ICICI Bank Home Loan Balance Transfer: Benefits, Eligibility, and Process

Is the weight of your monthly EMI (Equated Monthly Instalment) weighing you down? Or are you dejected about the fact that you have been paying higher interest on your Home Loan than someone else? Well here is an excellent offer for you. You can Apply for ICICI Home Loan Balance Transfer and shift the outstanding balance of your existing Home Loan availed from another bank or a non-banking financial institute (NBFC) to get better interest rate and terms.

Benefits of choosing an ICICI Bank Home Loan Balance Transfer (HLBT)

• Attractive interest rates: The interest rates for Home Loans are continually changing. This means that the interest rate that is offered today is very different from the one that you may have been informed at the time of applying for the loan. Today, the rates are far lower than the rates that were charged a few years ago. The interest rates can be as low as 8.40% (as per the current market conditions).
• Low EMI: You can get rid of your monthly EMI woes with the EMIs starting at 765 per Lakh.
• Simplified documentation: Applying for a Home Loan is so much more difficult as compared to getting an HLBT at ICICI. You’ll not have to worry about coming up with too many documents as you may have already submitted most of the papers that you need to the former bank or NBFC.
• Additional top up loan: If you need additional funds then you can also apply for a top-up loan that can help provide you up to 100% of the Home Loan amount.
• Doorstep service: In the world of online banking you can now Apply for Home Loan Balance Transfer Online, and a representative from the bank will come to your home and complete any documentation that may be required.
• Increased Tenure: The tenure is the period in which you need to repay the Home Loan. With ICICI bank HLBT, you can get tenure of up to 30 years which can, in turn, drive down the EMI that you must pay per month.

Eligibility for Home Loan Balance Transfer

At the time of application for the loan, you have to be above 21 years and not more than 60 years of age with regards to a salaried, and 65 years in case of a self-employed individual.

Some of the other factors that are taken into consideration before the transfer of the loan are:

• Current income
• Number of applicants
• Retirement age of the applicant
• Debt

If you are a borrower who has paid at least 12 to 18 unbroken EMIs on your existing Home Loan and you also have a good credit score, you would be eligible for a Home Loan Balance Transfer. Some institutes also have a minimum loan amount that qualifies for an HLBT.

The applicant must also have at least two years of work experience and should have been with the current organization for at least a year. In the case of being self-employed, they need to have been in the same profession for the past two years and should have records of the required ITR filed.

ICICI Bank has an online HLBT eligibility calculator that can help you calculate your eligibility as well as the monthly EMI that you would have to pay according to the outstanding balance that you want to transfer. It can also take into consideration whether or not you want a top up loan and do the calculations accordingly.

Also Read: Why Choose ICICI Bank Home Loan to Own Your Dream Home?

The process of Home Loan Balance Transfer

• First, calculate your eligibility for an HLBT using the calculator available on the website.
• Apply for an HLBT online through MyMyMoneyMantra for quick loan processing.
• Once the application is approved, request the documents required for the refinancing of the loan from your previous Home Loan provider.
• Once you have received the paperwork, the letter of consent and the total outstanding amount that has to be paid, send these documents to ICICI. For easy documentation submission process, you can apply for HLBT through MyMoneyMantra.
• After the documentation process is completed the outstanding loan amount will be transferred to the previous lender.
• The previous loan account will be closed, and the future payments will be made to the ICICI bank.
• Finally, the former lender will hand over of the property documents to ICICI which they will then give back to you once the entire loan amount has been repaid.

Armed with this knowledge, you can now Apply for ICICI bank Home Loan Balance Transfer at your convenience and stop thinking of your EMI as a burden.

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.