One-stop solution for your dream home with one of the lowest interest rates @7.60% p.a. and a low EMI of Rs. 706 per month per lac with a minimum loan amount of Rs.3 Lakh and a maximum loan amount of Rs. 5 Crore ICICI Bank Home Loan offers you a loan that is easy on your pocket and suits your budget.
|Interest Rate||7.60% p.a|
|Processing Fees||0.5% to 2% of the Loan Amount|
|Tenure||Up to 30 years|
|Loan Amount||Depends on the user's eligibility|
The home loan interest rates depend upon factors such as Income, Loan Tenure, Repayment Capacity, Amount of Loan, etc. CIBIL Score is a major factor influencing interest rates. A CIBIL score of 750 and above is considered as good.ICICI Bank Home Loan interest rates are low and start at 7.10% p.a. The home loan offers provided by ICICI Bank and interest rates are as follows:
|Slab||For Salaried||For Self Employed|
|Up to 35 Lakh||7.60% to 8.05%||7.70% to 8.20% p.a|
|Rs. 35 Lakh to Rs. 75 Lakh||7.60% - 8.20% p.a||7.70% - 8.35% p.a|
|Above Rs. 75 Lakh||7.60% - 8.30% p.a||7.70% - 8.45% p.a|
|Home Loan Type||Rate of Interest|
|Home Loan||7.60% p.a. onwards|
|Home Renovation Loan||10.25% p.a|
|Home Extension Loan||6.75% p.a. to 8% p.a|
|Home Loan Top Up||7.70% p.a. to 8.55% p.a|
|Home Loan Balance Transfer||7.10% p.a. to 7.95% p.a|
|Plot Loan||7.85% to 8.55% p.a|
|Rural Housing Loan||7.15% p.a. to 7.80% p.a|
|NRI Home Loan||7.60% p.a. to 8.45% p.a|
All loans are at the sole discretion of ICICI Bank. Terms and conditions apply.
|Type of Borrower||Interest Rates (Floating)|
|Salaried||7.60% - 8.20% p.a|
|Self-Employed||7.70% - 8.45% p.a|
|Bank Name||Rate of Interest||Monthly EMI per Lakh|
|ICICI Home Loan||7.60%||Rs. 706|
|Axis Bank Home Loan||6.75%||Rs. 649|
|Bajaj Home Loan||6.75%||Rs. 649|
|HDFC Home Loan||7.55%||Rs. 703|
|Kotak Mahindra Home Loan||7.50%||Rs. 699|
|PNB Home Loan||6.99%||Rs. 665|
|SBI Home Loan||7.05%||Rs. 669|
|Shubham Home Loan||11.90%||Rs. 1021|
|Tata Capital Home Loan||7.25%||Rs. 682|
|Yes Bank Home Loan||6.70%||Rs. 645|
|Bank of Baroda Home Loan||7.50%||Rs. 699|
|LIC Home Loan||6.95%||Rs. 662|
|For Salaried and Self-employed Professionals||0.50% - 2.00% of the loan amount or Rs. 1500/- (Rs. 2000/- for Mumbai, Delhi & Bangalore), whichever is higher + applicable Goods & Service Tax|
|For Self-employed Non-Professionals||0.50% - 2.00% of the loan amount or Rs. 1500/- (Rs. 2000/- for Mumbai, Delhi & Bangalore), whichever is higher + applicable Goods & Service Tax|
Charges On Account Of Delayed Payments: 2% per month Home OD: 1.5% of the outstanding amount subject to a minimum of Rs. 500/- & Maximum of Rs.5000/-
Check Dishonor Charges: Check dishonor charges will be Rs. 500 (Rs. Five Hundred)
|750 and above||Good|
|600 to 750||Average|
You should check your CIBIL score before applying for a home loan and try to improve it if the score is below 650. The minimum credit score to avail home loan from ICICI Home Finance is 700. A good credit score makes the chance of your loan application getting approved better and faster.
|Age||Between 23 to 60 years|
|Employment Type||Salaried and Self-employed professional and Self-employed non-professional|
|Minimum Salary for Salaried||Rs.25,000 per month|
|Minimum Salary for Self Employed||Rs. 2 lakh 60 Thousand per annum|
Eligibility based on salary for the loan amount is as follows. The factors taken into consideration while determining the amount are:
|Monthly Income for Salaried||Eligible Loan Amount|
|Rs. 25,000||Rs. 14,16,281|
|Rs. 30,000||Rs. 19,11,979|
|Rs. 50,000||Rs. 31,86,631|
|Rs. 65,000||Rs. 46,02,912|
|Rs. 75,000||Rs. 53,11,052|
Eligibility Based on Age
Starting early is the better choice, an ICICI Bank home loan taken at an early age will ensure that you get a longer repayment tenure and a low EMI as well. It should be noted here that the maximum age by which one has to pay back the loan is 60 with a maximum tenure of 30 years minimum age being 23 years. The repayment period will depend on your age at the time of loan disbursement.
|Applicant Age||Maximum Eligible Tenure|
|23 - 30 years||30 years|
|40 years||20 years|
|45 years||15 years|
|50 years||10 years|
|55 years||5 years|
Eligibility based on Value of Property for ICICI Home Finance Home Loan
|Property Value||LTV Ratio|
|Up to Rs.30 lakh||90% of the property cost|
|From Rs.30.01 lakh to Rs.75 lakh||80% of the property cost|
|Above Rs.75 lakh||75% of the property cost|
ICICI Home Finance Loan Eligibility for Co-Applicant
The eligibility criteria for Co-applicant are as follows:
ICICI Home Finance Home loan for Women's Eligibility
There is a 05 bps concession on the interest rate on loans for women applicants. The other eligibility criteria for women for availing of ICICI HFC home loans are similar to other applicants.
Main Factors Affecting ICICI Home Finance Home Loan Eligibility
The main factors affecting ICICI HFC Home Loan eligibility are as follows:
Documents Required for ICICI HFC Home Loan
The documents required for the ICICI Home Finance Home Loan are as follows:
Self Employed Individuals
For Salaried Applicants:
Common Documents for Salaried and Self Employed
Following Income Tax Benefits can be availed on ICICI home loan:
How to apply for ICICI HFC Home Loan?
Applying for ICICI HFC Home Loan is easy and hassle-free. You can apply through one of the following methods:
Apply through investmentcover.com
Online application through the ICICI Housing Finance Portal:
Visit the official portal of ICICI and fill up the form by following the instructions. You can also track the status of your loan application through this portal.
Offline application through a branch office:
What is the minimum/maximum age for a home loan?
The minimum age required for a home loan at ICICI HFC is 23 whereas the maximum age is 60 years.
What is the minimum salary required for a home loan?
The minimum salary required for ICICI Home Loan is Rs. 25,000
What is the maximum tenure/repayment period for Home Loan?
Most banks/lending institutions offer a maximum repayment period of 30 years.
What is the processing Charge at ICICI Home Loan?
Interest rates for the salaried borrower are 7.60% to 8.30% and for Self-Employed borrowers its 7.70% to 8.45%.
Can I prepay my home loan?
Yes, you can prepay your home loan. The bank will charge prepayment charges depending upon the type of loan.
What are the prepayment/foreclosure charges?
The prepayment charges are as under:
Nil for home loans, land loans, and home improvement loans for floating rate of interest on part payment.
2% plus applicable taxes on principal outstanding on full repayment of Home Loan, Land Loan, Home Improvement Loan.
2% plus applicable taxes on principal outstanding on Top-Up Loan on Home Loan with a fixed rate of interest.
What is the minimum and maximum loan amount at ICICI Home Loan?
The minimum home loan offered by ICICI Bank is Rs. 3 Lakh and the maximum loan amount is Rs. 5 Crore.
What security does a bank demand against a home loan?
Generally, the first mortgage of the property which is the title deed has to be provided to the bank as security against the loan. Banks or housing finance companies ensure that the property is free from any concern that could adversely affect the property. Some banks or housing finance companies ask for collateral security also. It could be your life insurance policies, the surrender value of which is set at a percentage of the home loan. Other security collateral can be a pledge of shares or securities as well as investments like National Saving Certificates (NSC) or Kisan Vikas Patra (KVP).
Are there any Income Tax Benefits on the home loan?
Yes, you can avail of income tax benefits on the home loan.
Under section 80C an amount of up to Rs. 1.5 lakh can be claimed against the principle portion of the EMI paid for the year. The property can not be sold for 5 years to be eligible for this benefit otherwise the amount of deduction will be added to the income in the year of sale.
Under section 24 the interest part of the EMI paid for the year can be claimed as a deduction from the income with the maximum limit being Rs. 2 Lakh.
Under section 80EEA deduction of up to Rs. 1.5 lakh can be claimed for the first-time home buyers who have taken loans between 01-04-2019 and 31-03-2022 and the value of the property is less than Rs. 45 lakh.