ICICI Bank Home Loan Balance Transfer

Borrowers with existing home loans from other banks can transfer their outstanding home loan balance to ICICI Bank if they wish to do so. ICICI bank offers a “Home Loan Balance Transfer” plan for borrowers who wish to migrate their debt. There are many instances when a borrower may choose to transfer the outstanding home loan balance to ICICI Bank, such as to avail lower interest rates*, enjoy more favourable repayment terms, or even for better customer support from the bank. Home loans that have been in effect for at least 6 months (from most banks and lenders) are eligible for the home loan balance transfer facility. Upon successful transfer, the borrower will pay the remaining home loan EMIs to ICICI bank.

What is a home loan balance transfer?

Home Loan Balance transfer is when the home loan applicant transfers the ‘outstanding debt owed’ for a ‘home loan’ product from one lender to another. Borrowers often avail home loans on certain repayment terms but later discover that another lender is offering the same home loan on much more relaxed repayment terms (lower EMIs, longer tenure, lower penalties, etc.). The main reason to opt for home loan balance transfer is if another bank/NBFC is offering a lower rate of interest/better repayment terms as compared to an existing home loan plan. However, all the other charges such as processing fees, late fees, penalties, etc., should also be looked at in order to determine the total cost of the loan.

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

  • It is likely that the total home loan expense (interest rate + other charges) is lower at ICICI Bank than most home loan products from other banks.
  • The home loan itself is a once-in-a-lifetime experience for many people, and it is for this reason that the relationship between the lender and the borrower needs to be solid and respectful. Borrowers that feel snubbed or otherwise ignored by their banks also tend to transfer their home loan balance to banks that give them a better overall experience.
  • If one is looking for revised payment terms and the existing bank is not ready to renegotiate, one can opt for home loan balance transfer to ICICI after negotiating terms in advance.

When is the best time to consider a home loan transfer to ICICI Bank?

It’s better to opt for home loan balance transfer to ICICI in the initial years of home loan tenure, as the interest paid overall will be lesser. It is to be noted that the home loan should be in effect for at least 6 months before it can be transferred to ICICI.

Most often, it is when a borrower faces uncertainty in their income – whether due to loss of employment, unforeseen expenses, non-performing investments/assets, etc.

Why should a home loan applicant pick ICICI bank for home loan balance transfer?

Before deciding to transfer the outstanding balance on a home loan to ICICI Bank, one must first check to see whether they stand to pay a lower overall amount by using EMI calculators, etc. Borrowers need also consider whether the overall savings would outweigh the tedious process of paperwork and document submissions. ICICI bank offers numerous benefits to its home loan customers, including but not limited to:

  • Long loan tenure – up to 20 years (based on plan type)
  • Competitive rates of interest  
  • Low processing fee – 0.5% + 18% GST*
  • ICICI bank home loan balance transfer loan amounts sanctioned for Rs.8 lakh – Rs.5 crore*
  • Great customer service
  • Quick processing
  • Minimal documentation
  • ICICI bank home loan top-up can be taken to fulfill additional requirements

ICICI bank home loan balance transfer interest rates

Home Loan amountsSelf-employedSalaried
Up to Rs.35 lakh7.20% p.a*6.96% p.a*
Rs.35 lakh – Rs.75 lakh7.35% p.a*7.20% p.a*
Above Rs.75 lakh7.45% p.a*7.30% p.a*

Documents required to transfer your home loan to ICICI Bank

Following are the documents to be submitted by the applicant to ICICI bank for a home loan balance transfer:

Documents required for home loan balance transfer to ICICI by salaried applicants:

  • Proof of identity (any one) – Passport/PAN card/Driver’s license/Voter ID Card
  • Proof of address (any one) – Electricity bill/LPG/Water/Telephone bill
  • Proof of office address – Letter from office stating current office address, attested by concerned official (preferably on office letterhead)
  • Bank statement of the last six months
  • Income Tax Return of the last 3 financial years with computation of income
  • Balance sheet and Profit and Loss account of the last 3 financial years
  • All the documents of the applicant’s existing home loan

Documents required for home loan balance transfer to ICICI by self-employed applicants:

  • Proof of identity (any one) – Passport/PAN card/Driver’s license/Voter ID Card
  • Proof of address (any one) – Electricity bill/LPG/Water/Telephone bill
  • Proof of office address
  • Bank statement of the last six months
  • Income Tax Return of the last 3 financial years with computation of income
  • Balance sheet and Profit and Loss account of the last 3 financial years
  • All the documents of the applicant’s existing home loan

Fees and charges associated with transferring a home loan to ICICI from another bank

Administrative charges – Rs.5,000 + 18% GST*

CIBIL report charges – Rs.50 + 18% GST*

Prepayment charges (only on top-up loan and home loan with fixed rate of interest. Does not apply for home loan with floating rate of interest) –

 0 – 2% of the outstanding home loan amount + 18% GST*

Eligibility criteria for ICICI balance transfer (home loans)

ICICI bank officials gauge eligibility for home loan balance transfer based on these factors:

  • Net monthly income
  • Fixed monthly liabilities (other EMI)
  • Age of the applicant
  • Retirement age of the applicant
  • If EMI up to 6 months has been paid to the current financial institution

How to apply for ICICI bank home loan balance transfer?

Borrowers can contact ICICI Bank directly, or reach Fincity at 080 4718 8001 to find out if they are eligible to transfer their home loan to ICICI Bank.

How can I avail a home loan balance transfer from ICICI Bank?

One can also request for a call back from ICICI bank home loan department customer care by filling in a form at their official website.

The home loan applicant can also find the balance transfer process on the official ICICI website by following these steps:

Step 1 – Click on the official website of ICICI bank home loan application here –

https://loans.icicibank.com/loans/home-loan/#/home-loan-application

Step 2 – If the home loan applicant already has an account with ICICI bank, click on ‘existing customer’ to process the home loan application. If one is approaching ICICI bank for the first time, click on ‘new customer’.

Step 3 – Under the “Type of Loan”, click on ‘Transfer existing loan’ button.

Step 4 – Select residency status – Resident Indian, Non-resident Indian, or Overseas citizen of India.

Step 5 – Fill in all the requested details such as name, date of birth, mobile number, property location, property details and loan amount.

Step 6 – Click on ‘Proceed’ button to view the loan offer.

Step 7 – Upload all the documents mentioned in the list of ‘Documents required by self-employed/salaried applicants’.

Step 8 – Make payment for the home loan application. Details can be found under ‘Fees and charges associated with ICICI bank home loan balance transfer’.

Step 9 – Click on ‘submit’ button. The application to transfer your outstanding balance to ICICI bank is now complete. The applicant will receive sanction letter from ICICI bank within the stipulated period mentioned on ICICI home loan application processing screen.

ICICI bank home loan balance transfer FAQ

  1. What are the documents required to be submitted to ICICI bank to transfer the balance on my home loan?

These are the documents to be submitted by an applicant for ICICI bank for applicants that wish to migrate their outstanding debt to ICICI

  • Proof of identity (any one) – Passport/PAN card/Driver’s license/Voter ID Card
  • Proof of address (any one) – Electricity bill/LPG/Water/Telephone bill
  • Proof of office address
  • Bank statement of the last six months
  • Income Tax Return of the last 3 financial years with computation of income
  • Balance sheet and Profit and Loss account of the last 3 financial years
  • All the documents of the applicant’s existing home loan
  1. How does ICICI bank determine if I am eligible to transfer outstanding balance on home loan from another bank?

ICICI bank officials gauge eligibility for transferring outstanding home loan balance based on these factors:

  • Net monthly income
  • Fixed monthly liabilities (other EMI)
  • Age of the applicant
  • Retirement age of the applicant
  • If EMI up to 6 months has been paid to the current financial institution
  1. How do I calculate EMI for the loan I wish to transfer to ICICI bank?

You can calculate EMI by using Fincity’s home loan EMI calculator by clicking on this link –

https://fincity.com/home-loan-emi-calculator/

Step 1 – Enter loan amount, tenure of the home loan post transfer to ICICI bank and rate of interest.

Step 2 – Click on ‘check EMI’ button.

Step 3 – Your monthly EMI will be displayed. Other details that are displayed are – Principal amount, total interest and total amount.

  1. Can I claim tax benefits for home loans transferred to ICICI bank?

Use the home loan statement issued at the time of transfer by ICICI to file for Income tax returns.

  1. How do I get home loan statement from ICICI bank for tax purposes?

Step 1– Visit the official website of ICICI bank using this link – www.icicibank.com

Step 2 – Click on ‘apply online’ following which, click on ‘statement – home loan’.

Step 3 – Press ‘continue to login’ and enter your 16-digit ICICI bank loan account number.

Step 4 – Enter other requested details such as date of birth, loan repayment bank account number, EMI amount and loan amount.

Step 5 – Click on ‘submit’. Your home loan statement is generated and ready for download.

  1. What are the charges of prepaying my home loan with ICICI bank?

2%* of the outstanding home loan amount + 18% GST is the charge levied for prepaying my home loan with ICICI bank

  1. How can I change the e-mail address on my ICICI bank home loan account?

You can change your registered e-mail address on your ICICI bank home loan account by visiting the nearest ICICI bank branch with a valid ID proof. Fill in the requisition form to change e-mail address or present it in writing to the ICICI bank representative.

You can also change your registered e-mail address online.

Step 1 – Login to your ICICI bank home loan account by clicking on the link – https://www.icicibank.com/

Step 2 – Click on ‘Customer service’

Step 3 – Go to ‘service requests’

Step 4 – Under ‘category’, choose ‘loan’, ‘loan accounts – e-mail and contact number updation’.

Step 5 – Enter your previous e-mail address and the updated e-mail address.

Step 6 – Click on ‘submit’ button and see the confirmation message on screen that says your e-mail id and contact number has been updated on your loan account.

*Fluctuating variable information represented here – contingent upon regulatory and market factors like all forms of amounts, variables, rates, percentages, tenures, products, fees, criteria, links, references, Sections of Acts, etc. – are subject to change in events like – revision/addition of RBI guidelines, revision of policies at the bank level, new information becoming available, etc. – and consequently the views and opinions shared here are of the writer’s inference of the most recently updated information as understood from authentic and reliable sources on the internet at the time of writing. Readers are advised that all end-case forms of amounts, variables, rates, percentages, tenures, products, criteria, fees, references, advice, etc. are contingent on external factors that are subject to change over time.

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