A home loan from ICICI Bank may prove to be a good choice for both salaried and self-employed professionals. Salaried, on one hand, have monthly income when it comes to salary and hence find it easier to decide their repayment amount. You know the rate on loans is decides by keeping into account the income/savings of applicants and CIBIL score.
In this article, we have focused on the home loan rates ICICI Bank offers to salaried applicants. Since this loan may continue up to 30 years (if chosen), it is important that you go for the tenure for which you can easily repay without any hassle.
ICICI home loan interest rates
The home loans rates ICICI Bank offers to salaried people ranges from 8.5% to 8.95% per annum. As mentioned above, the rates are approved based on your income and CIBIL Score. So, if you are able to save more than 60% of your income, you are eligible for a higher loan amount and lower rate. Talking about CIBIL score, 650 or above is required.
Types of ICICI home loans
Below are the types of home loans offered by ICICI Bank:
Pre-approved home loans- The offers are extended to selected existing customers of ICICI Bank wherein you can get concession in the processing fee and the KYC documentation will be smoother.
Step Up Home Loans– Those who earn a minimum monthly income of ₹20,000 can avail the same for a tenure of up to 20 years. The best part is that it comes with a maximum loan amount limit of ₹3 crore along with enhanced eligibility of up to 20%.
Extra Home Loans– This facility allows you to enhance your loan amount by up to 20% along with providing you an option to extend your repayment period by up to 67 years. Applicants living in Surat, Greater Mumbai, National Capital Region, and Bengaluru can avail the same home loan facility. It is designed to meet the needs of middle-aged salaried, self-employed and young salaried customers.
Balance Transfer- If you have a running home loan from another bank, you can transfer your home loan to ICICI Bank and pay much lower EMIs. The interest rate on home loans is starting at 8.45% per annum.
Balance Transfer and Top-Up- You can balance transfer your home loan from other bank and also apply for a Top-Up wherein to get extra loan amount.
Personal loan linked home loan- You can avail a personal loan (top-up) linked to your home loan with ICICI Bank. You can use the funds up to 100% of the originally sanctioned home loan. The maximum tenure for this personal loan is up to 20 years.
Pradhan Mantri Awas Yojana– The first time home borrowers can avail the subsidy benefit of up to 6.5% p.a. In fact, one can also get the upfront subsidy benefit on principal outstanding.
Saral Rural Housing Loan– This housing loan scheme is for women borrowers and the weaker section of the society. The applicants can avail the loan up to 90% of the property value for a tenure of up to 3-20 years. The loan amount offered by the bank ranges between ₹5-15 Lakh.
ICICI home loan eligibility
The home loan eligibility at ICICI Bank is as follows:
- Salaried and Self-employed individuals with the regular source of income
- The applicant must be between the age of 21-65 years
- The minimum age of the applicant should be 18 years
ICICI home loan calculator
A home loan calculator is a tool that is used to calculate the EMI on the loan. For example, if you are taking a home loan of ₹25 lakhs for the tenure of 20 years at the interest rate of 8.45% p.a. Your payment details will be as follows:
Total Interest Outgo- ₹26,87,968
Total Amount (Interest+Principal)- ₹51,57,968
You can use loan calculator for different ICICI home loan interest rates till the time you find the combination suitable.