ICICI Bank
Home Loan Balance Transfer

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?

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.

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.

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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%

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?

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.  

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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:

Additional Reading: How to check free cibil score?

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

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?