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ICICI Bank Home Loan Balance Transfer lets you transfer your existing home loan debt from other banks or NBFCs (Non-Banking Financial Companies) to ICICI Bank. The service is available at attractive interest rates ranging from 6.95% to 8.05% p.a. (floating). Balance transfer helps you pay off your existing loan via one single loan account at lower interest rates. You can even get a top-up loan.
Loan Type | Home Loan, Loan Against Property, Non-Residential Premises Loan |
Loan Amount | Min: Rs.8 lakh Max: Rs.5 crore |
Tenure | Up to 30 years (as per loan type) |
Processing Fees | 0.5% + applicable taxes |
Compare: Best Home Loan Transfer Rates
Slab | Salaried Borrower | Self - Employed |
Up to 35 lakh | 6.96% | 7.20% |
35 lakh to 75 lakh | 7.20% | 7.35% |
Above 75 lakh | 7.30% | 7.45% |
CIBIL Report Charges | Rs.50 + applicable taxes |
Administrative Charges | Rs.5,000 + applicable taxes |
Prepayment Charges | Up to 2% of the outstanding amount + applicable taxes (only on fixed rate Home Loan and Top Up Loan) |
Check: ICICI Home Loan Interest Rate
ICICI Bank offers additional top-up loan amount up to 100% of the original home loan. The top up interest rates are similar to the rates for balance transfer for salaried and self-employed individuals.
The home loan balance transfer facility allows you to switch to a lender for a better home loan deal. It enables you to pay lower monthly installments with lower interest rates for your existing home loan.
Example: Let’s say your existing principal of the home loan from a bank is Rs.20 lakh at an interest rate of 9.85% for a tenure of 20 years. The EMI for the home loan is Rs.19,102.
If you do a home loan balance transfer with ICICI Bank with Rs.20 lakh at an interest rate of 9.05% for a tenure of 20 years, the EMI will come down to Rs.18,059. You will end up saving Rs.1,043 EMI for the home loan.
For salaried
For self-employed
It must be noted that once your application is approved, you will need to pay the processing fee applicable for the balance transfer.
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