Transfer Existing Home Loan To Us

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 30 years. For Non-Home Loans, the maximum tenure limit is 15 years.

As per Master Direction - RBI (Interest Rate on Advances) Directions, 2016, the interest rate under external benchmark shall be reset at least once in months. Thus, the Repo Rate component of the Interest Rate will be reset on the first day of the third subsequent month from the month in which the Facility is first disbursed (irrespective of the date of disbursement) and every three months thereafter, as a sum of Repo Rate + “Spread”, plus applicable statutory levy, if any. The applicable Repo Rate shall be the rate prevailing one business day preceding the reset date

On the reset date, if the applicable Repo rate has increased, the effective ROI of the loan account will increase which in turn will impact the EMI/tenure of the loan. In case of decrease in Repo Rate, the ROI will decrease which in turn will impact the tenure of the loan. Illustration: Consider a scenario where first disbursement of the loan is done on Oct 15, 2019 under RBI Repo linked benchmark rate, with the RBI Repo Rate being 5.15% per annum (as on Oct 14, 2019) with a spread/margin of 400 basis points (bps). In such a case the effective rate would be 9.15% per annum.