ICICI Bank Home Loan Balance Transfer
Transferring home loan in ICICI bank is quick which requires minimal documentation, and you can also avail a top-up loan of up to 100% of your original loan amount if needed. ICICI Bank offers a smart solution for transferring your home loan with interest rates starting at 8.75% per annum. You can transfer a loan of up to ₹7 crores for a tenure of up to 20 years, reducing your EMI burden without altering the original loan amount.
ICICI Bank Home Loan Balance Transfer
If you are looking to transfer your home loan to escape the high interest rates, ICICI Bank’s Home Loan Balance Transfer might be the answer. The rates for this transfer start at just 8.75% per annum, thereby allowing you to pay lower EMIs without changing your loan amount. A loan of up to ₹7 crores can be borrowed for a maximum tenure of up to 20 years to better aid you in your home loan repayment.
The balance transfer procedure is simple, with minimal documentation and fast processing time. You can also avail of a top-up loan of 100% of your original home loan amount if you need some extra financing. This option works great for both salaried professionals and self-employed people. Moving your current home loan from another bank or NBFC to ICICI Bank could help you save a lot on interest payments.
Understanding the ICICI Bank Home Loan Balance Transfer Process
Transferring your existing home loan to ICICI Bank can help you save a lot on interest payments. The ICICI Bank Home Loan Balance Transfer lets you move your outstanding loan from your current lender to ICICI Bank. Here’s how this process works and what you need to do.
Moving your home loan from one bank to another gives you better interest rates, extended tenure, or top-up loan options. The process is simple but needs proper documentation and must meet eligibility requirements.
Step-by-Step Process:
- Identify ICICI Bank as your new lender – Look for lower interest rates compared to your current lender
- Apply for the balance transfer – Start your application online or visit a branch
- Submit required documents – You’ll need KYC documents, property papers, and statements from your current lender
- Wait for existing loan closure – ICICI Bank will work with your current lender
- Sign the new loan agreement – Read all terms carefully before signing
ICICI Bank Home Loan Balance Transfer Interest Rates and Charges
Want to find the best ICICI Bank Home Loan Balance Transfer rates? The complete cost breakdown will help you decide if switching your loan makes financial sense.
| ICICI Home Loan Balance Transfer | |
| Interest Rates | 8.75% p.a. onwards |
| Loan Amount | As per the applicant’s eligibility |
| Repayment Tenure | Up to 20 years |
| Processing Fee | Up to 2% of the loan amount |
| Prepayment Charges | Floating Rate: Nil
Fixed Rate/ Top-Up: 2% + taxes on the outstanding amount |
| Conversion Charges | If prepayment charges are applicable:
Floater to Fixed: 0.5% of the principal outstanding + taxes Dual Fixed Rate to Loater: 0.5% of the principal amount + taxes Floater to Dual Fixed: 0.5% of the principal amount + taxes Lifetime Fixed to Loater: 1.75% of the principal amount + taxes If prepayment charges are not applicable: Rs. 1,000 + taxes |
| Repayment Mode Swap Charges | Rs. 500 |
| Document Retreival Charges | Rs. 500 |
| Duplicate No Objection Certificate | Rs. 100 |
| CIBIL Report Charges | Rs. 50 |
| Administrative Charges | Rs. 5,000 or 0.25% of the loan amount (whichever is lower) + applicable taxes |
| Cheque Bounce Charges | Rs. 500 |
Eligibility Criteria and Documents Required for ICICI Home Loan Balance Transfer
Getting qualified for an ICICI Bank Home Loan Balance Transfer depends on meeting specific eligibility rules and having the right documents ready. Your approval process will be faster and smoother when you prepare everything properly.
| Criteria | Details |
| Age | 21 to 65 years (at loan maturity) |
| Employment Type | Salaried or Self-Employed |
| Work Experience | Salaried: Minimum 1 year
Self-Employed: Minimum 3 years in business |
| Credit Score | Preferably 700 or above |
| Existing Loan Tenure | Minimum 12 months of regular repayment |
| Eligible Properties | Residential properties (apartments, independent houses, etc.) |
| Loan-to-Value (LTV) Ratio | Up to 80% of the property’s value (as per ICICI Bank’s valuation) |
| Income Stability | Consistent income proof is required (salary slips, ITR, bank statements) |
| FOIR (Fixed Obligation to Income Ratio) | Typically below 50% (varies based on income and obligations) |
These requirements apply if you want a pre-approved balance transfer:
- You must be an Indian resident
- You should have an ICICI Bank savings or salary account
- Your repayment history should be at least 24 months
- You need an active Home Loan, LAP, or NRP
Here are the documents required for ICICI Bank home loan balance transfer:
KYC Documents:
- Identity proof: PAN Card, Aadhaar Card, Passport, Driving License, or Voter ID
- Address proof: Recent utility bills or government-issued IDs
- Date of birth proof: Passport, Driving License, or Voter ID
Income Documents:
- For salaried applicants:
- Latest Form 16
- The latest one-month salary slip
- Bank statements for the past 6 months
- For self-employed applicants:
- Last 2 years’ ITR with financial statements
- GST returns for the past year
- Bank statements for the last 6 months
Documents from Existing Lender:
- Latest outstanding balance letter on lender’s letterhead
- List of property documents submitted to existing lender
- Loan account statement for the past year
- Original sanction letter
Your loan eligibility can increase when you add a co-applicant. ICICI HFC gives better interest rates to applications with women co-applicants.
A complete and accurate submission of all documents will speed up your ICICI Bank home loan balance transfer with top up processing time.
Conclusion
ICICI Bank offers home loan balance transfers with competitive interest rates starting at 8.75% p.a. and flexible repayment terms up to 20 years. Benefits include potential EMI reduction, top-up loans up to 100% of the original amount, and an online calculator to estimate savings. Applicants with good credit scores (above 700) and a steady repayment history have better approval chances.
