ICICI Bank Home Loan Interest Rate

ICICI Bank Home Loan Key Highlights

ICICI Bank Home Loan Interest Rates In 2024

ICICI home loan interest rate 2023 ranges between 9.00% and 10.05%, depending on the credit score of the borrower. The higher the credit score, the lower the interest rate charged for repaying a home loan they take from the bank. Usually, as seen from the tables below, the ICICI bank home loan interest rate 2023 is lower for people with salaried jobs than self-employed people. For example, if the home loan amount is Rs. 35 lakhs or lower, a borrower will have to pay interest between 9.25% and 9.65% depending on their credit score, provided they are working in salaried jobs. For self-employed individuals, this rate will go up to between 9.40% and 9.80%. 

Following are the special home loan rates of ICICI Bank:

ICICI Bank Home Loan Interest Rates for All Schemes In India

ICICI Bank offers a wide range of home loans for interested borrowers, and they may be enumerated as below:

• Express Home Loan
• NRI Home Loan
• Balance Transfer Home Loan
• Land Loan
• Money Saver Home Loan
• Step Up Home Loan
• Loan Against Property 
• Home Overdraft
• Commercial Property Purchase Loan
• Home Top-Up Loan
  Home Improvement Loan

Let us discuss some of them here:

Express Home Loan – With the Express Home Loan, borrowers can get their home loans in an instant. The applicant needs to submit the provisional sanction letter for the loan to be released. The loan tenure is 30 years, starting at an interest rate of 9.10%.

NRI Home Loan – The NRI Home Loan is a unique offer for non-resident Indians (NRIs). These loans have special processing fees and low rates of interest on repayment. The interest rate is between 9.10% and 10.25%, with a maximum tenure of 30 years.

Balance Transfer Home Loan – The Balance Transfer Home Loan from ICICI Bank allows borrowers to easily transfer their existing home loans and get much lower interest rates on repayment. With a loan tenure of 20 years, the interest rate starts at 9.10%.

Land Loan – The Land Loan is meant for borrowers who need a plot of land for the unique vision that they have in terms of their homes.

Money Saver Home Loan – This is an overdraft-based loan facility. With the Money Saver Home Loan, borrowers pay a lower interest rate on their home loans by parking surplus funds in their money saver account.

Step Up Home Loan – The Step Up Home Loan allows borrowers to improve their eligibility for their first home loan. The unique offering helps young salaried professionals to pay moderate EMI initially and then slowly increase in subsequent years.

Loan Against Property – ICICI provides the Loan against Property at lower interest rates on repayment. This helps the borrowers fulfill their dreams by using their property as collateral.

ICICI Bank Home Loan Interest Rates for Balance Transfer, Top Up, and Overdraft

ICICI Bank, in line with other renowned financial institutions, takes pride in providing its customers with three convenient options to enhance the comfort of home loans. These options are detailed below:

ICICI Bank Home Loan Balance Transfer

The ICICI Instant Balance Transfer Home Loan is pre approved for people who have their salary accounts with the bank. The eligibility criteria for this loan are the same as ICICI Insta Home Loan. The bank offers discounts on the processing fees in these cases. Borrowers can transfer a maximum of two mortgage loans in this scheme. The maximum transfer amount in this case is Rs. 3 crore. The maximum tenure for repayment in these loans is 30 years. The ICICI home loan transfer interest rate is between 9.25% and 9.65% for salaried employees. For self-employed individuals, this rate stands at a minimum of 9.40% and a maximum of 9.80%.

ICICI Bank Home Loan Top-Up

The ICICI Insta Top Up Loan scheme is meant for borrowers who already have a home loan with the bank. The ICICI home loan top-up interest rate is a rather reasonable one as well. This loan is preapproved till an amount of Rs. 1 crore. Borrowers can apply for this loan through short message service (SMS), internet banking, and the Mobile app. They also need not provide any documentation for this.

ICICI Bank Home Loan Overdraft Option

The ICICI Bank Home Loan Overdraft facility's main aim is to help existing home loan borrowers deposit extra funds in a linked overdraft account and withdraw money as per their requirements. However, there is a predetermined limit with regard to the amount that can be deposited in this case. In this case, the bank charges interest only when the borrower withdraws money. In this case, the loan amount ranges between Rs. 5 lakhs and Rs. 5 crores.