ICICI Bank Home Loan Interest Rate, Eligibility, and Documents

ICICI Bank Home Loan

ICICI Bank offers a range of home loan products tailored to meet various needs, making the dream of owning a home a reality for many. Whether you are a salaried individual, self-employed, an NRI, or an HNI, ICICI Bank has a home loan scheme for you. Below, you’ll find comprehensive information about ICICI Bank’s home loan offerings.

ICICI Bank Home Loan Interest Rate

ICICI Bank provides home loans starting at an attractive interest rate of 8.75% per annum, with repayment tenures extending up to 30 years. They also offer pre-approved home loans for salary account holders and balance transfer options for borrowers with existing loans at lower interest rates.

The Pratham Home Loan scheme is a unique offering, providing low-interest housing loans to salaried applicants earning a minimum of Rs 10,000 per month and self-employed applicants with at least five years of business experience.

Characteristics of ICICI Bank Home Loans

ICICI Bank’s home loans come with several features:

  • Quick and simple documentation process.
  • Generous eligibility criteria to accommodate a wide range of applicants.
  • Lower EMIs due to competitive interest rates.
  • Online application through tablets and smartphones for faster approvals.
  • Pre-approved home loans for existing ICICI Bank customers.
  • Loan tenures of up to 30 years.
  • Top-up loans are available for additional funding.
  • Doorstep service for certain home loan products.

ICICI Home Loan Interest Rates

Here are the interest rates

1) ICICI Bank Housing Loan Interest Rate for Salaried

Loan AmountInterest Rate Range
Up to 35 Lakh8.95% – 9.70%
35 Lakh – 75 Lakh8.85% – 9.70%
Above 75 Lakh8.85% – 9.70%

2) ICICI Home Loan Interest for Self-employed

Loan AmountInterest Rate Range
Up to 35 Lakh9.05% – 9.85%
35 Lakh – 75 Lakh9.05% – 9.85%
Above 75 Lakh9.05% – 9.85%

3) ICICI Home Loan Rate Based on CIBIL for Salaried

CIBIL ScoreInterest Rates
Excellent (750+)8.75

4) ICICI Home Loan Interest Rate Based on CIBIL Score for Self-employed

CIBIL ScoreInterest Rates
Excellent (750+)8.85 – 8.75

Types of Home Loans from ICICI Bank

ICICI Bank offers various home loan schemes to cater to diverse needs:

  1. ICICI Housing Loan: For purchasing or constructing residential properties with a repayment tenure of up to 20 years.
  2. Express Home Loans from ICICI: A quick and digital way to secure home loans with a provisional sanction letter valid for six months.
  3. Instant Pre-Approved ICICI Bank Home Loan Scheme: Pre-approved home loans for ICICI Bank salary account holders.
  4. Extra Home Loan Scheme: Extends the repayment period up to the age of 67 to increase the loan amount by 20% with a Mortgage Guarantee.
  5. Balance Transfer and Top-Up Scheme: Transfer existing home loans from other lenders to ICICI Bank at lower rates and avail of top-up loans.
  6. Pre-Approved Balance Transfer Scheme: Exclusive for existing ICICI Bank customers to transfer existing home loans at a reduced interest rate.
  7. Pratham Home Loan Scheme: Affordable housing loans for salaried applicants earning a minimum of Rs 10,000 per month and self-employed applicants with at least five years of business history.
  8. NRI Home Loan: Designed for Non-Resident Indians to buy or construct properties in India.
  9. ICICI Bank Land Loan: For purchasing land or plots.
  10. Insta Top-Up Loan: Pre-approved top-up loans for various personal and corporate needs.
  11. ICICI Bank PMAY: Interest subsidy of up to Rs 2.67 lakh available under the Pradhan Mantri Awas Yojana for eligible groups.

Eligibility for ICICI Bank Home Loan

To apply for an ICICI home loan, you need to meet the following criteria:

  • Indian residents and Non-Resident Indians (NRIs) aged 18 to 65 years.
  • Co-applicants aged 21 to 65 years.
  • NRI applicants aged 25 to 60 years.
  • Employment status: self-employed, salaried, or self-employed professional.
  • Minimum monthly income for primary applicants: Rs. 15,000.
  • Minimum monthly income for co-applicants: Rs. 10,000.

Documents Needed

Required documents for a home loan application include:

  • Application Form
  • Proof of Identity
  • Processing Fee Cheque
  • Address Proof
  • Age Proof
  • Income Proof
  • Other Charges

Processing Fees: Typically range from 0.50% to 2% of the loan amount.

How to Apply

You can apply in two ways:

  1. Through the official ICICI Ltd. portal by filling out the application form and tracking the application status online.
  2. By visiting an ICICI Bank branch in person for personalized assistance.

ICICI Bank makes the loan application process straightforward and accessible to help you achieve your homeownership goals.

Also, check home loans from banks

LenderHome Loan Interest Rates (Above 75 lakhs)Home Loan Interest Rates (Above 30 lakhs to 75 lakhs)Home Loan Interest Rates (Up to 30 lakhs)
LIC Housing Finance8.50% to 10.75%8.50% to 10.55%8.50% to 10.35%
State Bank of India8.50% to 10.05%8.50% to 10.05%8.50% to 10.15%
HDFC Bank Limited8.40% onwards8.40% onwards8.40% onwards

FAQs

What is the maximum tenure ICICI offers home loans for?

The maximum tenure for the ICICI home loan is 20-30 years (but the tenure of the loan can also change based on the scheme.)


Are ICICI Bank home loan interest rates fixed or floating?

ICICI offers both fixed and floating interest rate options for home loans. With a fixed rate, the interest remains constant throughout the loan tenure, while with a floating rate, it fluctuates with the market condition.


How is Interest Rate Determined for ICICI Home Loan?

ICICI determines the interest rate based on factors like the loan amount, loan tenure, CIBIL Score, and the interest rate (fixed or floating) chosen by the borrower.

How can I calculate the EMI for the ICICI Home Loan?

You can calculate the EMI for ICICI Home Loan using any online EMI Calculator

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