ICICI Bank Canada is a subsidiary of ICICI Bank Limited headquartered in Mumbai, India. It is a well-established banking business operating in over 15 countries (India, Singapore, Bahrain, China, the UK, the US, Germany, Hong Kong, etc.). Globally, the ICICI Bank's total assets for 2022 were $147.86 billion. The company expanded its business to Canada in 2003.
The Canadian ICICI platform provides personal and commercial banking, money transfers, education financing opportunities, and investment services to individuals and businesses. Personal ICICI banking services include chequing and savings account opening options, credit and debit cards, loans, lines of credit, GICs and term deposits, academic fee payment solutions, and mortgages. The Canadian branch does not issue prepaid cards currently (January 2023).
In Canada, ICICI Bank offers a selection of low-interest-rate simple mortgages tailored to meet the need of the clients. ICICI's mortgage experts can support you in selecting the options and conditions that benefit you most. There are options for clients who want to buy a new home, refinance, renew or switch their current mortgage.
In addition, ICICI Canada is a CDIC member (Canada Deposit Insurance Corporation), so your funds are secure with this bank.
Types of ICICI Bank mortgages
ICICI Bank Canada offers closed mortgages at either a fixed or variable rate, mortgage transfer and refinancing options, and a specialized mortgage program for newcomers to Canada. Let's look through them.
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Fixed-rate mortgage. If you prefer the stability of payments throughout your mortgage term, a fixed-rate mortgage is a good option for you. With this type of mortgage, the interest rate remains the same during the entire term. The available terms range from 1 to 5 years, with the rate ranging from 5.34% to 5.74%.
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Variable-rate mortgage. A variable-rate mortgage assumes that the interest rate may change based on the ICICI Bank Canada Prime Rate fluctuations. So, your rate will also go down when the Prime rate falls. With a 5-year variable-rate mortgage, the interest rate will equal the Prime rate plus 0.05%.
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Conventional mortgage. With a conventional mortgage, the amount you borrow is up to 80% of your home's value, while your down payment constitutes the remaining 20%.
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High-ratio mortgage. A high-ratio mortgage assumes a 5-20% down payment. As a rule, such a mortgage requires buying an insurance policy, either through Canada Mortgage and Housing Corporation (CMHC) or GENWORTH. You can choose to pay the insurance premium once (upon getting the funding) or add the premium on top of your mortgage and repay it gradually together with your mortgage payments.
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Mortgage transfer. If you have found out that ICICI Bank Canada's mortgage rates are more competitive than the rate you have with your current lender, you can transfer your existing mortgage to ICICI Bank Canada.
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Mortgage refinancing. If you wish to replace your current mortgage loan with a new one, consider mortgage refinancing options from ICICI Bank Canada. Refinancing can be a great way to tap into home equity to get financing for a variety of borrowing needs — say, financing a large purchase, renovating your home, or consolidating debt.
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Griha Pravesh mortgage program. For newcomers to Canada, ICICI Bank Canada offers the Griha Pravesh mortgage program. Under the program, mortgage applicants with no Canadian credit history can get benefits for other banking products — waived monthly fees for chequing accounts, higher interest rates on GICs, a 50% discount on fees for using Safety Deposit Boxes, free Interac e-Transfer transactions, and more.
How to apply for an ICICI Bank Canada mortgage
To apply for a mortgage from ICICI Bank Canada, you should visit a branch near you. However, the first spet could talk to your mortgage broker or one of the ICICI mortgage experts, who will assist you to complete successfully all the stages of the process.
Requirements
To qualify for a mortgage from ICICI Bank Canada, you must be a Canadian resident in your province of residence at the age of majority. In addition, you can be either an employed or self-employed applicant. When reviewing your mortgage application, the ICICI Bank Canada finance experts will evaluate your creditworthiness. Therefore, be ready to provide information about your sources of income, your gross household income, and the financial obligations you already have.
Pros and cons
Pros
Mortgages from ICICI Bank Canada have the following advantages:
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You can choose between a fixed and variable interest rate
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The bank secures a pre-approval rate for 120 days for you
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With a rate-drop policy, you can get a better rate at closing time if the rate drops
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There are several options to speed up your mortgage repayment
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You can use the mortgage affordability and payment calculators on the bank's website to get an idea of how much you can afford and what your payments may look like
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Newcomers to Canada can apply for the Griha Pravesh mortgage program and get bonuses and discounts for other banking products from ICICI Bank Canada
Cons
Still, there are certain disadvantages to be aware of:
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Limited geographic availability of ICICI Bank Canada branches
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The early mortgage payoff using ways other than allowed penalty-free ways to accelerate mortgage repayment will involve prepayment penalties
How to make an ICICI mortgage payment
You can make a credit card payment in any of the following ways:
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Through your ICICI Bank Canada online banking account
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Through the ICICI Bank Canada iMobile app
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In person at your local ICICI Bank Canada branch
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At ICICI Bank Canada ATMs
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Through the ICICI Bank Canada telephone banking
