ICICI Bank offers instant and paperless housing loan approval up to INR 1 crore
ICICI home loan rates within 9.00% - 10.05%
The low processing fee, higher loan amount and instant approval make ICICI home loan one of the best choices for customers. ICICI Bank also offers pre-approved home loan which is instant and paperless and can be taken for the loan amount up to Rs. 1 crore. If you are planning to apply for a home loan, get the details below:
- ICICI instant home loan up to Rs. 1 crore
- home loan interest rate
- Fastest Sanction Process
- Special processing fee of INR 3,000 + GST on pre approved loans for ICICI Bank account holders
- Maximum loan amount available for home loans
- Eligibility criteria required to apply for the loan
- List of documents
- ICICI home loan schemes
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
ICICI Home Loan Interest Rates December 2023
Below is the table showing the housing loan details of ICICI Bank.
|Interest Rate||9.00% - 10.05%|
|Processing Fee||Bureau Score>=700 & NTC - INR 2,999 + GST|
- Bureau Score<700 - 0.50% + taxes
|Loan Tenure||30 Years|
|Loan Amount Slab||Home Loan Interest Rates|
|Up to INR 35 lakhs||9.00% - 9.50%|
|INR 35 lakhs to INR 75 lakhs||9.00% - 9.60%|
|Above INR 75 lakhs||9.00% - 9.70%|
|Loan Amount Slab||Home Loan Interest Rates|
|Up to INR 35 lakhs||9.00% - 9.65%|
|INR 35 lakhs to INR 75 lakhs||9.00% - 9.75%|
|Above INR 75 lakhs||9.00% - 9.85%|
ICICI Bank Home Loan Processing Fee
Those who submit all home loan documents to the bank within 7 days, will be charged only INR 2,999/- + GST Login fee.
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.
|Loan Amount (In INR)||CIBIL Score >800||CIBIL Score >750-800||CIBIL Score of 710-749||NTC|
|Upto 35 Lakh||9.00%||9.00%||9.50%||9.25%|
|Above 35 Lakh-75 Lakh||9.00%||9.00%||9.60%||9.50%|
|Above 75 lakh||9.00%||9.00%||9.70%||9.60%|
|Loan Amount (In INR)||CIBIL Score >800||CIBIL Score>750-800||CIBIL Score of 710-749||NTC|
|Upto 35 Lakh||9.00%||9.10%||9.65%||9.40%|
|Above 35 Lakh-75 Lakh||9.00%||9.10%||9.75%||9.65%|
|Above 75 lakh||9.00%||9.10%||9.85%||9.75%|
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.||8.90%||NIL|
|>35 Lakh||MNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd.||8.90%|
|Top Up on Home Loan||<35 Lakh||MNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd.||8.90%||0.50% of the loan amount plus GST|
|>35 Lakh||MNC Banks, PSBs, Private Banks, LIC Housing Finance, HDFC Ltd.||8.90%|
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 December 2023
ICICI Bank has launched special pricing for a home loan and home loan balance transfer for September 2020. The rates are lower than 9.00% - 10.05%, 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||9.00%||9.00%|
|> Rs. 35 Lakh < = Rs. 75 Lakh||9.00%||9.00%|
ICICI Home Loan Schemes
Below are the schemes available for ICICI Bank home loan customers.
ICICI Express Home Loan
Arguably the first of its kind in the home loan segment, ICICI Bank has introduced an express home loan for borrowers looking to buy, construct, renovate and extend a housing unit. You don’t need to visit the bank branch as the loan sanction process is fully digital. Check your eligibility by visiting the Express Home Loan portal on the official website of the bank. Know ICICI Express Home Loan in detail.
ICICI Bank New Home Loan Scheme – Cashback Home Loans
This new scheme is valid for home loans irrespective of the loan amount. Customers will get the first cashback after paying the first 36 EMIs. Afterwards, the 1% cashback for each month will be credited to the account holder. The facility is available for the loan taken for the tenure of 15 years to 30 years. Hence, customers who are eligible under the CLSS scheme will not only get the interest subsidy but will also be able to save more on their home loan.
ICICI Bank Step Up Home Loans
This is for all the young salaried professionals who want the keys to their dream home early in life. Those who earn a minimum monthly income of INR 20,000 can avail the same for a tenure of up to 20 years. The best part is that it comes with a maximum loan amount limit of INR 3 crore along with enhanced eligibility of up to 20%.
ICICI Bank Extra Home Loans
This housing loan scheme comes with a double benefit of improved affordability as well as an extended repayment period. The facility allows you to enhance your loan amount by up to 20% along with providing you an option to extend your repayment period.
ICICI Bank Pragati Home Loans
This home loan scheme caters the needs of salaried and self-employed borrowers. Under this facility, borrowers can avail home improvement loan, non-residential premise loan (NRP) and home loan. But, to avail the same, salaried individuals need to earn a minimum monthly income of INR 10,000. The loan amount offered under this facility ranges between INR 5-50 Lakh for up to a tenure of 20 years.
Pradhan Mantri Awas Yojana
This scheme is for Economically Weaker Section (EWS) and Low Income Group (LIG) categories under PMAY – Housing for All. With government’s vision of Housing for All by 2022, the bank is offering this credit linked subsidy scheme to fulfill their dream home wish. The first time home borrowers can avail the subsidy up to INR 2.67 lakh.
ICICI Bank Saral Rural Housing Loan
This housing loan scheme is designed to helps women borrowers, as well as the weaker section of the society, fulfill their dream of owning a home. Applicants can avail the loan up to 90% of the property value for a tenure of up to 3-20 years. The loan amount offered by the bank ranges between INR 5-15 Lakh.
How can you apply online for ICICI home loan?
The online loan application procedure is simple with Wishfin. You can visit the website and apply for the lender that suits your purpose. If you match the eligibility criteria and have all the documents (including property papers), Wishfin experts will make sure you get instant approval with the lowest rate possible.
What is the eligibility to apply for ICICI home loan?
To apply for a housing loan at ICICI Bank, applicants need to match the below-mentioned eligibility.
- All salaried, as well as self-employed Indians with a regular source of income can apply
- An applicant must be at least 21 years of age to a maximum of 65 years of age/retirement, whichever is earlier.
- Family members such as an earning spouse can be the co-applicant
- Co-owners must be co-applicants of the loan too.
What are the documents required for ICICI home loan?
Check out below the documents you need to submit to apply for ICICI Home Loan.
|Documents Checklist||For Salaried||For Self-employed Professional||For Self-employed Non-Professional|
|Application form with duly signed photograph||Yes||Yes||Yes|
|Age, Residence & Address Proof||Yes||Yes||Yes|
|Last 6 Months Bank Statements||Yes||Yes||Yes|
|Last 3 Months Salary Slips||Yes||Yes||Yes|
|Processing Fee Cheque||Yes||Yes||Yes|
|Form 16/Income Tax Returns||Yes||Yes||Yes|
|Proof of Business Existence||Yes|
|Education Qualification Certificate & Proof of Business Existence||Yes||Yes|
|Last 3 Years Income Tax Returns with Computation of Income||Yes||Yes|
|Last 3 Years CA Certified/Audited Balance Sheet and Profit & Loss Account||Yes||Yes|
Other related documents
- Power of Attorney format for the collection of original property documents
- In the case of death of the loan account holder: Request letter from the legal heir/claimant/nominee(s) for handover of property documents
- Letter of relinquishment for relinquishing right in the favor of legal heirs/nominees/surviving owners for handover of documents.
For What Purposes Can You take ICICI home loan?
You can get ICICI Home Loan for the following purposes:
- Buying New House
- Buying Resale Home
- Construction New Home/Buying a Property
- Balance Transfer
Benefits of ICICI Home Loan
- 24×7 Assistance: By offering you complete assistance in property related issues, the bank makes sure you have a smooth home loan journey.
- Loans for Property Across India: Applicants can avail the loan to buy any property located across India. The bank with its wide network is easy to access anywhere in India.
- Home Loan Mobile: You don’t need a laptop or desktop to apply or to know your loan status as ICICI home loan is in your pocket i.e. on your mobile. Things become much more convenient and easier for you and are just a touch away.
- Pre-Approved Home Loan Offers: ICICI also gives you pre-approved home loan offers. If you are an existing customer of the bank, you are eligible to get pre-approved home loan offers and that too with less documentation.
- Easy Repayment Options: You can avail the loan for a tenure of up to 30 years, thus you have a lot of time to repay the same with flexible EMIs.
- Door-step Service: No matter what sort of assistance you need, the bank with its highly talented and proficient team of experts provides you the best doorstep services.
How can you calculate EMI for ICICI home loan?
Home loan or an interest rate calculator is one such magical, cost-effective and time-saving device that allows you to calculate your loan EMI in a very quick and easy manner. You just need to feed three basic components into the calculator:
- Loan Amount
- Interest Rate
Here is an example for your reference.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 30,00,000||9.00%||1||₹ 2,62,354||₹ 1,48,253||₹ 31,48,253|
|₹ 30,00,000||9.00%||2||₹ 1,37,054||₹ 2,89,301||₹ 32,89,301|
|₹ 30,00,000||9.00%||3||₹ 95,399||₹ 4,34,371||₹ 34,34,371|
|₹ 30,00,000||9.00%||4||₹ 74,655||₹ 5,83,446||₹ 35,83,446|
|₹ 30,00,000||9.00%||5||₹ 62,275||₹ 7,36,504||₹ 37,36,504|
|₹ 30,00,000||9.00%||6||₹ 54,077||₹ 8,93,516||₹ 38,93,516|
|₹ 30,00,000||9.00%||7||₹ 48,267||₹ 10,54,448||₹ 40,54,448|
|₹ 30,00,000||9.00%||8||₹ 43,951||₹ 12,19,259||₹ 42,19,259|
|₹ 30,00,000||9.00%||9||₹ 40,629||₹ 13,87,902||₹ 43,87,902|
|₹ 30,00,000||9.00%||10||₹ 38,003||₹ 15,60,328||₹ 45,60,328|
|₹ 30,00,000||9.00%||11||₹ 35,882||₹ 17,36,478||₹ 47,36,478|
|₹ 30,00,000||9.00%||12||₹ 34,141||₹ 19,16,293||₹ 49,16,293|
|₹ 30,00,000||9.00%||13||₹ 32,690||₹ 20,99,705||₹ 50,99,705|
|₹ 30,00,000||9.00%||14||₹ 31,468||₹ 22,86,645||₹ 52,86,645|
|₹ 30,00,000||9.00%||15||₹ 30,428||₹ 24,77,040||₹ 54,77,040|
|₹ 30,00,000||9.00%||16||₹ 29,535||₹ 26,70,811||₹ 56,70,811|
|₹ 30,00,000||9.00%||17||₹ 28,764||₹ 28,67,880||₹ 58,67,880|
|₹ 30,00,000||9.00%||18||₹ 28,093||₹ 30,68,163||₹ 60,68,163|
|₹ 30,00,000||9.00%||19||₹ 27,507||₹ 32,71,574||₹ 62,71,574|
|₹ 30,00,000||9.00%||20||₹ 26,992||₹ 34,78,027||₹ 64,78,027|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 56,181||₹ 2,67,720||₹ 29,43,818|
|2||₹ 61,451||₹ 2,62,450||₹ 28,82,367|
|3||₹ 67,216||₹ 2,56,685||₹ 28,15,151|
|4||₹ 73,521||₹ 2,50,380||₹ 27,41,629|
|5||₹ 80,418||₹ 2,43,483||₹ 26,61,211|
|6||₹ 87,962||₹ 2,35,939||₹ 25,73,249|
|7||₹ 96,213||₹ 2,27,688||₹ 24,77,035|
|8||₹ 1,05,238||₹ 2,18,662||₹ 23,71,797|
|9||₹ 1,15,111||₹ 2,08,790||₹ 22,56,685|
|10||₹ 1,25,909||₹ 1,97,992||₹ 21,30,776|
|11||₹ 1,37,720||₹ 1,86,181||₹ 19,93,056|
|12||₹ 1,50,639||₹ 1,73,262||₹ 18,42,416|
|13||₹ 1,64,770||₹ 1,59,131||₹ 16,77,645|
|14||₹ 1,80,227||₹ 1,43,674||₹ 14,97,418|
|15||₹ 1,97,133||₹ 1,26,768||₹ 13,00,284|
|16||₹ 2,15,626||₹ 1,08,275||₹ 10,84,658|
|17||₹ 2,35,853||₹ 88,048||₹ 8,48,805|
|18||₹ 2,57,978||₹ 65,923||₹ 5,90,826|
|19||₹ 2,82,178||₹ 41,723||₹ 3,08,648|
|20||₹ 3,08,849||₹ 15,253||₹ 0|
Interest rate conversion option for existing customers
The existing home loan borrowers of ICICI Bank have the option to reduce the current interest rate on their loan. The conversion cab be done for the following purposes:
- Convert your existing margin to the applicable prevailing margin or
- Switch your home loan from floating rate to fixed rate or vice versa.
There are two ways through which you can know about the facility.
- By contacting the customers care department
- Visiting the nearest bank branch.
You need to have the following documents to convert your home loan-
- Self-attested conversion request letter which can be downloaded from the bank’s website.
- Self-attested conversion fee cheque/cash for the payment
- Identity proof of applicant and co-applicant (if applicable)
ICICI Bank Home Loan Application Status
When you apply for a home loan through Wishfin, you get personalized assistance for your loan. The experts here will let you know when you can get the approval & disbursal.
ICICI Home Loan FAQs
1. How to apply for an ICICI home loan online?
You can directly apply for an ICICI home loan online by simply visiting the official ICICI Bank website. There you can apply for an ICICI home loan with just one click. Moreover, you will have to fill a basic application form along with all the required documents. The bank will then evaluate your eligibility and your overall CIBIL Score and credit report and give approval on your loan application.
2. Which is the best ICICI home loan scheme?
Being a private sector bank ICICI offers a wide range of home loan options to choose from. However, it is advisable that the one that fulfills all your needs would be the best option for you.
3. Should you take a housing loan from ICICI?
Yes, compared to all other private banks, ICICI bank offers the lowest interest rates along with a wonderful after sales service which makes it suitable for home loans.
4. What are the different types of ICICI home loan?
ICICI Bank offers 5 different types of home loan options that are listed below:
– Basic Home Loan
– Home Construction Loan
– Home Extension / Improvement Loan
– Home Loan Balance Transfer
– Pradhan Mantri Awas Yojana
5. What is maximum home loan tenure in ICICI?
ICICI Bank offers home loans for tenures up to 30 years.
6. How long does it take for ICICI Bank home loan approval?
Generally, it takes around 3 to 7 working days for ICICI Bank to approve home loan applications.
7. What is ICICI home loan processing fee?
ICICI charges 0.25% of the loan amount along with the applicable taxes.
8. What is the minimum CIBIL score for ICICI home loan?
A CIBIL Score of 750 or above is required to apply for an ICICI home loan.
9. What is the minimum salary to apply for a home loan in ICICI Bank?
For salaried applicants, the minimum salary required to apply for an ICICI Bank home loan is INR 30,000.
10. What is the minimum home loan amount in ICICI?
The home loan amount in ICICI Bank completely depends on the applicant’s eligibility.
11. What is the maximum limit of ICICI housing loan?
ICICI Bank offers a maximum home loan of INR 7 crores. However, this depends on the type of home loan that you are applying for.
12. Can a pensioner get a housing loan from ICICI?
Yes, a pensioner can get a home loan but only from the bank in which he has a pension account.
13. How much home loan can I get on 50000 salary from ICICI Bank?
At ICICI Bank the maximum home loan that you can apply for with a salary of INR 60,000 is around INR 34 lakhs approximately. However, the actual figure might differ depending on various factors like your overall credit score, current liabilities, existing loans, etc.
14. How much housing loan can I get on 80000 salary from ICICI?
On a salary of INR 80,000 an applicant can apply for a maximum home loan of INR 63 lakhs approximately from ICICI Bank.