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ICICI Bank Canada Mortgage of february 2023

Apply for Mortgage from ICICI Bank verified by our specialists. On 08.02.2023 you have access to 7 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 7

Updated
30.12.2022
03:21
Griha Pravesh mortgage program
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Mortgage refinancing
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Mortgage transfer
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Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

High-ratio mortgage
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Conventional mortgage
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Fixed-rate mortgage
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Rate
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Effective interest rate on the product

5.34% to 5.74%
Term
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Loan term for the financial product

1 to 5 years
Variable-rate mortgage
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Term
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Loan term for the financial product

5 years

Calculate the mortgage
Loan amount
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Loan amount

CAD
CAD
USD
50000 C$
5000000 C$
Down payment
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Specify the percentage of the down payment

%
C$
5
50
Your loan amount
C$
Loan term
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Specify the loan term for the calculation

years
months
1
25
Interest rate
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Choose the interest rate on the loan

4 %
6 %
Type of payments
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Specify the type of payment for calculating

Online application for a mortgage

Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years
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Loan amount
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Monthly payment*
40 383 C$
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Types of mortgage loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
ICICI Bank Canada Mortgage of february 2023

Types of ICICI Bank Canada 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.

  • 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%.
  • Variable-rate mortgage. A variable-rate mortgage assumes that the interest rate may change based on the ICICI Bank Canada Prime Rate’s fluctuations. So, when the rates are decreasing, your rate will go down as well. With a 5-year variable-rate mortgage, the interest rate will equal the Prime rate plus 0.05%.
  • 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%.
  • 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.
  • 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.
  • 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.
  • 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.

Requirements

To qualify for a mortgage from ICICI Bank Canada, you must be a Canadian resident at the age of majority in your province of residence. 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

Mortgages from ICICI Bank Canada have the following advantages:

  • You can choose between a fixed and variable interest rate
  • The bank secures a pre-approval rate for 120 days for you
  • With a rate drop policy, you can get a better rate at closing time if the rate drops
  • There are several options to speed up your mortgage repayment
  • 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
  • Newcomers to Canada can apply for the Griha Pravesh mortgage program and get bonuses and discounts for other banking products from ICICI Bank Canada

Still, there are certain disadvantages to be aware of:

  • Limited geographic availability of ICICI Bank Canada branches
  • The early mortgage payoff using ways other than allowed penalty-free ways to accelerate mortgage repayment will involve prepayment penalties

How to make a payment?

You can make a credit card payment in any of the following ways:

  • Through your ICICI Bank Canada online banking account
  • Through the ICICI Bank Canada iMobile app
  • In person at your local ICICI Bank Canada branch
  • At an ICICI Bank Canada ATM
  • Through the ICICI Bank Canada telephone banking 

FAQ

Are there open mortgages at ICICI Bank Canada?

ICICI Bank Canada offers only closed mortgages at this time. If you want to pay off your mortgage early without prepayment penalties, there are certain ways to speed up your closed mortgage repayment. You can increase the frequency of your regular payments or make an additional payment of up to 20% of the original mortgage amount once a year.

How do I know how much I can afford to borrow?

Various factors influence the amount you can borrow — your gross household income, the down payment you can make, the financial obligations you have already, and more. The ICICI Bank finance experts will explain all these factors to you during a consultation.

You can also use the mortgage affordability calculator on the ICICI Bank Canada website to get a better idea of how much you can afford.

What penalty will I have for paying off my mortgage before maturity?

The early mortgage payoff involves one of the following prepayment penalty types:

  • A 3-month interest penalty
  • An Interest Rate Differential, also known as Loss of Interest

The bank will charge you the penalty that is greater in your case. If your mortgage term is greater than 5 years, ICICI Bank Canada will charge only a 3-month interest penalty.