
  • The loan can also be prolonged for purchasing, construction, repairs & renovation or even upgradation of a home in rural areas 
  • Get the loan scheme at the rate of interest of Home Equity. 
  • Loans available for up to 90% of property value 
  • Between 5 lakhs and 15 lakhs can be the amount of the loan. 
  • Tenure of up to 20 years. 

Eligibility 

  • Women and weaker section of the society. 
  1. ICICI Balance Transfer Plus Top Up 

Key Features & Benefits 

  • Fast processing and also quick disbursement of the loan with Express Balance Transfer scheme 
  • Flexible end use 
  • Top up loan amounts up to 100% of your original loan 
  • Attractive interest rates 
  • Can be availed to acquire Top Up on Home Loan, Loan Against Property (LAP) and also Non-Residential Premises Loan 
  • The loan amount offered is from Rs. 8 lakhs all the way up to Rs. 5 Crores 
  • Up to 30 years loan tenure, as per the loan type 

Eligibility 

  • Both salaried and self-employed (professionals & non-professionals) are eligible to apply for the loan. 
  • The minimum age of the loan applicant should be 25 years and maximum should be 65 years (or lower retirement age) 

ICICI Bank Insta Top Up Loan 

Key Features & Benefits 

  • The Top-Up facility can be availed in just a few clicks by eligible customers 
  • Digital experience with no requirement of physical documents 
  • Instant Top Up Loan can be availed for up to 10 years 
  • The maximum amount of top up on your loan is up to Rs.20 lakhs. 

ICICI Bank 24 Hours Top Up Loan 

Key Features & Benefits 

  • Pre-approved on the top-up loan 
  • 24 hours only, for Loan disbursal. 
  • Can avail the loan for up to 10 years 
  • Simple and easy documentation process 
  • Loan Amount: Up to 25 lakhs 

Eligibility 

  • Any current home loan borrowers can apply for the 24 Hours Top Up Loan 

ICICI Top Up Loan

Key Features & Benefits 

  • Can be used to fulfill the requirements of any business or personal use. 
  • Attractive interest rates are offered. 
  • Loan tenure is up to 20 years 
  • Simplified documentation process. 
  • Quick loan processing is facilitated. 

Eligibility 

  • Construction of the property has to be completed within two years from the date of availing first disbursement of the loan. 
  • The plot should be within municipal limits of hub locations or outside municipal limits in case of direct allotment by the Development Authority. 

ICICI Bank Extra Home Loans 

Key Features & Benefits 

  • Your loan amount can be enhanced by up to 20% 
  • Depending on the variant of the loan, extend the repayment period up to the age of 67 years. 
  • Obtain the dual advantage of improved affordability as well as a longer repayment period 
  • Mortage Guarantee backs the enhancement in loan/repayment period. 
  • This facility is available in Greater Mumbai, National Capital Region, Bengaluru and Surat 
  • To address the needs of middle aged, salaried individuals, self-employed professionals and young age salaried individuals, this scheme is available in 3 variants. 

Eligibility 

  • Self-employed individuals, middle-age and young salaried customers are eligible to apply for this loan 
  • The maximum age of middle-age salaried individuals must be 48 years 
  • The maximum age of young-age salaried individual must be 37 years 

ICICI Bank Saral Housing Loan 

Key Features & Benefits 

  • The loan scheme is specifically designed for acquisition, construction, repairs, renovation, or up-gradation of a house in rural areas 
  • Loan up to 90% of the property value (up to 90% LTV) 
  • Loan Amount: Rs.5 Lakhs to Rs.15 Lakhs. 
  • Loan Tenure:   3 years to 20 years 

Eligibility 

  • Women and weaker section of the society can apply for this loan 

ICICI Bank Pragati Home Loans 

Key Features & Benefits 

  • Eligible customers can avail Home Loan, Home Improvement Loan and Non-Residential Premise Loan (NRP) under this scheme. 
  • Loan amount: Rs.5 lakhs up to Rs.50 lakhs 
  • Tenure: Of up to 20 years 
  • Convenient Balance Transfer facility available 
  • Maximum LTV (Loan to Value) for salaried borrowers is as prescribed by RBI guideline 
  • Maximum LTV (Loan to Value) for Self Employed Non-Professional (SENP) borrowers is 65% value of the property. 

Eligibility 

  • Who can apply : Both salaried and self-employed individuals. 
  • Minimum income (salaried individuals): Rs.10,000 per month 
  • Minimum work experience: 1 year 
  • Self-employed individuals: Business vintage of 5 years (3 years in same business) 

ICICI Bank Land Loan 

Key Features & Benefits 

  • For the purchase of a residential plot of land. 
  • Construction of the property should be completed within two years from the date of availing first disbursement of the loan 
  • The plot should be within the municipal limits of hub locations or outside municipal limits in case of direct allotment by Development Authority 

Factors Affecting EMI of Home Loan 

Home Loan EMI can be calculated using an online Housing Loan Calculator which takes into account many factors like loan amount, interest rate and the tenure or duration for which you are planning to avail the loan. 

  • Loan amount – This is the amount you want to borrow to fulfil your home needs. ‭‭Home loan amount mainly depends on value of the property for which the loan is availed. 

Fincity offers Home Loan for amounts as low as Rs. 30 lakhs to as high as Rs. 5 Crores. 

  • Loan Tenure – Loan tenure is the duration over which a Home Loan is repaid. In practice, a shorter tenure results in higher EMIs, but helps you save on the total interest payout of the loan. Longest loan tenure available across banks and NBFC’s in India for buying a home on a loan is around 30 years, subject to borrower’s current age and retirement age.  
  • Interest Rate – The Rate of Interest is the interest charged on borrowed loan amount and is one of the components of monthly EMI along with principal repayment. 

Home Loan Amortization Calculation 

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that make up each monthly payment until the loan is paid off at the end of its tenure. 

The Home Loan monthly EMI will be equal, in a schedule of amortization, but the component of the EMI, which consists of principal payment and also the interest payment, will not remain the same every month, meaning it keeps on changing. 

The EMI schedule of loan for an amount if Rs.20 lakhs and for a tenure of 30 years is explained below in the table. 

YearInterest Paid During each YearPrincipal Repaid During Each YearTotal Amount Paid During Each Year (Interest + Principal)Principal Outstanding
2021 Rs.1,34,349 Rs.21,315 Rs.1,55,664 Rs.19,78,685 
2022 Rs.1,32,864 Rs.22,799 Rs.1,55,664 Rs.19,55,886 
2023 Rs.1,31,277 Rs.24,387 Rs.1,55,664 Rs.19,31,499 
2024 Rs.1,29,579 Rs.26,085 Rs.1,55,664 Rs.19,05,415 
2025 Rs.1,27,763 Rs.27,901 Rs.1,55,664 Rs.18,77,514 
2026 Rs.1,25,820 Rs.29,843 Rs.1,55,664 Rs.18,47,671 
2027 Rs.1,23,742 Rs.31,921 Rs.1,55,664 Rs.18,15,749 
2028 Rs.1,21,520 Rs.34,144 Rs.1,55,664 Rs.17,81,606 
2029 Rs.1,19,142 Rs.36,521 Rs.1,55,664 Rs.17,45,084 
2030 Rs.1,16,599 Rs.39,064 Rs.1,55,664 Rs.17,06,020 
2031 Rs.1,13,879 Rs.41,784 Rs.1,55,664 Rs.16,64,236 
2032 Rs.1,10,970 Rs.44,694 Rs.1,55,664 Rs.16,19,542 
2033 Rs.1,07,858 Rs.47,805 Rs.1,55,664 Rs.15,71,737 
2034 Rs.1,04,530 Rs.51,134 Rs.1,55,664 Rs.15,20,603 
2035 Rs.1,00,969 Rs.54,694 Rs.1,55,664 Rs.14,65,908 
2036 Rs.97,161 Rs.58,503 Rs.1,55,664 Rs.14,07,406 
2037 Rs.93,087 Rs.62,576 Rs.1,55,664 Rs.13,44,830 
2038 Rs.88,730 Rs.66,933 Rs.1,55,664 Rs.12,77,897 
2039 Rs.84,070 Rs.71,594 Rs.1,55,664 Rs.12,06,303 
2040 Rs.79,085 Rs.76,578 Rs.1,55,664 Rs.11,29,725 
2041 Rs.73,753 Rs.81,910 Rs.1,55,664 Rs.10,47,814 
2042 Rs.68,050 Rs.87,614 Rs.1,55,664 Rs.9,60,200 
2043 Rs.61,949 Rs.93,714 Rs.1,55,664 Rs.8,66,486 
2044 Rs.55,424 Rs.1,00,239 Rs.1,55,664 Rs.7,66,247 
2045 Rs.48,445 Rs.1,07,219 Rs.1,55,664 Rs.6,59,029 
2046 Rs.40,980 Rs.1,14,684 Rs.1,55,664 Rs.5,44,344 
2047 Rs.32,994 Rs.1,22,669 Rs.1,55,664 Rs.4,21,675 
2048 Rs.24,453 Rs.1,31,210 Rs.1,55,664 Rs.2,90,465 
2049 Rs.15,317 Rs.1,40,346 Rs.1,55,664 Rs.1,50,118 
2050 Rs.5,545 Rs.1,50,118 Rs.1,55,664 Rs.0 

Formula for EMI Calculation 

Generally, the EMI for a Home Loan is calculated using the given formula: 

E = P * r * (1+r) ^ n / ([(1 + r) ^ n] – 1) 

In the formula mentioned above, 

E = Equated Installment 

This is the total obligations required to pay per month 

P = Amount of Loan 

This can be anywhere between Rs.15,00,000 to Rs.5,00,00,000 

r = Rate of Interest  

This means the interest rate per month. For ICICI Bank, this ranges from 6.9% to 8.30%  

n = tenure in months  

Usually, the tenure for a home loan ranges from 15 years to 30 years. 

For ICICI Bank Home Loans, the tenure ranges from 60 months all the way up to 360 months or 30 years. 

Home Loan EMI Calculator and its Benefits 

An EMI or Equated Monthly Instalment is a fixed amount that a borrower must pay to the lender every month till the tenure of their loan ends.  

Calculating the EMI and its components can be a tiring and not-so-efficient task for most first-time financers. A home loan EMI calculator can easily do these complex calculations in seconds, and save you from the trouble of doing it manually. 

Performing such complicated home loan EMI calculations manually can be both time-consuming and inaccurate. A home loan monthly EMI calculator thus saves a lot of the valuable time of prospective home buyers. 

It gives you an accurate approximate, which is crucial for financial planning. There is almost no possibility for any inaccuracies or ambiguity. 

The procedure for calculating EMI for each type of loan is different. Therefore, home loan EMI calculation is different from personal loan EMI. It is recommended you use only specific EMI Calculators for specific types of EMI’s. 

The online calculator is also free for unlimited use. You can check the EMI for various amounts of loan amounts thus determine which amount suits your financial situation. 

How to Use the ICICI Bank Home Loan EMI Calculator by Fincity? 

You can calculate your home loan EMI almost instantly using the Home Loan Calculator. It is precise and easy to use for anyone. This calculator for Home Loan EMI might require just a few key home loan details from the user to display results. 

Here’s an easy guide on how to use the home loan EMI calculator: 

Step 1: Input the loan amount you wish to borrow. 

Step 2: Input the applicable interest rate for the home loan. 

Step 3: Input the tenure over which you will be able to repay your home loan. 

 As soon as you complete the above steps, your home loan EMI will be displayed along with other details such as total amount payable and also total interest payable. 

General Documents Required for Home Loan 

ID PROOF 

  • Salaried 
    1. Aadhaar Card 
    2. Passport or  
    3. Drivers’ License or  
    4. Voter’s ID card or  
    5. Job Card issued by NREGA or 
    6. PAN card or any other document as acceptable as an ID Proof to the Bank  
  • Self Employed 
    1. Aadhaar Card 
    2. Passport or  
    3. Drivers’ License or  
    4. Voter’s ID card or  
    5. PAN card or any other document as acceptable as an ID Proof to the Bank 

Income Proof 

  • Salaried 
    • Latest 3 months’ salary slip showing all deductions and  
    • Form 16 
  • Salaried 
    • IT returns for the last 2 years and computation of income for the last 2 years certified by a CA 

Additionally 

  1. Bank statement or Pass Book where salary or income is credited 
  2. An optional Guarantor Form 

Home Loan Eligibility Criteria 

The eligibility criteria for a Home Loan varies from one profession type to another 

Salaried Individuals 

Employees of permanent service in the Government or reputed private sector companies 

Applicants should be of the age of 24 years during application and around 60 years at the time of maturity 

Professionals 

Applicable to SEPs like doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, and management consultants only 

Applicants should be of the age of 24 years during application and around 60 years at the time of maturity 

Self Employed Individuals 

 Any individual that files income tax returns can apply 

Applicants should be of the age of 24 years during application and around 60 years at the time of maturity 

Home Loan Fees and Additional Charges 

Depending on the loan type you are applying for, a few charges may be levied. They are mentioned below: 

  • Processing fees: This is a one-time fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge is dependent on the bank and the loan scheme you are applying for, the process charge thus is a variable metric. This fee is non-refundable. 
  • Prepayment charges: This is the fee or the penalty you will have to pay the lender, should you plan to repay your home loan before the completion of the tenure of the loan. 
  • Conversion fees: Some banks might also charge a small conversion fee if and when you decide to switch to a different loan scheme or even a different loan provider in order to decrease the interest rate associated with your current scheme. 
  • Cheque dishonor charges: This type of fee is levied when the loan provider, like the Bank or NBFC, is provided that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account. 
  • Home insurance: One of the best ways to protect the home is to insure it. The premium of this insurance should be paid directly to the concerned company during the insurance term to make sure that the insurance policy is running during the home loan tenure. 
  • Default charges: Loan providers also charge a penalty on delayed or missed repayments i.e., if you do not make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. But these types of defaulting charges vary from one bank to another. 
  • Incidental charges: These charges cover for the expenses and costs incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time. 
  • Statutory/regulatory charges: The fee might include all the expenses associated with the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and also stamp duty. You can visit the CERSAI’s official website to know more about these charges. 
  • Photocopy of documents: The fee is paid to the bank if you need a photocopy of your home loan documents for any personal needs. 
  • Change in loan term: Some banks also charge a nominal fee if you think of changing the tenure of your loan. 

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I hereby declare that I have read the consent. and I appoint and allow FINCITY to access my credit information from Credit Information Companies in order to understand my creditworthiness and thereinafter provide personalized values which would help them generate the Credit Information Report, Credit Score and Credit Analysis. I/We hereby authorize FINCITY & its affiliates including banking partners to call or SMS and/or WhatsApp with reference to my application or in relation to any of FINCITY products, notwithstanding anything to the contrary that may be contained anywhere, including any registration for DNC/ NDNC.

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