ICICI Home Loan Interest Rates

Interest Rates 2017 149 views

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Buying a home loan from ICICI is quick and easy as the bank with its fastest approval process makes the journey smooth for you. Talking about ICICI home loan, how can the interest rates be missed? This renowned bank offers the home loan at an interest rate ranging between 8.35%-8.85% per annum. The bank offers the home loan on both fixed as well as floating interest rates to salaried and self-employed individuals. And, according to the category of the employer and loan amount, the rates offered by the lender vary. If we talk more about interest rates, the bank’s floating rates are linked to its 1-year MCLR (Marginal Cost of Lending Rate), which is currently standing at 8.20%.

Let’s take a look at the tables below to have a better understanding of ICICI home loan interest rates.

ICICI Home Loan Interest Rates for New Customers

Floating Interest Rate Up to ₹30 Lakh

CategoryInterest Rate for Salaried (in p.a.)Interest Rate for Self-employed (in p.a.)
WomenI-MCLR-1Y + 0.15%, Effective Rate: 8.35%I-MCLR-1Y + 0.30%, Effective Rate: 8.50%
OthersI-MCLR-1Y + 0.20%, Effective Rate: 8.40%I-MCLR-1Y+ 0.35%, Effective Rate:8.55%

Fixed Rate for 24/36 Months Upto ₹30 Lakh

CategoryInterest Rate for Salaried (in p.a.)Interest Rate for Self-employed (in p.a.)
Women8.35%8.50%
Others8.40%8.55%

Floating rates linked to I-MCLR-1Y (One year MCLR)

CategoryInterest Rate for Women Borrower (in p.a.)Interest Rate for Salaried (in p.a.)Interest Rate for Self-employed (in p.a.)
₹ 30 lacs to ₹ 75 lacs8.65%8.70%8.70%
₹ 75 lacs to ₹ 5 crore8.70%8.75%8.75% to 8.85% (Above ₹ 75 lacs)
Above ₹ 5 crore8.80%8.85%

Women Borrower

Loan AmountFixed Interest Rate for 5 Years, 10 Years (in p.a.)Full Tenor Fixed Interest Rate (in p.a.)
Up to ₹ 30 lacs8.70%9.70%
₹ 30 lacs to ₹ 5 crore8.80%9.80%
Above ₹ 5 crore8.90%10.05%

Salaried Borrower 

Loan AmountFixed Rate for 24/36 Months (in p.a.)
₹ 30 lacs to ₹ 75 lacs8.70%
₹ 75 lacs to ₹ 5 crore8.75%
Above ₹ 5 crore8.85%

Loan AmountFixed Interest Rate for 5 Years, 10 Years (in p.a.)
Full Tenure Fixed Interest Rate (in p.a.)
Up to ₹ 30 lacs8.75%9.75%
Above ₹ 30 lacs8.85% to 8.95%9.85% to 10.10%

Self Employed Borrower

Loan AmountFixed Interest Rate for 2 Years, 3 Years (in p.a.)
₹ 30 lacs to ₹ 75 lacs8.70%
Above ₹ 75 lacs8.75% to 8.85%

Loan AmountFixed Interest Rate for 5 Years, 10 Years (in p.a.)
Full Tenure Fixed Interest Rate (in p.a.)
Up to ₹ 30 lacs8.75%9.75%
Above ₹ 30 lacs8.85% to 8.95%9.85% to 10.10%

ICICI Home Loan Balance Transfer Interest Rates

You can lower your EMI burden and save money by transferring your existing home loan outstanding to ICICI. Yes, with the help of availing the BT facility, you can get the interest rates as low as 8.35%, hence can save more on your EMIs and Interest Outgo.

ICICI Home Loan Conversion Options for Interest Rate Reduction

With interest rate conversion option, the existing home loan customers of ICICI Bank can reduce their current rate of interest by opting for a lower rate. The customers can switch from fixed rate to floating rate or vice versa. However, there is a marginal fee of 0.5% of the principal outstanding+GST would be charged by the bank under the conversion facility. The borrowers also have the option of going for either reducing EMIs or loan tenure.

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