ICICI Bank - 7.60% for Home Loan - Takeover Loan

ICICI Bank Home Loan:

ICICI Bank offers one of the most flexible and affordable home loan solutions tailored to meet your housing needs – whether it's buying a new home, constructing, renovating, or transferring an existing loan.

ICICI Bank offers attractive home loan interest rates tailored to your credit profile and banking relationship.
 

Special Rates for Select Customers

@7.60% p.a. – For pre-approved customers with excellent banking relationship

Preferential rates – For customers with credit score ≥750

These rates are significantly lower than the standard slab.

 

ICICI Home Loan Details:

Interest Rate

  7.60% p.a. onwards

Loan Amount

  Up to Rs 5 crore

Tenure

  Up to 30 years

Processing Fees

For salaried - Rs. 5900 with GST
Self employed - 0.25% of the loan amount

 

ICICI Bank housing loan interest depends upon:

1. Loan amount:

 The housing loan rate in ICICI Bank depends upon the loan amount you apply for.

The higher the loan amount, the lesser will be the rate.

 

2. Your Salary:

Income helps you identify your rate of interest.

The bank's rate varies with your monthly income. The higher the income, the lesser will be the rate.

 

3. Type of loan opted for:

ICICI Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

4. Existing bank customers:

ICICI Bank offers one of the lowest home loan rates to its existing bank account customers given their past relationship with the bank.

 

ICICI Bank Home Loan Processing Fee and Other Charges:

In addition to interest rates, home loans from ICICI Bank also carry some other charges which include:

1. Processing Fee -

ICICI Bank applies processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.

 

2. Technical and Legal Charges -

ICICI Bank also charges technical and legal charges which are explained to the customer during the loan process.

Once you go through the loan application process, you will need to pay these charges based on ICICI Bank rules.

 

3. Prepayment Charges - 

If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to ICICI Bank.

As per RBI rules, banks are not allowed to charge prepayment penalties on floating-rate home loans.

Hence, you can prepay your home loan with ICICI Bank at Nil charges.

 

ICICI Housing Loan:

Apply

Apply for an ICICI Bank Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare ICICI rates with other banks before choosing the best deal for your home loan needs.

 

ICICI Home Loan Documents:

Some of the common documents required for ICICI Home Loan are:

Application form with photograph duly signed

Proof of Identity

Proof of Residence

Proof of Age

Processing fee cheque
 

For Salaried Individuals:

Last 6 months bank statements

Last 3 months Salary-slips

Form 16 / Income Tax Returns
 

For Self-employed Professionals/ Self-employed Non-professionals:

Identity, residence and age proof

Last 6 months bank statements

Form 16 / Income Tax Returns

Proof of business existence

Education qualification certificate and proof of business existence

Last 3 years Income Tax Returns with computation of Income

Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

 

Home Loan ICICI Schemes:

Purpose: ICICI Bank offers a Home Loan Scheme for the purchase or construction of a house or flat.

Tenure: Up to 30 years
 

ICICI Bank Home Loan Balance Transfer

Purpose: Existing home loan borrowers of other banks and HFCs can avail ICICI Bank Home Loan Balance Transgfer facility for transferring their existing home loans to ICICI Bank at lower interest rates.

Tenure: Up to 20 years
 

ICICI Bank Land Loan

Purpose: Consumers can avail  ICICI Bank Land Loans  to raise funds for purchasing land/plots for home construction purposes provided the construction is completed within 2 years from the date of disbursement of the loan.

Tenure: Up to 20 years

LTV Up to 70% funding on market value for purchasing land
 

ICICI NRI Home Loan

Purpose: NRI individuals can avail  ICICI Bank NRI Home Loans  for purchasing, constructing, repairing or renovating their home in India.

Loan Amount: Up to Rs 5 crore or more

Tenure: Up to 30 years
 

ICICI Bank Home Loan Overdraft

Purpose: Existing home loan borrowers can avail home loan overdraft facility offered by ICICI Bank wherein they can deposit surplus funds in the linked overdraft account within the predetermined limit and withdraw money as per their requirements. The interest is charged only on the amount withdrawn.

Loan Amount: Rs 5 lakh-Rs 5 crore
 

ICICI Bank Step Up Home Loans

Purpose: ICICI Bank Step Up Home Loans applicants can avail higher loan amounts as compared to their home loan eligibility under regular home loans. The repayment schedule is divided into two terms- Initial or Primary Term wherein the borrower has to pay only the interest part and Secondary or Balance Term wherein the total EMI, i.e., the interest and the principal is payable. Under this scheme, prospective home loan borrowers can increase their loan amount eligibility by up to 20%.

Loan Amount: Up to Rs 3 crore

Tenure: Up to 20 years

 

ICICI Pre-approved Home Loans (Instant)

Purpose: ICICI Bank offers Instant Home Loans also known as ICICI Bank Pre-approved Home Loans with instant sanction to select or premium customers. The bank offers a sanction letter to the applicant that is valid for 6 months.

Loan Amount: Up to Rs 5 crore

Tenure: Up to 30 years
 

ICICI Pre-Approved (Instant) Balance Transfer

Purpose: ICICI Bank offers a pre-approved instant home loan balance transfer facility to existing customers of other banks and HFCs for transferring their existing home loans to ICICI Bank at lower interest rates. The lender offers a sanction letter to the applicant that is valid for 6 months.

Loan Amount: Up to Rs 1 crore

Tenure: Up to 20 years

 

ICICI Bank 24-hour Top-up Loan

Purpose: Consumers can avail  ICICI Bank Pre-approved Top- up Loans branded as ’24-hour Top-up Loans’ wherein the bank provides instant sanction on Top-up Loan to its select existing customers. Such loans are offered over and above the existing home loans to meet the various personal requirements of the existing home loan borrowers, such as travel, wedding, education, home renovation, medical emergency, etc.

Tenure: Up to 10 years

 

ICICI Bank Home Loan Top-up

Purpose: Borrowers can avail Top-up Home Loans to meet requirements such as marriage expenses, business expansion, home renovation, education, etc. with the combination of an overdraft facility.

Loan Amount: Up to 100% of the original loan amount sanctioned

Tenure: Up to 20 years

 

ICICI Insta Home Loan Overdraft (Pre-Approved)

Purpose: Consumers can avail pre-approved digital ICICI Bank Insta Home Loan Overdraft facility with instant access to funds to meet personal expenses, such as education, home renovation, debt consolidation, other emergencies, etc.

Loan Amount: Rs 5 lakh to Rs 1 crore

 

ICICI Insta Home Top-up Loan (Pre-Approved)

Purpose: ICICI Bank offers digital Pre-approved Insta Top-up Home Loans to its existing home loan borrowers over and above their existing home loans wherein they can apply digitally either through mobile or internet banking. The loan amount gets disbursed instantly to the savings account linked to the existing home loan account.

Loan Amount: Up to Rs 1 crore

Tenure: Up to 10 years

 

ICICI Bank Home Construction Loan

Purpose: ICICI Bank offers Home Construction Loans for purchasing land and constructing a property on the same land. The applicants can also use loan proceeds for the construction of a property in case they already own land.

Tenure: Up to 30 years

 

Frequently Asked Questions:

 

Q. What is ICICI Bank's home loan procedure?

Ans. You can apply for an ICICI Bank home loan by contacting the bank directly or by applying through online marketplaces like apnarupee.com.

Availing of a loan through an online marketplace improves the chances of getting the best loan rates, low processing fees, and special offers.

Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on the property, and eligibility calculation.

The bank will make a decision on your loan based on the evaluation results. You can also check your ICICI Bank home loan status by logging in to your customer account with Apnarupee.com.

 

Q. Why should I opt for a balance transfer to ICICI Bank?

Ans. ICICI Bank offers competitive home loan rates with the best EMI availed at a low-interest rate for a maximum tenure of 30 years.

If you are paying an EMI more then you should consider the option for a loan transfer to ICICI Bank from your existing bank.

 

Q. What is the maximum loan tenure I can opt for under the ICICI Bank house loan?

Ans. ICICI Bank offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

 

Q. Do I get tax benefits on home loans from ICICI Bank?

Ans. As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a home loan under section 24 and section 80C of the Income Tax Act.

 

Q. Can I foreclose my home loan? What are the charges applicable?

Ans. Yes, you can foreclose your loan with Nil charges.

 

Q. Can I transfer my house loan from another bank to ICICI Bank?

Ans. Yes, the Bank gives you the facility to transfer your existing loan with a hassle-free process.

Availing loan transfers to ICICI Bank can allow you to save interest, pay lower EMIs, and save money.

 

Q. Can I club the income of my spouse with mine and apply for a joint home loan?

Ans. You can club the income of your spouse to increase your loan eligibility if the spouse is a co-owner of the property or guarantor of the loan.

 

Q. What is the benchmark applicable for housing loans?

Ans. The benchmark applicable for home loans in ICICI Bank is 1 Year MCLR.

 

Q. What is the effect of part prepayments on ICICI Bank housing loan EMI?

Ans. Part prepayments help you reduce the outstanding amount of the loan which will reduce the interest amount due.

After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

 

How to increase my eligibility for an ICICI Bank housing loan?

Ans. If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan.

The combination of both of your incomes will help you increase your eligibility to get a loan.

 

Q. How will the interest rate on ICICI Bank housing loans change in the future?

Ans. The floating rate on ICICI Bank housing loan is linked to its 1-year MCLR Rate.

When the Bank offers a home loan at 7.10%, it applies a premium of 0.5% to its MCLR Rate to arrive at this home loan rate.

When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase.

When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

 

Q. Can I convert my loan rate from fixed rate to floating rate or vice-versa? What are the charges applicable?

Ans. Yes, you can convert your home loan rates from fixed rate to floating rate and vice-versa.

The charges applicable are as follows:

On conversion of a loan from a fixed rate to a floating rate, charges are 0.5% of the outstanding loan amount and applicable tax.

On floating rate to fixed rate loan conversion, you will be charged 0.5% on the outstanding principal and applicable tax.

 

Q. Am I eligible for a top-up on my existing home loan?

Ans. ICICI bank allows you to top up your existing home loan at the time of balance transfer.