ICICI Bank offers a range of home loans with competitive interest rates and low processing fees. With a minimum 6.90% p.a. interest rate on home loans, you will find some of the cheapest home loan options in India at ICICI Bank. For existing customers of ICICI Bank, you can enjoy instant, pre-approved home loans and reduced documentation.
|Summary of ICICI Bank's Home Loans|
|Low interest rates and processing fees|
|Many options for instant and pre-approved home loans|
|Reduced documentation for eligible borrowers|
|Eligibility not clearly explained before you apply|
Table of Contents
What Makes ICICI Home Loans Stand Out to Borrowers
ICICI bank charges some of the lowest interest rates on home loans in the market. In addition, they offer a number of home loan options, including instant and pre-approved home loans for eligible borrowers.
Here, you can see which home loan options are available to you and where they stand compared to the rest.
|Loan Amount Range||Maximum Tenure||Features|
|ICICI Bank Home Loan||-||30 years||Trackmyloan feature for easy tracking. PMAY benefits for first-time home buyers.|
|Express Home Loan||-||-||Online application process. Quick loan sanction. Quick eligibility check.|
|Land Loan||Rs. 8 lakh - Rs. 3 Crore||20 years||Attractive interest rates, Works for construction loans.|
|Extraa Home Loan||-||-||Get an increased loan amount up to 20%, up to Rs. 2 crore. Maximum borrower age of 67.|
|NRI Home Loan||Rs 5 lakh to Rs 1 crore. 80% of cost for property. 65% of cost for construction and land.||Home Loan: 30 years, Home Improvement Loan: 15 years, Land Loan: 20 years||Competitive interest rates for NRIs.|
|Balance Transfer & Top Up||100% of loan amount.||20 years||Get 100% of original loan amount on Top Up. Minimal documentation required.|
|24 Hour Top Up||Up to Rs. 1 Crore.||10 years||No additional income documents needed. Disbursal in 24 hours.|
|PMAY||No cap on loan amount.||20 years||No limit on loan amount. Option for additional loan. Subsidy up to Rs. 2.67 lakh.|
|Pratham Loans||Up to Rs. 50 lakhs.||20 years||Minimal documentation required. Minimum income requirement of Rs. 10,000.|
If you have a salaried account with ICICI Bank, you can avail instant and pre-approved home loans up to Rs. 3 crores, with loan disbursal as quick as 24 hours. Ultimately, your home loan eligibility will be based on the number of salary credits you have in your account.
ICICI Home Loan Interest Rates
ICICI Bank's home loan interest rates are one of its strongest features. Whether you are seeking a home loan, land loan, or balance transfer, you can expect to pay much less interest in your equated monthly instalments (EMIs).
Below, we compared the different floating interest rates that ICICI Bank offers on home loans.
|Salaried Range||Non-Salaried Range|
|ICICI Bank Home Loans||6.90% - 7.95%||7.05% - 8.05%|
|Land Loan||7.20% - 8.20%||7.45% - 8.30%|
|Balance Transfer & Top Up Loan||6.90% - 7.35%||7.05% - 7.50%|
|Pratham Loan||8.55% - 10.60%||8.55% - 11.30%|
|Average Rate in India||7.54% to 8.42%||7.60% to 8.53%|
Based on our research of over 30 banks, ICICI Bank offers some of the lowest interest rates on home loans, placing it in the top 3 banks with lowest interest rates alongside State Bank of India and HDFC Bank.
ICICI Bank Home Loan Eligibility Criteria
While it's difficult to find all eligibility criteria on the ICICI Bank website, borrowers can expect a minimum age of 21 years old for most home loans offered. In the case of the ICICI Land Loan, you must be at least 25 years old to apply and no older than 65 years old by the date of loan maturity.
The maximum age for other ICICI Bank home loans is 65 or the age of retirement, if it comes sooner. The exceptions to this rule are if you plan to apply for the Extraa Home Loan or Pratham Home Loan, which have a maximum limit of 67 and 70 years old, respectively.
If you are a low-income earner, you have the option of applying for a Pratham home loan, which sets the minimum income requirement at Rs. 10,000 per month. For self-employed eligibility, you must have 5 years of business continuity. Pratham home loans benefit borrowers with a low income requirement and reduced documentation, but it is at the expense of higher interest rates and processing fees.
ICICI Bank Home Loan Processing Fees and Other Charges
ICICI Bank charges relatively low processing fees and other charges compared to other home loan lenders. Below, you can find a list of all other charges and fees that you may come across when taking on an ICICI Bank Home Loan.
|Loan Processing Fees||0.50% - 2.00% of the loan amount or Rs. 1500/- (Rs. 2000/- for Mumbai, Delhi & Bangalore), whichever is higher + tax.|
|Prepayment Charges||Nil for home loans with floating interest rates. 2% for home loan with fixed interest rates.|
|Charges for Late Payment||2.00% per month.|
|Floating to Fixed Rate Conversion Charges||0.50% of principal outstanding loan amount + Tax.|
|Dual Fixed Rate to Floating Conversion Charges||0.50% of principal outstanding loan amount + Tax.|
|Floating to Dual Fixed Rate Conversion Charges||0.50% of principal outstanding loan amount + Tax.|
|Lifetime Fixed to Floating Conversion Charges||1.75% of principal outstanding loan amount + Tax.|
|Repayment mode swap Charges||₹ 500/-|
|Document Retrieval Charges||₹ 500/-|
|Cheque/AD/ECS bounce charges||₹ 500/-|
|Statement of Account||Nil|
|Final prepayment statement||Nil|
|Duplicate No Objection Certificate / No Due Certificate||₹ 100|
|Revalidation of No Objection Certificate||₹ 100|
|Provisional Income Tax Certificate||Nil|
|Final Income Tax Certificate||Nil|
|Change of Address||Nil|
|No Objection Certificate / No Due Certificate||Nil|
|Administrative charges||₹ 5000|
|CIBIL Report Charges||₹ 50|
|Cash transaction charge for repayment of EMI dues at Branches||₹ 100|
Depending on the housing loan you choose, you could pay up to 0.50% of the total loan amount in processing fees at ICICI. Land Loans require 1.00% in processing fees, while Pratham Loans charge up to 2.00% of the loan amount.
If you choose to switch your home loan interest rate later in your loan term from a floating rate to fixed rate, or vice versa, you may benefit from low conversion rates compared to other home loan lenders like Axis Bank.
Read more: Axis Bank Home Loan Review
Like most banks, you won't have to pay a prepayment penalty on home loans with floating interest rates if you seek to pay down your loan in advance. If you have a home loan with a fixed interest rate, you can expect to pay 2.00% of the principal outstanding amount + GST.
How to Apply: Application Process
You can apply online or in person for an ICICI Bank home loan. But, if you plan on applying online, you will find there are key eligibility criteria details missing from the website like minimum age and home loan amount range.
If you want to better understand your home loan eligibility, it is better to call ICICI customer service or visit your nearest branch for more information. Similarly, ICICI Bank offers a home loan eligibility calculator to help you estimate your EMIs.
Below, you will find a list of required documents for your home loan sanction and approval.
|Application form with photograph duly signed||Yes.||Yes.|
|Identity, residence and age proof||Yes.||Yes.|
|Last 6 months bank statements||Yes.||Yes.|
|Last 3 months Salary-slips||Yes.||No.|
|Processing fee cheque||Yes.||Yes.|
|Form 16 / Income Tax Returns||Yes.||Yes.|
|Proof of business existence||No.||Yes.|
|Education qualification certificate and proof of business existence||No.||Yes.|
|Last 3 years Income Tax Returns with computation of Income||No.||Yes.|
|Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account||No.||Yes.|
If you are an existing customer of ICICI Bank, you can enjoy reduced documentation requirements for your home loan. Borrowers who seek to apply for Balance Transfers, Top Up Loans, and Pratham Loans may also be eligible for reduced documentation.