Still paying more on your current home loan? Move to ICICI Bank Home Loan Balance Transfer and watch your EMI reduce with every month you stay. Quick paperwork, transparent fees, and an interest rate that rewards smart choices—everything you need to start saving right below.
ICICI Bank Home Loan Balance Transfer Highlights
| Highlights | Details |
|---|---|
| Interest Rate | 9.00% p.a. onwards |
| Loan Amount | ₹3 Lakh – ₹5 Crore |
| Tenure | 25 Years |
| Processing Fees | 0.75% of the loan amount or ₹11,000 (Whichever is higher) |
Suggested Read: ICICI Bank Home Loan Statement
ICICI Bank Home Loan Balance Transfer Interest Rate 2025
| CIBIL Score | Salaried | Self Employed |
|---|---|---|
| 800+ | 9.00% p.a. | 9.10% p.a. |
| 750 – 800 | 9.00% p.a. | 9.10% p.a. |
Suggested Read: ICICI Bank Customer Care
ICICI Bank Home Loan Balance Transfer Eligibility Criteria
| Eligibility Criteria | Requirements |
|---|---|
| Conditions to Transfer | 1. Paying higher interest and seeking relief |
| 2. Have paid EMIs for existing home loan | |
| Reasons to Add Co-applicant | 1. To increase home loan eligibility or secure a large loan |
| 2. ICICI HFC provides better interest rates to women as co-applicants |
Suggested Read: ICICI Bank Home Loan Top Up
ICICI Bank Home Loan Balance Transfer Processing Fees and Charges
When transferring your home loan to ICICI Bank, there may be processing fees and other charges involved. It’s important to be aware of these costs to plan your transfer effectively.
General Charges
| Charges | Rates |
|---|---|
| Login/Application Fee (for KYC checks and other documents, before your transfer is approved) | ₹5,000* |
| Processing/Administrative Fees (Charged at the time of sanction) | 0.75% of the loan amount or ₹11,000, whichever is higher* |
| Conversion Fee | 0.50% of the loan amount, plus applicable taxes* |
Full Prepayment/Foreclosure Charges
| Product | Full Prepayment/Foreclosure Charges |
|---|---|
| Floating rate Housing loan | NIL |
| Floating rate Non-Housing loan (individual borrower, end use other than business purpose) | NIL |
| Floating rate Non-Housing loan (for business or non-individual borrowers) | 4.00% + Applicable Taxes |
| Fixed rate housing loan (pre-closed by borrower from own sources) | NIL |
| Fixed rate housing loan (not pre-closed by borrower from own sources) | 2.00% + Applicable Taxes |
| Fixed rate non-housing loans | 4.00% + Applicable Taxes |
Suggested Read: ICICI Bank Home Loan Prepayment Checklist
ICICI Bank Home Loan Balance Transfer Documents Required
In addition to the documents you submitted to apply for your existing home loan, keep these 3 documents handy:
- A letter on the letterhead of your existing lender stating the list of property documents you have submitted to them.
- Latest outstanding balance letter from your existing financial institution on their letterhead.
- Photocopy of your property documents.
Suggested Read: ICICI Bank Home Loan Moratorium
Home Loan Balance Transfer Case Study
This case study evaluates the financial impact of transferring a home loan balance from Axis Bank to ICICI Bank after 2 years of repayment. The analysis focuses on interest savings, revised EMIs, and total repayment amounts under the new loan terms.
Current Loan Details at Axis Bank
| Parameter | Value |
|---|---|
| Loan Amount | ₹60,00,000 |
| Interest Rate | 9.70% p.a. |
| Tenure | 30 years |
| EMI | ₹51,549/month |
| Total Interest Payable | ₹1,25,57,734 |
| Total Amount Payable | ₹1,85,57,734 |
Key Insight : Over 90% of the initial EMIs go toward interest payments due to the long tenure.
Loan Status After 2 Years
| Parameters | Details |
|---|---|
| No. of EMIs Paid | 24 |
| Total Amount Paid | ₹12,37,176 |
| Principal Repaid | ₹54,000 (approx) |
| Interest Paid | ₹11,83,176 |
| Remaining Principal | ₹59,26,200 |
After 2 years, only ₹54,000 of the principal is repaid, with ₹11.83 lakhs paid as interest.
Balance Transfer to Bank of Baroda
| Parameters | Details |
|---|---|
| Transferred Balance | ₹59,26,200 |
| New Interest Rate | 8.40% p.a. |
| Remaining Tenure | 28 years |
| New EMI | ₹45,550/month |
| Total Interest Payable | ₹95,78,600 |
| Total Amount Payable | ₹1,53,04,800 |
Financial Impact Analysis
| Metric | Axis Bank (Current) | Balance Transfer (BoB) | Savings |
|---|---|---|---|
| Total Payment | ₹1,85,57,734 | ₹1,65,41,976 | ₹20,15,758 |
| Monthly EMI | ₹51,549 | ₹45,550 | ₹6,000/month |
| Total Interest Paid | ₹1,25,57,734 | ₹1,05,41,976 | ₹20,15,758 |
Key Findings :
- Monthly Savings : ₹6,000 reduction in EMI.
- Total Savings : ₹20.16 lakhs over the loan tenure.
- Effective Interest Rate Reduction : From 9.70% to 8.40%, lowering the cost of borrowing.
Suggested Read: How to Check ICICI Bank Home Loan Balance Transfer Application Status?
Home Loan Balance Transfer Interest Rates by Top Banks
| Bank | Transfer Rate |
|---|---|
| SBI | 8.50% p.a. onwards |
| HDFC Ltd | 8.75% p.a. onwards |
| LIC Housing Finance Ltd | 9.10% p.a. onwards |
| Axis Bank | Contact the bank |
| Bank of Baroda | 8.85% p.a. onwards |
| Canara Bank | 8.80% p.a. onwards |
| Union Bank of India | 9.00% p.a. onwards |
| IDFC First Bank | 8.85% p.a. onwards |
| Federal Bank | 8.80% p.a. onwards |
| Karur Vysya Bank | 9.00% p.a. onwards |
| Tamilnad Mercantile Bank | 9.45% p.a. onwards |
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Frequently Asked Questions
Individuals with a minimum CIBIL score of 700 (salaried) or 750 (self-employed) are eligible.
Transferring can be beneficial if ICICI offers a lower interest rate than your current lender.
Identify a suitable lender, apply for the loan, submit required documents, close the existing loan, and sign a new agreement.
Potential drawbacks include processing fees and the time required for documentation.
HDFC Home Loan
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