ICICI Bank Home Loan Balance Transfer scheme is available at an attractive interest rate starting from 6.70% for a tenure of up to 30 years. This scheme is an ultimate financing option for customers looking to save more on their Equated Monthly Installment (EMI) through low interest rates. Moreover, customers can also avail an additional Top-Up Loan to meet any business or personal needs.
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Features and Benefits of ICICI Home Loan Balance Transfer
Mentioned below are some of the salient features and benefits linked with ICICI Home Loan Balance Transfer.
- Flexible end-use of funds for Business or Personal Needs
- Top-up loan amount up to 100% of the original loan
- Fast Processing
- Quick disbursement
- Attractive Interest Rates
- Longer repayment tenure
- High Loan amount availability up to Rs. 5 crore
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ICICI Home Loan Balance Transfer Interest Rate
The interest rate offered by ICICI Bank under Home Loan Balance Transfers scheme is directly linked with the Repo Rate, which currently stands at 4.40%. The table below shows the ROI applicable to both salaried and non-salaried borrowers.
|Balance Transfer||● For Salaried: 6.70% per annum|
● For Non-Salaried: 8.00% per annum
|Top-Up||● For Salaried: 8.15% per annum|
● For Non-Salaried: 8.30% per annum
ICICI Home Loan Balance Transfer Processing & Other Charges
|Loan Processing Charges / Renewal Charges||0.50 % + Applicable Taxes|
|CIBIL Report Charges||Rs. 50 + Applicable Taxes|
|Administrative Charges||Rs. 5000 or 0.25% + Applicable Taxes (whichever is lower)|
|Pre-Payment Charges||● For floating rate loans: NIL|
● For fixed-rate loans: 2 % + Applicable Taxes
Note: Other charges as applicable may be levied by the bank as and when required.
ICICI Home Loan Balance Transfer Eligibility Criteria
Here are some of the pre-requisites to be eligible to apply for ICICI Home Loan Balance Transfer.
|Age||Minimum: 25 Years|
Maximum: Lower of Retirement Age or 65 Years
|Nature of Work||Salaried/Self-Employed|
|Loan Amount||Rs. 8 lakh – Rs. 3 crore|
|Repayment Tenure||Up to 30 years|
ICICI Home Loan Balance Transfer Documents Required
Following are the documents required to apply for ICICI Home Loan Balance Transfer.
- Duly filled application form
- Processing Fee cheque
- Identity proof
- Age proof
- Income proof
- Address proof
- Copy of title documents for the property being mortgaged
- List of documents with existing financier
- Latest Outstanding Letter from existing financier
- Repayment Track Record
Note: This list is non-exhaustive. Additional documents may be required basis the applicant’s profile and other requirements.
How to Apply for ICICI Home Loan Balance Transfer
Customers can apply online for Home Loan Balance Transfer through Paisabazaar.com by simply following the below-mentioned steps.
- Go to ICICI Home Loan Balance Transfer page on com
- Fill out the required field and agree to the given terms & conditions
- Enter your personal and loan-related details
Soon, a Paisabazaar representative will connect with you on the registered number to take your application forward.
Q1. For what purposes can a Top-Up loan be used?
The Top-Up loan can be used for any business or personal use like refurnishing of house, holiday, education of children, etc.
Q2. In how much time will my loan get sanctioned?
The loan sanction process generally takes around 7 working days.
Q3. Is it mandatory to have a co-applicant?
No, a co-applicant is not required to apply for Balance Transfer. However, it is mandatory for the co-owner(s) to join as co-applicant(s).