ICICI Bank Home Loan Balance Transfer
Transfer your home loan to ICICI Bank to take advantage of their low EMIs, competitive interest rates, and minimal paperwork requirements. You will benefit from an interest reset and an increase in savings thanks to this loan that is linked to the repo rate.
Calculate Your EMI and Know Your Savings
Check out your total savings on monthly payments and see the comparison of how much you can save.
Sample Calculation
| Loan Amount | ₹ 50,00,000 |
| Interest Rate | 8.75% |
| Loan Term | 30 Years |
| Monthly EMI | ₹ 32264 |
*The values shown are for representation purposes only. Actual values may differ.
4 Ways to Save with ICICI Bank Balance Transfer
Tenure unchanged – Reduce monthly instalments and save for your future.
EMI amount unchanged – Reduce your tenure and settle the loan in less time.
Also Read – How to get a medical loan
Maximum tenure – Avail maximum tenure with reduced monthly instalments.
Reduced EMI – Save money with decreased monthly instalments.
Features and Benefits:
Attractive interest with 30-year tenure: Interest rates that maximise your savings
Minimal documentation – Reduced number of documents for easy application
Digital Sanction – Swift transfer of loan
Top Up Loan – Enhance your loan with Top Up Loan up to 100%
Why choose Top Up Loan with Balance Transfer?
- You can avail of the Top-Up Loan for any purpose
- No collaterals are needed for loan approval
- Minimal documentation process for application
- Swift process for urgent funds with reduced EMI
What is the process to easily transfer your Home Loan?
Let us look at the process of a Home Loan Balance Transfer.
Step 1: Identifying a financial institution
- To initiate the balance transfer process, the first thing you need to do is identify a new lender, who is providing a Home Loan at a lower interest rate. Along with this, you also need to check the other services or benefits you could gain, once you make a switch. For instance, if you choose to do a Home Loan Balance Transfer with ICICI Bank, you have the option to avail a Top-up Loan, to meet unexpected expenses.
Step 2: Apply for the loan
- After your existing lender processes your application for a Home Loan Balance Transfer, you can proceed for a Home Loan application with the new lender. Borrowers can initiate the Home Loan Balance Transfer process through an offline or online mode.
Step 3: Submit documents to the new lender
- These include your basic KYC documents, list of documents from the existing lender, property documents, Loan Balance Statements and Interest Statements, along with a filled application form. You need to submit these documents to the new lender.
Also Read – How to apply for an IPO
Step 4: Closure of an existing loan
- Once you’ve started the process with your new lender, wait for the final confirmation of the closure of your Loan Account from your old lender. The final confirmation signifies that your loan contract has officially ended, along with any terms related to it.
Step 5: New loan agreement with the new lender
- After the closure of the loan, you can sign a new loan agreement with the new lender. While you do this, it is essential to go through the loan transfer agreement details, to be aware of key information and charges associated with it.
In this way, you can easily go for a Home Loan Balance Transfer; with ICICI Bank’s lower housing loan interest rates, you can easily transfer your existing Home Loan by applying for a transfer, online.
