ICICI Home Loan Balance Transfer Details

ICICI home loan balance transfer allows you to transfer your money from your existing bank accounts and NBFCs to your ICICI bank account without any hassle. The main objective is to transfer your home loan while reducing your interest rates, and EMI is on a monthly basis with the help of the home loan balance transfer facility offered by the ICICI bank.

The interest rates offered by them differ from time to time. It is not a fixed rate that remains the same throughout the year. The interest rates decrease and increase on the basis of several factors. In general, the interest rate remains around 6.95% to 8.05%.

The ICICI bank home loan balance transfer allows you to repay your existing loan amount from one single account at a relatively lower interest percentage. You can also apply for a top-up loan if you want. The principal loan amount differs from one bank to another. As far as the ICICI bank is concerned, the loan amount can go up to 5 Crore. The higher amount you choose, the bigger the interest rates will be as far as loans are concerned. 

Also Read - How to Get an NOC from Your Housing Society for Availing a Home Loan Balance Transfer?

ICICI Home Loan Balance Transfer Interest Rate

The interest rate for the ICICI bank home loan balance transfer does not remain the same throughout the year. Several factors affect the shift in interest rates in the economy of the country.

If you are wondering what is the current interest rate that is offered by the ICICI bank for the ICICI bank home loan balance transfer, take a look at the chart for reference.

Loan AmountSelf-employed borrowersSalaried borrowers
Above 75 lakh7.45%7.30%
35 lakh- 75 lakh7.35%7.20%
Up to 35 lakh7.20%6.96%

This chart shows how the usual ICICI home loan balance transfer interest rate differs on the basis of your source of income.

Some additional charges such as the CIBIL report charges, prepayment charges, and administrative charges are also added to the entire amount. For the CIBIL report, Rs.50 is charged. Administrative charges of Rs.5000 and above can be added. Prepayment charges up to 2% and applicable taxes are also added to the entire amount when it comes to the home loan balance transfer scheme of ICICI bank.

Benefits of ICICI Home Loan Balance Transfer

Taking a home loan from any lender can be intimidating at times. It is a huge amount that you need to repay, along with an extra interest rate added to it.

Before you apply for a home loan, make sure you make a solid strategy as to how you will manage your expenses during the repayment period after you take the loan.

If your interest rates certainly increase or you face financial issues during the repayment period, consider opting for a balance transfer home loan to reduce the entire repayable amount.

The major benefits of ICICI home loan balance transfer include: 

  • It can help you shift your current home loan balance from your pre-existing banks to a new lender at a lower interest rate. This will save a lot of money in the long run when your repayment period gets over.
  • You will be required to pay lower monthly rates for choosing a new lender in the middle of the repayment duration. For instance, suppose you take a loan of 20,00,00 for a tenure of 20 years from the bank at the current interest rate of 9.85%. If you choose to select a new lender and do an ICICI Bank home loan balance transfer, you will only have to pay your monthly instalments at an interest rate of 9.05%.
  • The loan amount can be anything between3 lakhs to 5 crores depending on your demands.
  • You can get a comfortable repayment period of up to 25 years if required.
  • Flexibility payment options are also offered when you go for the home loan balance transfer ICICI in the middle of your repayment procedure. 
  • Both salaried and self-employed individuals and corporate professionals are allowed to take this loan.

Also Read - Home Loan Balance Transfer Can Reduce Your EMI by 13%

Features of ICICI Home Loan Balance Transfer

Before choosing a home loan balance transfer loan, make sure you use the ICICI home loan balance transfer calculator to determine whether or not you are choosing the right plan that fits your budget and suits your demands.

The major features that you need to know before going for a balance transfer home loan ICICI include:

  • ICICI bank offers floating interest rates to their customers for balance transfer home loans. Therefore, the interest rate may change in the middle of your repayment procedure.
  • The interest rate generally remains between 6.95% to 8.05%.
  • The ICICI bank ensures the right plan offered to you matches all your repayment goals and capabilities.
  • You will save up to 0.85 to 3% of your interest rates when you choose the ICICI home loan.

Also Read - Prepayment or Home Loan Balance Transfer: Which One Should You Choose?

Eligibility of ICICI Home Loan Balance Transfer

Your age and your source of income become the most prominent factors that influence your interest rates regarding ICICI home loan eligibility.

  • You need to be at least 25 years of age to be able to apply for the loan.
  • You need to have a pre-existing bank loan that you had taken from another bank.
  • You must have completed paying 12 or more instalments on time.
  • If you belong to the age group of 21 to 65, only then you are eligible to apply for the ICICI home loan bank transfer.
  • You have to be an Indian resident to be eligible to apply for this loan.
  • ICICI home loan interest rates also depend on how much you were paying before. . Only if you are paying higher interest rates at the moment will you be eligible to take some relief by choosing this loan. If your current interest rate is not higher than the average rate, your loan applications may not be approved.
  • Whether you paid your monthly instalments, bills, and debts on time has a huge impact when it comes to the examining process.  

Documents Required for ICICI Bank HLBT

There are several documents that you need to present as proof in order to get the home loan bank transfer facilities from the ICICI bank. The main documents you need to note are included in the following chart:

For self-employed applicantsFor salaried applicants
Identity proofIdentity proof
Residential addressResidential address
Address of officePassport size photographs
Last 3 years’ income tax returns and income computationLast six months bank statements
Bank statements from the last 6 monthsLast 3 months’ bank slips
Profit and loss account statements and proof from last 3 yearsAll documents related to the existing loan

ICICI Home Loan Balance Transfer Charges

Your ICICI home loan balance transfer charges depend on your past repayment records, processing fees, and ICICI home loan transfer fees that are added afterwards.

In general, a processing fee of around 0.50% and a minimum of 3000/- is charged.

In addition to that, around 6.75% of home loan transfer charges are also added.

Prepayment charges may also be added in this case. However, in the case of floating rates, no amount is charged in this section.

When you have a good credit score and a high-interest rate that you were already paying, you may receive several home loan tax benefits after you choose the ICICI home loan balance transfer facilities.

Also Check - Tax Benefits on Second Home Loan

Home Loan Balance Transfer Compare From Other Banks

When it comes to home loan balance transfer facilities, different banks offer different schemes to the customers.

Interest rates differ from one bank to the other depending on several factors.

  • For instance, the State Bank of India offers a transfer rate of 6.75% for the current RLLR of 6.65%.
  • HDFC Bank HLBT, on the other hand, offers the same transfer rate for the current RLLR of 16.05%.
  • ICICI Bank provides the same rate for the current RLLR of 4.00% repo rates.
  • Axis Bank HLBT  offers 6.90% transfer rates for a current RLLR of 4.00% repo rate.
  • Canara Bank offers around a 6.90% transfer rate for an RLLR of 6.90%.
  • Kotak Mahindra bank HLBT offers a transfer rate of 6.65%, and Federal Bank offers 7.65% transfer rates for an RLLR of 9.63%.

Also Read - Why Plan Home Loan Balance Transfer In Advance?

View and improve your credit score - for free.

Know how good your score is

Get insights on how to improve it

Unlock offers as per your score

chart_15f235bf64 (1).svg

The best offers from India’s most
trusted banks

Axis-Bank.png
ICICI.png
PNB.png
Kotak.png

Kotak Home Loan Balance Transfer starts at 6.50% p.a for all profiles

Kotak Mahindra bank has announced a special festival bonanza for fresh and balance transfer home loan customers. Both salaried as well as self-employed borrowers can apply for home loan refinancing at 6.50% p.a onwards. Kotak’s balance transfer festival scheme is open for all loan amounts for customers with good credit history. The last date to apply is Nov 8, 2021.

ICICI Bank HLBT FAQs

✅What is a home loan balance transfer?

For instance, you take a 25 lakh home loan EMI from the State Bank for a tenure of 20 years. In the middle of your tenure, you decide to change your lender and apply for the ICICI home loan balance transfer for a lower interest rate.

If you change your lender in the middle of your repayment procedure for a comparatively better deal and lower interest rates, that facility is called the home loan balance transfer.

✅How does a home loan balance transfer work?

First, you need to visit your preferred bank’s official website and apply for a home loan balance transfer facility.

After putting all your personal and financial details properly, you can view your loan offer. Pay the necessary fees and wait for your approval.

In the meantime, the bank reviews your application, checks your credit report and personal details. If they think you are a responsible borrower, your loan application gets approved.

✅Are there any special ICICI Bank home loan balance transfer offers?

The ICICI Bank offers pre-approved balance transfer facilities to those who are repaying home loans to any other bank or financial institution based on their credit history.

✅How can I check the status of my ICICI Bank home loan balance transfer?

In order to check your ICICI Bank home loan balance transfer status, open the loan application page by entering your mobile number. Your status will be shown to you, and you can analyse your current status from there.

✅How to apply for an ICICI Bank home loan balance transfer?

All you need to do is visit the ICICI Bank’s official website online. Put all your details such as the principal amount, current tenure, ICICI Bank’s interest rate, required tenure, and current EMI to calculate your monthly instalments. After applying online, wait for a few days for the approval.

✅Is it good to transfer a home loan to ICICI?

ICICI Bank offers comparatively lower interest rates compared to other banks.

This is the reason why transferring a home loan to ICICI can be a good idea based on your credit report and other details.

✅How can I transfer my ICICI home loan from one branch to another?

To transfer your ICICI home loan from one branch to another, simply send a request stating the same through your net banking or mobile banking.

You can also call ICICI Bank’s customer care to get the facility.