ICICI Bank Mortgage Rates & Reviews

WOWA Simply Know Your Options

ICICI Bank Canada is a subsidiary of ICICI Bank Limited (NYSE:IBN), which is headquartered in Mumbai, India. The parent, ICICI Bank Limited is known for having a large presence in India, in addition to a presence in 17 countries globally. ICICI Bank Canada was established in 2003, and offers a variety of services to clients in Canada, including ICICI Bank mortgages, credit cards, bank accounts, lines of credit, and investment solutions. ICICI Bank Canada offers the ability to transact in person within the GTA, Calgary, and Greater Vancouver Area, with a small branch network. You are also able to transact online, through the ICICI Bank website. ICICI Bank has over $6.5 billion (Canadian Dollars) in assets in Canada, and over $220 billion (US Dollars) in assets globally.

Best 5-Year Fixed Mortgage Rates in Canada

Select Mortgage Term:

1-Yr

2-Yr

3-Yr

4-Yr

5-Yr

Fixed

Variable

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An ICICI Bank fixed rate mortgage will provide you with the benefit of having the same ICICI Bank mortgage rate over the length of your term. This means you will not need to worry about the potential of interest rates rising in the future, with rising mortgage rates only affecting you when it comes time to renew your mortgage. ICICI Bank mortgage rates range from 1 to 5 years in term length, meaning you will have access to the most popular terms, which are a 5 year fixed mortgage and a 3 year fixed mortgage. If you are planning on getting pre-approved for a mortgage, ICICI Bank offers you the ability to guarantee your mortgage rate for up to 120 days.

Best 5-Year Fixed Mortgage Rates in Canada

Select Mortgage Term:

1-Yr

2-Yr

3-Yr

4-Yr

5-Yr

Fixed

Variable

See More Rates

The benefit of getting a variable rate mortgage is the ability for you to benefit from a lower ICICI Bank mortgage rate if the prime rate falls. However, if the overnight interest rate rises and the prime rate follows suit, you will be paying a higher mortgage rate. No matter what happens to your mortgage rate and if it rises or falls, your monthly mortgage payment will still remain the same. The only difference is if you are owing more to interest payments, you will be paying less towards your principal balance, and vice versa.

ICICI Bank Prime Rate

The ICICI Bank prime rate is important for many of the lending products that ICICI Bank offers, which includes lending products such as ICICI Bank mortgages, lines of credit, credit cards and a HELOC. With the prime rate, a spread is included that either makes a lending product have a higher or lower interest rate than the prime rate. For an ICICI Bank Canada mortgage, this spread is likely to be less than for a lending product that offers more risk to the bank.

Current ICICI Bank Prime Rate: 5.95%

Last Changed: October 23rd, 2024

ICICI Bank Mortgage Break Penalty

If you need to break your mortgage agreement, whether that be because you want to refinance, sell your home, or now have all the money needed to pay it off, you will incur a mortgage break penalty. This penalty for breaking a variable rate mortgage will be 3 months worth of interest payments, while the penalty for breaking a fixed rate mortgage will be the greater of 3 months of interest or the Interest Rate Differential amount (IRD). The IRD amount is a common mortgage break calculation, which is the difference between your current mortgage rate and the posted rate with the term closest to the time left on your current term. This difference is then multiplied by the time remaining on your current mortgage.

ICICI Bank Mortgage Prepayment Calculator

ICICI Bank Mortgage Prepayment Calculator

Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.

Inputs

What is the remaining balance on your mortgage?

What is the term-length and type of your current mortgage?

1 year2 year3 year4 year5 year7 year10 year

Variable Rate

Fixed Rate

What is your current mortgage interest rate?

%

If applicable, what was the rate discount you received when you signed your current mortgage agreement?

%

The day you signed your mortgage, your lender may have provided you with a discount. You may be paying 3.25% but the posted rate on that day was 3.75%, a discount of 0.5%. If you are unaware of any discount, you can skip this step.

When did your current mortgage start?

Who is your current mortgage lender?

RBC Royal Bank TD Scotiabank CIBC BMO National Bank Desjardins Equitable Bank DUCA First National MCAP Tangerine Bank Laurentian Bank Manulife Bank Meridian ATB Financial ICICI Bank Alterna motusbank Peoples Bank Simplii Financial Canada Life First Ontario Canadian Western CMLS Financial Investors Group nesto Coast Capital Vancity Home Trust Servus Credit Union RMG Other

What is ICICI Bank's current interest rate for a 3-year fixed rate mortgage?

%

We have populated this field for you with our most up to date data. For information on why we need this field see Interest Rate Differential

Results

Your estimated mortgage break penalty is...

$2,437.502.44k

How is my mortgage penalty calculated?

$300,000

Remaining Mortgage Balance

3.25%

Current Mortgage Interest Rate

3/12

3-Months Interest

=

$2,437.5

Total Penalty