ICICI Bank Home Loans: Processing and Terms
ICICI Bank is one of India's leading private sector lenders, offering a wide range of home loan products with competitive interest rates and digital processing features. If you are planning to purchase a property or transfer an existing loan, understanding ICICI Bank's terms, fees, and repayment systems can help you secure the best deal. This guide reviews ICICI Bank's home loan options, outlines its fee structure, and shows you how to make online prepayments.
ICICI Home Loan Products
ICICI Bank provides home loan products tailored for different buyer segments:
- ICICI Regular Home Loan: The standard floating-rate term loan with repayments structured over a tenure of up to 30 years.
- ICICI Extra Home Loans: A unique product that allows borrowers to extend their retirement age up to 67 years, increasing their loan eligibility. This is ideal for young salaried professionals.
- ICICI Land Loan: For purchasing residential plots or land to build a custom home.
- ICICI Home Overdraft: A loan against property structured as an overdraft, allowing you to pay interest only on the utilized amount.
ICICI Bank Repayment Terms & Options
ICICI links its floating interest rates to the Repo Rate Linked Lending Rate (I-RRR), which tracks the RBI Repo Rate. Your actual interest rate is determined by adding a spread (markup) to the benchmark, based on your credit score and occupation.
To calculate the interest and principal split of your monthly payments, use our Home Loan EMI Calculator.
How to Make Prepayments on an ICICI Home Loan
In accordance with RBI guidelines, ICICI Bank does not charge prepayment or foreclosure penalties on floating-rate home loans taken by individuals for personal purposes. You can make prepayments using the following methods:
Online Prepayments via iMobile Pay App
- Log in to the **iMobile Pay** app on your smartphone.
- Go to the **Cards & Loans** section and select your Home Loan account.
- Select **Prepay Loan** and enter the prepayment amount.
- Complete the payment using a linked savings account or Net Banking. ICICI will update your outstanding balance within 2 working days.
Online Prepayments via Internet Banking
You can log in to the ICICI Bank Internet Banking portal (icicibank.com) and navigate to the loan repayment dashboard to transfer funds directly from your linked savings account.
Offline Prepayments
You can visit any ICICI asset service branch to submit a check along with your loan details and a written request specifying whether you want to reduce your monthly EMI or shorten your tenure.
We recommend choosing **tenure reduction** to maximize your interest savings. See our comparison of reducing EMI vs reducing tenure for more details.
ICICI Home Loan Fees and Charges
When applying for an ICICI home loan, keep the following costs in mind:
- Processing Fees: Typically ranges from 0.5% to 1.0% of the loan amount, subject to applicable administrative caps and taxes.
- Conversion Charges: Charged if you request the bank to reduce your floating interest rate during the loan tenure to match current market offers.
- Administrative Fees: Charged for managing document retrieval, property title searches, and annual statements.
Frequently Asked Questions
To understand the basics of loan payments, read our article What is EMI?, or see our guides on home loan prepayments and EMI vs tenure reduction. You can also explore our calculators in the Calculator Hub, or view our team details on our About Us page.