ICICI Bank offering Home Loan up to Rs. 5 Crore* online with a competitive interest rate @ 8.75%* p.a. (*T&Cs. Subject to bureau score. Applicable to customers with pre-approved Home Loan offer only). Get benefits with a hassle-free online application process, minimal documentation and instant provisional sanction. ICICI Bank offers flexible tenure options, ensuring convenient repayment. Secure the perfect Loan amount and embark on your homeownership journey with confidence. Trust ICICI Bank for a seamless and customer-friendly Home Loan experience.
Home Loan Calculators EMI Calculator Check your monthly EMI ELIGIBILITY CALCULATOR Check your Home Loan eligibility Balance Transfer Calculator Calculate your monthly savings AFFORDABILITY CALCULATOR Plan your finances for Home Loan Illustrative Interest Rate (P.A.) ( Months Years ) Monthly EMI Occupation Self employed Gross Monthly Income Other EMIs Illustrative Interest Rate (P.A.) Tenure (Years) Your Home Loan Eligibility Outstanding Principal Amount Current Interest Rate Current Outstanding Tenure ( Months Years ) Illustrative Interest Rates (In %) Required Tenure ( Months Years ) Your Existing Home Loan ICICI Bank Home LoanYou Save ₹ 10,201 /month
Determining your eligibility for a Home Loan is crucial before initiating the application process. This eligibility table will outline the key factors lenders consider, including income, credit score, employment status, age and property value, helping you assess your likelihood of approval and plan your home purchase journey effectively.
Eligibility Criteria
Salaried and Self-Employed
Minimum salary for ICICI Bank Home Loan: Rs 25,000
Minimum: 21 years, Maximum: 70 years
No cap, depending on your eligibility
Explore Home Loan Interest Rates and Charges with the table given, outlining the costs and rates involved in securing your home financing.
Pre-approved customers at ICICI Bank stand to benefit from preferential Home Loan rates, which are lower than standard rates. These rates are tailored to reward loyalty and financial stability
Current Home Loan Interest Rate
Special Home Loan interest rates, often lower than standard, are offered for a limited time or to eligible customers, serving as incentives or promotional offers. Below are the special Housing Loan interest rates:
Self-Employed
Standard Home Loan interest rates apply uniformly to all applicants, determined by market conditions and creditworthiness. Below are the standard Housing Loan interest rates:
Self-Employed
Up to ₹ 35 lakhs
₹ 35 lakhs to ₹ 75 lakhs
Above ₹ 75 lakhs
0.50% of the loan amount+ AT*
The above rates are linked to Repo Rate:
* Current Repo rate 6.50%.
* Valid till 30th Sept, 2024
Here are mandatory documents required for home loan such as a proof of identity, a proof of address, a loan application form that has been duly filled and your financial documents. Below is the detailed list of documents required for home loan:
NOTE: No salary slip is required in case the customer has a salary account at ICICI Bank.
ICICI Bank offers up to Rs 5 crore * Home Loan online, providing ample financing options for diverse housing needs.
Our streamlined documentation process liberates you from excessive paperwork, accelerates approval and amplifies convenience for applicants.
With our Instant Provisional Sanction, applicants receive swift pre-approval, enabling confident home purchases with no delays, streamlining the buying process.
Our Home Loan offers flexible tenure and repayment options, allowing borrowers to choose a schedule that suits their finances and preferences for affordability and convenience.
We offer early loan repayment without foreclosure charges, giving borrowers financial flexibility to clear debts ahead of schedule at no extra cost.
Enjoy the security of stable fixed interest rates, ensuring predictable monthly repayments and peace of mind.
Investigate loan and property details thoroughly.
Avoid applying for a Home Loan on multiple aggregator sites to maintain approval chances.
Plan for unexpected expenses wisely.
Refrain from carrying excessive loans to maintain a favourable creditworthiness.
Keep all necessary paperwork organised.
Avoid overspending on Credit Cards or delaying loan repayments to prevent a negative impact on your credit score.
Improve your credit before applying for a Home Loan.
Don't commit to a Home Loan beyond your means to ensure manageable repayments.
A home loan is essentially a financing option where funds are provided to an individual or an entity for the purchase, construction, extension, or renovation of a residential or commercial property. Lenders provide funds upfront, and borrowers repay through monthly installments, usually over many years. It's crucial for prospective homeowners to understand the terms, interest rates, tenure, and eligibility criteria before applying.
You can apply for a home loan from ICICI Bank through our website www.icicibank.com. Or, you could visit the nearest branch of ICICI Bank to submit your application for a loan.
Home Loan eligibility is determined by factors like age, income, employment stability, credit score, existing financial obligations and nationality. For ICICI Bank, applicants aged 20-65 (salaried) or 21-70 (self-employed), with a minimum income of Rs 25,000, stable employment or business record, a good credit score of 700+, and Indian nationality are eligible. These parameters ensure a comprehensive assessment aligning with the bank's policies and regulations.
The Home Loan EMI is calculated on the basis of specific factors like the amount of the house loan, its tenure and the rate of interest.
Floating Rate of Interest on a Home Loan means that the interest rate is not fixed and can change over time. The change takes place according to a benchmark rate/repo rate set by the Reserve Bank of India (RBI) that can impact your overall monthly EMIs.
A fixed rate of interest on a Housing loan means that the rate of interest does not change throughout the tenure of the loan. Regardless of market fluctuations, the borrower pays the same interest rate through the same equated monthly installments (EMIs) from the loan's inception to its conclusion. This stability provides predictability in monthly payments, allowing homeowners to plan their finances without being affected by interest rate variations in the market.
Yes, home loans offer tax benefits. You can claim the amount paid towards the repayment of the principal and the interest components as deductions in your income tax return. The limits on the amount deductible are governed by the applicable income tax laws.. In India, under Section 24(b), the interest paid on a home loan is eligible for deduction up to Rs 2 lakh per year. Additionally, under Section 80C, the principal repayment is eligible for a deduction of up to Rs 1.5 lakh. These tax benefits make home loans an attractive financial instrument, encouraging homeownership while providing potential savings on taxable income.
In India, home or housing loans are diverse, tailored to specific needs.
Apart from these, ICICI Bank also offers Home Top Up Loans for increasing existing home loan amounts, Commercial Property Purchase Loans, Home Overdraft, Loans Against Property, and Money Saver Home Loans. This variety accommodates the multifaceted requirements of all types of borrowers.
For ICICI Bank, the requirement of a guarantor for a Home Loan hinges upon several factors, notably the applicant's creditworthiness, income stability and the loan amount. Generally, a guarantor may not be necessary if the borrower fulfils the eligibility criteria of ICICI Bank. However, if the applicant's financial profile falls below the bank's standards, a guarantor could be requested to ensure loan repayment.
ICICI Bank assesses each application on its merits. Hence, consulting directly with our representative is recommended for complete guidance on your Home Loan application.
At ICICI Bank, the duration for sanctioning a Home Loan varies depending on several factors, such as the applicant’s documentation accuracy, credit history, property evaluation and the applicant's credit score.
Generally, the process can take one to two weeks. ICICI Bank usually requires thorough verification of the applicant's financial documents, such as income proof, identity proof and property documents. The time taken for property valuation and legal checks also contributes to the overall processing time. Applicants should provide all necessary documents promptly to expedite the house loan process.
Your eligibility for a housing loan is determined by factors such as your income, credit score and the value of the property. Generally, lenders offer around 80-90% of the property's value. Your ability to repay and financial stability are crucial in deciding the loan amount you can receive.
The disbursement of a house loan usually takes a few minutes with ICICI Bank post approval. This timeline hinges on document verification, property assessment and how quickly the lender processes applications. Submitting all documents promptly can expedite the process.
A co applicant for a loan for a house is someone who applies for the loan, alongside the borrower, a spouse, parent or sibling. The co applicants income and credit history are taken into account potentially leading to a loan amount and favorable terms.
You have the option to repay your housing loan at any time. You can make full or partial prepayments to lower your interest expenses and shorten the repayment period. It's advisable to confirm with your lender regarding any prepayment penalties or terms.
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I want to express my sincere appreciation for the Relationship Manager who assisted me with my Home Loan application. His follow-up and guidance was instrumental in making the loan process fast and efficient. It took less than two days for the sanction. The disbursement was quick, covering the legal and technical aspects which is not possible with other banks. Thank you for such dedicated support and exceptional service.
Peddintli Rao DoddaI availed Home Loan from ICICI Bank and I will highly recommend it. The application process was simple, documentation requirements were clear and the Bank's team was responsive and professional. The loan approval and disbursal were on time and the transparency of the terms and conditions was commendable. Overall, I had a hassle-free and satisfying experience with ICICI Bank Home Loan team. I am grateful for the support and assistance I have received from the dedicated team of ICICI Bank. I am looking forward to a long and trusted relationship with ICICI Bank.
Abhishek GuptaICICI Bank and its Relationship Manager made my Home Loan process as simple as it could be. It just took 3 weeks right from the first enquiry call to the loan disbursement. Hats off to the team for their prompt actions, timely reminders for documents, closure of tasks etc. I will share my wonderful experience with others and strongly recommend ICICI Bank Home Loan to everyone. Thanks team.
Suraj SrivastavaI wanted to thank the Relationship Manager of ICICI Bank for his outstanding professionalism, dedication and customer focused approach. I was a bit worried about buying property in India while I was based in the UK with the additional complication of Power of Attorney executed by aged parents. Our Relationship Manager took us through the whole process with complete clarity of inputs, documents and evidences required for execution. We were able to complete the process and register the property in a timely manner. Moving through the red tape and registering a property within a week of a person flying to India is like a miracle for an NRI.
Basaveshwara MahadevaiahI would like to thank my Relationship Manager for his help and guidance while processing my Home Loan application. The quick approach that he followed in processing my application is commendable. I was attended to with utmost professional attitude and perfection and all my queries were resolved. I especially appreciate his efforts that he made me feel extremely comfortable while discussing the procedures and comprehensive processes of documentation of Home Loans provided by ICICI Bank to NRIs.
Kamini PandeyThank you very much for making our Home Loan experience hassle-free and convenient. I have taken Home Loans earlier from other banks, but this experience has been the best. ICICI Bank's vision, ‘Fair to Customers, Fair to Bank’ is very true and can be seen in practice. The commitment and sincerity shown by ICICI Bank employees is really appreciated.
Laxmi MalipatilThanks to my Relationship Manager for all the help in getting my loan disbursed. I still remember the day when I told him about the property in Mysore and I was little sceptical whether the loan would be processed or not. His approach to the case and knowledge is what impressed me. His prompt responses to all my messages, questions, and guidance in making me understand the calculations were very helpful.
People like him are an asset to the organisation. All the best.
Suraj KrishnadasThanks to my RM for helping me on my Mortgage Loan with the paperwork and closing it. I really liked her positive attitude and commitment to work. Excellent communication, coordination and ability to get things done distinguish her from the mass.
I loved the way she followed up with the customers and on top of it, collaborating with her teammates and making things happen. She is an asset to the NRI Mortgage team and ICICI Bank is lucky to have a team player like her. She understood that we have busy schedules and coordinated accordingly, making sure to update us at every step. She exemplifies the principles of ‘customer obsession’ and ‘ownership’. She treats every request with utmost professionalism and tries her best to deliver things. Wishing her all success in the current and future assignments.
