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)|
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.
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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