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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Total Amount Payable

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  • Total Interest

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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 
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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:

  1. Visit the official website of the BASIC Home Loan and click on the Repay Right section - Repay Right
  2. 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. 
  3. The third step is to click on the ‘Next’ option after filling in the essential details in that form
  4. The next page will now display the total savings you can make with the ICICI Home Finance Home Loan Balance Transfer option
  5. 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

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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
Disclaimer:

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.