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Home Loan

Home Loan

Can I close my home loan? What are the charges for prepaying my loan?

The prepayment charges are as under:

  1. Nil for Home Loans and Home Improvement Loans with floating rate of interest.
  2. 2% plus applicable taxes on principal outstanding* on full repayment for Home Loans with fixed rate of interest.
  3. 2% plus applicable taxes on principal outstanding* on full repayment for Home Loan Top Up loan if the applicant or co-applicant is Non Individual.
  4. 4% plus applicable taxes on principal outstanding* where loan** is given to Non Individual borrowers or with fixed rate of interest to Individual borrowers. If the loan is sanctioned prior to March 1, 2011 then prepayment charges would be 2% plus applicable taxes.

*Current principal outstanding and all amounts tendered by the borrower towards prepayment of the Facility during the last one year from the date of final prepayment.

**Home Equity Loan/Home Equity Enhancement Loan, Office Premises Loan and Lease Rental Discounting Loan.

Can I make a part pre-payment on my Home Loan Account through NEFT with ICICI Bank?

Yes, ICICI Bank accepts part payment of your home loan through National Electronic Funds Transfer (NEFT). In case you want to make a part payment on your home loan account through NEFT, you need to visit the nearest ICICI Bank Asset Servicing Branch. The Service Request number received at the branch must be mentioned in the remarks column in the NEFT form while making part payment through NEFT. Please note that NEFT transactions with invalid request numbers will be rejected. 

What is the minimum part pre-payment amount that I need to pay when I take a home loan?

The minimum part pre-payment amount should be an amount equivalent to 1 EMI.

If I opt to increase my EMI, can I decrease the EMI in the future?

The EMI once increased will not be decreased at a later date except in case of Part Pre-payment/ Conversion. You may visit to nearest ICICI Bank loan branch for further assistance.

To locate the nearest ICICI Bank Branch, visit maps.icicibank.com/mobile .

How can I view and download Home Loan Statement

View and download your Home Loans statement, Income Tax (IT) Certificate, Provisional Income Tax Certificate and Final Income Tax Certificate – Authenticate with your account details

View Statement

If your Home Loans Account is linked to your Internet Banking User ID, Login with your User ID and Password to view your Home Loans account details and statement. You can also download the Home Loans statement.


What is MCLR?

MCLR stands for Marginal Cost of Funds based Lending Rate.

MCLR is the benchmark rate below which the banks cannot provide loans to the customers who are availing loans linked to MCLR. This new benchmark rate is applicable for new loans sanctioned from April 1, 2016 onwards.

What is ICICI Bank MCLR rate?

The MCLR will be a tenor linked rate which has to be reviewed and published every month on a pre-announced date

For the existing ICICI Bank MCLR rate please click here.

What is the process for changing from an existing benchmark rate of FRR/PLR/I-Base to I-MCLR-1Y benchmark rate?

For changing from existing bench mark rate of FRR/PLR/I-Base to I-MCLR-1Y based benchmark rate, the customer will be required to visit the nearest loan servicing branch, execute an agreement for conversion into I-MCLR-1Y benchmark rate.

When will be the reset date decided for the loan? How will the reset impact the current rate of interest (ROI) in case the MCLR increases or decreases?

The reset period and date will be decided on the date of first disbursement.


In case of increase in MCLR on the reset date, the ROI will increase which in turn will impact the EMI/tenor of the loan depending on the option exercised by the borrower.


In case of decrease in MCLR on the reset date, the ROI will decrease which in turn will impact the EMI/tenor of the loan depending on the option exercised by the borrower.


Illustration: Consider a scenario where first disbursement of the loan is done on April 15, 2016 under I-MCRL-1Y benchmark rate, with the I-MCRL-1Y being 9.20% p.a. with a spread/margin of 20 basis points (bps). In such a case the effective rate would be 9.40% p.a.

In the above scenario, the effective rate of 9.40% p.a. would remain constant till the next reset date i.e April 1, 2017. On April 1, 2017, the loans would be reset with the applicable I-MCLR-1Y rate as on that date.


It may be mentioned that the spread/margin of the loan would continue to remain the same. e.g. If the I-MCLR-1Y is 9.10% p.a. as on April 1st 2017, then revised rate applicable for the loan would be 9.10% + 0.20% = 9.30% p.a. w.e.f. April 1, 2017.

Will MCLR be different between Banks?

Yes, MCLR can be different between different banks as it will depend on marginal cost of funds, negative carry on account of CRR, operating costs, tenor premium of respective banks.

Will ICICI Bank discontinue the current benchmark rates I-Base/FRR/PLR?

For all new loans sanctioned from April 1, 2016, the Bank has discontinued offering loans linked with I-Base. However, the existing loans will continue on the respective I-Base/FRR/PLR till its repayment, provided the borrower does not exercise the option to move to the MCLR linked loan at mutually acceptable terms.

If a loan is partly disbursed and earlier rate is linked to I-Base, which benchmark (I-Base OR MCLR) would be applicable for subsequent disbursements?

All existing loans linked to the I-Base Rate will continue till its repayment. All existing borrowers will, however, have the option to shift to the MCLR linked loan at mutually acceptable terms


Thus, in case of partly disbursed loan, for subsequent disbursements, the I-Base benchmark rate will continue to be applicable, provided the borrower does not exercise the option to move to the MCLR linked loan at mutually acceptable terms

What does periodicity of reset means?

In case of floating rate loans, the Banks can specify dates of interest reset which will be linked to either the date of first disbursement or date of review of MCRL.

The periodicity of reset will be one year or lower. The exact periodicity of reset will form part of the terms of the loan contract.

For loans disbursed in a particular month, the reset date will be the 1st day of the month of the subsequent year(s). e.g. if the loan is disbursed during any day of April 2016, the reset date for the said loan will be April 1, 2017

If, however, the customer opts for any rate conversion in a particular month, then the annual reset date will be 1st day of the month (in which the conversion is effected) of the subsequent year(s). e.g. if the loan is disbursed on April 20, 2016 and subsequently in the month of September 2016, the customer opts rate conversion which is effected on September 12, 2016, the reset date for the said loan will be September 1, 2017

What are the various types of benchmark under MCLR?

Currently, the Bank has published the following MCLR:

  • Overnight MCLR
  • One-month MCLR
  • Three-month MCLR
  • Six month MCLR
  • One year MCLR

How can I apply for a home loan?

Applying for ICICI Bank Home Loan, Balance Transfer of your existing home loan, Personal Loan Linked to Home Loan (Top up), Loan Against Property, and other loan requirements is easy.

Existing Customers
If you are already an ICICI Bank customer, we recommend you to check whether you already have an approved loan offer.

Customers availing an approved loan, need to provide fewer documents for their loan processing.


New Customers
If you are new to ICICI Bank, please apply here for instant e-approval of your loan and experience enhanced service.

Apply now   Check Eligibility

Will the existing customers linked to FRR//PLR/I-Base based benchmark rate be allowed to migrate to I-MCLR-1Y based pricing without change in effective rate of interest?

All existing customers has an option to switch from the existing system of FRR/PLR/I-Base (FRR/PLR/I-Base +/- spread) to the new system of I-MCLR-1Y (I-MCLR-1Y + spread) without changing the effective rate of interest. No switch fee would be charged for this option. The effect of conversion in the system, from existing system of FRR/PLR/I-Base to new system of I-MCLR-1Y, will be provided on an immediate basis.


Illustration: If an existing customer with loan amount of ₹ 2.5 million is at 9.55% p.a. effective ROI (I-Base + 0.20%) and if the customer opts to switch-over to I-MCLR-1Y then the Adjustable Rate Home Loan (ARHL) interest rate will become (I-MCLR-1Y (9.15%) + spread (0.40%)) equivalent to 9.55% p.a..


Thus, the effective rate will continue to remain same at 9.55% p.a. with spread applicable on the loan being adjusted.

What is the benchmark MCLR applicable for ICICI Mortgage Loans and what would be the reset period for ICICI Bank Mortgage Loans?

The benchmark MCLR for mortgage loans is I-MCLR-1Y. The reset period would be an annual reset.

How do I repay the Home loan?

Repayment is done in equated monthly instalments (EMIs), and includes interest and principal amount calculated on monthly rests. You can pay EMIs by issuing post-dated cheques from your NRE / NRO account, or any other account approved by the Reserve Bank of India (RBI). In the case of part-disbursement of the loan, the monthly interest is payable only on the disbursed amount. This is called pre-EMI interest, and is payable monthly till the final disbursement is made, after which EMIs will commence.

Home Loan EMI Calculator

With lower EMIs, ICICI Bank Home Loans are light on your wallet. Lower interest rate and repayment tenure of up to 30 years ensure a comfortable EMI for you during the entire loan tenure. You can estimate your EMI by using our feature rich Home Loan EMI Calculator.

To reduce the EMI burden of a home loan that you have already taken from another bank or Non-Banking Financial Company (NBFC), apply here for balance transfer and save money.

Opting for auto-debit facility on ICICI Bank Savings Account for paying ICICI Bank Home Loan EMI, earns you reward points that can be redeemed against exciting rewards from our partners.

Calculate EMI


What are the benefits for express home loans?

Benefits for express home loans:

  • Case approvals within 8 working hours once the customer uploads the complete documents
  • No physical pickup of documents before case approval
  • The customer receives a 'sanction letter' as against an 'offer letter' which is issued by competition.

What is the process to get the sanction letter for my home loan?

You can make a request to send the copy of the sanction letter for your home loan through any of the following channels:

Customer Care:
You may call our Customer Care from your registered mobile number. To know the local Customer Care numbers, please click on the below mentioned link.


ICICI Bank branch:
You may visit the nearest ICICI Bank Asset Servicing Branch and speak to our Customer Service Manager regarding the request to send the copy of sanction letter for the home loan.

You may look for the nearest ICICI Bank Asset Servicing Branch on our website www.icicibank.com > Find ATM/Branch.

What is the process for express home loans?

Please find below the process for express home loans:

  • Step 1 - Enter inputs for generating the loan offer
    The customer provides and enters basic information on the platform to generate the loan offer. Details to be provided:
    City in which property is based, purpose of loan, Property details, where the customer currently resides, customer's date of birth, type of employment, income details, age of retirement and current obligations
  • Step 2 - Check home loan offer
    The platform calculates multiple home loan offers for the customer. Customer selects the loan amount required and applies for the offer that best suits his/her requirement.
  • Step 3 - Fill online application form
    Customer fills the application form online by providing the applicant and co-applicant details as required and submits the application.
  • Step 4 - Upload Documents Online
    A reference number is generated for the online application and customer is provided an option to upload the documents online. Customer uploads KYC and income documents for the applicant and co-applicant as required.
    The application and documents submitted are assessed by ICICI Bank Credit Manager and the loan is approved appropriately.

What are the key features and benefits of 30-year home loans?

The key features and benefits of 30-year home loans are:

The customer’s loan eligibility is enhanced with the higher tenure and he/ she can avail a higher loan amount on the same EMI outflow Dual benefit of higher tenure and discounted rates for Woman Borrower Loans. The woman should be the first applicant in the home loan and a co-owner in the property.

What are the conditions for offering 30-year tenure home loans?

The conditions for offering 30-year tenure home loans are as follows:

  • Applicant’s age is up to 30 years
    For age beyond 30 years, proportional tenure can be offered - e.g. If the applicant is 35 years old and retirement age is 60 years, he can be offered a tenure of (60-35) 25 years
  • Applicant is an employee of:-
    Specified list of companies - Elite, Super prime and
    Preferred list of companies
    Government or semi-government organisations
    Women borrower loans irrespective of employment.

What is the process for deletion/ change of co-applicant name for a home loan account?

To delete/ change co-applicant name in the home loan account, you may visit the nearest ICICI Bank Asset Servicing Branch and speak to our Customer Service Manager regarding the addition of co-applicant name in the home loan account.

You may look for the nearest ICICI Bank Asset Servicing Branch on our website www.icicibank.com > Find ATM/Branch.

What is the maximum age for availing a home loan?

The maximum age at application for home loans is 40 years.

Who can avail a home loan?

Top-up loan can be availed only during the secondary tenure of the home loan.