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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.
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Calculate your monthly EMI
₹
₹
- ₹5,00,000
- ₹3,00,00,000
- 1
- 21
- 12
- 360
- 1%
- 21%
- 12
- 360
Monthly EMI
You Save ₹10,201/month
Total Amount Paid
- ₹
- ₹
- ₹
- ₹
- ₹
- ₹
₹65,43,590
₹50,43,590
₹60,000
₹40,000
Documents required for Home Loan Balance Transfer
KYC Documents
- Aadhaar Card
- Proof of current residence
Income Documents
- Income documents are not required
- Documents can be asked for, on a case-to-case basis
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.
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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