ICICI Bank Home Loan Balance Transfer

Consider opting for a balance transfer from ICICI Bank on Bajaj Markets to enjoy lower EMIs. This option usually enables you to get low interest rates starting from 8.75% p.a. You can also repay the loan easily and conveniently over extended tenures of up to 30 years. 

With the ‘Instant Provisional Sanction’ feature, you can transfer the outstanding balance without visiting the branch. Furthermore, you can also opt for the top-up facility to get a higher loan amount and fulfil your additional requirements.

Take a look at the interest rates and charges applicable:

*Disclaimer: The rates mentioned are subject to change at the lender’s discretion.

The administrative charges and processing fees CAN increase your overall loan cost. However, this added expense can be balanced out with a low interest rate. Let’s understand how this affects your loan repayment in greater detail with the help of an example.

Consider that you have an existing home loan of ₹50 Lakhs at an interest rate of 15% p.a. The tenure for this loan is 20 years. In this case, the EMI payable is ₹65,839.48. A balance transfer can help reduce the instalment amount as illustrated in the table below:

Fulfil the eligibility criteria provided below, before applying:

• You should be either a salaried or a self-employed individual

• If you are a salaried applicant, your age must be between 23-60 years

• If you are a self-employed applicant, your age must be between 23-65 years

• The minimum net monthly income of the salaried applicant must be ₹25,000

• The minimum Profit After Tax (PAT) of the self-employed applicant must be ₹25,000 per month

• Salaried applicants must have a minimum work experience of 1 year

• Business vintage of a minimum of 2 years is required for self-employed applicants

Here is a list of documents you should keep handy when applying for the balance transfer:

• Identity Proof: Any one of the following 

  • PAN card

  • Voter ID

  • Aadhaar card

• Address Proof: Any one of the following

  • Aadhaar card

  • Passport

  • Driving licence

• Bank statements of the last 6 months

• Salary slips of the last 3 months (for salaried applicants)

• Certificate and proof of business existence (for self-employed applicants)

• Form 16 or ITR filings

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.