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ICICI Bank Home Loan Balance Transfer

Home Loan Transfer to ICICI Bank

Last Updated 08th Apr 2021

Interest Rate6.70%
Processing Fee₹ 3,000
Lowest EMI per lakh₹ 645
Loan Tenure30 years
  • ICICI Bank offers home loan balance transfer facility at low interest rates starting at 6.70% for a tenure of upto 30 years.
  • Transfer home loan to ICICI Bank to reduce EMIs and save more on interest.
  • Avail top up from ICICI Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

ICICI Home Loan Transfer

ICICI, the largest Private Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to ICICI Bank at lowest interest rates. To transfer your housing loan to ICICI Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of ICICI.

ICICI Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to ICICI Bank, compare and calculate all the costs of loan transfer. The table below mentions ICICI Bank home loan transfer interest rate and other home loan transfer charges of ICICI Bank.

Home Loan Rates 6.70%
Processing Fees Upto 0.50%, Minimum ₹ 3,000 and Maximum ₹ 0
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of ICICI Bank Home Loan Transfer

To transfer your existing home loan to ICICI Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to ICICI Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to ICICI Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • ICICI Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to ICICI Bank will be completed.

Eligibility for ICICI Bank Home Loan Transfer

To transfer your home loan to ICICI Bank, you must fulfil the following eligibility criteria:

  • You must have an existing home loan with any bank except for ICICI.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to ICICI Bank.
  • You must be an Indian resident and fulfil the age criteria of ICICI Bank. The minimum & maximum age to avail a ICICI Bank home loan is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of ICICI Bank Home Loan Transfer

Here are key features of ICICI Bank Home Loan Transfer:

  • Lower Interest Rates: ICICI Bank offers lower home loan rates starting at 6.70% along with ₹ 3,000 processing on home loans. Thus, you can save on your home loan by transferring your loan to ICICI Bank.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of ICICI Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With ICICI Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the ICICI Bank.

Document Required for ICICI Home Loan Transfer

To avail of home loan balance transfer from ICICI, you need to submit the following documents to ICICI.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Aadhar Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to ICICI?

Yes, transferring your home loan to ICICI Bank is a good idea for home loan borrowers as ICICI Bank provides lower home loan rates starting at 6.70%.

How can I transfer my ICICI home loan from one branch to another?

To transfer your ICICI Bank home loan from one branch to another, you can place your request through net banking/mobile banking. ICICI Bank also allows the home loan transfer facility through phone banking by calling home loan customer care.

Are there any charges while applying for ICICI home loan balance transfer?

Yes, ICICI Bank charges home loan transfer fees such as ₹ 3,000 for ICICI Bank home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

What are the benefits of taking a ICICI home loan balance transfer?

If you apply for a home loan transfer to ICICI Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, ICICI Bank home loan balance transfer can also help you avail top-up on your existing home loan.

How can I check the status of my ICICI Bank home loan balance transfer?

To know your ICICI Bank home loan status, you can call ICICI Bank home loan customer care number or visit ICICI official website to check the status.


ICICI Home Loan News - Apr 2021
  • 2021-03-05 : ICICI Bank reduced the home loan rates to 6.70%
    ICICI Bank revised its home loan rates for March 2021. The new home loan rate stands at 6.70%. Further, the LAP rate for the bank stands at 8.35%.
  • 2021-03-04 : 10 lakh customers of other bank are using ICICI’s banking app, iMobile Pay
    ICICI Bank reported that 10 lakh customers of other banks have started using its app, ‘iMobile Pay’. The Bank has achieved the feat in three months after it made the app open for all to use, including those not its customers. The bank anticipates that the number is likely to double in two months.
  • 2020-12-21 : IIFL Home tied up with ICICI Bank for home and MSME loans
    IIFL Finance home loan subsidiary has join hands ICICI Bank. The tie-up is striving to provide affordable housing and MSME loans. Under the tie-up, IFL Home will originate and service customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing and in turn, ICICI Bank will provide funding to these customers.
  • 2020-12-15 : ICICI Bank plans to digitally source 75% of new home loans
    ICICI Bank is planning to offer 75% of its new home loans digitally in the next few years, aided by its digital initiatives. The bank in the past few years has invested to digitize and decongest the entire home loan process including loan application, sanction letter, instant top-up disbursements, document submission and even balance transfers.
  • 2020-12-08 : ICICI Bank launched interoperable banking app
    ICICI Bank launched a new version of its mobile payment app which is interoperable and allows payments and other banking services to customers of any other bank. The new app will allow customers to link their bank accounts, generate a UPI ID and avail services such as online transactions, opening savings accounts, making investments, applying for loans and credit cards without being an ICICI Bank account holder.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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