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.
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.
Term | ICICI Rate | Canada's Lowest Rate |
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The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
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.
Term | ICICI Rate | Canada's Lowest Rate |
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The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
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.
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.
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.
To connect with an ICICI Bank Canada representative, the phone number toll free is 1-888-424-2422. To get in touch over email with ICICI Bank, you can email at customercare.ca@icicibank.com. Besides getting in touch with ICICI remotely, there are also 7 ICICI Bank locations across Canada, with 5 being in the Greater Toronto Area.
Location | Address |
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Calgary | Northeast Calgary: 145-4851 Westwinds Drive NE |
Greater Vancouver | Delta: 7031-120th Street, Unit 7109 |
Brampton | Peel Village: 1 Bartley Bull Parkway North Brampton: 4520 Ebenezer Road, Unit 4 |
Mississauga | Fairview: 4020 Confederation Parkway |
Toronto | Scarborough: 5631 Steeles Avenue East, Unit #1 North York: 150 Ferrand Drive, Suite 700 |
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