Overview – Balance Transfer for Self Employed
Are you paying interest on your home loan at exorbitant rates? Find the deal you deserve with ICICI HFC.
Our Balance Transfer facility allows you to shift your existing home loan to ICICI HFC. Become a part of the HFC family to enjoy exciting benefits like faster loan processing for other financial needs, better interest rates, flexible and easy eligibility norms from our local experts who understand your business needs very well.
The process for your Home Loan Balance Transfer to ICICI HFC should be easier as you already have a home loan from another financial institution; there are certain steps you can skip which are typically involved during procuring a new home loan.
Key Features & Benefits – Balance Transfer for Self Employed
Get a subsidy benefit of up to ₹ 2.67 lakhs as per PMAY.
From ₹ 3 lakhs, up to ₹ 5 crores
Comfortable repayment period/ tenure
Up to 25 years
Flexible repayment options
- Step Up Repayment Facility (SURF)
(Where your EMI increases as your income increases)
- Part-fixed & part floating
(Where your interest rate is fixed for a few years and floating for the rest)
- Flexible Loan Instalment Plan
(For people whose income will decrease in a few years, like if you are nearing retirement)
- Equated Monthly Instalments (EMIs)
(Where you pay a fixed amount every month, even when your income increases)
Easy eligibility norms
Both salaried individuals like government employees and corporate professionals, as well as self-employed individuals like doctors, lawyers, CAs, traders and small business owners can apply
Homes in different areas
- Under-construction or ready-to-move-in property
- New or resale property
- Property developed by State Housing Boards such as DDA and MHADA, by private developers or an existing Co-operative Housing Society, Apartment Owners' Association, Development Authorities settlements or homes by private developers
- Builder-constructed or self-constructed property
- Plot for future construction
- To refinance a residential property
- Property in cities, gram panchayat or regularised colonies, including multi-unit property
- For construction on a freehold/leasehold plot or on a plot allotted by a Development Authority
Eligibility - Balance Transfer for Self Employed
To be eligible to transfer your Home Loan to ICICI HFC, you must fulfil these three conditions:
1. You are currently paying 11% or higher interest and are looking for some relief
2. Your existing home loan’s interest rate is at least 50 basis points higher than the interest rate we offer
3. You have paid EMIs for your existing home loan for at least 2 years
3 reasons to add a co-applicant to your Balance Transfer application
- If you want to increase your home loan eligibility or be eligible for a large loan amount, add an earning co-applicant- be it your spouse or immediate family member
- Because ICICI HFC provides better interest rates to women to encourage them to apply as co-applicants
- If your property has more than one owner, it is necessary that both or all the co-owners are co-applicants. This ensures that your property is secure and both owners can benefit from the investment in the property.
Documents Required for Balance Transfer for Self Employed
In addition to the documents you submitted to apply for your existing home loan, keep these 3 documents handy:
- A letter on the letter head 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 letter head
- Photocopy of your property documents
Why take a home loan from ICICI HFC?
- We have a wide network of 140+ ICICI HFC branches where you can meet a friendly face
- Each branch has a team of local experts who are familiar with your locality
- Each branch has a team of legal and technical experts who can review your application quickly
- Your loan application can be processed in as little as 72 hours
- Our experts work with you to determine your income even without formal income proofs like ITR
- You can get special offers and deals at our branches. Walk in to find the deal of the day
The Family Factor!
- As an existing customer of ICICI HFC, your application can be reviewed more quickly, as many checks are already done, and your documents are already in our system
- Today, you may need a loan to own a home of your own. But tomorrow, if you are expanding your business, or looking for an FD to grow your savings, we can help you
Rates & Charges for Balance Transfer for Self Employed
|Login/Application Fee (for KYC checks, 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
|Prepayment charges (Applicable for non-individuals only)||
If you are able to pay off part or all of your home loan, you can choose to settle all or part of your home loan as per your
convenience, no matter your chosen tenure. We charge a minimum rate of 0-2% for prepayment.
|Conversion Fee||0.50% of the loan amount, plus applicable taxes|
Disclaimer: The rates, fees, as stated herein above, are subject to changes/ revision from time to time at the sole discretion of ICICI Home Finance.
Also, the GST, other taxes and levies, applicable as per prevailing rate will be charged over and above these charges.
The floating interest rate on ICICI Home Finance is linked to ICICI Home Finance Prime Lending rate (IHPLR). To know more about the change in IHPLR and its impact.