ICICI Bank offers a range of home loans with competitive interest rates and low processing fees. With a minimum 6.80% 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|
|Interest rates: From 6.80%|
|Loan tenure: 30 years, including NRIs|
|Loan amounts: Up to Rs. 3 crores|
|Instant and online home loans for pre-approved customers|
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 India, starting from 6.80%. Additionally, the bank offers a diverse menu of home loan options, including instant, online loans for pre-approved customers. If you are an NRI, you'll find that ICICI Bank is a good for low EMIs compared to other banks, as the maximum loan tenure is 30 years, regardless of your residency status.
|ICICI Home Loan||Features|
|ICICI Home Loan|
|Express Home Loan|
|ICICI Land Loan|
|ICICI Extraa Home Loan|
|NRI Home Loan|
|Balance Transfer & Top Up|
|ICICI Instant Home Loan|
|ICICI Pratham Home Loan|
|ICICI Loan Against Property|
ICICI Bank also offers PMAY Pradhan Mantri Awas Yojana and 24-hour loans for eligible borrowers.
ICICI Home Loan Interest Rates
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 HDFC Ltd. and LIC Housing Finance. 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) than other lenders.
|Loan Slab||Salaried Borrowers||Self-Employed Borrowers|
|Up to Rs. 35 lakhs||6.80% - 7.60%||6.95% - 7.85%|
|Rs. 35 lakhs to Rs. 75 lakhs||6.90% - 7.75%||7.00% - 7.95%|
|Above Rs. 75 lakhs||6.90% - 7.95%||7.00% - 8.05%|
|Balance Transfer for salary account holders||6.80% - 7.35%||6.95% - 7.50%|
|Salaried Borrowers||Self-Employed Borrowers|
|ICICI Land Loan||7.05% - 8.20%||7.20% - 8.30%|
|Balance Transfer & Top Up Loan||6.80% - 7.35%||6.95% - 7.50%|
|ICICI Pratham Loan||9.90% - 10.60%||10.15% - 11.30%|
|ICICI Loan Against Property||8.35% - 8.75%|
ICICI Bank Home Loan Eligibility
ICICI Bank offers large loan amounts up to Rs. 3 crore, but your loan eligibility is ultimately determined by your repayment capacity, desired loan amount and loan term. Below, you can find the maximum loan amounts per ICICI home loan.
|Loan Amount||Maximum Tenure|
|ICICI Home Loan||Up to Rs. 3 crores||30 years|
|ICICI Land Loan||Rs. 8 lakh - Rs. 3 Crore||20 years|
|ICICI Extraa Home Loan||Up to Rs. 2 crore||30 years|
|Pratham Loan||Up to Rs. 50 lakhs||20 years|
|NRI Home Loan||Rs. 5 lakh - Rs. 1 crore||30 years for home loan, 20 years for land loan, 15 years for home improvement loan|
|Balance Transfer & Top Up||100% of original loan amount||20 years|
|24 Hour Top Up||Up to Rs. 1 crore||10 years|
|PMAY||No cap on loan amount||20 years|
While Rs. 3 crore is a significant amount of funding, you may be in need of a larger amount for your housing project. Read our reviews of Citibank and Bank of India to find out more about their loan eligibility of Rs. 10 crore and more.
ICICI Loan Eligibility Criteria
ICICI Bank home loan eligibility criteria greatly varies depending on your housing product of choice. For regular home loans and NRI home loans, you must be between the ages of 21 and 65 by loan maturity. The age requirement for the ICICI Land Loan, however, is 25 to 65 years old. The Extraa Home Loan and Pratham Home Loan have a maximum age limit of 67 and 70 years old, respectively.
In terms of income and job stability requirements, ICICI Bank does not have enough information on its website for significant comparison. However, low-income earners can avail a Pratham home loan with a monthly income of Rs. 10,000, while self-employed borrowers must have 5 years of business continuity. With this in mind, ICICI offers one of the best options for low income earners in India, much comparable to the HDFC Reach home loan for borrowers with a low salary.
Our team recommends that you confirm eligibility criteria details of your desired housing product with ICICI Customer Service before applying.
ICICI Bank Home Loan Processing Fees and Other Charges
|Home Loan Processing Fee||0.50% of loan amount|
|Land Loan Processing Fee||1.00% of loan amount|
|Pratham Loan Processing Fee||2.00% of loan amount|
|Prepayment Charges for Floating Rates||Nil.|
|Prepayment Charges for Fixed Rates||2.00% of principal outstanding|
|Late Payment Penalty||2.00% per month, or 1.50% for overdraft facility|
|Floating to Fixed Rate Conversion Charges||0.50% of principal outstanding loan amount|
|Fixed to Floating Rate Conversion Charges||0.50% - 1.75% of principal oustanding, conditions apply|
ICICI Bank charges relatively low processing fees and other charges compared to other home loan lenders. Although, you will be charged higher processing fees for the Land Loan and Pratham loan.
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 .
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.
ICICI Home Loan EMI Calculator
Use a home loan calculator to estimate your EMIs before applying. By inputting your home loan interest rate, loan tenure, and loan amount, you can plan your repayments ahead of time. Click here to use the ICICI home loan calculator.
ICICI Home Loan EMI Payment
Our team of financial analysts calculated a standard EMI repayment schedule for borrowers, as seen below. This example shows the first 5 years of a 30-year loan tenure.
|Stage of Tenure||EMI||Interest Paid||Principal Paid||Outstanding Balance|
ICICI offers multiple EMI payment options, including a flexible loan instalment plan (FLIP), pre-EMI plan, and EMI Under construction plan. If you are opting for a fully disbursed loan, you can pay your loan through a standard EMI schedule, or the FLIP schedule which is tailored to borrowers who plan for reduced income throughout their loan tenure i.e. if you are retiring before loan maturity.
Borrowers who opt for a partly disbursed loan can pay their loan off through a pre-EMI scheme, which allows you to pay interest on the amount disbursed so far, and not the total loan amount. On the other hand, borrowers who choose the EMI Under Construction scheme have the option of calculating interest on their partly disbursed amount or total loan amount.
ICICI Home Loan Application
You can apply online or in person for an ICICI Bank home loan. However, only pre-approved customers can avail instant, online home loans from the ICICI website.
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. Below, you can find standard document requirements for an ICICI home loan.
|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 have any queries about the home loan application process or would like to track your loan status or statements, contact ICICI customer care through any of the methods below.