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ICICI Home Loan

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.

ICICI Bank Home Loan Benefits:

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

ICICI Home Loan Interest Rates 2022

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

Different kinds of home loans from ICICI Bank

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.

ICICI Bank Home Loan Interest Rate for Balance Transfer

Type of Borrower Interest Rates (Floating)
Salaried 7.60% - 8.20% p.a
Self-Employed 7.70% - 8.45% p.a

ICICI Home Loan Interest Rate Vs Other Lenders

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

ICICI Home Loan Processing Fee:

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

Additional Charges of ICICI Bank Home Loan

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)

Prepayment Charges: 

  • Prepayment charges are Nil for Home Loan, Land Loan, and Home Improvement Loan with floating rate of interest.
  • 2% plus applicable taxes on principal outstanding* on full repayment of Home Loan, Land Loan, Home Improvement Loan & Top-Up Loan on Home Loan with a fixed rate of interest.
  • 2% plus applicable taxes on principal outstanding* on full repayment of Top Up on Home Loan if the end use is for business purpose
  • Nil for Non-Home Loan** with floating rate of interest and the end-use is other than business purpose.
  • 4% plus applicable taxes on principal outstanding* on full repayment of Non-Home Loan** if the end use is for business purpose
  • 4% plus applicable taxes on principal outstanding* on full repayment of Non-Home Loan** with a fixed rate of interest.

Eligibility Criteria for ICICI Home Finance Home Loan

Credit Score      Rating
750 and above Good
600 to 750 Average
Below 600 Poor

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.

Eligibility Criteria for Salaried for ICICI Home Finance Loan

Criteria    Eligibility
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:

  • The repayment tenure is 30 years
  • The interest rate is 7.60% per annum 
  • There is no existing EMI
  • The minimum Salary is Rs.25,000
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:

  • Age should be between 18 and 65 years of age.
  • Must be a resident Indian
  • He should be either salaried or self-employed
  • Co-applicants should not be co-owners of the property

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:

  • Age of the applicant
  • Good credit score
  • Salary / Income of the applicant
  • A good repayment record
  • Existing liabilities (any other loan being paid by the applicant)
  • Profile of the applicant
  • The nature and specifications of the property such as the age of the property, its size, its location, whether approved by the government or not, etc.
  • Whether the applicant is a guarantor to an existing loan

Documents Required for ICICI HFC Home Loan

The documents required for the ICICI Home Finance Home Loan are as follows:

Salaried Individuals

  • 3 months' salary slips (Latest at the time of applying for the home loan)
  • Latest 6 months' bank statements (For salary proof and to check whether there is an existing loan EMI)
  • Latest Form 16 and IT returns (minimum 2 years)
  • Applicant's employment details
  • Proof of own contribution
  • Your and co-applicants (if there is any) passport-size photo with signature
  • A cheque for the processing fee to be paid to ICICI HFC 

Self Employed Individuals

  • Income Tax Returns of last 3 years duly attested by a chartered accountant along with details of your business.
  • Balance sheet and profit & loss account statements for the last 3 years
  • Bank account statement of Current Account and savings bank account statements for the last 6 years. 
  • Profile of the Business
  • Latest Form 26 AS
  • Proof of own contribution
  • Details of any ongoing loans of you and your businesses.
  • Your and co-applicants (if any) passport-size photo with signature
  • List of Directors and Shareholders of the company with shareholding details
  • A cheque for the processing fee is to be paid to ICICI Home Finance.

Documents for Home Loan Balance Transfer

  • A letter from the existing lender on his letterhead mentioning the list of property documents held by them

  • Photocopy of property documents
  • A letter from the existing financial institution on their letterhead showing the latest outstanding balance

Property Related Documents required

For New Home:

  • Allotment letter copy/Buyer agreement
  • Payment receipt made to the developer

For Resale Home:

  • Title deeds including the previous chain of property documents
  • Agreement to sell copy
  • Initial payment receipt made to the seller

For Construction:

  • The title deed of the plot
  • Copy of the plan approved by Local Authorities
  • No encumbrance proof on the property
  • The total estimate of construction by a Civil Engineer/Architect

Other Documents

For Salaried Applicants:

  • Proof of own contribution
  • Bank Statement for last 6 months with loan repayment record
  • Appointment letter/Employment contract if current employment is less than a year old
  • Passport-sized photograph with signatures across
  • Processing fee cheque in favor of ICICI HFC.

 Common Documents for Salaried and Self Employed

  • Proof of identity and address  - Aadhaar card, voter ID, passport, or driving license
  • For new homes copy of the buyer agreement and receipt of the payment made to the builder
  • For resale homes -  Title deeds, receipt of the payment made to the builder, and copy of the agreement to sell
  • Title deeds of the plot, proof of no encumbrances on the property, and construction estimate as given by the architect (for home construction) Home Loan Documents Required

Income Tax Benefits on Home Loan

Following Income Tax Benefits can be availed on ICICI home loan:

  • Under section 80C of the Income-tax Act 1961, the repayments (EMIs) towards the principal loan amount availed are eligible for a tax deduction of up to Rs 1.5 lakh, While Section 24(b) of the Income Tax Act 1961provides for a deduction on the interest portion of home loan EMIs up to Rs. 2 lakh per annum. However, if the house purchased is rented out the deductions can apply for the entire interest payable.
  • First-time home buyers may be eligible for further deductions under Section 80EE, up to Rs.50,000/- per annum after they have exhausted the limit for interest per Section 24(b).
  • For loans taken towards re-development, reconstruction, or renovations of the property, the amount eligible for tax deduction is set at Rs.30000 irrespective of it being used to stay or let out.

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

  • Visit the website of investmentcover at www.investmentcover.com and go to the ‘Home Loan’ section under the ‘Loans’ menu. Choose ICICI Home Loan and fill out the application form to easily apply for a loan.

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:

  • You can also use the offline mode by visiting the nearest ICICI Bank branch to apply for a home loan. . The officer/executive from the Home Loan department will guide you through the loan process and will assist you as well wherever necessary.

Frequently Asked Questions (FAQ's)

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.

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