ICICI Home Loan Interest Rate @ 8.40%

Check out ICICI Bank Home Loan Interest Rate, Processing Fee and Other Charges

✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.25%

With ICICI Bank, you can get a home loan of up to ₹5 Cr starting at an interest rate of just 8.40% per annum. However, you must remember that the final interest rate will depend on factors like your status of employment, repayment history, credit score and your overall creditworthiness. On top of that, a nominal processing fee will be charged to you as well.

ICICI Home Loan Processing Fees and Charges

The charges associated with a ICICI bank home loan other than the interest rate are as follows:

Processing Fees

(Higher of ₹5,000 + GST or 0.25% of the loan amount + 18% GST) + ₹3,000 + 18% GST

Prepayment/Foreclosure charges

  • 0 for floating interest rate home loans.

  • 2% + applicable GST if the home loan attracts a fixed rate of interest

  • 2% for the availed top-up amount (if the loan was taken for a property being used for business purposes)

  • 4% if the outstanding principal amount is being prepaid fully and the loan was taken to buy a property for business purposes

Penal Interest Rate

2% per month or 1.5% of the due amount if the overdraft facility has been availed

Cheque bounce charges

₹500

Transaction charge (if the due EMI amount is being paid through cash at an ICICI Bank branch)

₹100

Document retrieval charges

₹500

Example of ICICI Bank Home Loan Interest Rates

Let us assume that you have taken a home loan of ₹5 Lakhs from ICICI Bank at an interest rate of 8.40% p.a and your loan repayment tenure is 5 years. Your friend, on the other hand, has taken the same amount, but his interest rate is 8.40% p.a. and that loan has to be repaid over 30 years. The EMI amounts and other charges for the both of you will look as follows:

Processing Fee

₹3,540 + ₹5,900 = ₹9,440

(₹3,000 + 18% GST + Higher of ₹5,000 + GST or 0.25% of the loan amount)

Fee payable to Bajaj Markets

₹0

Maximum and minimum EMI amounts

  • Your EMI amount: ₹10,031

  • Your friend’s EMI amount: ₹3,260

Total Amount Payable

  • You will pay ₹6,01,851 by the end of your loan repayment tenure

  • Your friend will pay ₹11,73,465 over 30 years.

As you can see, a shorter loan repayment tenure means you will pay a higher EMI amount each month, but your interest payments will be much lower than what you would pay if your repayment tenure was 30 years.

ICICI Bank Loan Scheme Interest Rates

ICICI Bank has several schemes available for people from all walks of life. The starting interest rates at which they are given are as follows:

ICICI Bank Home Loan Scheme

Interest Rates

ICICI Bank Regular Home Loan

8.10% p.a. onwards

ICICI Bank Express Home Loan

8.10% p.a. onwards

ICICI Bank Land Loan

8.10% p.a. onwards

ICICI Bank Extraa Home Loan (Home Loan Top up)

8.10% p.a. onwards

ICICI Bank NRI Home Loan

8.10% p.a. onwards

ICICI Bank Home Loan Balance Transfer

8.40% p.a. onwards

ICICI Home Loan Interest Rates for Self-Employed and Salaried Individuals

The ICICI Bank home loan interest rates applicable to self-employed and salaried people are:

Type of Applicant

Interest Rates

Salaried

8.40% p.a. onwards

Self-Employed

8.40% p.a. onwards

ICICI Home Loan Interest Rate for Women and Government Employees

The ICICI Bank home loan interest rates applicable to women and government employees are as follows:

Applicant Type

Interest Rates

Women

8.40% p.a. onwards

Government Employees

8.40% p.a. onwards

ICICI Bank Home Loan Balance Transfer Interest Rates

Balance transfer facilities allow you to essentially change your lender by getting your outstanding home loan balance transferred to a new lender. You should consider making such a switch if the new lender is offering you the chance of repaying the home loan at a lower interest rate. But, before you make the switch, it will be prudent of you to check the applicable foreclosing charges (if any), the applicable processing fees, and similar balance transfer-related expenses with both lenders. Currently, ICICI home loan balance transfer interest rate starts at 8.40% per annum.

Compare ICICI Home Loan Interest Rates with Top Lenders

The interest rates at which other leading lending institutions are providing house loans are as follows:

Lender

Interest Rates

Bajaj Housing Finance Limited

8.30% p.a. onwards

Home First Finance Company (HFFC) Limited

9.50% p.a. onwards

Union Bank of India Limited

8.25% p.a. onwards

PNB Housing Finance

8.25% p.a. onwards

Factors that affect ICICI Bank Home Loan Interest Rates

Some things that could affect your ICICI Bank home loan interest rate are:

  • Your CIBIL Score: If you have a CIBIL score of 750 or above, you can get a ICICI bank loan at a favourable interest rate. However, if your CIBIL score is below that, you may still get a home loan from ICICI bank, but at a higher interest rate.

  • Your Monthly Income: Your monthly income will basically tell the lender your loan repayment capacity. The higher your monthly income, the lower your interest rate will be, while the opposite is true as well.

  • Principal Loan Amount: You must remember that higher home loan amounts attract a higher interest rate and a lower principal amount would mean that your interest rate will also be lower. If you want to repay your home loan at a lower interest rate, one way to ensure the same is by making a sizable down payment upfront.

FAQs on ICICI Bank Home Loan Interest Rate

  • ✔️What is the ICICI home loan interest rate on ₹25 Lakhs for 15 years?

    You can get an ICICI Bank Home Loan of ₹25 Lakhs for 15 years at an interest rate starting from just 8.40% per annum. But, note that the interest rate applicable to you will depend on your credit profile.

  • ✔️Can I convert my Home Loan rate from fixed rate to floating rate or vice-versa?

    You can convert from a fixed house loan interest rate to a floating interest rate home loan by simply submitting an application to the lender. However, it is not possible to convert from a floating interest rate home to a fixed one.

  • ✔️What is ICICI Home Loan interest rate?

    ICICI Bank housing loan interest rates start at just 8.40% p.a.

  • ✔️Do I get tax benefits on a Home Loan from ICICI?

    Yes, you can get a tax benefit on an ICICI Bank home loan under sections 80C, 80EE, and 24(b) of the Income Tax Act, 1961.

  • ✔️At what interest rate does an ICICI employee get a home loan?

    An ICICI bank employee will get a home loan starting at 8.40% p.a.

  • ✔️What is the effect of part-prepayments on ICICI Bank home loan EMI?

    Part-prepayments of your home loan can help you bring your ICICI Bank Home Loan EMIs down or reduce your repayment tenure. On top of that, you can also save Lakhs of rupees that you would have paid as interest over the course of your repayment period otherwise.

  • ✔️Am I eligible for top-up on my existing Home Loan?

    Yes, as long as you meet the eligibility criteria laid out by ICICI Bank for availing their top-up facility, you can get the same at an attractive interest rate.