Introduction
ICICI Bank Loan Against Property Balance Transfer allows you to transfer your present loan debt to ICICI Bank from other banks or NBFCs (Non-Banking Financial Companies). At appropriate interest rates ranging from 8.35% to 9.50% p.a. (floating), the service is available. Balance transfer facility available on Finserv MARKETS, lets you pay off your current loan at lower interest rates with a single loan account. Even a top-up loan can be accessed with the balance transfer facility.
ICICI Bank Loan Against Property Balance Transfer Eligibility Criteria
To assess the eligibility of a prospective applicant for mortgage loans, ICICI has detailed requirements. Some of the essential parameters are:
Eligibility Criteria |
Details |
Age |
23 to 60 years (for salaried applicants) 23 to 65 years (for self-employed applicants) |
Minimum Income |
₹ 25,000 |
Loan Amount |
₹ 5 Crores |
Minimum years of business existence |
2 years |
Minimum CIBIL Score |
700 |
Loan to Value Ratio |
Up to 60% |
One of the essential variables for evaluating your eligibility is age. ICICI Bank provides loans from the age of 23 to salaried and self-employed individuals. Any person who receives a loan at the age of 23 can obtain a loan of up to 15 years, thereby reducing the service burden on his current income and thereby improving his eligibility for the loan amount.
CIBIL Score for ICICI Bank LAPBT
Repayment histories of previous loans and credit cards has an effect on the eligibility of your loan. You can find it hard to get a loan if you have a bad repayment record. Not only does a regular repayment record boost your chances of receiving a loan, but it also improves your eligibility for the loan. With a CIBIL score of 700 and above, ICICI Bank grants loans to borrow
Documents Required to Apply for ICICI Bank LAPBT
Identity Proof: PAN/Voter ID/Aadhaar Card
Address proof: Aadhaar Card/Passport/Driving License
Bank statements of last 6 months
Salary slips of last 3 months (applicable for salaried applicants)
Certificate & Proof of business existence (applicable for self-employed applicants)
Form 16 / Income Tax Returns
Property Documents
Passport size photo
For a better loan deal, the loan balance transfer facility enables you to pay lower monthly payments on your current loan with lower interest rates.
