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
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 |
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 Read : Best Home Loan EMI Calculator
| 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
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 Read : Best 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 Read : Best Home Loan Documents Required
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.
Credit Cards
