Owning a property, comes with excitement and challenges.When I was purchasing my first home, I faced some financial constraints and had to take a personal loan. Later I realised that converting my personal loan to a home loan in ICICI was a better option. I asked my banker how to convert personal loan to home loan in ICICI. His answer shocked me. Keep reading to know more
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The process to convert personal loan to home loan in ICICI is as follows:
The banker told, its not possible to convert personal loan to home loan in ICICI. The personal loan and housing loan both are different types of loan and they are given to fulfil different purposes of the borrower. There is no process to convert personal loan to home loan in ICICI
You can avail personal loan and home loan separately from ICICI. The bank also allows allows transferring of the outstanding Home Loan balance from one financial institution to another, for a lower interest rate or for better terms.
The interest and charges are given below.
Type of credit facility |
Interest Rate and Charges Applicable |
Personal Loan Interest Rates |
10.75% to 19% per annum |
Loan Processing Charges / Origination Charges (Non-Refundable) |
Upto 2.50% of loan amount plus applicable taxes |
Prepayment Charges |
For salaried customers, 3% plus applicable taxes on principal outstanding after payment of 1st EMI and Nil if 12 or more EMIs are paid. For MSE classified customers, charges are Nil after payment of the 1st EMI for Loan amount upto 50 lakhs. |
Additional Interest on late payment |
24% per annum |
Repayment Mode Swap Charges |
₹500/- per transaction plus applicable taxes |
Loan Cancellation Charges |
₹3000/- plus applicable taxes |
I hope my answer on how to convert personal loan to home loan in ICICI helps you out.
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Read more: How to calculate home loan eligibility in HDFC ? How to check home loan eligibility in ICICI bank ? How to check home loan eligibility in SBI?Your Feedback Matters! How was this Answer?
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Authors Of The Question
How to Convert Personal Loan to Home Loan in ICICI?
Trisha
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1 Answers
1 Year
2023-04-06T19:03:02+00:00 2023-04-06T19:05:51+00:00Comment
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