GET A CALL BACK

Want us to help you with anything?
Request a Call back

This field is required Only alphabetes are allowed
This field is required Only alphabetes are allowed
Please enter valid number
Please enter valid email
Please select product type
Please enter valid pincode

Thank you for your request.

Your reference number is CRM

Our executive will contact you shortly

Current Repo Rate 6.50%

Special Home Loan Rates

At ICICI Bank, Special Home Loan Interest Rates are tailored to your credit score. These rates significantly determine the interest applicable to your Home Loan, ensuring fair and personalised lending.

Credit Score Salaried Self - Employed
 800
9.00% 9.00%
750 - 800 9.00% 9.10%

Valid till 30th  Nov, 2024

The above rates are linked to repo-rate.

Current Home Loan Interest Rates

Standard Home Loan Interest Rates

ICICI Bank's Standard Home Loan Interest Rates ensure you receive competitive interest on housing loans based on your borrowing needs. These slabs make home financing accessible and affordable, reflecting our commitment to serving diverse customer segments.

 

Loan Slab

Salaried

Self-Employed

Up to ₹ 35 lakhs

9.25% - 9.65%

9.40% - 9.80%

₹ 35 lakhs to ₹ 75 lakhs

9.50% - 9.80%

9.65% - 9.95%

Above ₹ 75 lakhs

9.60% - 9.90%

9.75% -10.05%

  • Above mentioned home loan interest rates will vary basis various parameters such as the Bureau Score, Profile, Segments, etc.
  • The above rates are linked to repo-rate.
  • The processing fee is 0.50% of the loan amount, plus applicable taxes
  • Valid till 30th Nov, 2024

Fixed Home Loan Interest Rates

Opt for stability with ICICI Bank's Fixed Home Loan Interest Rate option. Lock in your current home loan interest rate for a specific tenure and pay a fixed EMI throughout the loan tenure. Ideal for those who prefer predictability in their Home Loan payments.

Fixed Tenure

Rate of Interest

24 Months Fixed

9.10%-9.15%

37 Months Fixed

8.90%-9.15%

60 Months Fixed

120 Months Fixed

11.00%-12.05%

Full Term Fixed

11.15%-11.45%

  • Above mentioned home loan interest rates will vary basis various parameters such as the Bureau Score, Loan Slab, Profile, Segments, etc.
  • Valid till 30th  Nov, 2024

Loan against Property (LAP)/NRP/LRD Interest Rates

Loan Slab

Salaried/ Self-Employed( PSL)

Self-Employed (Non PSL)

Up to ₹ 50 lakhs

11.35% - 12.00%

11.85% - 12.50%

₹ 50 lakhs to ₹ 100 lakhs

11.10%-11.75%

11.60% - 12.25%

Above ₹ 100 lakhs

10.85% - 11.50%

11.35% - 12.00%

  • Above mentioned home loan interest rates will vary basis various parameters such as the Bureau Score, Profile, Segments, etc.
  • The above rates are linked to repo-rate.
  • Valid till 30th  Nov, 2024

What are the factors affecting the rate of interest on your Home Loan?

Securing a home loan is a significant financial commitment, and the interest rate you receive can greatly impact the cost of your mortgage. Several factors come into play when determining the interest rate for your home loan:

1. Credit Score: Your credit score is a crucial factor considered by lenders. A higher credit score demonstrates your creditworthiness and reliability as a borrower. Lenders often offer lower home loan rates to individuals with excellent credit scores, as they pose lower risk.

2. Loan-to-Value Ratio (LTV): The LTV ratio is the proportion of the loan amount to the appraised value of the property. A lower LTV ratio indicates that you have a larger down payment, reducing the lender's risk. A higher down payment can help you secure a lower interest rate.

3.Economic Conditions: Home loan floating interest rates are influenced by broader economic factors such as inflation, market trends, and central bank policies. During periods of economic growth, interest rates may rise, while they may decrease during economic downturns. Monitoring economic conditions can give you an idea of where interest rates may be headed.

4. Loan Term: The duration of your loan also affects the interest rate. Generally, longer loan terms may attract higher interest rates compared to shorter terms. Shorter terms offer less risk to lenders and may come with lower interest rates.

5. Loan Type: Different types of home loans, such as government-backed loans or conventional loans, can have varying interest rates. It's essential to explore different loan options and compare interest rates offered by different lenders to find the best fit for your needs.

6. Borrower's Income and Debt-to-Income Ratio: Lenders assess your income and debt levels to determine your repayment capacity. A higher income and lower debt-to-income ratio may result in a lower interest rate, as it indicates a stronger ability to repay the loan.

How to save on interest expenses of your Home Loan

1. Make Extra Repayments: By making additional payments towards your principal amount, you can reduce the outstanding balance on which interest is charged. This can help you pay off your loan faster and save on interest costs. Consider allocating any surplus funds or windfalls towards your mortgage to accelerate the repayment process.

2. Refinance Your Loan: Refinancing involves replacing your current loan with a new one, typically at a lower interest rate. If market conditions have improved or your creditworthiness has improved since you initially obtained your loan, refinancing can help you secure a more favourable interest rate and potentially save thousands of dollars over the loan term.

3. Opt for a Shorter Loan Term: Choosing a shorter loan term can result in a higher monthly payment but can significantly reduce the overall interest you pay over the life of the loan. Evaluate your financial situation to determine if you can afford the higher monthly payments associated with a shorter term.

4. Negotiate with Your Lender: Don't be afraid to negotiate with your lender for a better interest rate. If you have a good payment history, a solid credit score, or a long-standing relationship with the lender, they may be willing to offer you a reduced rate. It's always worth exploring this option to potentially secure a better deal.

How does the tenure of a home loan affect the interest rate?

The duration of a home loan influences the interest rate, as longer durations usually attract higher rates because of heightened risk for lenders. On the other hand, shorter durations often attract lower rates but lead to higher monthly payments. ICICI Bank offers lowest home loan interest rate to avail of the best home loan terms. 

FAQs on Home Loan Interest Rate

What is Home Loan interest rate?

Home Loan interest rate is the percentage a lender charges on the principal amount you borrow for purchasing or refinancing a home. It determines the cost of borrowing and influences your EMI.

How do you reduce the Home Loan interest rate?

The Home Loan interest rate can be reduced by doing a Balance Transfer to the new lender offering a lower rate of interest as compared to the existing lender. One can also approach an existing financier to lower the rate of interest.

How can I know my EMI amount for a particular Interest Rate?

Any applicant can find out what their EMI amount would be, using ICICI Bank’s Loan EMI Calculator. By entering the Loan Amount, Tenure and Interest Rate, you can get the EMI amount and the Interest payable on your Loan, instantly. 

What are the types of interest rate in Home Loan?

The type of home loan interest rates you choose can have a significant impact on your EMIs over the long term. Let's explore the two primary types of home loans interest rates in india available for home loans:

1. Fixed Interest Rate: With a fixed home loan rate, your loan repayment remains constant throughout the agreed-upon term. This option has stability and allows you to plan your budget effectively. It means your EMIs won't be affected by fluctuations in the market, making it easier to manage your monthly payments.

2. Floating Interest Rate: Unlike a fixed rate, a floating home loan rate fluctuates based on the market conditions. It can be influenced by - the economy, inflation, and RBI policies. While it offers the potential for lower interest rates, it also exposes you to the risk of rates rising. If you're comfortable with uncertainty and want the possibility of lower repayments, a floating interest rate might be suitable for you.

What are the different methods for calculating interest rate payment ?

Understanding the home loan rate calculation method can help you gain clarity on how your interest is calculated, this way you can plan your finances accordingly. Here are two common rate calculation approaches:

1. Flat Interest Rate: Under this method, the interest is calculated on the entire loan amount throughout the loan tenure. The interest remains the same throughout the repayment period, regardless of the outstanding principal. While this method may seem straightforward, it often results in higher interest costs over time.

2. Reducing Balance Method: This is the most commonly used method for home loan interest calculations. The interest is calculated based on the outstanding principal balance. As you make your monthly payments, the principal amount decreases, resulting in a lower interest charge. This method can help you save on interest costs over the long term.

Does credit score affect home loan interest rate?

Yes, your CIBIL Score plays a major role in determining the Interest Rates you pay on your Home Loan, irrespective of when you apply.

How to get the lowest Home Loan interest rates in India?

To secure the lowest Home Loan interest rates in India, maintain a healthy credit score, consider special schemes for women borrowers and keep an eye on the market for favourable rate changes. You can opt for ICICI Bank Home Loans offering the most competitive interest rates in India.

How can I check the total interest payout for my Home Loan?

You can calculate the total interest payout for your Home Loan using online calculators by ICICI Bank. Input your loan amount, interest rate and tenure to determine the overall interest you will pay over the loan's duration.

What are the types of housing loan interest rates offered by ICICI Bank?

At ICICI Bank, Housing Loan interest rates are classified into Special, Standard and Fixed. Fixed Interest Rates remain constant throughout the loan tenure, thus ensuring predictability. Special Interest Rates are based on your credit score, whereas Standard Interest Rates are based on tenure and market conditions.

How can I get the best home loan interest rate?

Securing the best home loan rate of interest involves comparing rates offered by lenders, maintaining a credit score and engaging in negotiations with your lender. It may also be beneficial to consider opting for a repayment period or exploring fixed rate options based on your circumstances.

How often do home loan interest rates change?

Home loan interest rates may undergo changes, on an annual basis depending on whether they are tied to a benchmark rate or fixed. Fluctuations in market conditions, decisions made by banks and various economic factors have the potential to impact these changes in interest rates.