Owning a house is a dream for many Indians. If you are looking for the best way to finance your home, ICICI Bank offers competitive loan products to meet various financial needs. Anyone can apply for a home loan up to Rs. 5 crore with the ICICI home loan interest rate starting from 8.75% p.a. The hassle-free application and pre-approval process simplify home loans for customers.
Here, you will find comprehensive information about the various types of ICICI Bank home loans, their latest home loan interest rates, eligibility criteria, and the application process.
The table below shows the key highlights of the ICICI home loan, including the maximum loan amount you can avail of, standard interest rate, ICICI bank home loan processing fee, and pre-payment charges:
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ICICI Bank Home Loan - Highlights |
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ICICI Home Loan Amount |
Up to Rs. 5 crore |
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ICICI Home Loan Interest Rate |
8.75% - 10.05% |
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Loan Tenure |
Up to 30 years |
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Loan Processing Charges |
0.5% or 2% of the loan amount or Rs. 3000, whichever is higher |
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Prepayment Charges |
2% to 4% for fixed interest rate loans and nil for floating interest rate loans |
Last modified on August 12, 2024. Source: ICICI Bank
Preapproved customers can get a lower interest rate on their ICICI home loans, starting from 8.60% per annum. For all customers, ICICI offers a slab-based interest rate, where the floating interest rate is determined based on the individual application:
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ICICI Bank Home Loan Interest Rate |
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Loan Slab |
Salaried |
Self-Employed |
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Up to Rs. 35 lakhs |
9.25% - 9.65% |
9.40% - 9.80% |
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Rs. 35 lakhs to Rs. 75 lakhs |
9.50% - 9.80% |
9.65% - 9.95% |
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Above Rs. 75 lakhs |
9.60% - 9.90% |
9.75% -10.05% |
Last modified on August 12, 2024. Source: ICICI Bank
For ICICI Bank special home loans, the interest rate is based on the credit score:
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ICICI Housing Loan Interest Rates Based on Credit Score |
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Credit Score |
Salaried |
Self - Employed |
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800 |
9.00% |
9.00% |
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750 - 800 |
9.00% |
9.10% |
Last modified on August 12, 2024. Source: ICICI Bank
Given below are the different types of ICICI Bank Housing Loans, along with their eligibility loan amount and tenure.
The digital lending solution from ICICI is tailored to meet the emergency cash needs of homeowners. Preapproved customers can get an express home loan with an interest rate of 8.60% per annum. One can customise the loan as per your needs. On average, ICICI customers get their loans sanctioned in 15-20 minutes.
NRIs can take advantage of the lower interest rates offered by ICICI Bank. The digital service platform expedites the loan application and approval process.
If you are unsatisfied with your existing home loan with another financial institution, you can transfer the outstanding balance to ICICI for a lower interest rate or a higher tenure. Generally, there is no need to submit income documents for balance transfer once you submit all the documents from the existing financier.
Those who are interested in buying land for constructing a home later can avail of the land loan from ICICI.
When you have excess cash that you can contribute towards your home loan, the money-saver home loan is an ideal choice. Instead of a home loan account, open a money-saving amount and park excess funds such as savings, bonuses, increments, and other types of funds. Based on the difference between the outstanding home loan principal and funds in the money-saver account, you can reduce home loan premiums using daily interest rate calculations. At any time, the surplus funds can be withdrawn for your needs.
Young professionals who don't want to wait to own a home can start with moderate loan EMIs for now and step up the EMIs later based on increasing income. During the first 3-5 years, you are only required to pay the interest, after which you can start paying the whole EMIs in the secondary term.
Business owners can get commercial property loans to own their office space. The standard home loan interest rates apply in this case. You can either purchase a new office space or revamp your old space using the funds.
Eligibility: New and existing bank customers
Loan amount: Up to 5 crore
Interest rate: 9.00% to 9.10% based on CIBIL score
Tenure: Up to 15 years
The top-up loans on your existing loan allow you to utilise the liquidity in your home to fund various expenses like home renovation, marriage expenses, education, and business expansion.
Eligibility: New and existing bank customers
Loan amount: Up to 100% of the original loan amount
Interest rate: 9.00% to 9.10% based on CIBIL score
Tenure: Up to 20 years
Add more value to your home with renovation, which can be funded with a home improvement loan. The home decor experts also offer a personalised design plan to customise your home cost-effectively. Customers of home loans can connect with ICICI renovation partner Livspace for online consultation and 3D designs. After agreeing upon the price, you can decide on the payment plan to get started.
Eligibility: New and existing bank customers
Loan amount: Up to 5 crore
Interest rate: 9.00% to 9.10% based on CIBIL score
Tenure: Up to 20 years
The quickest way to apply for ICICI home loans is by using the express loan portal. You can apply for as much as Rs. 5 crore loan through the online portal that allows instant provisional sanction. The digital application process, along with minimal documentation, is ideal for homeowners with urgent cash needs.
To get your home loan, there are just five steps:
Following is the list of documents needed for applying for a home loan:
Here is a comparative analysis of home loan interest rates offered by all banks:
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Top Bank's Home Loan Interest Rates 2024 |
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Name of Lender |
Up to Rs. 30 Lakh |
Above Rs. 30 Lakh to Rs. 75 Lakh |
Above Rs. 75 Lakh |
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SBI |
8.50%-9.85% p.a. |
8.50%-9.85% p.a. |
8.50%-9.85% p.a. |
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HDFC Bank Limited |
8.70% p.a. onwards |
8.70% p.a. onwards |
8.70% p.a. onwards |
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LIC Housing Finance |
8.50% - 10.35% p.a. |
8.50% - 10.55% p.a. |
8.50% - 10.75% p.a. |
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ICICI Bank |
8.75% p.a. onwards |
8.75% p.a. onwards |
8.75% p.a. onwards |
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Kotak Mahindra Bank |
8.70% p.a. onwards |
8.70% p.a. onwards |
8.70% p.a. onwards |
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PNB Housing Finance |
8.50% - 14.50% p.a. |
8.50% - 14.50% p.a. |
8.50%-11.45% p.a. |
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Punjab National Bank |
8.45% - 10.25% p.a. |
8.40% - 10.15% p.a. |
8.40% - 10.15% p.a. |
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Bank of Baroda |
8.40% - 10.65% p.a. |
8.40% - 10.65% p.a. |
8.40% - 10.90% p.a. |
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IDFC First Bank |
8.85% p.a. onwards |
8.85% p.a. onwards |
8.85% p.a. onwards |
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L&T Finance Limited |
8.65% p.a. onwards |
8.65% p.a. onwards |
8.65% p.a. onwards |
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Tata Capital Housing Finance |
8.75% p.a. onwards |
8.75% p.a. onwards |
8.75% p.a. onwards |
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Federal Bank |
8.80% p.a. onwards |
8.80% p.a. onwards |
8.80% p.a. onwards |
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Axis Bank |
8.75%-13.30% p.a. |
8.75%-13.30% p.a. |
8.75%-9.65% p.a. |
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Godrej Housing Finance |
8.55% p.a. onwards |
8.55% p.a. onwards |
8.55% p.a. onwards |
Last modified on August 12, 2024.