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Introduction

Applying for a home loan is an extremely vital process and one would try their best to research the interest rates available in the market, and then approach the lender that offers the lowest rate of interest. However, home loan interest rates tend to fluctuate and as time progresses, there is a likelihood of drop-in interest rates. In such cases, the borrower could still avail the benefit of the lowest interest rate over the existing home loan by leveraging the Home Loan Balance Transfer to ICICI bank through Finserv MARKETS.

The ICICI Home Loan Balance Transfer is one such convenient option to transfer one’s existing home loan to ICICI bank and reduce the EMI burden with cheaper ICICI Bank Home Loan Balance Transfer interest rates.

ICICI Bank Home Loan Balance Transfer Interest Rate

The ICICI Bank Home Loan Interest Rate is linked to the Repo rate that currently stands at 4 percent. The ICICI Bank Home Loan Interest Rates usually vary depending on factors such as home loan amount, nature of employment of the borrower, number of years of work experience, CIBIL score, and income history. Here’s standard pricing of the ICICI Bank Home Loan Interest Rate as per home loan slab and segment of the borrower:

Interest Rate

8.40% p.a. onwards for salaried applicants

8.40% p.a. onwards for self-employed applicants

Associated Charges

  • Processing Fees: Flat Rs. 3000 + Applicable Taxes
  • Administrative Charges: Rs. 5,000 + Applicable Taxes

 or 0.25% of the loan amount + Applicable Taxes, (whichever is lower)

Loan Repayment Tenure

12-360 months (for salaried applicants)

12-240 months (for self-employed applicants)

 

*The charges are subject to policy changes of ICICI Bank.

ICICI Bank Home Loan Prepayment

ICICI Bank Home Loan Prepayment is a popular facility among ICICI home loan borrowers who wish to clear off their loan in parts or full before the completion of the tenure. It is beneficial to the borrowers as it not only reduces their debt but also helps them save the loan interest amount and improve their overall savings.

Also, any pre-payment done in part or full directly contributes towards the principal amount. Similarly, a part pre-payment of the home loan by increasing the monthly EMI reduces the loan tenure and also saves a considerable amount of loan interest. However, it is important to keep in mind the home loan lock-in period, pre-payment charges, before the borrower proceeds to make the prepayment of the home loan.

Documents Required

The following documents are required by a prospective borrower for an ICICI Home Loan application:

Documents

For Salaried Professionals

For Self-employed Professional

For Self-employed non-Professional

Duly signed application form with photograph

Yes

Yes

Yes

Identity, Residence, and Age Proof

Yes

Yes

Yes

Last 6-month bank statements

Yes

Yes

Yes

Last 3-month salary slips

Yes

 

 

Processing fee cheque

Yes

Yes

Yes

Form 16/ITR

Yes

Yes

Yes

Proof of business existence

 

Yes

Yes

Business profile

 

 

Yes

Educational qualification proof and proof of business existence

 

Yes

 

Last 3 years IT returns

 

Yes

Yes

Last 3 years CA Certified/audited balance sheet and profit/loss account

 

Yes

Yes

 

The ICICI Bank Home Loan Balance Transfer scheme offers its customers an option to take advantage of the lowest interest rates linked with repo rate and transfer their outstanding home loan from an existing lender to the ICICI bank without any hassle.

Availing the ICICI Bank Home Loan Balance Transfer provision allows its borrower to ease the EMI burden and save more with the reduced interest rate on the home loan. The loan application process is simple, quick, and involves minimal documentation. Additionally, the borrower has an option to apply for a top-up loan amount of up to 100 percent of the original loan amount.

Frequently Asked Questions on ICICI Home Loan Balance Transfer

✔️ How can I reduce my ICICI home loan interest rate?

You can reduce your ICICI Home Loan interest rate by approaching the lender (here ICICI) with a request to lower the interest rate depending on the rate cuts at the policy level.

✔️ What is the current home loan interest rate in ICICI Bank?

The current ICICI home loan interest rate starts at 8.40% and varies as per the nature of employment of the borrower and the loan amount applied for.