As one of Canada’s leading banks, ICICI Bank Canada offers a range of mortgage solutions for Canadian homebuyers and homeowners. ICICI Bank leverages its international expertise to serve the local market effectively. This guide will provide everything you need to know about ICICI Bank mortgage, including its rates, programs, and solutions so that you can find the best mortgage fit for your situation.
ICICI Bank Canada Background
ICICI Bank Canada, a subsidiary of the global financial conglomerate ICICI Bank Limited headquartered in India, has served Canadians since 2003. With a strong presence in Greater Toronto, Calgary, and Greater Vancouver, ICICI Bank Canada offers a comprehensive suite of financial products, including mortgages, credit cards, bank accounts, lines of credit, and investment solutions. [Source]
With its mortgage products, ICICI Bank offers competitive interest rates and flexible terms, providing personalized lending options to meet individual needs.
What Are Current ICICI Bank Mortgage Rates?
ICICI Bank Canada offers both fixed-rate and variable-rate mortgages, providing flexibility to suit your financial goals. Let’s examine the rates and benefits of each option.
ICICI Fixed Rate Mortgages
ICICI mortgages have fixed-rate terms ranging from 1 to 5 years. A fixed-rate provides certainty, with consistent monthly payments across the mortgage term.
| Term | ICICI Mortgage Rate |
|---|---|
| 1-Year Fixed | 7.19% |
| 2-Year Fixed | 6.19% |
| 3-Year Fixed | 5.59% |
| 4-Year Fixed | 5.74% |
| 5-Year Fixed | 5.64% |
Benefits of ICICI fixed-rate mortgages include:
- Consistent monthly payments for financial planning
- Diverse term length options from 1 to 5 years
- Rate lock feature to secure a rate for 90-120 days
ICICI Variable Rate Mortgages
Variable rate terms are available in 3 or 5-year options. With a variable rate, payments fluctuate based on shifts in the Bank of Canada’s prime rate.
| Term | ICICI Rate |
|---|---|
| 3-Year Variable | 5.85% (P + 0.65%) |
| 5-Year Variable | 5.70% (P + 0.50%) |
Key features of ICICI Bank’s variable rate mortgages:
- Start lower than fixed rates
- Monthly payment stays the same, but interest/principal split varies
- Lower early termination fees than fixed mortgages
- Ability to switch to a fixed rate
ICICI Bank Prime Rate
As of February 2025, the ICICI Bank prime rate stands at 5.20%. The prime rate is determined by ICICI Bank and is influenced by the Bank of Canada’s overnight rate. The ICICI Bank prime rate is a benchmark for many of the bank’s lending products, including mortgages, lines of credit, credit cards, and HELOCs.
ICICI Mortgage Programs
ICICI Bank offers personalized mortgage packages through two key programs.
ICICI iGlobal Mortgage Programme
The iGlobal Mortgage Programme provides privileged rates and tailored solutions. To qualify, you must set up a mortgage with pre-authorized payments from an ICICI Bank Canada account and have one additional product from the ICICI Group. This program is ideal for those seeking a comprehensive banking relationship with ICICI Bank and its global network.
ICICI iPrime Mortgage Programme
The iPrime Mortgage Programme offers preferred rates along with tailored banking features. Similar to the iGlobal programme, you must have a mortgage with pre-authorized payments from an ICICI Bank Canada account and one additional ICICI Bank Canada product. This programme is well-suited for those who prefer to keep their banking within Canada while still benefiting from ICICI Bank’s competitive rates and personalized service.
Both programs allow clients to bundle banking products and gain access to exclusive mortgage rates.
What Mortgage Solutions does ICICI Bank offer?
ICICI Bank Canada provides a wide range of mortgage solutions designed to meet the needs of homebuyers and homeowners.
ICICI Bank Newcomers to Canada Program
ICICI Bank understands the unique challenges faced by newcomers to Canada. The Newcomers to Canada Program is designed to help those who have immigrated or relocated to Canada within the last 5 years purchase a home. With flexible requirements and personalized support, ICICI Bank can help make your Canadian homeownership dreams a reality.
ICICI Bank Purchase Plus Improvements
If you’ve found a home needing work, ICICI Bank’s Purchase Plus Improvements program can help. This unique solution allows you to finance the purchase of a home plus the cost of immediate renovations, up to 20% of the purchase price or a maximum of $40,000.
ICICI Bank Family Plan Program
The Family Plan Program is designed to help homebuyers with good credit who may not meet traditional income requirements. By allowing an immediate family member to co-sign the mortgage, ICICI Bank can help more Canadians achieve homeownership.
ICICI Bank Vacation and Second Homes
Whether you dream of a cottage getaway or a winter escape, ICICI Bank’s Vacation and Second Homes program can help you finance your home away from home. With competitive rates and flexible terms, owning a second property may be more attainable than you think.
ICICI Bank Investment Property Mortgages
ICICI Bank offers specialized mortgage solutions for those looking to purchase an investment property or refinance an existing one. Whether you’re a seasoned real estate investor or just starting, ICICI Bank can help you secure the financing you need.
ICICI Bank Porting Your Mortgage
If you’re moving to a new property but want to maintain your existing mortgage rate and terms, ICICI Bank’s mortgage porting options can help. Transferring your mortgage to your new home can avoid early discharge penalties and keep your hard-earned interest rate.
ICICI Bank Mortgage Refinance
If you’re looking to access your home equity for debt consolidation, renovations, or investments, ICICI Bank’s refinance solutions can help. By leveraging your home equity, you may be able to secure a lower interest rate and improve your financial situation.
ICICI Bank Mortgage Renewal
The process is simple and straightforward when it comes time to renew your ICICI Bank mortgage. With competitive rates and personalized service, renewing with ICICI Bank can help you save money and achieve your financial goals.
How do ICICI Bank and Other Lenders Differ?
When shopping for a mortgage, compare multiple lenders’ rates, terms, and offerings. While ICICI Bank offers competitive rates and a range of tailored solutions, consider other options to ensure you get the best deal for your unique needs.
Major banks like CIBC, Scotiabank, RBC, and TD share the Canadian market. But for the best rates, specialized mortgage lenders often offer significant savings. Their exclusive focus on mortgages creates efficiency that often translates to lower interest rates.
Consider all factors beyond rates, such as fees, customer service, satisfaction ratings, and any extra perks or features.
Discover BestMO’s Top banks for your mortgages in Canada:
- RBC Mortgage
- CIBC Mortgage
- Scotiabank Mortgage
- Equitable Mortgage
- Desjardins Mortgage
- Canadian Western Bank Mortgage
- Laurentian Bank Mortgage
Getting Started with ICICI Bank Mortgages
If you’re ready to explore your mortgage options with ICICI Bank, here are your next steps:
- Contact an ICICI Bank mortgage specialist: Call 1-888-726-4548 or visit your local branch to speak with a knowledgeable mortgage specialist. They can answer your questions, help you compare rates and terms, and guide you through the application process.
- Gather your documentation: To apply for an ICICI Bank mortgage, you’ll need to provide proof of income, employment information, details of your down payment and assets, and other relevant financial documents. Having these documents ready can streamline the application process.
- Get pre-approved: Before you start house hunting, getting pre-approved for a mortgage can help you understand your budget and borrowing power. ICICI Bank offers pre-approvals that lock in your rate for 90-120 days, giving you peace of mind as you search for your dream home.
- Apply online or in-person: Once you’ve found the perfect home, you can apply for your ICICI Bank mortgage online at icicibank.ca or by visiting your local branch. Your mortgage specialist will guide you through the application process and help you secure your mortgage.
With competitive rates, flexible terms, and bundled product incentives, ICICI Bank offers a variety of mortgage options for Canadians. Their rates and features stack up well against major banks and leading providers nationwide. Comparing costs and services across lenders can help identify the most suitable mortgage provider for your unique needs and goals. ICICI Bank brings together international expertise and local understanding to provide customized lending solutions.
Does ICICI Bank offer mortgage relief options?
ICICI Bank has a mortgage relief program for financially struggling customers that can provide personalized solutions, including payment deferrals or re-amortization.
Can I switch my mortgage from another bank to ICICI Bank?
Yes, ICICI Bank allows you to transfer an existing mortgage from another lender through its competitive switch programs.
What is ICICI Bank's mortgage prepayment penalty?
Variable-rate mortgages charge 3 months of interest for early payout. Fixed-rate mortgages charge the greater of 3 months' interest or the IRD (interest rate differential).
What fees does ICICI Bank charge for mortgages?
Standard mortgage fees include the appraisal fee, mortgage default insurance fee (if applicable), and legal fees. ICICI Bank may offer discounts on these fees in specific promotions.
What is the minimum down payment for an ICICI Bank mortgage?
The minimum down payment is 5% for properties under $500,000 and 10% for properties over $500,000 and under $1,500,000 . CMHC insurance is required for down payments under 20%.
