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
Loan amount
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) - 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:
- You are currently paying higher interest and are looking for some relief
- You have paid EMIs for your existing home loan
2 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 aount, add an earning co-applicant- be it your spouse or immediate family member
- ICICI HFC provides better interest rates to women to encourage them to apply as co-applicants
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 215+ 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
- 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
Charges for Balance Transfer for Self Employed
| 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* |
||
| Full Prepayment/Foreclosure Charges | Sr. No |
Product |
Full Prepayment/Foreclosure Charges1 |
1. |
Floating rate Housing loan |
NIL |
|
2. |
Floating rate Non Housing loan where the Borrower(s) is individual and the end use of the loan facility is other than business purpose. |
NIL | |
3. |
Floating rate Non Housing loan where the loan is given to individual Borrower(s) for business purpose and to Non-Individual Borrower(s) for all-purpose. |
4.00% + Applicable Taxes |
|
| 4. | Fixed rate housing loan where loan is pre-closed by the borrower out of their own sources2. |
NIL |
|
| 5. | Fixed rate housing loan where loan is not pre-closed by the borrower out of their own sources2. |
2.00% + Applicable Taxes | |
| 6. | Fixed rate non housing loans |
4.00% + Applicable Taxes | |
| Conversion Fee | 0.50% of the loan amount, plus applicable taxes* | ||
1Charges, wherever applicable, will be applied to the outstanding loan amount and on all amounts tendered by the Borrower(s) toward prepayment of the Facility during the last one year from the date of final prepayment.
2The expression “own sources” for the purpose means any source other than by borrowing from a bank/ HFC/ NBFC and/or a financial institution.
Fixed rate loan is one where the rate is fixed for entire duration of the loan.
#All Hybrid (dual) rate (combination of fixed and floating) housing loans will attract the pre-closure norms applicable to fixed/ floating rate depending on whether at the time of pre-closure, the loan is on fixed or floating rate.
In case of a Hybrid rate housing loans, the pre-closure norm for floating rate will apply once the loan has been converted into floating rate loan, after the expiry of the fixed interest rate period.
Disclaimer: The rates, fees, charges etc. as stated herein above are subject to changes/revision from time to time. Pre- Payment/Foreclosure charges shall be applicable as per contracted rate or rates as per regulatory norms prescribed, if any.
** Login fees and Processing/Administrative fees are non-refundable
* The above amounts & percentages are exclusive of applicable taxes and other statutory levies, if any such amounts shall include all amounts prepaid during the given financial year.
# Goods and Services Tax (GST) and other government taxes, levies, etc. applicable as per the prevailing rate will be charged over and above these charges.
Disclaimer:
The rates, fees, as stated hereinabove, are subject to changes/ revision from time to time at the sole discretion of ICICI Home Finance Company
The floating interest rate on ICICI Home Finance is linked to ICICI Home Finance Company Prime Lending rate (IHPLR).
