ICICI Bank provides home loans with interest rates starting at 8.75% p.a. for loan amounts up to Rs 5 crore and repayment terms of up to 30 years. Additionally, ICICI Bank offers pre-approved instant home loan sanctions to its salary account holders, along with a home loan balance transfer option for borrowers from other lenders, allowing them to benefit from lower interest rates.
ICICI Bank Home Loan
Particulars
Details
ICICI Home Loan Interest Rate
8.75% p.a. onwards
Loan Amount
Up to Rs 5 crore
Tenure
Up to 30 years
Processing Fees
0.50%-2.00% of loan amount or Rs 3,000 whichever is higher
Types of Home Loans
Type of Home Loan
Purpose
LTV Ratio
Tenure
Special Features
ICICI Bank Home Loan
Purchase or construction of a new home, home improvement, or extension .
Up to 90% of property value
Up to 30 years
Flexible repayment options, balance transfer facility
Tailored for self-employed professionals, flexible repayment options
ICICI Bank Home Loan for Women
Purchase or construction of a home
Up to 90% of property value
Up to 30 years
Preferential interest rates, additional benefits on property insurance
Table of Contents
Why Choose ICICI Bank Home Loan?
ICICI Bank Home Loan Features & Benefits
Affordable interest rates and both floating and fixed options
The home loan can be sanctioned before selecting the property
A really smooth simplified documentation process and even faster documentation process for existing customers
You get the freedom of enjoying a longer tenure with lower EMIs
The ‘Balance Transfer’ feature allows you to transfer your existing home loan availed from any other bank, to ICICI Bank. This is for you to enjoy long term savings.
With the ICICI Balance Transfer feature, you can enjoy up to additional top up loan amount. This can be up to 100% of the original home loan.
The bank’s home loan page provides unique online tools like Eligibility calculator and EMI calculator. With the eligibility calculator you can find the home loan amount you are eligible to avail for, and the EMI calculator calculates the monthly repayment amount towards the loan.
Selected customers can enjoy pre-approved home loans.
Up to 30 years of loan tenure available
Enjoy a fixed interest rate for the first 10 years, and thereafter a choice of fixed or floating interest rates.
ICICI Bank Home Loan Interest Rate
Customer Type
Effective Rate Of Interest
Salaried Individuals
8.95% – 9.70%
Self-employed Individuals
9.05% – 9.85%
Eligibility criteria for ICICI Home Loan
Requirements
Salaried
Self-Employed
Residency
Indian citizens or residents
Indian citizens or residents
Age
21 to 65 years at the time of loan maturity
21 to 65 years at the time of loan maturity
CIBIL Score
Minimum of 750 (varies based on loan amount and other factors) Minimum of 750 (varies based on loan amount and other factors)
Minimum of 750 (varies based on loan amount and other factors) Minimum of 750 (varies based on loan amount and other factors)
Loan Tenure
Up to 30 years Up to 30 years
Up to 30 years Up to 30 years
Minimum Net Income
Varies based on location and loan amount; generally a minimum of ₹25,000 per month Varies based on location and loan amount; generally a minimum of ₹30,000 per month
Varies based on location and loan amount; generally a minimum of ₹25,000 per month Varies based on location and loan amount; generally a minimum of ₹30,000 per month
ICICI Bank Processing Fee and Charges
Fee Type
Charges
Processing Fees
0.50% to 2% of loan amount
ECS Dishonor Charge
₹500 + GST per instance
Late EMI Payment Charges
Late EMI Payment Charges5% p.a. on overdue EMI + taxes
Late EMI Payment Charges
5% p.a. on overdue EMI + taxes
Statutory Charges
As per state laws
Check Bounce Charges
Check Bounce Charges₹500 per instance
Documents required for ICICI Home Loan
Documents
Salaried Applicants
Self-employed Applicants
Proof of Identity
✔
✔
Address Proof
✔
✔
Age Proof
✔
✔
Passport-size Photographs
✔
✔
Salary Slips
✔
✖
IT Returns
✔
✔
Form 16
✔
✖
Profit & Loss Account
✖
✔
Balance Sheet
✖
✔
Application Form
✔
✔
Processing Fee Cheque
✔
✔
Details of Current Employment
✔
✖
Business Profile
✖
✔
Details of Shareholders
✖
✔
Details of Directors
✖
✔
Some of the common documents required for ICICI Home Loan are:
Application form with photograph duly signed
Proof of Identity
Proof of Residence
Proof of Age
Processing fee cheque
For Salaried Individuals:
Last 6 months bank statements
Last 3 months Salary-slips
Form 16 / Income Tax Returns
For Self-employed Professionals/ Self-employed Non-professionals:
Identity, residence and age proof
Last 6 months bank statements
Form 16 / Income Tax Returns
Proof of business existence
Education qualification certificate and proof of business existence
Last 3 years Income Tax Returns with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
How to Apply for a Home Loan at ICICI Bank?
You can apply in two ways:
Through the official ICICI Ltd. portal by filling out the application form and tracking the application status online.
Contact Us at +91 636909 5433 or Visit Grow Associates for more convenient option
ICICI Bank Home Loan Interest Rates vs Other Banks & HFCs
