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ICICI Bank is India’s largest private sector bank and has a reputation for pioneering works ... - both in terms of innovative products, but also in terms of convenient access and great technology. They normally have rigorous processes for obtaining a loan, but if you are an existing customer, there are a number of benefits that they provide - including the possibility of getting a pre-approved loan and reduced/simplified documentation. Read More +

Taking a loan from ICICI bank can be quite beneficial, especially in terms of convenience. The bank offers: Faster processing due to tablet based form-filling


Online instant loan sanctions (e-approvals); and sanctions even before selecting a property Loans at both fixed and floating rates of interest A large number of branches and loan centers to visit in case of any issues If you are transferring your loan from any other institution to ICICI Bank (this facility is called a Balance Transfer), you have the facility to top-up your loan to 100% of your existing loan amount (under specific conditions) The Bank is also a partner to the central government under the Pradhan Mantri Awas Yojna (PMAY Scheme), and this credit linked subsidy scheme can bring you savings if you fulfill the eligibility criteria. To know more about this scheme, click here

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Interest Rates

Loan Amount Interest Rate
0 to 35 Lakhs 9.1% (women) - 9.1% (others)
35 to 75 lakhs 9.2% (women) - 9.2% (others)
Above 75 Lakhs 9.25% (women) - 9.25% (others)
Loan Amount Interest Rate
0 to 35 Lakhs 9.15% (women) - 9.15% (others)
35 to 75 lakhs 9.25% (women) - 9.25% (others)
Above 75 Lakhs 9.3% (women) - 9.3% (others)

Product offerings

ICICI Bank offers a range of products for different types of people. Some of these loan products are quite specialized, and offer benefits to people who fit within that category. In addition to the Basic Home Loan, they also provide special loans for woman and employees of specific organizations, top-up loans for various purposes and loans against property etc.

ICICI Bank Basic Home Loan

The ICICI Home Loan is a term loan, or a home loan with a varied tenures offered by the bank. The basic Home Loan isn’t a differentiated product. It can be availed by anyone who falls within the eligibility criteria.

Why should you take it?

The advantages of this loan are linked to the basic functionalities provided by the bank itself.

  1. It’s provided by a trusted private sector bank
  2. The ICICI Bank website provides a calculator that will help you arrive at a fairly accurate approximation of the amount you can borrow and the EMI you will be paying. You can also extend this feature to get an instant approval/sanction without actually choosing a property
  3. The bank provides an online site for the management of your loan, which can increase your convenience significantly.

What should you consider?

  1. If you are an existing ICICI Bank customer, you can check for pre-approvals, better rates and reduced documentation, in addition to the income instant sanction.
  2. Make sure you compare interest rates across both private and government sector banks before you apply for the loan since you may get a better rate of interest if you do your research or are an existing customer.

ICICI Bank Step Up Home Loans

The ICICI Bank step up Home Loan is a product meant specifically for young salaried professionals. The loan is designed in such a way that you can get a larger loan amount than usual, within the same tenure. Young Salaried professionals will be best served by this loans, but you need to be working with a specific set of organizations to be eligible.

Why should you take it?

The loan is designed to make it easy for you to own a home even if you are just starting your career. The loan has the following benefits:

  1. You can get an enhanced loan amount by 20% (as compared to a basic home loan)
  2. You can keep to the standard maximum tenure of 20 years; and the standard interest rates (as a basic home loan) will apply
  3. The EMI for your initial years will continue to remain low, and the EMI’s will go up in subsequent years
  4. Loan amounts can be availed for up to 3 crores
  5. You can avail of this loan with a monthly income as low as Rs.20,000 per month.

What should you consider?

  1. The loan is not available to people over 40 years of age
  2. If you already have a home loan running, you will not be eligible for the step up loan
  3. You should check with the bank on what the revised EMI’s will be, to make sure that you have the capability to repay this loan once the EMI is revised upwards.
  4. You cannot make pre or part payment on this loan in the initial stages. So if you’re expecting a windfall or large financial gains in the near future, this may not be the option for you, since you can’t use those funds to pre or part pay this loan.

ICICI Bank Extraa Home Loans

The ICICI Bank Extraa Home Loan is a product that is designed not only for all eligible customers to be able to enhance their loan amount by 20% (as compared to a regular home loan), but also to extend their repayment period to up to 67 years of age. In order for the bank to provide a longer tenure, you will be required to pay a certain amount as a Mortgage Guarantee. ICICI Bank Extraa Home Loans are offered in association with Indian Mortgage Guarantee Corporation (IMGC), a joint venture between National Housing Bank, Genworth Financial Inc., Asian Development Bank and International Finance Corporation. This loan is best for

  1. Middle-aged salaried persons
  2. Self-employed customers who may face difficulties in getting higher loan amounts sanctioned due to the seasonality of their business
  3. Young salaried persons (upto 37 years of age)

Why should you take it?

The loan is designed to make it easy for you to own a home by giving you access to higher loan amounts and extended tenures. In essence, you will be offsetting the risks that the bank sees, by paying a mortgage guarantee upfront.

  1. You can get an enhanced loan amount by 20% (as compared to a basic home loan)
  2. You can increase the home loan tenure to up to 67 years of age, thus keeping the EMI’s low

What should you consider?

  1. While the tenure is extendable up to 67 years, do remember that the maximum tenure will still be up to 30 years
  2. These loans will come at a higher rate of interest

30 year Home Loans

The ICICI Bank 30 year Home loan is designed to allow you to borrow for longer periods at the same Interest rates (and EMI’s) of a regular loan. This loan is meant for Women borrowers and salaried persons in specific organizations.

Why should you take it?

The advantages of a 30 years term loan are that you can keep your EMI’s low by borrowing over a longer period. In addition :

  1. You can get loans for both fixed and floating interest rates
  2. Your EMI’s could be as low as Rs.773 per lakh, depending on specific factors that will decide the interest rate applicable to you

What should you consider?

The longer term means that you will end up paying out more interest. The interest component of your loan should be taken into consideration before choosing this type of loan.

ICICI Bank Pragati Home Loan

The ICICI Bank Pragati Home Loan is meant to appeal to a wider section of society and to enable persons with a lower income bracket to avail of a loan to buy or construct a home, or even a non-residential premises. This loan can be availed by salaried persons who have a minimum monthly income of Rs.10,000, and by self-employed persons who have had an existing business for at least 5 years.

Why should you take it?

  1. For salaried customers who have difficulty in getting loans sanctioned due to a lower income level, this is a good option to consider
  2. You can get loans from as low as Rs.5 Lakhs to as high as Rs.50 lakhs with this product
  3. You can get a loan at a lower interest and up to a tenure of 20 years.

What should you consider?

  1. Since this is product for persons of lower means, the maximum loan values you can get range from between 60 - 65% of the property value. You will need to make the rest of the payments for the property yourself - and before availing of the loan.
  2. Eligibility for this loan is not as easy as others - for salaried persons, you need to have a minimum of 1 year of work experience, and for self-employed or business income persons, you need to have had a business for 5 years (with a minimum of 3 years in the same business). Also persons drawing their salaries in cash are not eligible for the product.

ICICI Bank Saral Rural Housing Loan

ICICI Bank Saral Rural Housing loan is meant specifically for borrowers from rural areas and enables them to get funds to purchase a property of their own. This product is available only to borrowers who are purchasing, constructing or repairing and renovating property in a rural area.

Why should you take it?

  1. You can get loans for amounts up to 90% of the property value
  2. You can get loans for amounts between Rs. 5 - Rs.15 lakhs
  3. Loan tenures can extend from 3 - 20 years

What should you consider?

This loan is available only at specific locations, so you need to ensure that the loan will be available in the area of your property.

Top Up Loans

ICICI Bank offers top-up loans to its existing Home Loan borrowers.This loan is essentially an amount that can be added to your existing outstanding amount, at the same rate of interest, and with minimal documentation.This option is for any existing customer of ICICI Bank home loan products.

Why should you take it?

The biggest advantage of a Top-up loan is that it gives you quick and easy access to funds without going through a large amount of documentation or eligibility checks. Essentially, since the bank has already lent you money, they would be willing to extend the amount that you are borrowing from the bank. These funda can then be used for any number of purposes - business or personal.

What should you consider?

While Top-up loans give you easy access to funds, remember to note the following

  1. If your credit history is good, and if you are in general a person who has a good eligibility for various loans, you may want to look around in the market to check if you can get loans at cheaper rates.
  2. The tenure of the top-up will be the same as your existing Home Loan tenure, so if you are only a few years out from closing your loan, you may find that the EMI’s you will pay on your top-up loan will be high - depending on the amount you are borrowing.

Mortgage Overdraft Facility

ICICI Bank offers a mortgage overdraft facility to its salaried account holders who have taken home loans. Once the overdraft is in place, you can get instant access to funds, and the interest rate will be applied only on the amount you utilize. The overdraft will be linked to you. This option is available only to eligible salary account holders who have already availed of a Home Loan from ICIC Bank, or to customers with an ICICI savings account working for a select group of corporates.

Why should you take it?

The advantages of the ICICI Bank overdraft facility are:

  1. You can get a minimum of Rs.5 lakhs and a maximum of Rs.1 Cr as an overdraft available for instant use
  2. Even if you part-pay some amount of your loan, your overdraft limits don’t change
  3. There is no lock-in time to this facility, you can choose to close your overdraft at any time
  4. Since the overdraft facility is linked to a salary/savings account, a Sweep or Reverse Sweep can be applied to the overdraft facility. With a Sweep facility, any amount available in the overdraft at a point in time can be accessed seamlessly from the account. With a Reverse Sweep, any amount that is excess in the account can be transferred back into the overdraft account - ensuring you pay less interest.

What should you consider?

  1. The interest rates in an overdraft will not be the same as on your home loan. Different rates will apply for this product - usually higher
  2. There is an annual renewal fee that will be applicable on your overdraft account
  3. Your overdraft interest rates are subject to revisions based on the base rate (similar to your home loan)

The interest rate options for you depends on your loan amount

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Income is the primary criteria based on which your eligibility is determined. Naturally, income primarily refers to disposable income. So, most banks and NBFCs deduct any sort of fixed monthly commitments (EMIs on car loans or tax payments, for example) from their calculations.

Your loan eligibility is calculated by the EMI/NMI ratio: NMI basically refers to Net Monthly Income (income after deducting monthly commitments). Lenders typically have a fixed EMI/NMI ratio for different income slabs based on which your eligibility is calculated.

Credit History and CIBIL Score

Credit History and CIBIL scores are important criterion when it comes to determining elibility. SBI using certain proprietary tools, look for specific patterns in your credit history. The last twelve months of your credit history are more important than the preceding time period.

Credit scores or CIBIL scores are determined by how well you manage your loan or credit obligations. If you’ve never missed a loan payment and keep on top of credit card bills, your credit score will be higher. Usually, credit scores range between 300 and 900; a credit score of above 700 is required for a home loan.

Rather confusingly, if you’ve never taken a loan or a credit card before, your credit score is likely to be low. Why is this? It’s because lenders have no idea about your ability to repay loans. Build a credit score by responsible management of credit before applying for a home loan.


Banks look at the property you’re investing in carefully when approving a home loan. Among the things that SBI looks at when investigating the property are:

  1. Whether the title to the property is clear and whether there are any other claimants or if there is any dispute regarding the property.
  2. Whether all the necessary regulatory approvals have been taken. Absence of approvals is looked at as suppression of property records.
  3. Whether the building is constructed as per approved building norms. If the property flouts certain guidelines, there is a tendency to devalue that property when compared to other properties in the same area.

Documents Required

kyc proof
KYC Proof
  1. Drivers License
  2. Passport (current)
  3. Voter ID Card
income proof
Income Proof
  1. Last 6 months bank statements
  2. Last 3 months Salary-slips
  3. Processing fee cheque
  4. Form 16 / Income Tax Returns
  1. Application form with photograph duly signed
  2. Identity, residence and age proof
property documents
Residence Proof
  1. Latest Electricity Bill
  2. Utility bill
  3. Piped gas bill
  4. Telephone bill (Not more than 2 months old)
  5. Passport
  6. Aadhar card
  7. Voter ID
  8. Driving License

How to Apply

Once you’ve shortlisted ICICI Bank as your home loan provider, ensure you have all your documents in place. Make sure you confirm the eligibility criteria for that specific loan and source the down payment. You can apply for a loan either jointly or individually.


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Home Loan Top Up

A top up loan is for anyone who wants to “top up” their home loan with additional funding to cover for unexpected cost increases. A top up loan from ICICI Bank is based on the balance principal outstanding. So for instance, if your original home loan was worth Rs 10,00,000 and you have Rs 8,00,000 outstanding, you are eligible for a top up loan worth Rs 2,00,000. Please keep in mind that you’ll need to have completed atleast six months worth of EMI payments to be eligible for a top up loan. Also, the interest rate is 1-3% higher than a regular home loan but is significantly less when compared to a personal loan.

Balance Transfer to ICICI Bank

The general process to transfer your home loan takes a fair amount of time, but is worth it if you find that ICICI Bank offers you a lower rate of interest. ICICI Bank is slightly less stringent with documentation when compared to a state run institute.
  1. Get a foreclosure letter from your current home loan provider, along with payment history and list of your documents.
  2. Apply to ICICI Bank with the list of documents.
  3. The bank typically does a background check on credit history, ownership and more before they provide approval.
  4. Lastly, you complete the documentation stage with your existing bank and ICICI Bank, and you are good to go.
Typically, every bank that you're transferring out of will have foreclosure charges which is usually around Rs 500+GST. Please confirm with your bank.