ICICI Home Loan Balance Transfer Eligibility Calculator

ICICI Home Loan Balance Transfer Eligibility Calculator

Online Process | Minimal Documentation | Easy Repayment

✓ Home Loan Balance Transfer from ₹15 Lakhs To ₹5 Cr ✓ Multiple Lending Partners ✓ Attractive Interest Rates

Are you tired of paying home loan EMIs at a dearer interest rate of interest? Worry not, the ICICI Bank Home Loan Balance Transfer provision can help you save more by paying a lesser EMI amount towards your home loan. This provision allows you to transfer your existing home loan to another bank or financial institution that might offer a lower rate of interest than the existing rate of interest.

At Finserv MARKETS, prospective borrowers can evaluate their prospects of availing the home loan beforehand based on the ICICI Home Loan Balance Transfer eligibility criteria such as income, age, the standard of living, and the existing property’s value.

ICICI Home Loan Balance Transfer Eligibility by Salary

One of the key ICICI Home Loan Balance Transfer eligibility criteria for applying for a home loan includes the salary or net income of an individual who could be self-employed or employed at a firm. The home loan amount that an individual is eligible for is determined by the net monthly salary he gets to take home after all miscellaneous deductions such as gratuity, EPF, etc. Finally, the home loan paying capacity of an individual is assessed by deducting the monthly living expenses out of the net monthly income. The monthly living expenses such as rent, bills, or any existing EMI usually should not exceed 50 percent of the monthly income. Additionally, the number of years of your job experience and income stability is also considered as part of ICICI Bank Home Loan Balance Transfer eligibility criteria. Thus, you would be required to furnish details of your minimum income history and job experience and business vintage of more than 1 year, if salaried or more than 2 years, if self-employed respectively.

ICICI Home Loan Balance Transfer Eligibility by Age

The age of the borrower is another vital parameter that determines the ICICI Home Loan Balance Transfer eligibility and his/her repayment capacity. The basic thumb rule is that the lower the borrower’s age, the higher the home loan amount eligibility, and the longer the tenure to repay the home loan. The age limit for home loan eligibility is between 23 and 60 years for salaried employees and 23 and 65 years for self-employed applicants and the maximum tenure for ICICI Home Loan Balance Transfer is 30 years.

ICICI Home Loan Balance Transfer Eligibility by Property Valuation

The ICICI Home Loan Balance Transfer Eligibility criteria also factor in the value of your property. Based on your property’s valuation, the ICICI bank would sanction a certain percentage of property value as a home loan amount. You could use the ICICI Home Loan Balance Transfer Eligibility Calculator and check the loan amount you might be eligible for your property’s value.

The lower your property value, the higher is your eligibility of getting a maximum percentage of your property value as a home loan amount. Here’s a picture of the possible percentage of the loan amount depending on the property value:

Property Value

Home Loan Eligibility as Percentage of Property Value

<30 Lakhs

90%

Between 30 Lakhs and 75 Lakhs

80%

>75 lakhs

75%

Minimum CIBIL Score for ICICI HLBT

Your CIBIL score is an indicator of your credit behavior in the form of past borrowings, credit card debt, and their repayment record. It reflects your commitment towards repaying your borrowed loans and debt and is referred by the lenders to gauge your credibility when you wish to borrow again in the future. Thus, your CIBIL score becomes crucial while applying for the ICICI Home Loan Balance Transfer facility.

While verifying your eligibility for ICICI Bank Home Loan Balance Transfer, the bank shall study your detailed CIBIL report that throws light on information about your previous and existing loans, debts, and the diligence shown in their timely repayments. Regular repayment of loans and credit card debt keeps your CIBIL score high and healthy. Any default in payments could be a drag on your CIBIL score and could reduce your chances of eligibility for a home loan.

The minimum CIBIL score needed to avail of the ICICI Home Loan Balance Transfer is typically 700. Anything over and above would entitle you to a higher home loan amount and a further bargain with the lender for exclusive offers. Thus, your CIBIL score can potentially make or break your chances of a home loan balance transfer to ICICI bank.

Factors Affecting CIBIL Score

The following factors could be responsible for lowering your CIBIL score:

  • Delayed Payments: Any past default on a loan payment or credit card debt could prove to be counterproductive to your CIBIL score and can drastically reduce it. On the contrary, regular and timely payments can enhance your CIBIL score.

  • Unhealthy Mix of Loans: A healthy and balanced mix of secured and unsecured loans could be instrumental in improving your CIBIL score. An excessive number of unsecured loans can adversely affect your CIBIL score

  • Simultaneous Loan Applications: Applying for a loan simultaneously at different lenders could lead to the rejection of your applications and negatively impact your CIBIL score. Instead, improve your creditworthiness and apply with a single lender.

  • Credit Card Debt: Too much debt on your credit card is indicative of your abusive credit behavior. For a healthy CIBIL score, your credit card debt must not exceed 30 percent of the available limit.

The ICICI Home Loan Balance Transfer facility offers its customers the benefit of repo rate linked interest rates with cheaper EMIs, quick processing, and minimal documentation.

Frequently Asked Questions

  • ✔️What are the criteria to get ICICI Bank home loan?

    Your ICICI Home Loan Eligibility criteria depend on various factors such as your salary, current age retirement age, property value, CIBIL score, and standard of living.

  • ✔️How much home loan can I get on my salary from ICICI Bank?

    The amount of home loan eligible for your salary depends on your current age, retirement age, and nature of employment.

  • ✔️What is the minimum salary to get a home loan from ICICI Bank?

    Any individual with a minimum net monthly salary of Rs. 25,000 is eligible to apply for an ICICI home loan.