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ICICI Bank Home Loan Balance Transfer

Home Loan Transfer to ICICI Bank

Last Updated 14th Jul 2021

Interest Rate6.75%
Processing Fee₹ 3,000
Lowest EMI per lakh₹ 649
Loan Tenure30 years
  • ICICI Bank offers home loan balance transfer facility at low interest rates starting at 6.75% 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 6.75%
Processing Fees Upto 0.50% Minimum ₹ 3,000
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 6.75% 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 6.75%.

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.


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ICICI Home Loan News - Jul 2021
  • 2021-07-09 : ICICI Bank Q1 Net Profit seen up 59.1% YoY to Rs. 4,136.5 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects ICICI Bank to report a net profit of Rs. 4,136.5 crore up 59.1% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 15.6% Y-o-Y to Rs. 10,731.6 crore.
  • 2021-06-03 : ICICI Bank revised its Marginal cost of lending rates
    ICICI Bank revised its MCLR, with effect from 1 June 2021. The overnight and one-month MCLR is 7.05%. The rate for three months, six months and one year are 7.10%, 7.25% and 7.30%, respectively.
  • 2021-05-12 : ICICI Bank cut its home loan rates to 6.75%
    With an aim to attract housing loan borrowers, ICICI Bank reduced the home loan rates for the month of May. The new home loans rates start at 6.75%. The revised home loan rates will help the home loan borrowers.
  • 2021-04-28 : ICICI Bank reported a massive hike of 261% in its Q4 profits
    ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
  • 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%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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