ICICI Bank Home Loan Interest Rate

ICICI Bank offers house loans starting at 8.10% p.a. for terms of up to 30 years. It also provides pre-approved fast house loan sanctions to its salary account users, as well as home loan balance transfers to current home loan borrowers of other lenders at lower interest rates.

The ICICI Bank Pratham Home Loan plan is a low-interest housing loan available to salaried applicants earning a minimum of Rs 10,000 per month and self-employed applicants with at least five years of business experience. 

ICICI Bank also provides ICICI Bank Extra Home Loans, a special home loan scheme backed by a Mortgage Guarantee that aims to increase borrowers' loan amount eligibility by extending their home loan duration till they reach the age of 67.

Characteristics of the ICICI Bank Home Loans

ICICI Bank home loan interest rates include the following features-

  • For home loan applications, ICICI Bank provides a quick and simple documentation process.
  • The qualifying conditions are kept on the high side, allowing more applicants to obtain a house loan.
  • Lower EMIs with low-interest rates.
  • Tablets and smartphones can be used to apply for a house loan with ICICI Bank, allowing for speedier approvals.
  • Existing ICICI Bank customers are eligible for pre-approved home loans at the bank's discretion.
  • Tenure can be extended for up to 30 years.
  • Top-up loans are accessible to customers who require more funding.
  • For some home loans, ICICI Bank also provides doorstep service.

ICICI Bank Home Loan Interest Rate 2022

Here are the tables to show the ICICI Bank home loan interest rates-

1) ICICI Bank Housing Loan Interest Rate for the Salaried

Loan Amount

Interest Rate

35 Lakh

8.10% - 8.85%

35 Lakh - 75 Lakh

8.10% - 8.85%

More than 75 lakh

8.10% - 8.95%

2) ICICI Bank Home Loan Interest for the Self-employed

Loan Amount

Interest Rate

35 Lakh

8.20% - 9.00%

35 Lakh - 75 Lakh

8.20% - 9.00%

More than 75 lakh

8.20% - 9.10%

3) ICICI Bank Home Loan Rate Based on CIBIL for the Salaried

CIBIL

Interest Rates

<=700

8.55% - 8.80%

700-749

8.40% - 8.60%

>750-800

8.15% - 8.50%

>800

8.10% 

4) ICICI Home Loan Interest Rate Based on CIBIL Score for Self-employed

CIBIL Score

Interest Rate

<=700

8.70% - 8.95%

700 - 749

8.55% - 8.75%

>750 - 800

8.30% - 8.65%

>800

8.20% - 8.20%

Kinds of Home Loans from ICICI Bank

There are distinctive types of home loans from the bank to cater to varied needs, and they are-

1) ICICI Housing Loan

This scheme is to buy or construct home properties. It also has a repayment tenure of up to 20 years.

2) Express Home Loans from ICICI

This is a housing loan scheme for obtaining house loans quickly through online application, speedy processing, and digital sanction. The Provisional Sanction Letter is valid for six months from the date of issuance.

3) Instant Pre-Approved ICICI Bank Home Loan Scheme

It is a pre-approved house loan with immediate approval available to customers who have salary accounts with ICICI Bank.

4) Extra Home Loan Scheme

It is a house Loan program that allows the applicant to extend the repayment period till the age of 67 in order to increase the home loan amount by 20%. Mortgage Guarantee backs up the increased loan amount and payback term.

5) The Balance Transfer and Top-Up Scheme

For the purpose of moving existing house loans from other banks/NBFCs to ICICI Bank at cheaper interest rates; Top-up loan on existing house loan to suit any professional or personal needs.

6) The Pre-Approved Balance Transfer Scheme

This is so existing ICICI Bank customers can use this pre-approved fast home loan balance transfer service to transfer their existing house loan from another bank/HFC to ICICI Bank at a cheaper interest rate.

7) Pratham Home Loan Scheme

It is home loans for affordable housing are available to salaried candidates with a monthly salary of at least Rs 10,000 and self-employed applicants with a company history of at least five years.

8) NRI Home Loan

This is a scheme for NRIs to buy or construct houses in India.

9) ICICI Bank Land Loan

This is to buy a piece of land or plot.

10) Insta Top-Up Loan

These pre-approved top-up loans give immediate money in just three clicks for personal and corporate needs.

11) ICICI Bank PMAY

This interest subsidy of up to Rs 2.67 lakh is available to EWS, LIG, and MIG groups for the purchase of a new or old residential house, home building, land purchase, and construction of a dwelling place and extension of existing residential property.

Who is Eligible to Apply for the Home Loan from ICICI Bank?

If you fit into the below mentioned, you can apply for the loan-

  • Indians and Non-Resident Indians (Non-Resident Indians).
  • The candidates range in age from 18 to 65 years.
  • Co-applicants range in age from 21 to 65 years.
  • NRI candidates range in age from 25 to 60 years.
  • Employment status: self-employed, salaried, or self-employed professional.
  • Primary home loan applicants must have a monthly income of at least Rs. 15000.
  • Minimum monthly income for co-applicant: Rs. 10,000.

What are the Documents Needed to Apply for a Home Loan from ICICI Bank?

  • Application Form
  • Proof of Identity
  • Processing fee cheque
  • Address proof
  • Age proof

Other Charges with the ICICI Bank Home Loan

Processing Fees- 0.50% – 2% (of the loan amount from ICICI Bank)

How to Apply for a Home Loan from ICICI Bank?

There are two major ways, and they are-

  • By way of ICICI Ltd. The official ICICI portal offers the home loan application form. Through this official portal, you may fill out the form and track the status of your application.

  • Through an ICICI branch office: If you want to apply for the loan in person, go to your nearest ICICI branch.
Looking to Invest?
Open an account with Groww and start investing for free
INVEST NOW
Loading...
ⓒ 2016-2022 Groww. All rights reserved, Built with in India
MOST POPULAR ON GROWWVERSION - 3.3.6
STOCK MARKET INDICES:  S&P BSE SENSEX |  S&P BSE 100 |  NIFTY 100 |  NIFTY 50 |  NIFTY MIDCAP 100 |  NIFTY BANK |  NIFTY NEXT 50
MUTUAL FUNDS COMPANIES:  ICICI PRUDENTIAL |  HDFC |  NIPPON INDIA |  ADITYA BIRLA SUN LIFE |  SBI |  UTI |  FRANKLIN TEMPLETON |  KOTAK MAHINDRA |  IDFC |  DSP |  AXIS |  TATA |  L&T |  SUNDARAM |  PGIM |  INVESCO |  LIC |  JM FINANCIAL |  BARODA PIONEER |  CANARA ROBECO |  HSBC |  IDBI |  INDIABULLS |  MOTILAL OSWAL |  BNP PARIBAS |  MIRAE ASSET |  PRINCIPAL |  BOI AXA |  UNION KBC |  TAURUS |  EDELWEISS |  NAVI |  MAHINDRA |  QUANTUM |  PPFAS |  IIFL |  Quant |  SHRIRAM |  SAHARA |  ITI