ICICI Bank Home Loan

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ICICI Home Loan Highlights

The ICICI home loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.

Category	Highlights
Interest Rate	8.70% p.a. onwards
Loan Amount	Maximum Amount: Rs. 5 Crores
Loan Tenure	30 Years
Processing Charges	Upto 2% of loan amount.
Prepayment Charges	NIL

ICICI Home Loan Interest Rates

ICICI provides home loans with interest rates that reflect current market conditions and are influenced by factors like your CIBIL score. You can choose a fixed rate or a floating rate, according to your financial situation.

ICICI Home Loan Interest Rates (Pre-Approved)

ICICI Bank offers preferential Home Loan rates to pre-approved customers, rewarding loyalty and financial stability with lower-than-standard rates.

Current Home Loan Interest Rate

8.75%* p.a.

ICICI Standard Home Loan Interest Rates for Salaried/Self-Employed

ICICI Bank’s Standard Home Loan Interest Rates offer competitive and accessible options tailored to diverse borrowing needs.

Loan Amount	Salaried Customers	Self-Employed Customers
Up to ₹35 lakhs	9.25% – 9.65%	9.40% – 9.80%
₹35 lakhs to ₹75 lakhs	9.50% – 9.80%	9.65% – 9.95%
Above ₹75 lakhs	9.60% – 9.90%	9.75% – 10.05%

ICICI Special Home Loan Interest Rates for Salaried/Self-Employed

Special Home Loan rates, often below standard rates, are offered for a limited time or to eligible customers as promotional incentives. Here are the current special Housing Loan rates:

CIBIL Score	Salaried	Self-Employed
>800	9.00%	9.00%
750-800	9.00%	9.10%

Compare Home Loan Interest Rate Offered by Top Banks

Comparing home loan interest rates from leading banks helps you identify affordable financing options. Get a clearer view of each lender’s terms and choose the best home loan that matches your budget and financial goals.

Bank	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI Bank	8.50% p.a. onwards	8.5% p.a. onwards	8.50% p.a. onwards
HDFC Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
LIC Bank	8.50% – 10.35% p.a.	8.50% – 10.55% p.a.	8.50% – 10.75% p.a.
ICICI Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Kotak Mahindra Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Punjab National Bank	8.50% – 11.05% p.a.	8.50% – 11.05% p.a.	8.50% – 11.05% p.a.
Bank Of Baroda	8.40% – 10.65% p.a.	8.40% – 10.65% p.a.	8.40% – 10.90% p.a.
Bajaj Housing Finance	8.50% p.a. onwards	8.50% p.a. onwards	8.50% p.a. onwards
Axis Bank	8.75%-10.30% p.a.	8.75%-10.30% p.a.	8.75%-10.30% p.a.
Bank of India	8.40% p.a onwards	8.40% p.a onwards	8.40% p.a onwards
TATA Capital	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards

Check Out: ICICI vs SBI vs. HDFC

ICICI Home Loan Processing Fees

ICICI takes processing fees to cover the cost of reviewing your documents and assessing your loan application. 

ICICI: Top Home Loan Schemes

ICICI provides a variety of home loan schemes tailored to meet different needs. These include Home Loans for property purchases, Top-Up Loans for additional financial needs, loans for NRIs and HNIs, Overdraft (OD) Loans for flexible funding, and loans for Home Renovation or Extensions.

ICICI NRI Home Loan

ICICI Bank’s NRI Home Loan offers tailored financing solutions for Non-Resident Indians to own property in India with ease. With competitive interest rates and a hassle-free application process, it’s designed to meet the unique needs of NRIs.

Must Read: Find Out How Much You Can Save with a Home Loan Overdraft

ICICI Home Loan Balance Transfer

Switch to ICICI Bank Home Loan Balance Transfer to enjoy lower interest rates, extended tenures, or a top-up loan. Transfer your outstanding balance seamlessly and save more with our Repo Rate linked interest rates.

Income Proof

Salaried	Self Employed
Latest Form 16	Last 6 months Bank statement of all operative accounts
Latest one-month salary slip	Last 2 years CA Certified/Audited Income Tax Returns (ITR), Computation of income, Profit and Loss Account Statement and Balance sheet
Bank statements of the last 6 months.	GST return of the last 1 year.

ICICI Home Loan Tenure

Home loan tenure refers to the duration over which the borrower agrees to repay the loan amount along with interest. ICICI offers flexible tenure options to accommodate varying financial situations and preferences. Here’s an overview:

• Minimum Tenure: 5 years
• Maximum Tenure: 30 years

Read More: How to Reduce Your Home Loan Tenure?

Impact of Home Loan Tenure on EMIs

• EMI: Longer tenure results in lower monthly EMIs; shorter tenure leads to higher EMIs.
• Interest Payments: Extended tenure increases the total interest, while a reduced tenure decreases it.
• Budget: Longer tenure eases monthly budget strain, whereas shorter tenure requires higher income stability
• Cash Flow: Longer tenure frees up cash for other investments, while shorter tenure ties up more funds in EMIs.

How to Choose the Best ICICI Home Loan Tenure?

• Assess income, expenses, and job security for consistent repayments.
• Opt for shorter tenures to reduce overall interest costs.
• Choose EMIs that fit comfortably within your budget.
• Calculate total interest to minimize long-term costs.
• Check for prepayment options without heavy penalties.
• Align tenure with long-term financial goals.
• Plan to settle the loan before retirement.
• Factor in potential salary growth for shorter tenures.
• Balance EMI affordability with loan tenure.

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How To Apply For a Home Loan From ICICI ?

1. Check Eligibility Criteria: Verify age, income, credit score, and employment status.
2. Calculate Loan Amount and EMI: Use ICICI’s online calculator to determine affordable loan amounts and monthly installments.
3. Gather Required Documents: Collect identity proof, address proof, income statements, and property-related documents.
4. Choose Application Method: Apply online through ICICI’s website or visit a nearby branch in person.
5. Submit the Application: Complete the application form accurately and attach all necessary documents.
6. Loan Processing and Verification: The bank reviews your application, verifies documents, and conducts a credit appraisal.
7. Property Valuation and Legal Checks: ICICI assesses the property’s market value and performs legal due diligence.
8. Receive Approval and Sanction Letter: Upon successful verification, you receive a loan approval and sanction letter detailing terms.
9. Sign the Agreement: Review and sign the loan agreement, agreeing to the specified terms and conditions.
10. Disbursement of Funds: The approved loan amount is transferred to your account or directly to the property seller.
11. Complete Post-Disbursement Formalities: Finalize any remaining documentation and set up repayment methods for EMIs.

Read More: Home Loans in Bangalore

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ICICI Home Loan: Minimum and Maximum Loan Amount

ICICI offers home loans that cater to various financial situations. From first-time buyers needing a smaller loan to those looking to invest in premium real estate, knowing the minimum and maximum amounts available can simplify your search. 

Home Loan Types	Maximum and Minimum Loan Amount
ICICI Home Loan	Maximum: Rs. 5 Crores
ICICI NRI Home Loan	75% – 90% of the property value
ICICI Balance Transfer Home Loan	Minimum: 15 Lakhs
ICICI Land Loan	Up to 70% funding on market value for purchasing land
ICICI Step-Up Loan	75% – 90% of the property value
ICICI Loan Against Property	75% – 90% of the property value

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ICICI Customer Care Contact Details

To facilitate effective communication with customers, ICICI offers various channels for support.

Contact Method	Details
Email ID	customer.care@icicihfc.com
Toll-Free Number	1800 267 4455
Text Message	SMS “HOME” to 5676766
Official Address	ICICI Home Finance Company LimitedICICI Bank Towers,Bandra – Kurla Complex,Mumbai 400 051, IndiaTel.: (+91- 22) 26531414
Website	https://www.icicihfc.com/

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ICICI Home Loan Centers Near You

Finding the right support when applying for a home loan is crucial to making your homeownership dreams a reality. ICICI has multiple home loan centers nationwide to provide you with convenient access to expert advice and personalized services. 

Check out the nearest ICICI branch using our branch locator tool.

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ICICI Home Loan Approval and Disbursal 

ICICI is committed to processing home loan applications with utmost efficiency. Typically, the entire approval process is completed within 15 to 30 working days from the date of application submission. 

However, this timeline may vary based on several key factors:

• Completeness of documents
• Property type and location
• Applicant’s financial profile and credit score

ICICI Home Loan Disbursement Process

ICICI ensures a compliant and efficient home loan disbursement through a three-stage process: Application, Sanction, and Disbursement.

1. Application for Home Loan

Applicants are required to complete the home loan application form, providing necessary personal, income, and property documents and details.

2. Home Loan Sanction

Upon submission, ICICI reviews the application and documents. Legal and technical experts assess the property’s compliance and condition.

3. Home Loan Disbursement

After receiving the sanction letter, the borrower is required to complete the down payment and submit final property documents for loan disbursement.

Types of Disbursement

• Full Disbursement: Entire loan amount released if the property is fully constructed
• Partial Disbursement: Loan disbursed in stages based on construction progress for under-construction properties

How to Maximize the Chances of ICICI Home Loan Approval?

• Maintain a high credit score
• Showcase strong financial stability
• Reduce existing debt obligations
• Provide complete and accurate documentation
• Pay sufficient down payment
• Choose property in approved locations
• Maintain consistent employment history
• Avoid multiple loan applications simultaneously
• Submit clear and legal property documents
• Ensure proper property valuation
• Keep income tax returns up to date
• Maintain low credit utilization ratio

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ICICI Home Loan Insurance

ICICI offers home loan insurance to protect you and your family from unexpected events. This insurance is included in your home loan package and is considered as a home loan component.

ICICI Home Insurance and Secure Mind

Safeguard your home loan with ICICI Bank’s Home Insurance plans, offering financial support to your family in unforeseen events. Explore our exclusive Home Insurance and Secure Mind & Loan Protect plans for comprehensive loan coverage.

Features and Benefits:

Home Insurance and Secure Mind

• No Medical Checkup: Available for premiums up to ₹3 crores.
• Comprehensive Coverage: Includes individual, home, and its contents.
• Single Premium Plan: Offers long-term insurance with a one-time premium payment.

Loan Protect

• Constant Life Cover: Coverage remains unchanged for up to 20 years.
• Flexible Policy Tenure: Choose a tenure of up to 20 years.
• Continued Life Cover: Option to retain life cover even after loan closure.
• Tax Benefits: Avail tax benefits as per prevailing tax laws.

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Is Home Loan Insurance Mandatory?

Although not legally mandated, ICICI makes it mandatory for its customers to obtain a home loan insurance.

Benefits of Opting a Home Loan Insurance Premium

• Financial Security: Ensures loan repayment during unforeseen events.
• Comprehensive Protection: Covers critical illness, accidents, and death.
• Joint Borrower Coverage: Protects both borrowers under one policy.
• Reduced Financial Stress: Lessens financial burden on dependents.
• Tax Benefits: Possible tax deductions on premium payments.
• Peace of Mind: Guarantees loan liability coverage in emergencies.

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ICICI Home Loan Tax Benefits

Home loans offer significant tax benefits under the Income Tax Act, 1961. These benefits apply to both the principal amount and interest paid, making home loans more cost-effective.

Section	Deduction Type	Maximum Deduction Amount	Conditions
80C	Principal Repayment of Home Loan	₹1.5 Lakh per annum	The house property must not be sold within five years of possession.
80C	Payment of Stamp Duty	₹1.5 Lakh per annum	These expenses can only be claimed in the year they are incurred.
24b	Interest Payment on Home Loan	₹2 Lakh per annum	The loan must be taken for purchasing or constructing a house. If constructing a house, the construction must be completed within five years from the end of the financial year in which the loan was taken. If the property is let out (rented), there is no cap on the interest deduction under Section 24(b). This allows property owners renting out their property to claim full interest payments as a deduction.

1. Section 24B – Deduction on Home Loan Interest

What It Is:

• Allows you to claim a deduction on the interest paid on your home loan.

Benefits:

• Self-Occupied Property: Deduct up to ₹2 lakh per year on interest payments.
• Rented Property: No upper limit on the interest amount you can claim.

Example

Category	Amount
Loan Amount	Rs. 70,00,000
Interest Payable Per Year	Rs. 4 Lakhs
Tax Deduction	Rs. 2 Lakhs/ Year
Tax Bracket	30%
Tax Benefits per Year	Rs. 66,000

2. Section 80C – Deduction on Principal Repayment

What It Is:

• Allows deduction on the principal portion of your home loan repayments, up to ₹1.5 lakh per year.

Benefits:

• Reduces your taxable income by the principal amount repaid.
• Also includes stamp duty and registration charges (one-time claim in the year incurred).

Example

Category	Amount
Loan Amount	Rs. 75,00,000
Principal Payable Per Year	Rs. 3.5 Lakhs
Tax Deduction	Rs. 1.5 Lakhs per Year
Tax Bracket	30%
Tax Benefits per Year	50,000

Total Tax Benefits (Section 24B + Section 80C = Rs. 1.16 Lakhs/ Year

3. Joint Home Loans – Double the Benefits

What It Is:

• When two or more people take a joint home loan and are co-owners of the property.

Benefits:

• Section 24B: Each co-borrower can claim up to ₹2 lakh on interest.
• Section 80C: Each can claim up to ₹1.5 lakh on principal repayment.
• Total Tax Savings: Potentially ₹1.05 lakh per person per year (at 30% tax rate).

Who is Eligible to be a Co-Applicant?

• Father/ Mother
• Unmarried Daughter
• Siblings
• Husband/ Wife
  (Minors cannot be considered as co-applicants for a Home Loan)

Example

Category	Co Applicant 1	Co Applicant 2
Tax Deduction under 24B	Rs. 2 Lakhs/ Year	Rs. 2 Lakhs/ Year
Tax Deduction under 80C	Rs. 1.5 Lakhs/ Year	Rs. 1.5 Lakhs/ Year
Tax Deductions/ Year	Rs. 3.5 Lakhs/ Year	Rs. 3.5 Lakhs/ Year
Tax Bracket	30%	30%
Tax Benefits	Rs. 1.16 Lakhs/ Year	Rs. 1.16 Lakhs/ Year

When you opt for a co-applicant on your home loan, the savings can be substantial due to the ability to claim tax deductions separately. For example, with a co-applicant, the total tax savings can amount to ₹2.32 lakhs annually. Here’s how it works:

• EMI Paid per Year: ₹60,000 x 12 = ₹7,20,000
• Money Saved through Tax Deductions: ₹2,32,000
• Net Money Paid after Deductions: ₹7,20,000 – ₹2,32,000 = ₹4.88 lakhs

By utilising this tax benefit, you effectively lower your financial outflow, paying only ₹4.88 lakhs per year instead of the full ₹7.20 lakhs. 

Read More: Stamp Duty and Registration Charges in Bihar

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Why Should You Choose ICICI For Your Home Loan?

• Generous Loan Amount: Get up to ₹5 crore Home Loan for diverse housing needs.
• Minimal Documentation: Streamlined process for quick and hassle-free approval.
• Instant Provisional Sanction: Swift pre-approval for confident home purchases
• Flexible Tenure: Customizable repayment options to suit financial preferences.
• No Foreclosure Charges: Repay early without additional costs (T&Cs apply).
• Competitive Fixed Interest Rates: Enjoy predictable monthly payments with stable rates.
• Offline Branch Support: Wide branch network for in-person assistance with Home Loan needs.

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How Credit Dharma Simplifies The Home Loan Journey? 

Buying a home is a big step. Getting a home loan can be hard, but we make it easy. At Credit Dharma, we make this possible by offering lowest guaranteed interest rates that keep your monthly payments manageable, allowing you to enjoy more of what truly matters.

But that is not it. We offer:

• Guaranteed up to 100% funding
• Receive lifetime assistance and expert guidance long after your loan is approved.
• Enjoy a fully digital process with minimal paperwork 
• Get your loan approved within just 1-2 weeks.

Bank	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI Bank	8.00% p.a. onwards	8.00% p.a. onwards	8.00% p.a. onwards
HDFC Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
LIC Bank	8.50% – 10.35% p.a.	8.50% – 10.55% p.a.	8.50% – 10.75% p.a.
ICICI Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Kotak Mahindra Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Punjab National Bank	8.50% – 11.05% p.a.	8.50% – 11.05% p.a.	8.50% – 11.05% p.a.
Bank Of Baroda	8.40% onwards	8.40% – 10.65% p.a.	8.40% – 10.90% p.a.
Bajaj Housing Finance	8.50% p.a. onwards	8.50% p.a. onwards	8.50% p.a. onwards
Axis Bank	8.75%-10.30% p.a.	8.75%-10.30% p.a.	8.75%-10.30% p.a.
Bank of India	8.40% p.a onwards	8.40% p.a onwards	8.40% p.a onwards
TATA Capital	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards