ICICI Bank Home Loan Balance Transfer
ICICI Bank Home Loan Balance Transfer is a smart move that enables existing home loan customers from other lenders to shift their outstanding balance to ICICI Bank. The minimum balance transfer amount should be above Rs. 15 lakh for a tenure of up to 20 years. The ICICI home loan transfer interest rates start at an affordable 8.75% per annum.
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ICICI Bank Home Loan Balance Transfer Interest Rates
The interest rates offered on ICICI’s Home Loan Balance Transfer play a pivotal role in determining the affordability and cost-effectiveness of transferring an existing home loan to ICICI Bank.
You can check out the current ICICI home loan balance transfer interest rate applicable for salaried and self-employed applicants in the below table:
| Rate Package | Rate of Interest |
|---|---|
| For All Loan Amounts | 8.75% p.a. onwards |
Disclaimer : The ICICI Bank Balance Transfer Home Loan Rate of Interest may change as per the changing market conditions, so please verify the same before filling out the application form.
ICICI Bank Home Loan Balance Transfer Eligibility Criteria
To qualify for the balance transfer scheme from ICICI Bank, borrowers must meet specific eligibility criteria set by the bank. These criteria ensure that the applicants have the financial stability and creditworthiness required to manage the loan effectively. The ICICI Bank home loan balance transfer eligibility criteria are mentioned below for your quick reference:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 65 years | 21 - 65 years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Nothing specific | Nothing specific |
| Credit Score | 700 and above (preferred) | 700 and above (preferred) |
ICICI Bank Home Loan Balance Transfer Processing Fee and Charges
ICICI Bank, like other lenders, charges fees on balance transfer loans to cover the administrative costs associated with the processing of the transfer, and assessing the new loan application. Through the ICICI home loan transfer charges, the bank can manage the operational expenses involved in facilitating the transfer while maintaining profitability.
Have a look at the table below to understand all about the ICICI Bank home loan balance transfer charges and processing fees:
| Processing Fees | Up to 2.00% of the principal loan amount or Rs. 3,000 (whichever is higher) |
|---|---|
| Prepayment Charges |
|
| Conversion Charges | If prepayment charges are applicable:
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 |
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ICICI Bank Home Loan Balance Transfer comparison with other Top Banks
When considering a balance transfer of a home loan, comparing options across different banks, including ICICI Bank, is crucial for borrowers aiming to optimize their financial commitments. Understanding these differences empowers borrowers to make informed decisions that align with their financial goals. So, have a look at the processing fee and interest rate of ICICI Bank’s BT for a quick comparison:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| ICICI Bank | 8.75% p.a. onwards | Up to 2.00% of the principal loan amount |
| Bank of Baroda | 8.40% p.a. onwards | Rs. 8,500 (Upfront) |
| SBI | 8.50% p.a. onwards | Nil |
| HDFC Bank | 8.70% p.a. onwards | Up to 1.50% of the loan amount or Rs. 4,500 (The higher out of the two will be applicable) |
| Federal Bank | 8.80% p.a. onwards | Nil |
| Cholamandalam Housing Finance | 9.00% p.a. onwards | Rs. 5,000 (including GST) |
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Documents Required For ICICI Bank Home Loan Balance Transfer
Submitting all required documents facilitates quicker processing of the balance transfer application. This reduces the turnaround time for approval and disbursal of the loan amount, ensuring borrowers can start benefiting from the lower EMIs and better loan terms as soon as possible.
Feel free to have a look and understand the ICICI Bank home loan balance transfer document required list given below for salaried and self-employed borrowers:
1. For Salaried Loan Applicants
- Duly-filled Application Form affixed with Latest Passport Size Photographs
- Processing fee cheque
- Income proof (Salary Slip for the last 3 months, Bank Statements for the last 6 months)
- Identity proof (Voter ID Card, PAN Card, Driving License)
- Address proof (Latest Electricity Bill, Gas Pipeline Bill, Aadhaar Card)
- Copy of all property documents
- A No Objection Certificate (NOC) from the existing lender of the home loan
- A letter stating the outstanding balance from the existing lender
2. For Self-Employed Loan Applicants
- Duly-filled Application Form affixed with Latest Passport Size Photographs
- Processing fee cheque
- Income proof (ITR, Balance Sheet, P&L Account Statement of the last 3 years)
- Identity proof (Aadhaar Card, Voter ID Card, PAN Card, Driving License)
- Address proof (Aadhaar Card, Ration Card, Latest Electricity Bill)
- Business Profile
- Latest Form 26AS
- Partnership Deed (for partnership firm)
- Copy of all property documents
- A No Objection Certificate (NOC) from the existing lender of the home loan
- A letter stating the outstanding balance from the existing lender
FAQs
Tax benefits on ICICI Bank home loan balance transfer remain the same as the basic home loans, which are as follows:
- Deduction of up to Rs. 50,000 on home loan interest under Section 80C
- Deduction of up to Rs. 1.5 lakhs on home loan principal under Section 80C
- Deduction of up to Rs. 2 lakhs on home loan interest rate under Section 24
One can transfer up to Rs. 7 crores to ICICI Bank as a balance transfer home loan scheme.
The right time to avail of ICICI Bank’s home loan balance transfer is when you find its rate of interest is lower than your existing home loan rate. Moreover, if you see additional features and benefits available with the ICICI Bank balance transfer scheme, consider it to be the right time to make a switch.
ICICI Home Loan Balance Transfer facility is a convenient way of enabling existing home loan borrowers to switch their outstanding loan amount from another lender to ICICI Bank at better loan terms.
ICICI Bank may charge some additional charges when opting for a balance transfer scheme. You are advised to contact the bank’s official to make inquiries about the same.