ICICI Bank Loan Against Property Balance Transfer

Opt for the loan against property balance transfer facility offered by ICICI Bank on Bajaj Markets. Through it, you can enjoy lower interest rates with extended repayment tenures. In just a few clicks, the online process helps you get funds in your account effortlessly.

As shown in the above table, let’s consider that the loan amount is ₹25 Lakhs and the tenure is 10 years. Your current lender offers an interest rate of 15% p.a. However, ICICI Bank is willing to transfer the balance of your loan at a lower interest rate of 9.25% p.a. In this case, the EMI amount will reduce drastically from ₹40,333.74 to ₹32,008.18. This results in lower repayment costs and eases the EMI burden.

An ICICI Bank Loan Against Property Balance Transfer reduces repayment burden and improves financial convenience. Check out some of its benefits and features below:

• Competitive Interest Rates

Transfer your loan and benefit from low interest rates starting from 9.25% p.a.

• Flexible Tenure

You can enjoy extended tenures ranging up to 15 years and repay the loan at your convenience

• Top-up Loans

You can fulfil your additional needs by opting for a top-up loan with this balance transfer facility 

• Minimal Documentation

You can complete the process with basic documentation and transfer your loan as well as collateral effortlessly. 

• Minimal Charges

ICICI Bank follows a transparent fee structure. You will be informed of all applicable charges upfront, ensuring clarity throughout the loan transfer process.

The ICICI Bank Loan Against Property Balance Transfer eligibility criteria are as follows:

• You must fall under the age bracket of 23 to 60 years, if salaried, and 23 to 65 years, if self-employed 

• If salaried, you must have a minimum work experience of 1 year

• If self-employed, your business must have a vintage of at least 2 years 

• You must earn at least ₹25,000, whether as Profit After Tax (for self-employed) or as salary (for salaried) 

Also, the credit score is taken into account by ICICI Bank when checking your eligibility for a balance transfer. Here is a list of documents required when applying for the balance transfer facility:

• Identity proof: Any one of the following 

  • PAN card

  • Voter ID

  • Aadhaar card

• Address proof: Any one of the following

  • Aadhaar card

  • Passport

  • Driving licence

• Income proof: 

  • Bank statements for the last 6 months

  • Form 16 or ITR filings 

  • Salary slips of the last 3 months for salaried applicants

• Certificate and proof of business existence for self-employed applicants

• Property documents

• Passport-size photographs

Follow these simple steps to apply for the balance transfer on Bajaj Markets:

• Click on the ‘Apply Now’ option on this page

• Provide your personal information as requested

• Select ‘ICICI Bank’ from the list of lenders

• Enter the preferred loan terms and property details

• Submit the online application form

• After this, a representative will reach out to you for further proceedings.