Home Loan Balance Transfer Overview

Balance Transfer refers to transferring of outstanding Home Loan Balance from one financial institution to another, for a low Interest Rate or Top-up Loan or high Tenure. If you are looking for ways to save for the future, switch to ICICI Bank Home Loan Balance Transfer option. It’s a smart move, as it lets you transfer your Home Loan outstanding balance to ICICI Bank, at a Repo Rate linked rate of interest.

 

*T&Cs. Provisional sanction is subject to verification and approval of information and documents submitted to the Bank.

  • Balance Transfer Calculator

    Calculate your monthly savings

Calculate your monthly EMI

%
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Months
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₹ 0

₹ 0

  • 5,00,000
  • 3,00,00,000
%
  • 1
  • 21
  • 12
  • 360
%
  • 1%
  • 21%
  • 12
  • 360
Your Existing Home Loan
ICICI Bank Home Loan

19,799

19,799

Monthly EMI

You Save ₹0/month

47,51,760

47,51,760

Total Amount Paid
0
%
Please enter correct interest rate.
Please enter correct tenure.

65,43,590

50,43,590

60,000

40,000

 

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Transfer your existing Home Loan to ICICI Bank

As a home owner, it is important that you know about ways to save on loan repayment and manage your budget.

Transfer your existing Home Loan to ICICI Bank

Below is the list of documents required for a Mortgage Loan based on profile:

  • Individuals:

    • Identity Proof & Address Proof of Individuals: Aadhaar/Passport/Driving License/Voter ID/National Rural Employment Guarantee Act (NREGA) Card/Letter from the National Population Register (NPR) containing details of your name and address.

    • DOB Proof: Passport/Driving License/Voter ID/NREGA Card/Letter from the NPR containing details of your name and address.

  • Non-Individuals (Entity):

    • Identity Proof: Registration Certificate including Udyam Registration Certificate (URC) issued by the Government/Certificate/License issued by the municipal authorities under Shop and Establishment Act/Sales and Income Tax returns/CST/VAT/GST Certificate/Certificate/Registration document issued by Sales Tax/Service Tax/Professional Tax authorities/ IEC (Importer Exporter Code) issued to the proprietary concern by the office of the Directorate General of Foreign Trade (DGFT)/License/Certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute/Complete Income Tax Returns (not just the acknowledgement) in the name of the Sole Proprietor where the firm's income is reflecting, duly authenticated/acknowledged by the Income Tax authorities/Utility bills such as electricity, water, landline telephone bills etc.

Note: For sole proprietorship concerns, any of the above-mentioned two documents are required.

  • Address Proof: GST Certificate/Business Registration Certificate/Gumastaa License/Udhyam Registration Certificate/Bank statement (not to be considered for entity proof)/Utility Bill/ITR/Rent Agreement with utility bill within 2 months.

Note: If the registered address and permanent address of the entity are different – proof is required in both cases.

 

Apart from the above-mentioned document, additional documents will be required for the below entities:

  • Partnership Firm: Partnership Deed

  • Limited Liability Partnership: LLP Agreement and Certificate of Incorporation, List of designated partners and latest profit-sharing ratio certified by a Chartered Accountant (CA)/Company Secretary (CS)

  • Public & Private Limited Co. (Even if there is only 1 director): Certificate of Incorporation, Memorandum of Association (MOA) and Articles of Association (AOA), CA/CS certified latest list of Directors and Shareholders with their names, date of birth, nationality and address

  • Trust: Trust Deed with Registration Certificate, list of all beneficiaries, trustees, settlors, protectors and authors of the trust, containing their names and Date of Birth

  • Society: By-laws/Memorandum of a Society with Registration Certificate, list of members with their names, address and Date of Birth

  • HUF: List of Adult Coparceners (Joint Heirs) attested by the Karta (Head of the family)

  • Authorised signatory along with KYC and Relationship Segment details in case of Private/Public Limited Companies/Limited Liability Partnerships/Partnership Firms/Trust/Society

  • List of Directors and Senior Management details in case of Private/Public Limited Companies

  • Legal Entity Identifier (LEI) Certificate of non-individual borrowers having a banking system exposure of ₹ <5> crore and above.

 

Beneficial owner details along with KYC documents as per below:

  • In case of Company/Partnership Firms/Limited Liability Partnership, more than 10% of shares/capital/profit of the company 

  • In case of Unincorporated Association or Body of Person/Individual, more than 15% of capital/profit of the company

  • In case of author of the trust, the trustee, the beneficiaries with 10% and more interest in the trust.

 

Below is the list of documents required for a Mortgage Loan based on employment:

  • Income Proof:

    • Salaried:

      • Latest Form 16
      • Latest one-month salary slip
      • Bank statements of the last 6 months.
    • Self-Employed

      • Last 6 months’ Bank statements of all operative accounts
      • Last 2 years CA Certified/Audited Income Tax Returns (ITR), computation of income, Profit and Loss Account Statement and Balance sheet
      • GST returns of the last 1 year.

Disclaimer This is an indicative list only. Additional documents may be required for a case-to-case basis.

 

Home Loan Balance Transfer FAQs

How many times can I do a Home Loan balance transfer?

A borrower can transfer a Home Loan multiple times. However, you can only do a Home Loan balance transfer after the lock-in period ends. The lock-in period usually ranges from 6-12 months.

What is the minimum tenure for a Home Loan balance transfer?

You can apply for Home Loan Balance Transfer after paying EMI’s for 12-18 months on your loan. The minimum balance transfer amount is above Rs 15 Lakh. The minimum CIBIL score requirement is 700 for a Salaried, and 750 for Self Employed applicant

* On a case to case basis lower seasoning and CIBIL score can also be considered.

Is balance transfer a good option for a Loan?

 Balance transfer can be a good option for a Home Loan. Transferring your Loan to another lender with a lower Home Loan interest rate can reduce the EMI and overall interest payment. For better research, use a House Loan Calculator to compare different offers and ensure the savings outweigh any transfer fees.

Who is eligible for a Home Loan Balance Transfer?

You can apply for a Home Loan Balance Transfer with ICICI Bank, if you meet the below eligibility criteria:

  • Applicable for individuals with CIBIL score of 700 and above
  • Applicable only for online Loan sanctions.

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