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Easy and hassle-free loan transfer process

  • Instant Provisional Sanction

  • Minimal Documentation

  • Long Tenure

  • Get additional funds with Top-Up facility

 

 

 

 

About Home Loan Balance Transfer

What is a Home Loan Balance Transfer?

A Home Loan Balance Transfer involves transferring your current Home Loan from your existing lender to a new one that offers more favourable terms. This can include better repayment options and the possibility of reducing your financial burden by switching to a more competitive lender.

Benefits of Transferring your Home Loan

Transferring your Home Loan offers multiple advantages. These include reduced EMIs, the potential for an additional Top-Up Loan and an extended repayment tenure. By shifting to a better lender, you can significantly save on interest, while improving your loan terms and repayment flexibility.

How does Home Loan Balance Transfer Work?

The meaning of a Home Loan Balance Transfer is that you can shift your existing loan from your current bank to another bank offering lower interest rates. This process helps reduce your EMIs, save on interest costs, and improve repayment flexibility, often involving simple documentation and quick approval.

Home Loan Balance Transfer FAQs

Balance Transfer a good option for my Home Loan?

Yes, transferring your Home Loan to a lender can give you an extended tenure and reduced EMIs. Use a Balance Transfer Calculator to compare savings before deciding.  

What are the eligibility criteria for a Home Loan Balance Transfer?

To be eligible for a Home Loan Balance Transfer, you must have a good repayment track record with your existing lender. Additionally, a CIBIL score of 700+ (salaried &  self-employed) is required. Other factors like employment stability and property details may also be considered.

Can I avail of a Top-Up Loan while transferring my Home Loan?

Yes, ICICI Bank offers a Top-Up facility along with the Home Loan Balance Transfer. This allows you to get additional funds for personal or home-related expenses, without applying for a separate loan.

How long does the Home Loan Balance Transfer process take?

The home loan take over process typically takes a few days, depending on document verification and approval. With ICICI Bank’s online application and quick provisional sanction, you can get approval instantly, speeding up the overall process.

Can I get a top-up loan during the balance transfer process?

Yes, ICICI Bank allows you to avail a top-up loan along with the balance transfer when you transfer your Home Loan. You can use this extra loan amount for personal or home-related needs, with easy repayment options and attractive interest rates.

Can I transfer a Home Loan taken jointly?

Yes, a jointly taken Home Loan can be transferred to another bank. All co-borrowers must agree and complete the required paperwork together. The new bank will review eligibility before approving the transfer.

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