Pre-Approved Balance Transfer

Instant Balance Transfer is a pre-approved Balance Transfer facility for Salary & Savings account holders of ICICI Bank. You can avail instant sanctions on the transfer of Home Loans or LAP outstanding balances, at lower interest rates.

Pre-approved customers of ICICI Bank can avail a host of benefits by getting Home Loan Balance Transfer offers, online. These include Instant Online Sanctions, Attractive Interest Rates, Longer Tenure, Quick Processing and Affordable EMIs. The pre-approved Balance Transfer is the best facility that saves you money for future purposes.

As per ICICI Bank, the maximum tenure for a Home Loan is 20 years. For Non-Home Loans, the maximum tenure limit is 15 years.

The Instant Balance Transfer or the pre-approved Balance Transfer facility, follows a floating interest rate. The customer cannot avail of a fixed rate.

No! ICICI Bank does not offer funding for specialised or under-construction properties.

A sanction letter is offered by ICICI Bank once you submit the application. To get the sanction letter online for Home Loan Balance Transfer process, all you need to do is to follow the steps and apply through ICICI Bank’s Internet Banking:

• Log in to ICICI Bank Internet Banking

• Customise your loan

• Authorise the transfer.

Once you fill in all the loan details and make the processing fee payment, you will be displayed a tab to "Download". The Sanction Letter is sent to your registered email ID.

Alternatively, you can initiate a pre-approved Home Loan Balance Transfer procedure offer through ICICI Bank’s iMobile Pay app by following the below steps:

• Log in to the ICICI Bank iMobile Pay app

• Click on "Offers"

• Once you see the "Balance Transfer" offer, click on "Get It Now".

Yes! With ICICI Bank’s Instant Balance Transfer facility, you have the flexibility to transfer up to 2 loans. If you are applying for the outstanding Balance Transfer via ICICI Bank’s Internet Banking, you will be able to view both loans, separately.

If you have two loans for the same property, you will have to shift both loans to ICICI Bank.

If you have two different loans running for two different properties, you have the option to transfer one or both the loans.

If you are transferring two Home Loans, the Home Loan Balance Transfer charges, including processing fee will be applicable on the Total Loan Amount, under the Instant Balance Transfer facility.

No! ICICI Bank’s Instant Balance Transfer facility allows you to transfer a maximum of two loans.

You can still get the pre-approved Balance Transfer offer through ICICI Bank’s iMobile Pay app. If you have not yet downloaded the mobile application, you can get it from Google Play Store or App Store. Below is the Instant Balance Transfer process:

• Step1: Log in to ICICI Bank iMobile Pay mobile application

• Step 2: Click on "Offers"

• Step 3: You will see Balance Transfer Offer

• Step 4: Click on "Get it Now"

• Step 5: Select the loan you want to transfer

• Step 6: Select the Type of Loan, Property Location, Existing EMI, Balance Tenure

• Step 7: Click on "Proceed"

• Step 8: Verify your loan details, including EMI, Rate of Interest, Tenure and Processing Fee

• Step 9: Select the account from which the processing fee should be deducted

• Step 10: Accept Terms & Conditions

• Step 11: Click on "Proceed".

Instant Balance Transfer is a pre-approved Balance Transfer offer for existing ICICI Bank customers. The bank assesses factors such as credit bureau checks, loan amount, among others.

Instant Balance Transfer rate is 6.70% p.a. It may vary as per your loan amount. The interest rate will be displayed online when you avail the pre-approved Balance Transfer offer via ICICI Bank Internet Banking or the iMobile Pay app.

Instant Balance Transfer saves you from the hassle of a complicated and time-consuming documentation process. Since you are an existing ICICI Bank customer, you do not have to go through the entire balance transfer documents process again. However, you will be required to submit income proof and property documents, after sanction.

Yes, if your Home Loan has a co-applicant, you can still opt to jointly apply for the pre-approved Home Loan Balance Transfer.

A Sanction Letter offered for the Instant Balance Transfer is valid for 3 months. You can apply for Home Loan Balance Transfer anytime during this period.