Home Loan Interest Rate

The Home Loan interest rate can be reduced by doing a Balance Transfer to the new lender offering a lower rate of interest as compared to the existing lender. One can also approach an existing financier to lower the rate of interest.

The rate of interest offered by the banks, which is linked with the external benchmark rate, is considered to be better as it offers faster transmission of rate changes.

The Home Loan EMI is calculated basis the loan amount required, the loan tenure and the rate of interest applicable.

With ICICI Bank, you can get Home Loans at attractive Interest Rates. The Repo Rate fixed by the Reserve Bank of India (RBI) primarily determines what a borrower will pay, as do some other factors like the Loan Amount. Salaried individuals and the self-employed are charged different Interest Rates. For more on the topic, visit the Home Loans page on the ICICI Bank website.  

Yes, your CIBIL Score plays a major role in determining the Interest Rates you pay on your Home Loan, irrespective of when you apply.

Any applicant can find out what their EMI amount would be, using ICICI Bank’s Loan EMI Calculator. By entering the Loan Amount, Tenure and Interest Rate, you can get the EMI amount and the Interest payable on your Loan, instantly.