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ICICI Home Loan Interest Rates – Updated in February 2024

Regarded as one of India’s most popular private banks, ICICI Home Loan interest rates are customized to suit your specific needs whether you are a salaried individual, self-employed, NRI, or a senior citizen. Customers with a minimum required credit score of 750 and above can avail home loans up to 90% of property value.ICICI housing loan interest rate starts from 9.00 % p.a with a flexible tenure up to 30 years.

ICICI Home Loan Interest Rate

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ICICI Bank Home Loan Interest Rate in February 2024

Borrowers can avail home loans at special rates with interest rate linked to Repo Rate of 6.50%. Take a look at the table to know different home loan schemes offered by ICICI.

Scheme                     Interest Rate Range
Regular Home Loan: Self Employed9.00% 
Regular Home Loan : Self Employed9.00% – 9.10%
*Interest rates are subject to change without further notice.  

Different Types of Home Loan Offered by ICICI Bank – Detailed Overview

ICICI Home Loan

ICICI Bank Home Loan is a one stop solution for individuals looking to purchase or build their dream home. It offers affordable interest rates, flexible repayment options, and loan amounts based on the borrower’s credibility.

  • Applicant Type: Individuals, including salaried and self-employed.
  • Eligibility: 
    • Age: 23 years – 70 years
    • Cibil Score: 650
    • Employment Type: Salaried or self-employed.
  • Loan Tenure: Up to 30 years.
  • Loan Amount: Sanctioned loan amount is based on the borrower’s credibility and property value.
  • ICICI Current Home Loan Interest Rate : 9.00% – 10.05 %
  • Processing Fees: 0.50% of the loan amount, plus applicable taxes

Standard Home Loan Interest Rates

Loan SlabSalariedSelf-Employed
Up to ₹ 35 lakhs9.25% – 9.65%9.40%- 9.80%
₹ 35 lakhs to ₹ 75 lakhs9.50% – 9.80%9.65% – 9.95%
Above ₹ 75 lakhs9.60% – 9.90%9.75% -10.05%
*Interest rates are subject to change without further notice.  

Home Loan for Women 

Buying a home is a massive financial undertaking. ICICI bank offers reduced stamp duty, and tax deductions up to Rs 1.5 lakh amongst other benefits to women borrowers. There is a special concession in ICICI home loan interest rate for female applicants applying solitarily or as co-applicant.

Applicant Type: Women only.
Read: Everything You Need to Know About Home Loan Insurance


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Eligibility:

  • Age: There is no specific age limit.
  • CIBIL Score: A good credit score of 650 or above is essential to qualify for a loan.
  • Employment Type: salaried and self-employed women can apply.
  • Loan Tenure: The loan can be availed for up to 20 years.
  • Loan Amount: Sanctioned loan amount is based on the borrower’s credibility and property value.
  • Interest Rate:  8.10% per annum.
  • Processing Fees: 0.50% of the loan amount, plus applicable taxes.

Instant Home Loans (Pre-approved)

ICICI customers with an existing Bank salary account are eligible for a pre-approved house loan. This allows borrowers to get immediate loan approval. ICICI home loan interest rate for salary accounts starts from 9.10% pa.

Read: Exploring Bank Rate and Repo Rate in 2024

Eligibility:

  • Age: There is no specific age limit; borrowers above 21 can apply.
  • CIBIL Score: A good credit score of 650 or above is essential to qualify for a loan.
  • Employment Type: ICICI Bank salary account holders can apply.
  • Loan Tenure: The loan can be availed for up to 20 years.
  • Loan Amount: Sanctioned loan amount is based on the borrower’s credibility and property value.
  • Interest Rate:  9.10% per annum.
  • Processing Fees: 0.50% of the loan amount, plus applicable taxes.

Express Home Loans

ICICI bank offers express home loans to customers, which allows them to avail Home Loan in quick and easy steps. You need to submit the provisional sanction letter for the loan amount to be released.

Eligibility:

  • Age: There is no specific age limit; borrowers above 21 can apply.
  • CIBIL Score: A good credit score of 650 or above is essential to qualify for a loan.
  • Employment Type: Salaried and self employed. 
  • Loan Tenure: The loan can be availed for up to 30 years.
  • Loan Amount: Sanctioned loan amount is based on the borrower’s credibility and property value.
  • Interest Rate:  9.10% per annum.
  • Processing Fees: 0.50% of the loan amount, plus applicable taxes.

Extra Home Loan

ICICI Extra Home Loan is perfect for those who wish to increase the house loan amount by 20% by extending the repayment period until the applicant reaches the age of 67.

Eligibility:

  • Age: There is no specific age limit; borrowers above 21 can apply.
  • CIBIL Score: A good credit score of 650 or above is essential to qualify for a loan.
  • Employment Type: Salaried and self employed. 
  • Loan Tenure: The loan can be availed up to 67 years of age of the borrower.
  • Loan Amount: Sanctioned loan amount is based on the borrower’s credibility and property value.
  • Interest Rate:  9.10% per annum.
  • Processing Fees: 0.50% of the loan amount, plus applicable taxes.

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Balance Transfer and Top-up Home Loan 

ICICI Bank offers non- ICICI account holders to transfer existing home loans from other banks/NBFC at an affordable  interest rate. This allows borrowers to avail a lower ICICI home finance rate of interest amongst other benefits.

Eligibility:

  • Age: There is no specific age limit; borrowers above 21 can apply.
  • CIBIL Score: A good credit score of 650 or above is essential to qualify for a loan.
  • Employment Type: Salaried and self employed. 
  • Loan Tenure: The loan can be availed for up to 20 years.
  • Loan Amount: Sanctioned loan amount is based on the borrower’s credibility and property value.
  • ICICI Bank Home Loan Top Up interest rate:  9.10% per annum.
  • Processing Fees: 0.50% of the loan amount, plus applicable taxes.

Home Loan for NRI

ICICI Bank offers home loans specifically designed for Non-Resident Indians (NRIs) to fulfill their dream of owning a home in India. With attractive interest rates, flexible repayment options, and a seamless application process, ICICI Bank ensures that NRIs can fulfill their dream of owning a home back in India.

Applicant Type: Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). 

  • Eligibility: 
    • Age: 18-60 years.
    • CIBIL Score: 700 and above.
    • Employment Type: 
      • Salaried- if the applicant has lived abroad for more than a year.
      • Self-employed- if the applicant has lived abroad for more than 3 years.
  • Loan Tenure: Up to 30 years.
  • Loan Amount: Sanctioned loan amount is based on the borrower’s credibility and property value.
  • ICICI home loan interest rate today : 9.10% – 10.25%
  • Processing Fees: 0.50% of the loan amount, plus applicable taxes.


ICICI Bank Home Loan Interest Rates for Women and Benefits

To empower women, ICICI Bank offers home loans at special interest rates, making home ownership more affordable. Additionally, women borrowers enjoy lower processing fees, flexible repayment options, and exclusive offers. Here is a table showcasing the correlation between CIBIL Score and Interest Rate for ICICI Home Loans:

CIBIL ScoreInterest Rate
750 and above8.10% p.a.
700 – 7498.10% p.a.
650 – 699Rates may vary
Below 650Rates may vary

Kindly note that the mentioned interest rates are indicative and subject to potential changes. By availing a home loan with ICICI Bank, women can turn their dreams of owning a home into a reality.


ICICI Bank Home Loan Interest Rates for Self-Employed

Self-employed individuals can benefit from competitive interest rates offered by ICICI Bank, depending on their credit scores. Take a look at the table to know the relationship between credit scores and corresponding interest rates for self-employed applicants:

CIBIL ScoreInterest Rate Range
750 and above9.00% – 10.05%
700 – 7499.10% – 10.05%
Below 700Rates may vary

ICICI Home Loan Interest Rates for Salaried

When it comes to home loans, salaried individuals have an advantage with ICICI Bank. Their attractive interest rates are tailored to match credit scores, ensuring borrowers get the best possible rates. Take a look at the table below to understand the interest rate ranges based on different credit scores for salaried applicants.

CIBIL ScoreInterest Rate Range
750 and above9.00% – 9.90%
700 – 7499.00% – 9.90%
Below 700Rates may vary

ICICI Bank Home Loan Interest Rates for NRI

ICICI Bank offers attractive interest rates for NRI home loans. The following table provides information on eligibility, loan tenure, loan amount, interest rate, and processing fees for NRIs:

EligibilityNon-Resident Indians (NRIs) and Persons of Indian origin (PIO)
Loan TenureUp to 30 years
Loan AmountBased on applicant eligibility and property value
Interest Rate Range9.00% – 10.05%
Processing Fees0.50% – 2.00% of the loan amount 
*Terms and conditions apply 

Feature and Benefits of ICICI Home Loan

ICICI Bank’s home loan offerings come with a range of features and benefits that cater to the diverse needs of borrowers. Let’s explore some of the key features and benefits of ICICI home loans:

  • Competitive Interest Rates: : ICICI Bank offers home loans at attractive interest rates and flexible repayment options, including EMIs (Equated Monthly Installments), step-up EMIs, and flexible loan tenures.
  • Balance Transfer Facility: ICICI Bank provides a balance transfer facility, allowing borrowers to transfer their existing home loan from another bank to ICICI Bank for better interest rates and terms.
  • Easy Application Process with Minimal Documentation: ICICI Bank offers the convenience of minimal documentation  and doorstep document collection, making the loan application process hassle-free.
  • Additional Benefits for Women Applicants: ICICI Bank provides special interest rates and processing fee concessions for women applicants applying for a home loan solidarily or as a co applicant.
  • Tax Benefits : Borrowers can avail tax benefits on both the principal and interest components of the home loan repayment.These tax benefits can help reduce the overall tax liability, providing significant savings for borrowers.
  • Attractive Interest Rates for NRIs: ICICI offers home loan options specifically designed for Non-Resident Indians (NRIs) at attractive interest rates, enabling  NRIs to invest in properties in India with ease and convenience.

How to Apply for ICICI Bank Home Loan?

Applying for an ICICI home loan is a straightforward process. You can choose between  the convenience of online application or a personal visit to a nearby ICICI Bank branch. By submitting the required documents and completing the loan agreement, you will be one step closer to realizing your dream of owning a home. Once the application has been verified and approved, you will receive the sanctioned loan amount.

  1. Visit ICICI Bank Home Loans Website or Branch:

    Go to the ICICI Bank home loans website or visit a nearby SBI branch.

  2. Fill Out Application Form:

    Fill out the comprehensive online application form, provide accurate personal information, financial details, and essential property information.

  3. Submit Required Documents:

    Submit the necessary documents for verification , including identity proof, address proof, income proof, and property documents.

  4. Await Approval and Verification:

    Once you have submitted your application, sit back and relax. ICICI Bank will review your application, assess your eligibility, and verify the information provided.

  5. Complete Loan Agreement Process:

    If your application meets the criteria and gets approved, review and sign all the necessary documents to complete the loan agreement process.

  6. Disbursement of Funds:

    The loan funds will be disbursed promptly by ICICI Bank in accordance with the agreed-upon terms and conditions.

ICICI Bank Home Loan Eligibility


Age:
The primary applicant should be at least 21 years old at the time of applying for a home loan. The maximum age limit varies based on the loan tenure, generally it is 65 years.

Income: Applicants should have a stable and regular source of income to demonstrate their repayment capacity. The minimum income requirements vary based on the loan amount and location.

Employment Type: ICICI Bank considers both salaried and self-employed individuals for home loans. The applicant’s employment type and stability are evaluated during the eligibility assessment.

Credit Score: A good credit score is essential as it reflects the borrower’s creditworthiness. ICICI Bank considers the credit score while evaluating the applicant’s eligibility. A credit score of 700 and above is considered to be good.

Property Type: The type of property being financed, such as ready-to-move-in properties, under-construction properties, or plot loans, have specific eligibility criteria.

Documents Required for ICICI Bank Home Loan

When it comes to applying for an ICICI Bank Home Loan, being prepared with the necessary documents is key. Applicants need to submit the following documents :

  • Proof of Identity:  Aadhaar card, PAN card, passport, voter ID, or any other valid document that confirms applicant’s identity.
  • Proof of Address: Aadhaar card, utility bills, rental agreement,or any other valid document that confirms address. 
  • Proof of Age: Birth certificate, school leaving certificate, or any other valid document that confirms the applicant’s age.
  • Income Proof:  salary slips, income tax returns, bank statements or other relevant documents to assess the applicant’s credibility.
  • Property-related Documents: agreement, title deed, NOC from the builder, and property valuation reports or other relevant documents related to the property being financed.


ICICI Bank Home Loan EMI Calculator – How to Calculate ICICI Bank Home Loan EMI?

To calculate your ICICI Bank home loan EMI, use the following formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

  • P = Loan amount
  • R = Interest rate per month
  • N = Loan tenure in months
EMI Calculator
Loan Amount
Rate of Interest (P.A)
%
Loan Tenure
Yr
Monthly EMI
Principal Amount
₹25,093
₹0
Total Interest
Total Amount
₹30,22,320
₹60,22,320

ICICI Bank Home Loan Interest Rates for the Last 10 Years

Here is a table showing the interest rate ranges for ICICI Bank home loans in the past 10 years: 

YearInterest Rate Range
201310.00% – 10.50%
20149.50% – 10.50%
20159.85% – 9.90%
20169.4% – 9.95%.
20178.15% – 8.55%
20189.01% – 9.35%
20199.05% – 9.95%
20209.00% – 10.05%
20216.75% – 8.05%
20227.00% – 7.75%

ICICI Bank Home Loan Interest Rate Comparison with Other Banks | 2024

Bank/ NBFC NameInterest Rate
Axis Bank8.85% – 14.00%
Aditya Birla Capital Home Loan9% – 12.50%
Bandhan Bank8.65% – 13.65%
Bank of Baroda8.50% – 10.60%
Bank of India7.80% – 9.65%
Bank of Maharashtra8.40% – 10.80%
Canara Bank8.85%- 11.25%
Central Bank of India8.45% – 9.20%
Citibank8.45%
Corporation Bank8.60% – 11.20%
Dena Bank8.40%
Federal Bank10.15% – 10.30%
Fullerton Bank9.50%
HDFC Bank8.95% – 9.85%
HSBC8.60%
ICICI Bank9.00% – 10.05%
IDBI Bank8.75% – 11.45%
IDFC First Bank8.85%
Indian Overseas Bank Home Loan9.55%
Indiabulls Housing Finance8.75%
Jammu and Kashmir Bank8%
Karnataka Bank9.08% – 10.38%
Karur Vysya Bank9.23% – 12.13%
Kotak Mahindra Bank8.85% – 9.40%
LIC HFL8.70%
PNB HFL8.50% – 10.85%
Reliance Home Finance9.35% – 13%
State Bank of India8.25% – 9.65%
Sundaram Home Finance Ltd Home Loan6.95% – 8.30%
Tata Capital8.95%
Union Bank of India8.75%
YES Bank9.15% – 11.25%
*Interest rates are subject to change without further notice.  

Factors that Affect ICICI Bank Home Loan Interest Rate

  • Credit Score: ICICI Bank considers the creditworthiness of applicants, higher the credit score, higher are the chances of getting a lower interest rate.
  • Loan Amount: Higher loan amounts attract higher interest rates compared to lower loan amounts.
  • Loan Tenure: Longer tenures may have higher interest rates, while shorter tenures may offer lower rates.
  • Type of Home Loan Scheme: Different home loan schemes have varying interest rates. It offers the choice between fixed and floating options to suit individual preferences.
  • Employment Type: Salaried individuals are typically offered lower interest rates in comparison to self employed individuals
  • Market Conditions and RBI Policies: External factors, such as market conditions and RBI policies, can impact the interest rates.
  • Relationship with the Bank: ICICI Bank Home Loan interest rate for existing customers and individuals with a good banking history is preferential interest rates.

Tips to Avail of ICICI Bank Home Loan at Lower Interest

If you are wondering ‘How to reduce home loan interest rate in ICICI bank?’ Follow the suggestions mentioned below.

  • Maintain a Good Credit Score: Timely payments and low credit utilization  to maintain a good credit score.
  • Opt for Shorter Loan Tenures: Shorter loan terms can lead to reduced interest rates, saving you money in the long run.
  • Compare Different Schemes and Interest Rates: Research and compare the diverse range of home loan schemes and interest rates provided by ICICI Bank to discover the optimal choice for favorable terms.
  • Consider Making a Higher Down Payment: By making a larger down payment, you can effectively decrease the loan amount, increasing your chances of securing a lower interest rate. 
  • Provide Accurate and Complete Documentation: Maximize your chances of securing a lower interest rate by ensuring  all required documents are accurate and complete.
  • Build a Relationship with the Bank: Cultivating a strong relationship with the bank, through account maintenance or investments, can be helpful while negotiating better interest rates.

Whether you are a first-time homebuyer or looking to refinance your existing home loan, ICICI Bank offers a wide range of home loan options with interest rates starting from 9.00% p.a.The Bank’s competitive interest rates, flexible repayment options, and attractive features make it a compelling choice for borrowers. Choosing the right home loan is a crucial decision, take advantage of low ICICI Bank loan interest rates and apply for a home loan today. For more information, visit the NoBroker Home Loan Services now.

Disclaimer

This article is solely for educational purposes. NoBroker doesn’t take any responsibility for the information or claims made in the blog.

Frequently Asked Questions

1. What is the current ICICI home loan interest rate for 2024?

The current ICICI home loan interest rate for 2024 starts from 9.00% p.a. The interest rate may vary based on the specific home loan scheme and the applicant’s profile.

2. Does ICICI offer fixed or floating interest rates for home loans?

ICICI Bank provides borrowers with the flexibility to choose between fixed and floating interest rate options for their home loans.

3. Does ICICI  offer a top-up loan facility for existing home loan borrowers?

Yes, ICICI offers top up home loans to existing borrowers who have a good repayment track record. ICICI home loan top up loan interest rate is 9.0% p.a. Onwards.

4. Can I get an ICICI home loan if I work in the government sector?

Yes, you can! ICICI Bank offers home loans exclusively designed for government employees, featuring attractive interest rates. With these tailored offerings, ICICI Bank makes homeownership more accessible and affordable.

5. What are the features and benefits of ICICI Bank’s home loan balance transfer option?

ICICI Bank allows borrowers to transfer their existing home loan from another bank to ICICI at attractive interest rates. Benefits include potential savings on interest costs, improved customer service, and additional features and benefits offered by SBI.

6. Can I prepay my ICICI Bank home loan before the completion of the loan tenure?

Absolutely! You can make partial or full prepayments on ICICI home loans even before the loan tenure is completed. However, it’s essential to keep in mind that there may be prepayment charges based on the terms specified in your loan agreement.

7. What is the processing fee charged by ICICI Bank for home loans?

The processing fee charged depends on factors such as the loan amount and the specific loan scheme chosen. Current processing fee charged by ICICI Bank for home loans is 0.50% of the loan amount, plus applicable taxes.

8. How long does it typically take for ICICI Bank to process and approve a home loan application?

If everything is in order and all requirements are met, the processing time for an ICICI Bank home loan application is 1-2 weeks. It may take longer if the application form is not accurately filled.

9. Can NRIs apply for ICICI Bank home loans?

Yes, ICICI Bank offers customized home loan schemes for NRIs, allowing them to invest in India’s real estate in a quick and trustworthy manner.

10. What documents are needed to avail ICICI Bank home loan?

Applicants need to submit an application form with a photograph duly signed, proof of age, proof of identity, proof of residence, proof of income to avail ICICI Bank home loan.

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