ICICI Bank Loan Against Property Balance Transfer

Opt for the loan against property balance transfer facility offered by ICICI Bank on Bajaj Markets. Through this, you can enjoy lower interest rates starting from 9.25% p.a. and extended tenures of up to 15 years. Furthermore, you can apply for a top-up loan as per your asset’s current property value and meet any additional financial obligations. In just a few clicks, the online process helps you transfer the loan effortlessly.

The ICICI Bank Loan Against Property Balance Transfer interest rates and charges are as listed below:

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

The administrative charges and processing fees add to the overall cost of borrowing. Thus, it is essential to always consider these costs when applying for a balance transfer. But, this option can help you save money if you get a lower interest rate from your new lender. Here’s an example to help you understand how:

As shown in the above table, let’s consider that the loan amount is ₹25 Lakhs and the tenure is 10 years. Your current lender offers an interest rate of 15% p.a. However, ICICI Bank is willing to transfer the balance of your loan at a lower interest rate of 9.25% p.a. In this case, the EMI amount will reduce drastically from ₹40,333.74 to ₹32,008.18. This results in lower repayment costs and eases the EMI burden.

The ICICI Bank Loan Against Property Balance Transfer eligibility criteria are as follows:

• You must fall under the age bracket of 23 to 60 years, if salaried, and 23 to 65 years, if self-employed 

• If salaried, you must have a minimum work experience of 1 year

• If self-employed, your business must have a vintage of at least 2 years 

• You must earn at least ₹25,000, whether as Profit After Tax (for self-employed) or as salary (for salaried) 

Also, the credit score is taken into account by ICICI Bank when checking your eligibility for a balance transfer. Here is a list of documents required when applying for the balance transfer facility:

• 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

• Income proof: 

  • Bank statements for the last 6 months

  • Form 16 or ITR filings 

  • Salary slips of the last 3 months for salaried applicants

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

• Property documents

• Passport-size photographs