What is a Home Loan EMI calculator and how does it work?
A Home Loan EMI calculator is an easy-to-use online tool that provides an estimate of the monthly EMIs. Read this post, to know more about this calculator and how it works.
Transfer your Home Loans to ICICI Bank and enjoy a lower interest rate!
Instant Balance Transfer of Home Loans, starting at 6.70% p.a.
No borrower enjoys paying high interest EMIs on Home Loans. So, here's a straightforward and convenient solution to reduce the debt through refinancing, an optimal way to save money on monthly instalments. The online pre-approved Balance Transfer lets you enjoy reduced interest rates, and consequently lowers the Home Loan EMIs.
ICICI Bank offers an Instant Balance Transfer option, an exclusive facility for existing ICICI Bank customers who are servicing Home Loan or Loan Against Property (LAP) from any other bank / financial institution, at a high interest rate. As an existing ICICI Bank customer, you get swift Home Loan Balance Transfer and can repay the loan at lower interest rates, starting at 6.70% p.a. Apply for the pre-approved Home Loan Balance Transfer with Top up and experience Longer Loan Tenure, Quick Processing and Instant Balance Transfer, of up to two Property Loans.
ICICI Bank's Pre-Approved Balance Transfer is applicable for Home Loans, Loan Against Property and Non-Residential Premises Loan.
I give my consent to ICICI Bank representative to call, sms, e-mail me on recommended Home Loan Balance Transfer offer
Below is the balance transfer eligibility criteria to avail the facility:
To be eligible for the transfer, a customer should have a minimum repayment record of 24 months
Ideally, the interest rate for ICICI Bank’s Pre-Approved Balance Transfer facility starts from 6.70% p.a. It would vary from one individual to another, basis being a salaried or business professional. If you are looking for the lowest Home Loan interest rate for Balance Transfer, apply with ICICI Bank that ensures quick processing and instant sanction.
The approval for the Instant Balance Transfer facility is an in-principal sanction. Being an existing ICICI Bank customer, the pre-approved Balance Transfer documentation process is minimal and saves precious time. Customers may still need to submit some necessary documents of the property for due diligence. Here are pre-approved Home Loan Balance Transfer documents you would be required to produce during the application process:
ICICI Bank customers can now check the loan eligibility for the Property Balance Transfer with the help of the below Home Loan Balance Transfer Calculator. The online calculator will estimate the loan amount you can transfer to ICICI Bank. You can get the calculation details in a jiffy.
Avail Instant Sanction for Home Loan Balance Transfer offers in 4 steps via ICICI Bank’s Internet Banking:
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.
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Looking for an effective way to reduce the overall interest outflow on a housing loan? Home loans with an Overdraft (OD) facility will save the day. Read this post for five important considerations about Home Loans with an OD facility.
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