Home Loan Interest Rates for Resident Indians
In your quest of the perfect home loan, ICICI Bank Home Loans ensures that you get the best deal, in terms of interest rate and other facilities also, in the most convenient way. With our varied offering of house loans and home finance, we give you an opportunity to select the perfect home loan as per your needs. You can choose from:
- Adjustable Rate Home Loan
- Fixed Rate Home Loan
Combination of the above two
Step Up Repayment Facility (SURF)
SURF is a variant to enhance the eligibility of a young professionally qualified home loan customer with out increasing monthly outflow as EMI. The structuring consider a notional percentage increase in income & offers options of graded increase in EMI over the tenure of the loan contracted.
The tenure is divided in three parts
- Primary being lowest EMI
- Secondary
- Tertiary being highest EMI
The following are the features of SURF
Higher eligibility of loan amount with lower EMI
Graded increase in EMI considering future increase in Income
Suited for young professionals.
SURF can be availed by Resident Indian whether Salaried or Self-Employed Professionals.
Flexible Installment Plan (FLIP)
FLIP is a variant for structuring enhanced eligibility of home loan applicants with varying tenure of income source. This repayment facility is given when income is going to reduce after certain time during the loan tenure due to one of the borrowers retiring before loan maturity. The EMI payable becomes affordable based on individual income source and also matching the family cash flow. This variant is offered typically to family members joining as applicants like husband & wife or father & son with varying tenure of service Period / Age norm.
FLIP has the following features
- FLIP considers income of two applicants and offers step down repayment facility
- One of the applicants should have service period till the end of the tenure of the loan
- FLIP would have two different EMIs during the tenure of the loan
- Normally the first EMI would be based on the combined income
- The second EMI would be smaller & based on the lower income with longer tenure of the applicant
FLIP can be availed by Resident Indian whether Salaried or Self-Employed and also by Non- Resident Indian who is Salaried.
Part Fixed, Part Floating
A product that offers the dual benefit of fixed rate loans as well as floating rate loans. With this product, a customer can book part of his loan under a fixed rate plan and the other part under a floating rate plan. Thus, he can minimize the impact of any adverse changes in the interest rate regimes and at the same time, avail of any benefits that may come by way of favorable changes.
Part Fixed, Part Floating can be availed by Resident Indian whether Salaried or Self-Employed and also by Non- Resident Indian who is Salaried.
SmartFix Home Loans
3 years fixed and floating rate thereafter. A product that offers the safety of fixed rates plus the advantages of floating rates. The Smart Fix enables the customer to lock at fixed rate of interest today with the contract to move to a floating rate on a subsequent date. For the first 3 years you get a fixed interest rate. From the fourth year, your loan gets switched to the prevailing floating interest rate. Thus, a customer gets an opportunity to observe the interest rate movement over a period of time and expects to benefit in the bargain
Smart Fix can be availed by Resident Indian whether Salaried or Self-Employed.
The interest rate on ICICI Bank Home Loans is linked to the ICICI Bank Floating Reference Rate (FRR)/PLR. As per earlier communication, FRR/PLR was increased by 1% on Feb 9th 2007. Consequently interest rate for all existing customers under Adjustable Rate Home Loans (ARHL) also went up by 1%. Subsequent to this change, as per recent announcement, the FRR/PLR has been further increased by 1% effective from March 31st 2007.The FRR has gone up from 11.75% to 12.75%& PLR has gone up from 13.75% to 14.75%. For all the Adjustable Rate Home Loan customers, both the above changes will be effective from 1st April 2007.
To know the impact of change in FRR on your existing Home Loan Tenure, please use the Online Calculator.
To know more about the change in FRR and its impact please Click here - FAQ's
For further queries regarding the change in rates, please Email Us or you can get in touch with our call centre at below mentioned numbers:
| Ahmedabad |
: |
6630 9890 |
| Bhubaneshwar |
: |
99384 88000 |
| Chennai |
: |
4208 8000 |
| Cuttack |
: |
99384 88000 |
| Delhi (Mobile) |
: |
98181 78000 |
| Guwahati |
: |
99541 08000 |
| Indore |
: |
402 2005 |
| Kochi |
: |
238 4500 |
| Lucknow |
: |
229 4577 |
| Patna |
: |
99340 08000 |
| Ranchi |
: |
99340 08000 |
| Andhra Pradesh |
: |
98495 78000 |
| Goa |
: |
98904 78000 |
| Haryana |
: |
98961 78000 |
| Karala |
: |
98954 78000 |
| Maharashtra |
: |
98904 78000 |
| Rajasthan |
: |
98292 22292 |
| UP East |
: |
99362 18000 |
| Uttaranchal |
: |
98973 08000 |
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| Bangalore |
: |
4113 1877 |
| Chandigarh |
: |
505 5700 |
| Coimbatore |
: |
435 8000 |
| Delhi |
: |
4171 8000 |
| Darjeeling |
: |
99330 08000 |
| Hyderabad |
: |
2312 8000 |
| Jamshedpur |
: |
99340 08000 |
| Kolkata |
: |
98313 78000 |
| Mumbai |
: |
2830 7777 |
| Pune |
: |
2610 3333 |
| Siliguri |
: |
99330 08000 |
| Chattisgarh |
: |
98932 08000 |
| Gujarat |
: |
98982 78000 |
| Karnataka |
: |
98455 78000 |
| Madhya Pradesh |
: |
98932 08000 |
| Punjab |
: |
98155 58000 |
| Tamil Nadu |
: |
98944 78000 |
| UP West |
: |
98978 18000 |
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| Description of Charges |
Home Loans |
| Loan Processing Charges / Renewal Charges |
Home Loans: 0.5% of loan amount as Administrative fee or Rs.2,000, whichever is higher. Loan Overdraft against property or office premises: 1% of loan amount or Rs.2,000, whichever is higher. Fees are non–refundable. |
|
2 % on the principal outstanding on full prepayment |
| Solvency Certificate |
NA |
| Charges for late payment (loans) |
|
Home Loans : 2% per month Home OD : 1.5% of the outstanding amount subject to minimum of Rs. 500/- & Maximum of Rs.5000/- |
| Charges for changing from fixed to floating rates of interest |
|
1.75% on principal oustanding |
| Charges for changing from floating to fixed rates of interest |
|
1.75% on principal oustanding |
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Rs. 500/- |
| Document Retrieval Charges |
|
Rs. 500/- |
|
Rs. 200/- |
Note : Service Tax and other govt. taxes, levies, etc. applicable as per prevailing rate will be charged over and above these charges
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