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Owning your dream home with ease

  • Online sanction

  • Hassle-free documentation

  • Fast processing

  • Long tenure

 

 

 

 

Home Loan calculators

Home Loan Interest Rate, Fees & Charges

  • Home Loan Interest Rate

    The Home Loan interest rate varies based on the loan amount, applicant’s profile, employment type and existing relationship with the bank, if any. The interest rate for ICICI Bank Home Loan starts from 8.50% p.a. 

    View Interest Rate

  • Home Loan Fees and Charges

    The processing fee for an ICICI Bank Home Loan is up to 2% of the loan amount, plus applicable taxes.

    View fees and charges

About Home Loans

Understanding a Home Loan

A Home Loan is a financial product that helps individuals purchase, build or renovate their homes. It provides funds based on the property value and the applicant’s eligibility. The loan is typically repaid in monthly instalments (EMIs) over a long tenure.

Advantages of Home Loan

Home Loans offer significant advantages, such as attractive interest rates, the home loan tax benefit under Section 80C (old tax regime) and the ability to own a property without full upfront payment. Home Loans provide flexible repayment options, making it easier to manage finances. With a Home Loan, buying a home becomes more affordable and feasible.

Home Loan disbursement process

Click here to know about the Home Loan disbursement process.

Are Home Loans a good option to buy property?

Home Loans make it easier to invest in real estate, allowing individuals to purchase their dream home without having to save for and pay the entire price upfront. With attractive home loan interest rates and long repayment periods, Home Loans ensure that buying a home is more accessible, affordable and financially manageable.

Home Loan eligibility Criteria

When you apply for a Home Loan, there are a few important eligibility conditions that you have to meet. These are as follows:

  • Employment Type: Salaried or self-employed individuals
  • Age:
    •               Salaried Individuals: 20 to 65 years
    •               Self-employed Individuals: 21 to 70 years
  • Credit Score: 700 and above
  • Citizenship: Indian residents & NRIs
  • Income Proof: Must have stable and regular income.

Types of Home Loans

When considering a Home Loan, it is essential to understand the various options available, as listed below:

  • Home Loan Top-Ups: These are available to existing ICICI Bank Home Loan customers who need additional funds for home renovation or extension
  • Step-Up Home Loans: Tailored for young salaried individuals, this option allows you to get a higher loan amount with moderate initial EMIs, which reduces financial strain in the initial years. The EMIs increase with time, to reflect the increase in salary.
  • Land Loans: For purchasing land as a future investment, ICICI Bank offers Land Loans at attractive interest rates with minimal documentation.

Understanding these loan options can help you choose the one that best aligns with your financial goals and housing needs.

Do’s and Don’ts for a Home Loan

Do’s

  • Check Home Loan eligibility and repayment capacity before applying
  • Compare interest rates, tenure and EMI obligations carefully
  • Maintain a healthy credit score for better loan eligibility
  • Keep all required documents ready during the application
  • Use a Home Loan EMI Calculator for financial planning
  • Read all loan terms, charges and repayment conditions carefully

Don’ts

  • Avoid borrowing beyond your repayment capacity
  • Do not ignore additional costs such as registration and processing charges
  • Avoid delaying EMI payments during the repayment period
  • Do not apply for multiple loans unnecessarily at the same time
  • Avoid inaccurate information or incomplete documentation during application

Responsible borrowing and timely repayment can help customers manage Home Loans effectively.

Tips to Know about Home Loan

Before applying for a Home Loan, customers should evaluate repayment capacity, loan eligibility and long-term financial goals carefully. Comparing Home Loan interest rates, repayment tenure and EMI obligations may help in selecting suitable financing options. Maintaining a healthy credit score and stable income may improve approval chances and access to competitive interest rates.

Important Tips for Home Loan Borrowers

  • Use a Home Loan EMI Calculator before applying
  • Keep required property and income documents ready
  • Choose repayment tenure based on affordability
  • Understand applicable fees and processing charges
  • Plan for additional property-related expenses
  • Compare fixed and floating interest rate options
  • Avoid excessive debt obligations during loan tenure
  • Ensure timely EMI repayment to maintain credit profile

Proper financial planning can help borrowers manage Home Loan repayment more efficiently.

Need more information

EMI Calculator

Interest rates 

Service charges

Eligibility 

Balance transfer 

Documents Required 

Existing Customers

Prepayment Calculator

Explore Home Loan service requests

Re-dispatch of Home Loan document

IT certificate for closed Home Loan

Loan agreement and sanction letter

Repayment schedule - Home Loan

Dispatch of documents at preferred location

Request for agreement copy

EMI Clearance Status

EMI increase

Home Loan FAQs

What is a Home Loan?

A Home Loan is a secured loan offered for purchasing or constructing, r a residential property. The property financed generally acts as collateral for the loan. ICICI Bank offers different types of Home Loans with attractive interest rates, flexible repayment tenure and structured EMI options. Loan amount eligibility depends on factors such as income, repayment capacity, credit score and property value. Customers can apply for a Home Loan online with simple documentation and repayment tenure extending up to 30 years based on eligibility.

How do I apply for a Home Loan with ICICI Bank?

You can apply through the iMobile app, Net Banking, the ICICI Bank website or by visiting any ICICI Bank Branch.

What factors affect home loan eligibility?

Home loan eligibility  is based on the age (20–65 years for salaried individuals, 21–70 years for self-employed individuals), income, employment stability and credit score (ideally 750+) of the applicant.

What is a floating rate of interest of a Home Loan?

Floating rate of interest of a Home Loan means that the interest rate is not fixed and can change over time. The change takes place as per changes in a benchmark rate (the repo rate set by RBI (Reserve Bank of India).

What is the meaning of a fixed rate of interest on a home loan?

A fixed rate of interest of a Home Loan means that the rate of interest does not change throughout the tenure of the loan. Regardless of market fluctuations, the borrower pays interest at the same interest rate through the same Equated Monthly Instalments (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.

Is there any tax benefit available on Home Loans?

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 if you opt for the old tax regime. The limits on the deductible amount are governed by the applicable Income Tax laws.

How long does it take to get an ICICI Bank House Loan sanctioned? 

At ICICI Bank, the duration for sanctioning a Home Loan varies, depending on factors such as the accuracy of the applicant’s documentation, their credit history, property evaluation and the applicant's credit score. The process can take one to two weeks. ICICI Bank usually requires thorough verification of the applicant's documents such as income proof, proof of identity 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 Home Loan approval process.

What is the maximum home loan I can get?

Your eligibility for a Home 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 as the loan amount. Your ability to repay and financial stability are crucial in deciding the loan amount you can receive.

Who is the co-applicant in a home loan?

A co-applicant is someone who applies for the loan alongside the borrower. A co-applicant for a Home Loan can be a spouse, parent or sibling. The co-applicant’s income and credit history are taken into account, potentially leading to a more favourable loan amount and terms.

Can I repay my outstanding Home Loan amount?

You have the option to repay your Home Loan at any time. You can make full or partial pre-payments to lower your interest expenses and shorten the repayment period. It is advisable to confirm with your lender regarding any pre-payment penalties or terms.

What is the Home Loan processing fee?

A processing fee is a small charge levied by the Bank to review and process your Home Loan application before approval. Click here to know the detailed fees & charges.

Is Home Loan insurance mandatory?

The properties that are being offered as security, except land and under-construction properties, would be required to be insured. Customer may opt for availing the property insurance from ICICI Lombard or any other general insurance company and it should be assigned to ICICI Bank.

What are the different types of Home Loans?

ICICI Bank offers different types of Home Loans to suit varied housing needs, including:

  • Home Loans for purchasing a house
  • Home Improvement Loans for renovation or repairs
  • Land Loans for purchasing a plot
  • Home Loan Balance Transfer for transferring an existing Home Loan to ICICI Bank
  • Top-up Loans for additional financial requirements

What is the process of applying for a home loan at ICICI Bank?

With ICICI Bank, you can apply for a Home Loan online using Net Banking / iMobile or by visiting the nearest Branch.

What is the step-by-step process to get an ICICI Bank Home Loan?

Home Loan can be applied online or by visiting a branch. After submitting the required documents, eligibility will be assessed, followed by issuance of the sanction letter, property verification, and final disbursement.

How to improve your chances of getting a Home Loan?

Maintaining a healthy credit score, stable income, lower existing liabilities and submitting complete documentation may help improve Home Loan approval chances and eligibility for competitive interest rates.

Can I switch to a floating-rate from a fixed-rate during my loan tenure?

Yes, customers may request conversion from fixed-rate to floating-rate Home Loan subject to applicable Bank policies, eligibility conditions, and conversion-related charges.

What is a Home Loan application?

A Home Loan application is the formal process of applying for housing finance by submitting personal, income and property-related details for eligibility assessment and approval.

What is the 20-30-40 rule for Home Loan?

The 20-30-40 rule for a Home Loan is a simple way to plan your budget. It suggests paying at least 20% of the property value as a down payment, keeping your monthly Home Loan EMI within 30% of your monthly income and ensuring the total property cost fits within 40% of your overall financial capacity. This helps you manage Home Loan repayments in a more stable and balanced way. 

How to check Home Loan details?

Customers can check Home Loan details through Net Banking and ICICI Bank’s iMobile app, loan statements, customer support or official banking channels using their registered loan account information.

What is the minimum salary to get a Home Loan?

The minimum salary required for a Home Loan depends on factors such as repayment capacity, credit profile, loan amount and lender-specific eligibility criteria.

​​​What is the EMI for a ₹40 lakh Home Loan?

The EMI for a ₹40 lakh Home Loan depends on the applicable interest rate, repayment tenure and selected loan structure. Customers can use the ICICI Bank Home Loan EMI Calculator for estimates.

View all FAQs

Home Loan for Different Budget

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₹30 Lakh Home Loan

Take a word from our customers

  • P

    Peddintli Rao Dodda

    Rating: 4.5 stars

    I want to express my sincere appreciation for the Relationship Manager who assisted me with my Home Loan application. His follow-up and guidance were 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.

  • A

    Abhishek Gupta

    Rating: 5 stars

    I availed a 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.

  • S

    Suraj Srivastava

    Rating: 4.5 stars

    ICICI 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.

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