ICICI Home Finance Interest Rate
Now, buying a dream home has become more accessible, with lenders like ICICI Home Finance offering easy housing loan schemes with minimum documentation to people who are self-employed or earning a monthly salary. The ICICI home loan interest rate for fixed plans starts at 9.25% per annum for salaried and at 9.35% per annum for self-employed applicants. Applicants can repay the ICICI HFC home loan amount within 25 years of repayment tenure. The lender charges a processing fee of 0.50% of the loan amount or Rs. 11,000, whichever is higher, plus applicable taxes. Women borrowers can expect a concession on ICICI Home Finance interest rates.
ICICI Home Finance EMI Calculator
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ICICI Home Finance Home Loan Key Highlights
| Amount of Loan | Up to Rs. 5 crores |
|---|---|
| Rate of Interest | 9.25% p.a. onwards |
| Processing Fees |
0.50% of the loan amount or Rs. 11,000, whichever is higher + GST |
| Max Tenure for Loan Repayment | 25 years |
ICICI Home Finance Interest Rates in 2024
ICICI believes in offering financial help to lenders with minimum documentation and an affordable interest rate. With this aim in mind, ICICI Home Finance offers home loans at an interest rate starting at 9.25% per annum. Do not overlook the ICICI Home Finance interest rate 2024 for different categories in the tables displayed below:
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried Applicants | 9.25% per annum |
| Self Employed Applicants | 9.35% per annum |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Rural Housing
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loan | 9.25% per annum onwards |
ICICI Apna Ghar Home Loan Interest Rates
| Loan Slab | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | Salaried: 11.50% per annum onwards | Self-employed: 12.25% per annum onwards |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Bank Customers | 9.25% per annum onwards |
Interest rates were last updated on 16th January 2024
ICICI Home Finance Interest Rates for All Schemes in India
Being in the business of lending money to eligible and needy customers who wish to own a home in any part of the country, ICICI has taken note of their varied needs. Some want a loan to buy a home, while others want to improve an existing home's condition. The purpose of showing the table displayed below is to acquaint you with the different housing loan schemes offered by ICICI HFC, along with their interest rates:
| ICICI Home Finance Home Loan Schemes | Rates of Interest for Each Plan |
|---|---|
| ICICI New Home Loan | 9.20% per annum onwards |
| ICICI Home Improvement Loan | 9.20% per annum onwards |
| ICICI Prime Home Loan | 9.20% per annum onwards |
| ICICI Balance Transfer Home Loan | 9.20% per annum onwards |
| ICICI Plot Home Loan | 9.20% per annum onwards |
| ICICI Insta Top-Up Home Loan | 9.20% per annum onwards |
ICICI Home Finance Interest Rates for Balance Transfer, Top Up and Overdraft
ICICI Home Finance understands that each home loan borrower might face financial crunches even after availing of a home loan. Therefore, it offers three convenient ways to offer extra financial help to its customers, and these are mentioned below:
ICICI Home Finance Balance Transfer
You were not aware of the affordable home loan interest rates offered by ICICI HFC. There is no need to repent now; you can easily shift your existing home loan balance to ICICI even at a later stage with the flexible balance transfer scheme. The interest rate for ICICI balance finance begins at 9.20% per annum.
ICICI Home Finance Home Loan Top-Up
ICICI offers a flexible Top-Up Loan to customers on their existing mortgage loan to help them get access to instant funds for any planned or unplanned financial expenses. Insta Top-Up Home Loan is a digital pre-approved loan for which the borrower does not need to apply for a fresh loan. The interest rate for ICICI top-up home loans starts at 9.20% per annum.
ICICI Home Finance Home Loan Overdraft Option
The ICICI Home Finance overdraft facility can act as a one-stop solution to all the financial requirements of a home loan borrower. It aims to give quick access to emergency funds without wasting time applying for a new loan. The interest rate for an ICICI OD plan is the same as the main home loan scheme offered by the bank.
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Compare ICICI Home Finance Interest Rate with Top Banks
Comparing similar services or products is always helpful in making an informed decision for which you will not repent later. Thus, we suggest you compare the rate of interest and processing fee on home loans offered by ICICI with that of other competitors. For this, we are now presenting the current rate of interest on home loans along with their processing fee of all prominent banks and NBFCs in a tabular form:
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| ICICI HFC Loan | 9.20% p.a. onwards | 0.50% - 2.00% of the loan amount or Rs. 3,000, whichever is higher + GST |
| LIC HFC | 8.50% p.a. onwards | Up to 0.25% (Max: Rs. 25,000) |
| HDFC Home Loan | 8.50% p.a. onwards | Up to 0.50% of the loan amount / Rs. 3,000 (whichever is higher) + applicable taxes |
| Union Bank of India | 8.70% p.a. onwards | 0.50% of the loan amount (Max: Rs. 15,000) |
| PNB Housing | 8.75% - 11.45% p.a. | Up to 0.50% (Max: Rs. 10,000) |
| Cholamandalam Home Loan | 9.00% p.a. onwards | Rs. 5000 (including GST) |
ICICI Home Finance Balance Transfer Interest Rates
ICICI Home Finance balance transfer is one of the most popular housing loan schemes offered by the bank. Through this scheme, the ICICI tries to make it more convenient for the existing home loan borrowers to save money on interest rates. They can transfer their current balance on loan repayment from another bank to ICICI's cheaper rate of interest home loan schemes.
ICICI Home Finance balance transfer interest rate starts at 9.25% per annum. Whether you are an individual earning monthly salaries in a job, an entrepreneur, or a self-employed person, ICICI HFC offers the same facility to easily transfer your existing home loan amount to ICICI at a lower interest rate. Read on to understand the simplest way to apply for an ICICI Home Finance balance transfer home loan:
- Visit the official website of the BASIC Home Loan and click on the Repay Right section - Repay Right
- Fill in the information asked in the form, such as the details of the existing loan repayment tenure, any outstanding loan amount, new rate of interest per annum, existing rate of interest per annum, and existing EMI paid on the loan amount.
- The third step is to click on the ‘Next’ option after filling in the essential details in that form
- The next page will now display the total savings you can make with the ICICI Home Finance Home Loan Balance Transfer option
- You may also choose to contact BASIC Home Loan team members personally to learn other ways of opting for ICICI Home Finance Balance Transfer on home loans
Get Home Loan Starting at 8.5%*
How to Calculate ICICI Home Finance Interest Rates?
It is always a good idea to get a prior idea about the monthly EMI payable on the ICICI Home Finance home loan plan; therefore, we suggest you use the easiest online home loan interest rate calculator available at EMI. We advise you to access this online EMI calculator and plan your monthly expenses. Have a look at the table below to get a rough idea of the EMI and the interest rate on ICICI Home Finance home loans:
ICICI Home Finance 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 | 9.25% p.a. | Rs. 12,776 | Rs. 9,126 | Rs. 8,191 |
| Rs. 20 lakh | 9.25% p.a. | Rs. 25,552 | Rs. 18,253 | Rs. 16,381 |
| Rs. 30 lakh | 9.25% p.a. | Rs. 38,328 | Rs. 27,379 | Rs. 24,572 |
| Rs. 40 lakh | 9.25% p.a. | Rs. 51,104 | Rs. 36,505 | Rs. 32,762 |
| Rs. 50 lakh | 9.25% p.a. | Rs. 63,880 | Rs. 45,631 | Rs. 40,953 |
| Rs. 60 lakh | 9.25% p.a. | Rs. 76,656 | Rs. 54,758 | Rs. 49,143 |
| Rs. 70 lakh | 9.25% p.a. | Rs. 89,432 | Rs. 63,884 | Rs. 57,334 |
| Rs. 80 lakh | 9.25% p.a. | Rs. 1,02,209 | Rs. 73,010 | Rs. 65,524 |
| Rs. 90 lakh | 9.25% p.a. | Rs. 1,14,985 | Rs. 82,137 | Rs. 73,715 |
| Rs. 1 crore | 9.25% p.a. | Rs. 1,27,761 | Rs. 91,263 | Rs. 81,905 |
The table displayed above gives you an approximate idea of monthly EMI at the 9.25% p.a. interest rate offered by ICICI Home Finance. It is subject to vary depending on a variety of factors like tenure, interest rate, and repayment capacity of the borrower.
FAQ's
Following are some tips to reduce ICICI HFC home loan interest rates:
- Choose the right loan tenure
- Opt for a floater rate plan
- Enhance your credit score
- Negotiate with the lender
- Make Regular EMI payments
Yes, ICICI Home Finance does offer discounts on home loan interest rates to women borrowers. We suggest you check for the same from the NBFC's officials.
The NBFC will happily grant housing loans to those with a decent credit score of 750 and above.
Yes, a borrower can easily choose between a fixed and floating interest rate when applying for a home loan at all the leading banks and NBFCs, such as ICICI HFC.
Maintaining a good credit score, transferring the outstanding balance to ICICI HFC at cheaper rates, and choosing a floater rate basis plan can help you get the lowest home loan interest rate from ICICI HFC.
Yes, you can try asking the bank to reduce your home loan interest rate by convincing them of your good credit history and income, negotiating with the lender, and opting for a floating rate plan.
Generally, salaried applicants can get home loans up to 60 times their monthly income. So, if you have a salary of Rs. 35,000, you can expect a home loan of approximately Rs. 21 lakh.