Home Loan Balance Transfer Overview

Balance Transfer refers to transferring of outstanding Home Loan Balance from one financial institution to another, for a lower Interest Rate or Top-up Loan or higher Tenure. If you are looking for ways to save for the future, switch to ICICI Bank Home Loan Balance Transfer option. It’s a smart move, as it lets you transfer your Home Loan outstanding balance to ICICI Bank, at a Repo Rate linked rate of interest.

  • Balance Transfer Calculator

    Calculate your monthly savings

%

  • 5,00,000
  • 3,00,00,000
%
  • 1
  • 21
  • 12
  • 360
%
  • 1%
  • 21%
  • 12
  • 360
Your Existing Home Loan
ICICI Bank Home Loan

30,000

20,000

Monthly EMI

You Save ₹10,201/month

30,000

20,000

Total Amount Paid
24,48,240
%

65,43,590

50,43,590

60,000

40,000

 

 

Documents required for Home Loan Balance Transfer

KYC Documents

KYC Documents

  • Aadhaar Card
  • Proof of current residence
Income Documents

Income Documents

  • Income documents are not required
  • Documents can be asked for, on a case-to-case basis
Other Documents

Other Documents

  • List of documents from existing financier
  • Repayment track record
  • Bank Statement

Transfer your existing Home Loan to ICICI Bank

As a home owner, it is important that you know about ways to save on loan repayment and manage your budget.

Transfer your existing Home Loan to ICICI Bank

Home Loan Balance Transfer FAQs

How many times can I do a Home Loan balance transfer?

A borrower can transfer a Home Loan multiple times. However, you can only do a Home Loan balance transfer after the lock-in period ends. The lock-in period usually ranges from 6-12 months.

What is the minimum tenure for a Home Loan balance transfer?

You can apply for Home Loan Balance Transfer after paying EMI’s for 12-18 months on your loan. The minimum balance transfer amount is above Rs 15 Lakh. The minimum CIBIL score requirement is 700 for a Salaried, and 750 for Self Employed applicant

* On a case to case basis lower seasoning and CIBIL score can also be considered.

What is the penalty for a Home Loan balance transfer?

The penalty for Home Loan balance transfer ranges between 2-5% as per the Reserve Bank of India (RBI) mandate.

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