ICICI Bank Home Loan Interest Rate
ICICI Bank makes it simple for borrowers to get home loans these days compared to before. For starters, it provides them with a digital application process. It also helps that they need to offer only minimal documentation to get these loans. If a borrower’s loan application is approved, the bank will provide them with instant provisional sanction as well. The ICICI home loan interest rate presently stands at between 8.75% to 10.05%. These loans carry a maximum repayment tenure of 30 years, meaning borrowers get sufficient time to repay the loan and save money on equated monthly installments (EMIs). The ease of getting a home loan combined with a competitive ICICI housing loan interest rate makes it popular.
ICICI Bank Home Loan EMI Calculator
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ICICI Bank Home Loan Key Highlights
| Amount of Loan | Up to Rs. 5 crores |
|---|---|
| Rate of Interest | 8.75% - 10.05% |
| Processing Fees |
0.50% of the loan amount, along with the applicable taxes. |
| Max Tenure for Loan Repayment | 30 years |
ICICI Bank Home Loan Interest Rates In 2024
ICICI home loan interest rate 2024 is 8.75% depending on the credit score of the borrower. The higher the credit score, the lower the interest rate charged for repaying a home loan they take from the bank. Usually, as seen from the tables below, the ICICI bank home loan interest rate 2024 is lower for people with salaried jobs than self-employed people. For example, if the home loan amount is Rs. 35 lakhs or lower, a borrower will have to pay interest between 9.25% and 9.65% depending on their credit score, provided they are working in salaried jobs. For self-employed individuals, this rate will go up to between 9.40% and 9.80%.
Following are the special home loan rates of ICICI Bank:
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried | 9.00% |
| Self-employed | 9.00 - 9.10% |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
ICICI Bank Home Loan Interest Rates for All Schemes In India
ICICI Bank offers a wide range of home loans for interested borrowers, and they may be enumerated as below:
- Express Home Loan
- NRI Home Loan
- Balance Transfer Home Loan
- Land Loan
- Money Saver Home Loan
- Step Up Home Loan
- Loan Against Property
- Home Overdraft
- Commercial Property Purchase Loan
- Home Top-Up Loan
Home Improvement Loan
Let us discuss some of them here:
Express Home Loan – With the Express Home Loan, borrowers can get their home loans in an instant. The applicant needs to submit the provisional sanction letter for the loan to be released. The loan tenure is 30 years, starting at an interest rate of 9.10%.
NRI Home Loan – The NRI Home Loan is a unique offer for non-resident Indians (NRIs). These loans have special processing fees and low rates of interest on repayment. The interest rate is between 9.10% and 10.25%, with a maximum tenure of 30 years.
Balance Transfer Home Loan – The Balance Transfer Home Loan from ICICI Bank allows borrowers to easily transfer their existing home loans and get much lower interest rates on repayment. With a loan tenure of 20 years, the interest rate starts at 9.10%.
Land Loan – The Land Loan is meant for borrowers who need a plot of land for the unique vision that they have in terms of their homes.
Money Saver Home Loan – This is an overdraft-based loan facility. With the Money Saver Home Loan, borrowers pay a lower interest rate on their home loans by parking surplus funds in their money saver account.
Step Up Home Loan – The Step Up Home Loan allows borrowers to improve their eligibility for their first home loan. The unique offering helps young salaried professionals to pay moderate EMI initially and then slowly increase in subsequent years.
Loan Against Property – ICICI provides the Loan against Property at lower interest rates on repayment. This helps the borrowers fulfill their dreams by using their property as collateral.
| Plan Interest Rate | Plan Interest Rate |
|---|---|
| Express Home Loan |
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| NRI Home Loan |
|
| Balance Transfer Home Loan |
|
| Money Saver Home Loan |
|
| Extra Home Loan |
|
ICICI Bank Home Loan Interest Rates for Balance Transfer, Top Up, and Overdraft
ICICI Bank, in line with other renowned financial institutions, takes pride in providing its customers with three convenient options to enhance the comfort of home loans. These options are detailed below:
ICICI Bank Home Loan Balance Transfer
The ICICI Instant Balance Transfer Home Loan is pre approved for people who have their salary accounts with the bank. The eligibility criteria for this loan are the same as ICICI Insta Home Loan. The bank offers discounts on the processing fees in these cases. Borrowers can transfer a maximum of two mortgage loans in this scheme. The maximum transfer amount in this case is Rs. 3 crore. The maximum tenure for repayment in these loans is 30 years. The ICICI home loan transfer interest rate is between 9.25% and 9.65% for salaried employees. For self-employed individuals, this rate stands at a minimum of 9.40% and a maximum of 9.80%.
ICICI Bank Home Loan Top-Up
The ICICI Insta Top Up Loan scheme is meant for borrowers who already have a home loan with the bank. The ICICI home loan top-up interest rate is a rather reasonable one as well. This loan is preapproved till an amount of Rs. 1 crore. Borrowers can apply for this loan through short message service (SMS), internet banking, and the Mobile app. They also need not provide any documentation for this.
ICICI Bank Home Loan Overdraft Option
The ICICI Bank Home Loan Overdraft facility's main aim is to help existing home loan borrowers deposit extra funds in a linked overdraft account and withdraw money as per their requirements. However, there is a predetermined limit with regard to the amount that can be deposited in this case. In this case, the bank charges interest only when the borrower withdraws money. In this case, the loan amount ranges between Rs. 5 lakhs and Rs. 5 crores.
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Compare ICICI Bank Home Loan Interest Rate with Top Banks
While ICICI Bank provides competitive interest rates across its range of home loan products, we recommend thoroughly comparing with other banks and NBFCs before proceeding with your ICICI home loan application. The table below presents the interest rates and processing fees of prominent banks and NBFCs in India that offer home loans, facilitating a comprehensive comparison with ICICI Home Loans.
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| HDFC Home Loan | 8.50% - 9.40% | Up to 0.50% and applicable taxes |
| Canara Home Loan | 9.25% to 10.95% pa | 0.50% and applicable taxes |
| SBI Home Loan | 8.40% - 10.15% | Up to 0.35% and GST |
| Kotak Home Loan | 8.75% - 9.60% | Up to 0.50% and GST |
| LIC Home Loan | 8.50% - 10.35% | Up to 0.50% |
| ICICI Home Loan | 8.75% p.a. onwards | 0.50% of loan amount + applicable taxes |
ICICI Bank Home Loan Balance Transfer Interest Rates
The bank offers borrowers two balance transfer loan options: ICICI Bank Home Loan Balance Transfer and ICICI Bank Pre-Approved (Instant) Balance Transfer.
- Go to the Repay Right section on the BASIC Home Loan website - Repay Right
- In the section, fill out the provided form with requisite details on the current outstanding loan amount, existing rate of interest per annum, new rate of interest per annum, existing loan repayment tenure, and existing EMI paid on the loan amount.
- Click on Next once you have entered the required details on the form.
- You can see your total savings with the ICICI Bank Home Loan Balance Transfer option on the next page.
- You can also choose to get in touch with one of the team representatives of BASIC Home Loan, who can help maximize your savings with ICICI Balance Transfer on home loans.
Get Home Loan Starting at 8.5%*
How to Calculate ICICI Bank Home Loan Interest Rates?
Before people go looking for a home loan from ICICI Bank, they must get a fair idea of the financial ramifications of the same. This is why it is so critical that they use calculators such as EMI to calculate the interest rate and find out the EMI structure that they would have to deal with. This will also help them find an EMI amount that they would be able to pay easily for the foreseeable future.
ICICI Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 9.00% pa | 12,668 | 8,997 | 8,046 |
| Rs. 20 lakh | 9.00% pa | 25,335 | 17,995 | 16,092 |
| Rs. 30 lakh | 9.00% pa | 38,003 | 26,992 | 24,139 |
| Rs. 40 lakh | 9.00% pa | 50,670 | 35,989 | 32,185 |
| Rs. 50 lakh | 9.00% pa | 63,338 | 44,986 | 40,231 |
| Rs. 60 lakh | 9.00% pa | 76,005 | 53,984 | 48,277 |
| Rs. 70 lakh | 9.00% pa | 88,673 | 62,981 | 56,324 |
| Rs. 80 lakh | 9.00% pa | 1,01,341 | 71,978 | 64,370 |
| Rs. 90 lakh | 9.00% pa | 1,14,008 | 80,975 | 72,416 |
| Rs. 1 crore | 9.00% pa | 1,26,676 | 89,973 | 80,462 |
Kindly note that the figures in the abovementioned table are calculated based on the lowest rate of 9.00% offered by ICICI Bank on its home loans. This amount will change depending on factors such as interest rate, repayment tenure, and the monthly income of the borrower.
FAQ's
Currently, ICICI Bank offers prospective borrowers home loans at between 9.00% and 10.05%.
The interest rate that a borrower is charged on an ICICI Bank home loan depends on the type of loan that they are taking along with other crucial factors such as their credit score and their income, etc.
There are two ways to pay back a home loan taken from ICICI Bank – the usual EMIs and the Flexible Loan Instalment Plan (FLIP).
The fixed home loan rates from ICICI vary from 8.95% to 11.45% depending on parameters such as bureau score, segments, loan slab, and profile, to name a few.
The interest rates charged by ICICI Bank are comparable with some of the best banks and lenders of home loans in India. Additionally, the flexible repayment options and quick approvals make it advantageous.
Yes, ICICI Bank has indeed increased the marginal cost-based lending rates (MCLR) of its interest rates by 5 basis points (bps), and the new rates came into effect on 1st September 2023.
Yes, ICICI Bank offers lower interest rates for women borrowers. Additionally, the processing fees are also reduced for women.
This depends on the changes made to the repo rate – also known as benchmark rates – by the RBI.