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ICICI Bank offers Home Loans with low processing fees and low-interest rates. No hidden fees and 100% transparency are at the core of the loan, making it a seamless borrowing experience.
Applicable Fees
Interest rate
ICICI Bank Home Loan interest rate is determined based on the assessment of the business, financials, loan amount, and tenure. The interest rate starting from 7.45% annually would help you control costs and keep your EMIs manageable.
Processing charges
There is a small processing fee for loan processing, verification, and other administrative services. The processing fee is 0.5% of the loan amount, along with the applicable taxes.
CIBIL Charges
At the time of loan assessment, banks check CIBIL's credit score, so it charges a nominal fee. It is also included along with the loan processing fee, which is usually Rs50 plus applicable taxes.
Administrative Charges
There is a non-refundable fee assessed by ICICI Bank even before the loan application is approved. We impose a charge of Rs.5,000 or 0.25 percent, whichever is lower, along with plus applicable taxes.
Conversion Charges
The conversion facility allows customers to reduce the applicable Home Loan interest rates. By paying a nominal fee, you can convert from a floating rate to a fixed rate.
|
Floating to Floating |
Dual Fixed Rate to Floating |
Floating to Dual Fixed |
Lifetime Fixed to Floating |
|
0.5% of the Outstanding + applicable taxes |
0.5% of the Outstanding + applicable taxes |
0.5% of the Outstanding + applicable taxes |
1.75% of the Outstanding + applicable taxes |
Others Charges
|
Repayment Mode Swap Charges |
Rs.500 |
|
Documents Retrieval Charges |
Rs.500 |
|
Cheque / AD / ECS / Bounce Charges |
Rs.500 |
|
Duplicate No Objection Certificate / No Due Certificate |
Rs.100 |
|
Revalidation of No Objection Certificate |
Rs.100 |
|
Late payment Charges – Home Loan |
2% per month |
There are two kinds of ICICI Bank Home Loan interest rates: fixed and floating.
Here, the rate of interest charged on the ICICI Bank Home Loan amount will remain constant throughout the loan repayment period. You know your ICICI Bank Home Loan EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.
Here, ICICI Bank Home Loan interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating ICICI Bank Home Loan interest rate makes it difficult for you to ascertain your monthly financial obligation.
There are two methods to calculate interest: flat rate method and the reducing balance method.
In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the ICICI Bank Home Loan will be considered and calculated on the basis of the outstanding loan amount.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
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