How to Check My Current Home Loan Interest Rates Online?

How to check current Home Loan interest rates

Home Loan is a convenient option for individuals planning to purchase a residential or commercial property in India but who do not have the entire amount of money to pay upfront. The borrowed money must be repaid with interest which is based on the Home Loan interest rate.

Eligible borrowers need to assess whether they can afford to take a Home Loan and repay it in a timely manner. ICICI Bank Home Loan interest rates are agreed upon and fixed before the loan is sanctioned. However, they are subject to change if borrowers opt for a Home Loan with a floating interest rate. 

For ICICI Bank Home Loan interest rates click here.

Current ICICI Bank Home Loan interest rates

ICICI Bank Home Loan interest rates are calculated considering a number of factors. The standard Home Loan interest rates ensure borrowers get the most competitive and suitable rates based on their requirements. 

The fixed interest rate is locked-in for the entire loan tenure and borrowers need not worry about any change in the amount they have to repay.

ICICI Bank also offers special Home Loan interest rates to salaried and self-employed borrowers with a good credit score.

The Home Loan interest rates stated above will vary based on the parameters like applicant’s credit score, profile, industry etc. and are linked to the Repo Rate set by the Reserve Bank of India.

Other products offered by ICICI Bank to NRIs:

Save on Home Loan EMIs by transferring your existing Home Loan to ICICI Bank.

Fulfil your personal or business requirements with a Top-up facility on an existing Home Loan.

Empower your business aspirations with ICICI Bank Loan Against Property.

Furnishing of your new or existing home is now possible with a Home Improvement Loan.

A wide range of products: Home Loan, Top-up Loan, Balance Transfer Facility, Loan Against Property, Land Loan, Office Premises Loan and Lease Rental Discounting.

Terms and conditions apply

ICICI Bank provides NRI Home Loans for both salaried and self-employed individuals.

Loans such as Top-up, LAP, Office Premises Loan, Lease Rental Discounting will be disbursed in NRO Account only.

Checking Home Loan Interest Rates Made Easy

You can check this on the official ICICI Bank website or our iMobile Pay app.

Through the ICICI bank website:

1. Click on the 'Loans' tab on the home page

2. Select 'Home Loan' and click the 'Existing Customers' option

3. Enter your Loan Account number, Date of Birth and Registered Mobile Number

4. Enter the OTP received on your Registered Mobile Number to verify identity

5. You can see details of your Home Loan including the current interest rate.

Through iMobile Pay App:

1. Download ICICI Bank iMobile Pay App from your iOS or Android store

2. Log in to your Account using your Username and Password

3. Click on the 'Loans' tab and select 'Home Loan’

4. Enter your Loan Account Number, Date of Birth and Registered Mobile Number

5. Enter the OTP received on your registered mobile number

6. You can see the details of your Home Loan including the current interest rate.

Why You Should Check Your Home Loan Interest Rate?

Floating interest rates change over time based on market conditions and can impact monthly EMI payments. Keeping track of the interest rate and taking action is crucial.

Housing Loan EMI Calculator on the iMobile Pay App is one of the easiest ways to keep track of the interest rate.

Steps to use the Home Loan EMI Calculator:

1. On the Home Page, click on the 'Loans' Tab

2. Select 'Home Loan' and click the 'Calculate EMI' option

3. Enter your Loan amount, Interest rate and Tenure

4. Click the 'Calculate' button to see your monthly EMI amount.

Compare it with the current EMI you paid to see if there have been any changes in the interest rate. If you notice a difference, you can contact us to take action.

How Repo Rates Affect Home Loan Interest Rates ?

The interest rates on floating Home Loans are linked to a bank's base rate or Marginal Cost of Funds based Lending Rate (MCLR). These rates can vary due to changes in the Reserve Bank of India's (RBI) monetary policy, economic conditions, etc.

At ICICI Bank, we benchmark our floating rates on Home Loans/ Mortgage Loans to Repo Rates. As per RBI guidelines, floating interest rate loans linked to the external benchmark are to be reset at least once in three months.

To stay updated on changes in interest rates, you can opt to receive notifications through SMS or e-mail or visit the ICICI Bank website/iMobile Pay App.

Check Your Interest Rates to Keep Things in Your Interest

If you have taken a Home Loan from ICICI Bank you can easily check your current interest rate by visiting our website or iMobile Pay App. You can use the Home Loan EMI calculator to see how monthly EMI payments are affected.