ICICI Bank Canada offers a full range of mortgage options: closed, fixed rate and variable rate mortgages, conventional mortgages and high ratio mortgages. Terms range from one to five years. Options are available for both employed and self-employed applicants.

The mortgage term is the amount of time your mortgage contract is in effect. At the end of each term, you need to renew your mortgage for another term or repay the mortgage outstanding in full. Most mortgage terms are five years, though 1, 2,3 and 4 year terms are offered. The agreed-upon interest rate is in effect for the term. At the end of the term, you can renegotiate the rate and other details of the contract for the next term.

When you take a fixed rate mortgage, your interest rate will not change throughout the term of the mortgage. The advantage of this is that you will always know how much your payments are and how much equity you will have in your home at the end of the term.

When you take a variable rate mortgage, the interest rate fluctuates when the ICICI Bank Canada Prime Rate changes. The advantage of this is that in periods where interest rates are declining, your rate will go down instead of being locked in for a fixed term.

The amount of money that you have available to put towards the purchase of a house is called the down payment. In a conventional mortgage, the down payment cannot be less than 20% of the value of the house. In a high ratio mortgage, the down payment can be as low as 5% of the value of the house.

When you take a mortgage up to 80% of the value of the house, the loan is called a conventional mortgage. Your down payment would make up the remaining 20%.

If you have between 5% and 20% of the purchase price as your down payment, you can apply for a high-ratio mortgage. Usually these have to be insured through Canada Mortgage and Housing Corporation (CMHC) or GENWORTH. These are mortgage insurance companies. Purchasing insurance is a common way of qualifying for a mortgage when you have less than 20% equity. The insurance premium is charged only once (per mortgage), when the mortgage funds are advanced. You can choose to add the premium on top of the mortgage and repay along with your mortgage.

The amount of mortgage you qualify for depends on many factors, such as gross household income, existing debts, type of mortgage, and down payment. Our mortgage specialists will explain all of the factors carefully.

There are many costs associated with buying a home that should be taken into account when planning your purchase. Aside from costs for renovation, moving and appliances, there are closing costs associated with the purchase. In addition to the down payment, some of the main costs are the CMHC insurance, appraisal fee, title insurance fee, property insurance, legal fees, land transfer taxes, home inspection fee and property taxes. Depending on whether the home is a resale home or a new home, these costs could be anywhere between 1.5% and 3% of the purchase value of the home (excluding down payment).

After approving your application, we would guarantee your approved rate for a maximum of 120 days from the date of approval of a mortgage for purchase or a maxmium of 90 days from the date of approval of a mortgage for a transfer and refinance. If mortgage rates change during this period, you would still get the best prevailing rate. After the applicable rate hold period has expired, the rate will change to the current rate.

The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $25,000 from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP, or they may not be deductible for any year.

Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You will have to repay an amount to your RRSPs each year until your HBP balance is zero. If you do not repay the amount due for a year, it will have to be included in your income for that year.

Visit one of our branches or ask your mortgage broker for more details.

An open mortgage allows you to repay all or part of your mortgage at any time without penalty. Often, interest rates for open mortgages are higher. Closed mortgages cannot be prepaid, renegotiated or refinanced before maturity without you paying applicable penalties. ICICI Bank Canada does not offer open mortgages.

Several options may be available to you, based on the product selected. These options may include making lump sum prepayments, increasing regular mortgage payment amounts and making your payments more often by paying weekly or bi-weekly. Please call the customer service centre toll-free at 1-866-726-0825 for your exact prepayment privileges.

The two prepayment penalty types that commonly apply are either a 3 month interest penalty, or an Interest Rate Differential (IRD). IRD is sometimes referred to as Loss of Interest (LOI). The Bank will charge (the greater of these two for terms longer than 5 years, the Bank can only charge a 3 month penalty). Please contact the customer service centre toll-free at 1-866-726-0825 for your exact prepayment penalty cost.

It is calculated by applying the interest rate being charged on your current mortgage, to the outstanding mortgage principal balance, for a 3 month period. Please contact the customer service centre toll-free at 1-866-726-0825 for your exact prepayment penalty cost.

Here is an example:

3 month Interest Penalty Sample Calculation
Step 1: (A) Amount you are paying out $120,000.00
Step 2: (B) Interest rate on your mortgage expressed as a decimal (i.e. 3.25% = .0325) 3.89% = .0389
Step 3: (C) A x B = C $4,668.00
Step 4: (D) C ÷ 4 = D, D is the estimated three months interest cost $4,668.00/4= $1,167.00

IRD is calculated by taking the difference between your current mortgage’s interest rate and the Bank's current posted mortgage interest rate for the term closest to the length of time remaining in your term. This difference is then multiplied to the mortgage balance and term. For exact IRD penalty amounts, contact our Customer Service Centre toll-free at 1-866-726-0825.

Here is an example (estimating the IRD penalty; the Bank uses a precise formula):

IRD Penalty Estimate Estimated Calculation
Step 1: (A) Interest Rate on your mortgage 3.89%
Step 2: (B) Current posted interest rate for a mortgage offered by us with a term that is closest to the remaining term of your mortgage. 3.19%
Step 3: (C) A – B = C, which is the difference between your Interest Rate and the current posted interest rate for a mortgage with a term that is similar to your remaining term, expressed as a decimal (i.e. 1.13% = .0113) 3.89%-3.19%=0.70% = .0070
Step 4: (D) Amount you are paying out $120,000.00
Step 5: (E) Number of months remaining in the term of your mortgage 36 months
Step 6: (F) (C x D x E) ÷ 12 = F, F is the estimated Interest Rate Differential Amount (.0070 X $120,000 X 36)/12 = $2,520.00

To find out your existing mortgages prepayment privileges and penalty calculations you can reach us:

By Phone (toll-free): 1-866-726-0825 (8 am to 8 pm, nationally, Monday to Friday)
By Fax (toll-free): 1-866-399-3018
By E-mail:

You may also click here to access the prepayment privileges and penalty calculator to find an estimate.

For servicing and inquiry on existing mortgages:


By Phone (toll-free): 1-866-726-0825 (8 am to 8 pm, nationally, Monday to Friday)
By Fax (toll-free): 1-866-399-3018
By E-mail:

For procedure to file a complaint, please click here

You can access general comparative information on the different types of charges on the Canadian Bankers Association website at

You can access information available to mortgage consumers by accessing the Financial Consumer Agency of Canada website at