Last year for some reason I had to transfer my home loan from ICICI to another bank. As I wasn't aware of the process and charges I called a friend who works are ICICI Bank and asked him about the ICICI home loan transfer charges. He told me about the rates and I have added all of that information in the table below.
What are the ICICI Bank Home Loan Transfer Charges?
| Charges | Rates |
Login/Application Fee |
Rs. 5000 |
Processing/ Administrative Fees |
0.75% of the loan amount or Rs 11,000, whichever is higher. |
Conversion Fee |
0.50% of the loan amount + GST. |
Let’s check out the prepayment charges:
| Product | Charges |
Floating rate loan if loan is not for business and one of the borrowers is an individual |
NIL |
Floating rate loan where the purpose of the loan is business and borrowers are individuals or non-individuals |
4% of the outstanding amount + GST. |
Fixed-rate housing loan |
2% + GST |
Fixed-rate non housing loans |
4% + GST |
And that’s what he told me about ICICI home loan balance transfer charges. He also told me about the documents necessary for this process. Here are those
He told me to submit all the documents I had submitted for the loan initially.
A letter on the letterhead of the existing lender stating the list of property documents you have submitted to them
A recent outstanding balance letter from the existing financial institution on their letterhead
A copy of the property document.
And that is all that he told me about the ICICI home loan transfer charges. I hope this helps.
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Authors Of The Question
What is ICICI Home Loan Transfer Charges?
Aman
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May 16, 2024
2024-05-16T11:37:43+00:00 2024-05-16T11:37:43+00:00Comment
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