ICICI Bank Home Loan Balance Transfer

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 9.05% to 9.20% 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.

Key Highlights

ICICI Bank Home Loan Balance Transfer Interest Rate for Top Up

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.

Benefits of Home Loan Balance Transfer

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.

Eligibility Criteria

• Age: 25 to 65 years
• Type of employment: Salaried or self-employed
• Nationality: Resident Indians

Documents Required

For salaried

• Identity proof
• Address proof
• Documents related to the existing loan
• Last 3 month’s salary slips
• Last 6 months’ bank statements
• Passport size photograph

For self-employed

• Identity proof
• Residential address proof
• Office address proof
• Documents related to the existing loan
• Last 3 years’ Income Tax Returns along with computation of income
• Last 6 months’ bank statements
• Last 3 years’ balance sheet and profit and loss account statements

How to transfer balance?

• Step 1: Visit the official website of ICICI Bank and read terms for balance transfer. You can also visit your nearest ICICI Bank branch.
• Step 2: Fill in the required fields such as name, property type, tenure of the existing loan, and the bank’s name, among others.
• Step 3: You will be able to view your loan offer.
• Step 4: Upload all the necessary documents.
• Step 5: Complete your application and wait for the approval.

It must be noted that once your application is approved, you will need to pay the processing fee applicable for the balance transfer.