ICICI Home Finance Company (ICICI HFC)
ICICI Home Finance Company Limited is a 100% wholly-owned subsidiary of ICICI Bank Ltd. This popular NBFC provides a variety of loans to borrowers, such as home loans, gold loans, home equity loans, loans against property, home improvement loans, and office premise loans. ICICI Housing Finance offers home loans starting at an interest rate of 9.20% per annum for salaried individuals and 9.35% per annum for self-employed individuals. ICICI Home Finance charges a processing fee of 0.75% - 3.00% of the loan amount and additional applicable taxes for processing a housing loan for an applicant. The maximum loan repayment tenure offered by the NBFC is up to 25 years. The most popular housing loan schemes offered by ICICI HFC are the Apna Ghar PMAY Scheme, New Home Loan, Balance Transfer, and Insta Top-Up.
ICICI HFC Home Loan EMI Calculator
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ICICI Home Finance Key Highlights
Get the lowest interest rates with ICICI Housing Finance
| Loan Amount | Up to 5 crores |
|---|---|
| Rate of Interest | Starts at 9.20% per annum |
| RPLR | |
| Processing Fee |
0.75% - 3.00% + Applicable Taxes |
| Maximum Tenure for Repayment | 25 years |
| Penal Rate of Interest | |
| Rate Packages | Floater/ Fixed |
| Charges for Prepayment/Foreclosure | Nil |
ICICI Housing Finance Interest Rates in 2024
ICICI housing finance offers easy home loans to borrowers with low-interest rates. Both salaried and self-employed applicants can apply for these housing loans from this prominent NBFC at affordable rates of interest that may vary from plan to plan. The table below enlists the current ICICI Home Finance rate of interest 2023:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Floater Plans (For Salaried) | Starts at 9.20% per annum |
| Floater Plans (For Self Employed) | Starts at 9.35% per annum |
| Fixed Plans (For Salaried) | Starts at 11.00% per annum |
| Fixed Plans (For Self Employed) | Starts at 11.15% per annum |
Interest rates were last updated on 12th September 2023
ICICI HFC Home Loan Eligibility Criteria
An interested home buyer can apply for a hassle-free home loan from ICICI Home Finance Company Ltd. However, we suggest you check the eligibility criteria before applying for the same, which is based on standard parameters like age, nationality, minimum income, CIBIL score, and employment history. The table below enlists ICICI housing loan eligibility criteria for your reference:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 23 - 60 Years | 25 - 60 Years (NRIs) | 28 - 70 Years |
| Nationality | Indian Resident/ NRIs | Indian Resident/ NRIs |
| Minimum Income Earned | Rs. 1,44,000 per annum | Rs. 1,50,000 per annum (Profit after tax) |
ICICI Housing Loan Processing Fee and Charges
ICICI home loan processing charges are levied by the NBFC to process each home loan application. The processing fee for an ICICI HFL home loan is 0.75% - 3.00% + applicable taxes, and the NBFC also charges other fees for various other conditions. The table below enlists other fees levied by ICIC HFC to those applying for home loans:
| Processing Fee | 0.75% - 3.00% + Applicable Taxes |
|---|---|
| Charges of Cheque/ EMI Dishonour | Rs. 500 per instance |
| Conversion Charges | 0.50% + Applicable Taxes |
| Charges for Statement of Account | Rs. 100 + Applicable Taxes |
| Charges for Duplicate NOC | Rs. 500 + Applicable Taxes |
| List of Documents | Rs. 500 + Applicable Taxes |
| Copy of Original Documents | Rs. 1000 + Applicable Taxes |
| Document Retrieval Charges | Rs. 500 + Applicable Taxes |
| Penalty for Delayed Payment | 2% per month + Applicable Taxes |
| Repayment Mode Swap Charges (PDC to PDC) | Rs. 1000 + Applicable Taxes |
| Charges for Non-Submission of PDC/ NACH Mandate Form for EMI Payment (Per Transaction) | Rs. 2000 + Applicable Taxes |
| Cheque/ Repayment Mode Swap Charges other than PDC to PDC | Rs. 500 + Applicable Taxes |
| Charges for Prepayment Statement | Rs. 500 + Applicable Taxes |
| Prepayment/ Foreclosure Charges | Nil |
| Charges for Swap of Property | Rs. 10,000 + Applicable Taxes |
| Charges for Amortisation Schedule | Rs. 100 + Applicable Taxes |
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ICICI Home Finance Schemes and Top Plans
ICICI Home Finance Ltd. offers a plethora of home loan schemes to eligible borrowers. From helping people buy, renovate, improve, and extend homes to transfer their balance easily from an existing home loan with additional top-ups, ICICI HFL provides it all. Listed below are some popular home loan schemes of ICICI Home Finance Company:
1. New Home Loan
- Hassle-free home loans within 72 hours with easy eligibility criteria
- Minimum home loan amount starting at Rs. 3 lakhs up to Rs. 5 crores
- Ideal for borrowers keen to buy a new home from state housing boards such as DDA, MHADA, and so on
- Available to Indian residents and NRIs
2. Prime Home Loan
- Ideal for purchasing a ready-to-move in-house, under-construction home, and self-construction on an owned plot
- Loan amount of up to Rs. 5 crores
- Flexible balance transfer option for an existing home loan to ICICI HFC
3. Apna Ghar PMAY Home Loan
- Easy home loans help home buyers across various income segments with a minimum monthly income of Rs. 7,000
- Subsidy benefits of up to Rs. 2.67 lakhs
- Quick and easy home loans for salaried and non-salaried individuals with or without a co-applicant
- Available only for Indian residents
4. Plot Loan
- Best home loans to purchase a plot only for self-employed applicants
- Available only for Indian residents
- Quick loan disbursement within 72 hours
5. Home Extension Loan
- Affordable housing loan to extend an already existing home by adding a room, floor, or balcony
- Minimum loan amount starting at Rs. 3 lakhs
- Available for Indian residents and NRIs
6. Home Improvement Loan
- Four types of repayment options - SURF, Smart Fix, Part Fixed and Part Floating, and EMI under construction stage
- Comes with tax benefits under Section 24 of the Income Tax Act, 1961
- Available only for Indian residents
7. Home Loan Balance Transfer
- Easy balance transfer of the outstanding loan amount from an existing home loan to ICICI HFC
- Maximum loan repayment tenure of up to 25 years
- Flexible loan repayment options - SURF, EMI, Part-Fixed and Part-Floater, and Flexible Loan Instalment Plan
8. Top-Up and Insta Top-Up Home Loans
- Quick loan disbursal within 72 hours
- Loan amount of up to 1.5 crores
- Maximum loan repayment tenure of up to 20 years
- Available for salaried and self-employed applicants
Note: All of the above home loan plans are made available to applicants solely at the discretion of ICICI Home Finance, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For ICICI HFC Home Loan
To approve home loans, ICICIHFC verifies whether the applicant is eligible through a set of documents. These documents help to prove the applicant's identity, age, nationality, income, employment, and property. Listed below are the documents required for a home loan from ICICI Bank:
Documents Required for Salaried Applicants
- Appointment Letter
- Salary slips for the last 2 months
- Certified Letter from the employer
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favor of ICICI Home Finance Ltd.
- Bank Statements for the last 3 months showing repayment of the loan
Documents Required for Self-Employed Applicants
- Business Licence
- Business Address Proof
- Profit and Loss Account Statements attested by a CA
- Balance sheet for the past 2 years
- Partnership Deed, if the business is in partnership
- Certificate of Practice (Doctors, Lawyers, etc.)
- Articles of Association and Memorandum of the Company
- Photocopy of Registration of Shop or Business Establishment under Shops and Establishment Act
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favor of ICICI Home Finance Ltd.
- Bank Statements for the last 6 months showing repayment of the loan
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
|
Find ICICI Home Finance Offices Near You
If you are planning to visit one of the offices of ICICI HFC near you to understand the ICICI Home Finance Loan Offer in detail and apply for the Home Loan, you can fill in the Free Consultation form, and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
ICICI Home Finance is a 100% wholly-owned subsidiary of ICICI Bank Ltd. It is an NBFC regulated by the RBI and is helping homebuyers fulfill their dreams of owning a home with affordable home loans and flexible loan repayment options.
The current interest rate for ICICI Home Finance home loan 2023 starts at 9.20% per annum for salaried individuals on a floater rate basis. While it starts at 9.35% per annum for self-employed individuals on a floater rate basis.
Both salaried and self-employed individuals can apply for an ICICI HFC home loan. Many home loan schemes offered by this NBFC are available for Indian residents as well as NRIs.
Some of the proven strategies to reduce your ICICI housing finance home loan interest rate are:
- Choose the suitable home loan scheme
- Make a higher down payment
- Opt for a floater rate basis
- Maintain a good repayment history
- Choose a longer loan repayment tenure
- Choose a Balance Transfer at a lower rate of interest
Yes, ICICI HFC provides up to 90% of the property cost as a home loan to eligible applicants.
Applicants can avail of several benefits by choosing home loans from ICICI Home Finance, such as:
- Simple documentation
- PMAY Subsidy benefit of up to Rs. 2.67 lakhs
- Quick loan approvals within 72 hours
- Flexible loan repayment options
- Balance transfer facility
ICICI HFC offers a variety of home loan schemes, such as
- New Home Loan
- Apna Ghar PMAY Scheme
- Plot Loan
- Home Improvement Loan
- Home Extension Loan
- Balance Transfer Loan
- Top-Up Loan
- Insta Top-Up Loan
The maximum loan amount offered by ICICI Housing Finance is up to Rs. 5 crores to eligible borrowers for certain home loan plans.