How to make ICICI home loan prepayment?

ICICI home loan prepayment refers to the act of repaying a portion or the entire outstanding loan amount before the scheduled tenure, helping borrowers reduce interest costs. Prepaying a home loan with ICICI enables borrowers to save on interest and potentially shorten the loan duration. I visited the bank to repay my existing loan amount and that is when I learned how to do prepayment of ICICI home loan. You can visit the bank with the home loan documents and pay the debt. But if you want to pay it online, you have to visit their official website and pay there. Let me share the latest method used to prepay an ICICI home loan online.

How to Prepay ICICI Home Loan?

You can visit the

ICICI NetBanking portal

and prepay the loan amount there and another method is via SCAN. Let me share the process here:

• Vist the

  ICICI bank loan overdue online payment using QR Code portal

• Enter your loan account number twice

• Click on Verify

• Enter the amount you wish to pay

• Click on the option Generate QR code

• Login through any UPI

• Proceed for payment in your UPI app

• Scan the code and pay the amount next 

I hope these steps answer the query: can I pay ICICI home loan prepayment online and how. If you are aware of other methods, please share them here. 

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One of the top banks in India, ICICI Bank provides a variety of financial services, including house loans. Many clients who have taken out home loans may think about making prepayments in order to lessen the overall debt load. As an employee, I can provide you with ICICI Bank loan prepayment online steps if you're looking for a way to do it.

ICICI Bank home loan part payment online steps

Home loan part payments can be done via multiple techniques. However, the amount of the partial payment should be greater than one EMI and not exceed six EMIs. Aadar Shukla has already provided the steps to do prepayment via

ICICI Net Banking

. Alternatively, you can also follow the below tips to do the prepayment easily:

• NEFT transfers can be used to make partial payments on an ICICI home loan. 

• To enter a unique service request number (for part payments) during an NEFT transfer, you must speak with a banking officer via a toll-free number. 

• Moreover, the transfers made via NEFT will not be valid without the specific service request number.

• To ensure proper and prompt processing of the prepayment, be sure to mention your loan-related data correctly.

• Keep all transaction records and receipts as confirmation of the prepayment. 

Prepayments of your ICICI home loan can help you pay off your debt sooner by lowering your interest burden and possibly reducing the tenure of your loan. I hope you got an idea of how to pay ICICI home loan prepayment online.

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Hey Pal,

Prepayment of home loan ICICI, as the name implies, is a service provided by some banks to assist borrowers in making loan payments ahead of schedule in accordance with the loan documents. Prepayment may be made in full or in part.

I have gone through Aadarshukla’s answer and I believe the points that he highlighted about the

ICICI home loan prepayment rules are completely genuine and I totally agree with him.

Calculate your EMI on a home loan with the help of the NoBroker EMI calculator. With NoBroker's house loan services, you may get a stress-free home loan disbursement.

I have recently gone through the

ICICI bank home loan prepayment online process, and I would like to brief you guys about the same;

• Choose the bank from which you want to pay for your ICICI Bank Loans (they partner only with select banks)

• Provide your loan information

• Your 16-digit loan number should be entered twice.

• Enter the desired amount in the "Amount Payable" field, then select "Pay Now."

• You will be safely routed to the payment portal of the bank of your choice.

• Verify the payment

• When prompted, enter your authentication information (online banking user ID and password for your bank account or comparable information).

• Choose the amount you want to pay.

• Instantaneously, your selected bank account will be charged.

• Finally I obtained the confirmation online

I would like to conclude here about the prepayment of home loan ICICI. I hope this helps:)

Read More:

How Does Prepayment of Home Loan Work? Tips on Home Loan Prepayment Reduce EMI or Tenure? What are Prepaid Payment Instruments Examples in India?

How to make ICICI home loan prepayment online?

A home loan is likely to be a person's most substantial financial commitment. It's also the loan with the longest repayment period. As a result, most lenders are always seeking ways to minimize their monthly payments (EMI) through house loan prepayment. You can pay off your house loan faster if you have any financial or other financing choices that allow you to pay the EMI early and avoid spending a large amount in the long run. This can help you avoid any penalties or fines in the future, as well as increase your credit score, allowing you to enjoy your remaining days more peacefully. You can always pay your home loan in advance by logging to your account in internet banking or by visiting your nearest bank branch.

Process of prepayment of home loan:

1) Login to your ICICI account on net banking and then choose “Payments and Transfer” from the menu. 2) Then choose “Pay Bills” from the drop-down menu, enter and verify your details and then pay the amount there. 3) You can even pay your EMI using the ICICI iMobile app by creating an account on it. 4) You can pay using any app like Bhim, Google Pay, Phonepe, etc 5) Open “Scan and Pay Page” of ICICI, open UPI app, enter loan account number and verify. 6) Then enter the amount, generate QR code, open the QR code scanner in UPI app and scan the ICICI’s QR code. 7) And then pay your required amount easily.

Things to take care while prepayment:

1) A prepayment penalty will be applied to your loan amount if you ever try to pay it in the lock in period which you are not allowed to pay in lock in period. 2) Most of the banks have a lock-in period of about 1 to 3 years, in which you are not allowed to prepay any loan amount. But it has an exception for floating-rate loans as per the RBI guidelines. 3) You should take some help from a prepayment loan calculator to save some effective amount on loan interest. You would have understood how to make ICICI home loan prepayment online. Let the best home loan service like NoBroker be your partner in the long run. Read More: How to do prepayment of SBI home loan? What is prepayment of home loan? Know whether you are eligible for home loan or not via NoBroker Home Loan Eligibility Form [widget_homeLoan_checkEligibility_form]