Highlights
- Compare ICICI home loan rates and processing fees.
- Checkout the interest rates ranging from 8.75% - 9.80% on ICICI home loans.
Buying a home loan from ICICI Bank is quick and easy. A home loan from ICICI Bank can not be missed. The bank offers home loans to both salaried and self-employed at fixed as well as floating interest rates. Read more to know the details below:
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ICICI Home Loan Interest Rates February 2023
Below is the table showing the rate of interest, maximum loan amount, tenure and processing fee applicable to ICICI home loans.
| Particulars | Salaried | Self-employed |
|---|---|---|
| Home Loan Interest Rate | 8.75% - 9.65% | 8.75% - 9.80% |
| Loan Amount | Customized | Customized |
| Tenure | Up to 30 years | Up to 30 years |
| Processing Fees | INR 2,999 + GST | INR 2,999 + GST |
ICICI Home Loan Interest Rates for Existing Customers
With interest rate conversion option, the existing customers of home loans 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.
Home Loan Balance Transfer Interest Rates of ICICI Bank
You can lower your EMI burden and save money by transferring your existing home loan to ICICI. Yes, with the help of availing the Balance Transfer facility, you can get a lower home loan interest rate and save more on your EMIs and Interest Outgo. The rate for the same can be seen below.
| Segment | Interest Rate (In Per Annum) |
|---|---|
| Salaried | 8.65% |
| Self-employed | 8.65% |
Note – These rates apply irrespective of the balance transfer amount.
ICICI Home Loan Rates Based on CIBIL Score
ICICI Bank offers home loan rates based on CIBIL score for both salaried and self-employed applicants across different loan amounts. Let’s check the rates for both of them below.
Salaried
| Loan Amount (In INR) | CIBIL Score >800 | CIBIL Score >750-800 | CIBIL Score of 700-749 | CIBIL Score<=700 | NTC |
|---|---|---|---|---|---|
| Upto 35 Lakh | 8.75% | 8.75% | 9.25% | 9.40% | 9.00% |
| Above 35 Lakh-75 Lakh | 8.75% | 8.75% | 9.35% | 9.55% | 9.25% |
| Above 75 lakh | 8.75% | 8.75% | 9.45% | 9.65% | 9.35% |
Self-employed
| Loan Amount (In INR) | CIBIL Score >800 | CIBIL Score>750-800 | CIBIL Score of 700-749 | CIBIL Score<=700 | NTC |
|---|---|---|---|---|---|
| Upto 35 Lakh | 8.75% | 8.85% | 9.40% | 9.55% | 9.15% |
| Above 35 Lakh-75 Lakh | 8.75% | 8.85% | 9.50% | 9.70% | 9.40% |
| Above 75 lakh | 8.75% | 8.85% | 9.60% | 9.80% | 9.50% |
Pre-approved ICICI Home Loan Balance Transfer Interest Rates
ICICI Bank offers special rates to individuals who have got pre-approved home loan balance transfer offers from the private lender. The rate depends on the amount of transfer as well as the top-up amount you request when doing a balance transfer to ICICI Bank. Let’s check out the rates as well as the processing fee on a pre-approved balance transfer.
| Product | Loan Amount (In INR) | Types of Lending Institutions | Interest Rate (In Per Annum) | Processing Fee |
|---|---|---|---|---|
| Home Loan | <35 Lakh | MNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd. | 8.65% | NIL |
| Others | - | |||
| >35 Lakh | MNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd. | 8.65% | ||
| Others | - | |||
| Top Up on Home Loan | <35 Lakh | MNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd. | 8.40% | 0.50% of the loan amount plus GST |
| Others | - | |||
| >35 Lakh | MNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd. | 8.40% | ||
| Others | - |
Notes
- There will be an additional 10bps premium that will be charged on the above-mentioned pricing if the repayment mode is not Auto Debit.
- Top up on the Balance Transfer Facility of the Home Loan will be 30 bps higher than the above-mentioned pricing.
- Effective Rate for Top-up Loans with Home Loan Balance Transfer (external) cannot be priced lower than the applicable home loan rate for a balance transfer.
- For Top-up loans with External Home Loan Balance Transfer, the LAP Rate will be applicable if the Top-up loan amount is greater than 100% of the original balance transfer sanction amount.
- For RIBG Locations, pricing will be 25 bps higher than the above pricing.
- Empower (Banking Product), Garmin & LTV + FOIR Combo > 140%, then the pricing will be 25 bps higher than the above-mentioned pricing.
- For Money Saver, pricing will be 25 bps higher than the above pricing.
- For collateral Plus (Secured), pricing will be 200 bps higher than the above pricing.
- An additional pricing basis LTV, PSL, and Under-constructed Properties not to be applied on the pricing mentioned for Balance Transfer of the Loan.
For Home Loan Products/Pre-approved Top-up Loan for Insurance/Home Loan – Refinance (< 6 Months)/Home Improvement Loan
Salaried
| Loan Amount Slab | Home Loan Interest Rates |
|---|---|
| Up to INR 35 lakhs | 8.75% - 9.40% |
| INR 35 lakhs to INR 75 lakhs | 8.75% - 9.55% |
| Above INR 75 lakhs | 8.75% - 9.65% |
Self Employed
| Loan Amount Slab | Home Loan Interest Rates |
|---|---|
| Up to INR 35 lakhs | 8.75% - 9.55% |
| INR 35 lakhs to INR 75 lakhs | 8.75% - 9.70% |
| Above INR 75 lakhs | 8.75% - 9.80% |
Rates for Different Types of Home Loans
| Home Loan (Empower (Banking) & Gramin) LTV + FOIR Combo > 140% | 25 bps higher than the above-mentioned HL Rate |
| RIBG Locations | 25 bps higher than the above-mentioned HL Rate |
| Extra Home Loans/ Home Loan Plus | 25 bps higher than the above-mentioned HL Rate |
| Land Loan | 25 bps higher than the above-mentioned HL Rate |
| Money Saver | 25 bps higher than the above-mentioned HL Rate |
| *Top Up on Existing Home Loan | 30 bps higher than the above-mentioned HL Rate |
| RBP Top Up Loan | 25 bps higher than the above-mentioned HL Rate |
| Collateral Plus (Secured) | 200 bps higher than the above-mentioned HL Rate |
| Home OD With Top Up Loan (On HL including Balance Transfer) - Salaried Customer | 25 bps higher than the HL Top Up Pricing (i.e. HL Pricing + Top up Pricing + Home OD Pricing) |
| Home OD With Top Up Loan (On HL including Balance Transfer) - ICICI, Infosys & Tata Group Employees | 25 bps higher than the HL Top Up Pricing of ICICI, Infosys, and Tata (i.e. HL Pricing + Top up Pricing + Home OD Pricing) |
Additional Premium will be charged to all the customers availing home loan on the above-mentioned RAAC Rate based on the criteria mentioned below. You can have a look at that.
- For all the Non-auto Debit Cases, there will be an additional 10 basis points premium will be charged.
- For the loan amount upto INR 35 lakh and if they are Non-PSL, an additional 15 bps premium will be charged.
- For loan amounts upto INR 35 lakh and if Loan to value (LTV) is below 80%, an additional 15 bps premium will be charged.
- For loan amounts more than INR 35 lakh and upto INR 75 lakh, with LTV below 70%, an additional 15 bps premium will be charged.
- There will be an additional 10 bps premium will be charged on under-construction projects of builders (as per the builder scoring model of MVIG group) except for CAT and Builders
- For ICICI Group, Infosys, & Tata Group Employees, Top 51 corporates, and Top 30 Developers, an additional premium to be charged only if it is Non AD. The rest of the additional premium parameters will not be applied. (LTV, PSL, and Under-construction).
Notes
- Pricing for all the NRI and existing customers opting for interest rate conversion will be the pricing equivalent to the bureau score of more than 750.
- For conversion, an additional premium of 10 bps to be charged if the repayment mode is Non-auto Debit. Other criteria like LTV, PSL, and Under-construction will not be applied for this conversion.
- If the top up on the existing home loan is greater than the original sanction amount of the parent Home Loan, then LAP (Loan Against Property) rate will be applicable for the additional Top Up.
- The pricing offered to Top Corporates or Top Developers will be lower than the pricing mentioned for Top Corporates/Top Developers or the pricing mentioned for Home Loan products.
- Insurance Amount to be excluded from the mortgage loan amount while deriving at the applicable rate of interest for a mortgage loan.
- Penal Interest of 1% will be applicable on the land loan if customers do not complete the construction of a house on the land within 2 years from the first disbursement date of the land plot loan.
- Top 61 Corporates pricing is also applicable for conversion for existing customers working with top 61 Corporates & Top 30 developers.
- Top 61 corporates Pricing is also applicable for balance transfer of home loan – land + construction.
- An additional premium based on LTV, PSL, and Under-construction not to be applied on pricing mentioned for Top 61 Corporates.
- If customers are availing property from Top 30 Developers, then the pricing will be according to the pricing mentioned for Top 30 developers.
Pricing of Balance Transfer Cases, Land + Construction and Top Up Loan Balance Transfer
| Loan Amount | Salaried | Self-employed |
|---|---|---|
| Any Loan Amount | 8.40% - 9.30% | 8.40% - 9.45% |
- There will be an additional 10bps premium that will be charged on the above-mentioned pricing if the repayment mode is not Auto Debit.
- Top up on the Balance Transfer Facility of the Home Loan will be 30 bps higher than the above-mentioned pricing.
- Effective Rate for Top-up Loans with Home Loan Balance Transfer (external) cannot be priced lower than the applicable home loan rate for a balance transfer.
- For Top-up loans with External Home Loan Balance Transfer, the LAP Rate will be applicable if the Top-up loan amount is greater than 100% of the original balance transfer sanction amount.
- For RIBG Locations, pricing will be 25 bps higher than the above pricing.
- Empower (Banking Product), Garmin & LTV + FOIR Combo > 140%, then the pricing will be 25 bps higher than the above-mentioned pricing.
- For Money Saver, pricing will be 25 bps higher than the above pricing.
- For collateral Plus (Secured), pricing will be 200 bps higher than the above pricing.
- An additional pricing basis LTV, PSL, and Under-constructed Properties not to be applied on the pricing mentioned for Balance Transfer of the Loan.
Fees & Charges on Pre-approved Home Loan from ICICI Bank
ICICI Bank has brought down the processing fee on pre-approved home loans much lower than the standard fee applicable. Check out the table below to know the same.
| Products | Standard Processing Fee (In INR) | Pre-approved Processing Fee (In INR) |
|---|---|---|
| Home Loan/Land Loan | 2,999 + GST | 1,100 (Inclusive of Taxes) |
| Home Loan Balance Transfer | NIL | - |
| Top-up on Home Loan Balance Transfer | 0.50% of the Loan Amount + Applicable Taxes | 0.50% of the Loan Amount + Taxes |
| Administrative Charges | 5,000 + Applicable Taxes or 0.25% of the Loan Amount + Applicable Taxes, Whichever is Lower | 5,000 + Applicable Taxes or 0.25% of the Loan Amount + Applicable Taxes, Whichever is Lower |
| Special Applicable Fee for Home Loans/Land Loans | Processing Fee |
|---|---|
| Super Work Site | INR 2,500 + Applicable Taxes |
- Lower of Standard Fee or Special Applicable Fee as given above would be applicable
- Currently, the processing for all online cases is capped to INR 10,000, excluding service taxes. However, this offer might change and the value will change accordingly
- In the case of top-up on home loan balance transfer, the processing fee will be calculated separately, like the Processing Fee for Balance Transfer Amount and Processing Fee for the Top-up Amount.
Special Home Loan Pricing for February 2023
ICICI Bank has launched special pricing for a home loan and home loan balance transfer for September 2020. The rates are lower than 8.75% - 9.80%, usually charged by the renowned private lender. However, the rate is applicable if you have a CIBIL score of more than 750. Cases sanctioned till September 30 will be eligible for lower rates. Let’s check out the rates below.
| Loan Amount (In INR) | Salaried | Self-employed |
|---|---|---|
| Upto 35 Lakh | 8.75% | 8.75% |
| > Rs. 35 Lakh < = Rs. 75 Lakh | 8.75% | 8.75% |
| >75 Lakh | 8.75% | 8.75% |
Target Segments Regarding ICICI Bank Special Home Loan Pricing for February 2023
ICICI Bank has announced the segments to which its special home loan pricing will be applicable for September 2020. Take a look at the table below.
| Filter | Target Segment | Special Proposition for September |
|---|---|---|
| Age | 30-45 | |
| Employment Type | Salaried | |
| Income Band | >=50,000 Per Month | |
| Bureau Score | 700+ | |
| Bureau Score + Salaried | 750+ | ROI of 6.90% for loans upto INR 35 Lakh ROI of 7.00% for loans > INR 35 Lakh |
| Target Profiles with Special Pricing for September | Defense Employees, Doctors (MD/MS), Employees of Top 61 Corporates | 6.90% irrespective of bureau score |
| Target Locations | Delhi-NCR, Mumbai, Hyderabad, Bangalore, Chennai, Pune, Kolkata, Ahmedabad |
Which are Those Top 61 Corporates Whose Employees are Eligible for Special Pricing?
Check out the table below to know the same.
| L&T Infotech Ltd | Mindtree Limited | Novartis Healthcare Pvt Ltd | 24/7 Customer Pvt Ltd |
| ABB India Ltd | Abbott Healthcare (P) Ltd \ Piramal Enterprises Ltd | Accenture Solutions Pvt Ltd | Amazon Development Center India Pvt Ltd |
| Amdocs Development Centre India LLP | American Express India Pvt Ltd | Atos India Pvt Ltd | Bharat Petroleum Corporation Ltd |
| Reliance Group | Capgemini Technology Services India Ltd | Caterpillar India P L | CEAT Ltd |
| Cipla Ltd | Cognizant Technology Solutions India Pvt Ltd | CRISIL Limited | Cyient Ltd |
| Daimler India Commercial Vehicles Pvt Ltd | Dell International Services India (P) Ltd. | Ernst & Young LLP | EXL Group (EXL Service.COM India Pvt Ltd |
| FLSmidth Pvt Ltd | Ford India Pvt Ltd | Glenmark Pharmaceuticals Ltd | Godrej and Boyce Mfg Co Ltd |
| HCL Technologies Ltd/ HCL Technologies -IOMC | Hindustan Unilever Limited | Honda Cars India Ltd | ICICI Group of Companies |
| Infosys Group of Companies | Ipca Laboratories Ltd | Johnson & Johnson | JSW Steel Ltd |
| KEC International Ltd | Larsen & Toubro Limited ECC Division | Larsen & Toubro Ltd Group | LG Electronics India (P) Ltd |
| Lupin Ltd | M/S Sutherland Global Services Pvt Ltd | Microsoft | Maruti Suzuki India Ltd |
| Nagarro Software P.L. | NIIT Technologies Ltd | Pfizer Limited | Wipro Enterprises Ltd / PPA Wipro Ltd. |
| Reliance Communications Ltd | Reliance Industries | Reliance Infrastructure Ltd | Reliance Retail Limited |
| Samsung R&D Institute India - Bangalore Pvt Ltd | Serum Institute of India Ltd | Shoppers Stop Limited | Tata Group of Companies |
| Tech Mahindra Ltd (Erstwhile Satyam Computer Services) | Titan Company Ltd | Value Labs | Wockhardt Ltd |
| SRF Limited/ SRF Foundation |
Frequently Asked Questions
1. What is MCLR in Home Loan?
MCLR stands for Marginal Cost of funds-based Lending Rate. It is the benchmark rate set by a lending institution below which they cannot provide home loans to their customers.
2. What is the difference between a fixed and a floating rate home loan?
Fixed-rate home loans have an interest rate that remains constant during the entire loan tenure. On the other hand, depending on the RBI key policy rates, the interest rates on floating rate home loans may be altered from time to time during the loan tenure. In the case of floating rate home loans, the EMI can also change depending on the current RBI rates.
3. Is it possible to switch from a fixed rate to a floating rate during my home loan tenure?
Yes, you can switch from a fixed to floating rate of interest on your home loan during your loan tenure. However, you will be charged a conversion fee by ICICI bank in such a case.
4. What are the factors that determine your ICICI Home Loan Eligibility?
Your ICICI Home Loan eligibility depends on various factors such as your age, the type of employment (either Salaried or Self Employed), work experience or total years in business, the type of employment, monthly income or business turnover, your CIBIL score, along with the type of property that your are applying an ICICI home loan for.
5. What is the limit for ICICI home loan that I can apply for according to my salary?
The ICICI home loan amount that you can apply according to your salary depends on various factors such as your net income, CIBIL score, current financial obligations along with the value of the property.
6. What is the current ICICI home loan rate?
Currently the interest rate on ICICI home loans ranges from 8.75% p.a. to 9.80% p.a.
7. Will ICICI home loan rate of interest go down in 2023?
In 2023, you can avail an ICICI home loan at affordable interest rates starting from 8.75% p.a. However, the movement of the interest rates cannot be predicted
8. When does the interest rate of ICICI home loan change?
The interest rate of ICICI home loans change at quarterly intervals i.e. on the first day of the calendar quarter when there is a change in RBI’s Repo Rate.
9. What is the interest for 1 crore loan in ICICI Housing Loan?
The interest rate on an ICICI home loan worth INR 1 crore can start from 8.75% p.a. However, the actual interest rate charged by the bank is influenced by numerous factors.
10. How can I reduce my home loan interest rate in ICICI?
You can reduce your home loan interest rate by contacting the bank and opting for a floating rate of interest on your home loan.
11. What is the ICICI home loan interest rate for senior citizens?
The interest rate on an ICICI home loan usually ranges from 8.75% p.a. to 9.80% p.a
12. How much home loan can a government employee get in ICICI?
According to the RBI guidelines, Government employees can borrow a maximum amount which is equal to his 34 months basic pay.
13. Does ICICI Provide 90% Home Loan?
Generally ICICI approves home loans up to 90% of the property’s value. But the LTV ratio usually depends on the applicant’s overall credit profiles.
14. Is prepayment allowed in ICICI home loan?
Yes, ICICI Bank allows prepayment facility. However, it is advisable to always check with your lender before applying for a home loan.