ICICI Home Finance (ICICI HFC) Home Loan

ICICI Home Finance Company Limited provides home loans ranging from Rs 3 lakh to Rs 5 crores at interest rates starting from 9.20% per annum for repayment periods of up to 25 years. They offer affordable home loan schemes tailored for both salaried and self-employed individuals, including those who may not have income proof documents. Under the PMAY scheme, eligible applicants can benefit from a subsidy of Rs 2.67 lakh. ICICI Home Finance aims to disburse home loans within 72 hours, providing quick and efficient service to its customers.

ICICI Home Finance Home Loan Highlights

Interest Rate 9.20% p.a. onwards
Loan Amount Rs 3 lakh – 5 crores
Tenure Up to 25 years
Processing Fees 0.75%-3%

Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh to Rs. 75 Lakh Above Rs. 75 Lakh
SBI Bank 8.40% - 10.15% p.a. 8.40% - 10.05% p.a. 8.40% - 10.05% p.a. Apply Now
HDFC Bank Limited 8.40% p.a. onwards 8.40% p.a. onwards 8.40% p.a. onwards Apply Now
Kotak Mahindra Bank 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
ICICI Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Federal Bank 8.80% p.a. onwards 8.80% p.a. onwards 8.80% p.a. onwards Apply Now
L&T Finance Limited 8.60% p.a. onwards 8.60% p.a. onwards 8.60% p.a. onwards Apply Now
Bajaj Housing Finance 8.50% p.a. onwards 8.50% p.a. onwards 8.50% p.a. onwards Apply Now
LIC Housing Finance 8.35% - 10.35% p.a. 8.35% - 10.55% p.a. 8.35% - 10.75% p.a. Apply Now
PNB Housing Finance 8.50% - 14.50% p.a. 8.50% - 14.50% p.a. 8.50% - 11.45% p.a. Apply Now
Punjab National Bank 8.45% - 10.25% p.a. 8.40% - 10.15% p.a. 8.40% - 10.15% p.a. Apply Now
Bank of Baroda 8.40% - 10.65% p.a. 8.40% - 10.65% p.a. 8.40% - 10.90% p.a. Apply Now
IDFC First Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Tata Capital Housing Finance 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
Axis Bank 8.70% - 13.30% p.a 8.70% - 13.30% p.a 8.70% - 9.10% p.a. Apply Now
Godrej Housing Finance 8.55% p.a. onwards 8.55% p.a. onwards 8.55% p.a. onwards Apply Now

Also read: Best Home Loan in India

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Fixed-Rate Home Loans

Applicant Type Interest Rate
For Self-employed Applicants 11.15% p.a.
For Salaried Applicants 11% p.a.

Floating-Rate Home Loans

Loan Type Interest Rate
Regular Home Loan

For salaried- 9.20% p.a. onwards

For self-employed- 9.35% p.a. onwards

Apna Ghar

For salaried- 11.50% p.a. onwards

For self-employed-12.25% p.a. onwards

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New Home Loan

Purpose: Home loans are available for both salaried and self-employed applicants.

Loan Amount: Rs 3 lakhs- 5 crores

Tenure: The repayment tenure can extend up to 25 years, with a maximum age limit of 60 years for salaried individuals at the time of loan maturity or retirement, and 70 years for self-employed applicants.

Processing Fees: 0.75% of the loan amount or Rs 11,000 plus applicable taxes

Home Loan Balance Transfer

Purpose: ICICI Home Finance provides the option for individuals to transfer their existing home loans from other banks and Housing Finance Companies (HFCs) to ICICI Home Finance, offering lower interest rates.

Loan Amount: Rs 3 lakh to Rs 5 crores

Tenure: Up to 25 years

Processing Fees: 0.75% of the loan amount

Apna Ghar Home Loan

Purpose: ICICI Home Finance offers an affordable housing loan scheme for both salaried and self-employed applicants, which includes the benefit of Pradhan Mantri Awas Yojana’s (PMAY) subsidy of up to Rs 2.67 lakh.

Loan Amount:

  • Up to Rs 20 lakh for salaried
  • Up to Rs 50 lakh for self-employed
  • Processing Fees: 1% of the loan amount + GST @ 18%

Plot Loan

Purpose: ICICI Home Finance provides loans to both salaried and self-employed individuals for purchasing a plot of land intended for the construction of a house.

Loan Amount: Up to Rs 1 crore

Processing Fees: 0.75% of the loan amount or Rs 11,000

Home Improvement Loan

Purpose: ICICI Home Finance offers home loans for carrying out home repairs and renovations.

Loan Amount: Rs 3 lakh to Rs 5 crores

Tenure: Up to 20 years

Processing Fees:  0.75% of the loan amount or Rs 11,000

Apna Ghar Dreamz

Purpose: ICICI Home Finance offers affordable home loans tailored for individuals who may lack income proof documents. Additionally, these loans come with the benefit of Pradhan Mantri Awas Yojana's (PMAY) subsidy, providing assistance of up to Rs 2.67 lakhs.

Loan Amount:

  • Salaried: Rs 2 lakh- 20 lakh
  • Self-employed: Rs 2 lakh- 30 lakh (up to Rs 50 lakh in Delhi/Mumbai)

LTV Ratio: Up to 80% of a Home’s market value

Tenure: Up to 20 years

Top-up Home Loan

Purpose: ICICI Home Finance offers the option to arrange finance for any personal or business requirements during the tenure of the home loan.

Loan Amount: Up to Rs 1.5 crores

Tenure: Up to 20 years

Processing Fees: 0.75% of the loan amount or Rs 11,000

Insta Top-up Home Loan

Purpose: ICICI Home Finance provides additional loans over and above the existing home loan to meet the financial needs of both existing home loan and non-housing loan borrowers.

Tenure: Up to 10 years

Loan Processing Time: within 72 hours

Also ReadBest Home Loan EMI Calculator

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Charges Home Loans
Processing Fees 0.75%-3%
Pre-payment charges NIL
Charges for pre-payment statement Rs 500 plus applicable taxes
Copy of original documents Rs 1,000 plus applicable charges
Charges for the swap of property Rs 10,000 plus applicable taxes
Charges for a statement of account Rs 100 plus applicable taxes
Charges for amortization schedule Rs 100 plus applicable taxes
List of documents Rs 500 plus applicable taxes
Penalty for delayed payment 2% per month plus applicable taxes
Repayment mode swap charges Rs 1,000 plus applicable taxes
Charges on non-submission of PDC/NACH Mandate Form for EMI payment, per transaction Rs 2000 plus applicable taxes
Charges for duplicate NOC/No dues Rs 500 plus applicable taxes
ECS/Cheques/NACH dishonor charges Rs 500 or other amount specified by IHFC plus applicable taxes
Conversion charges 0.50% for housing loans, 1% for the non-housing loans plus applicable charges

Also read: Best Home Loan Fees and Charges

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Age:

  • Salaried: 23-60 years of age for Indian residents; 25-60 years of age for NRIs
  • Self-employed: 28-70 years of age

Nationality:

  • Salaried: Indians residing in India and NRIs
  • Self-employed: Indians residing in India

Income:

  • Salaried: Minimum monthly income of Rs 12,000
  • Self-employed: Minimum annual income of Rs 1.5 lakh (after tax deduction)

Co-applicant:

  • Salaried/Self-employed: The co-applicant's age should be between 18 and 65 years for both salaried and self-employed applicants.

Also ReadBest Home Loan Eligibility

For Salaried Individuals:

  • Duly filled and signed application form
  • Last 2-month salary slips, 3 months bank statement, and Form 16
  • Documents related to the property (if finalized)
  • Residence and ID proofs for KYC, such as Aadhaar card, PAN card, voter ID, or job card issued by NREGA

For Self-employed Individuals/Non-individuals:

  • Property documents
  • ID and residence proofs for KYC
  • Completely filled and signed application form
  • Latest 2 income tax returns, 6 months bank statement, and latest 2 years balance sheet (with schedules) and P&L accounts

Also ReadBest Home Loan Documents Required

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1. Who can be a co-applicant to my home loan?

Yes, you can add your spouse or any immediate family member as a co-applicant for your home loan. Having a woman as a co-applicant can often result in availing the home loan at lower interest rates.

2. What is the minimum credit score required to avail home loans from ICICI Home Finance?

While ICICI Home Finance hasn't specified a cut-off credit score for home loan applicants, individuals with credit scores of 750 and above typically have higher chances of securing home loans at lower interest rates.

3. How can the home loan applicants increase their home loan eligibility?

Home loan applicants have the option to increase their home loan eligibility by adding a co-applicant, such as a spouse or any immediate family member.

Also read: Best Home Loan Balance Transfer

4. Does ICICI Home Finance provide preferential interest rates to women applicants?

Yes, ICICI Home Finance offers lower interest rates to women applicants, although the specific concessions on interest rates have not been disclosed by the Housing Finance Company (HFC).

5. Can I prepay the home loan availed from ICICI Home Finance?

Yes, you can prepay your home loan from ICICI Home Finance, whether in part or in full. For home loans with floating rates, there are typically no prepayment charges. However, for fixed-rate home loans, the Housing Finance Company (HFC) may levy prepayment fees of 2% on the outstanding loan amount.

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