Porting your Mortgage at ICICI Bank Canada

Porting helps you move to another property without losing your existing interest rate. You can keep your existing mortgage balance, term and interest rate.

The following conditions apply:

• Mortgages are portable only with prior written approval by ICICI Bank Canada.
• Our mortgage loan approval criteria, policies, procedures and documentation requirements must be met at the time of the application for porting, including any requirements from the mortgage insurer if applicable.
• You will be required to enter into a new loan agreement for your mortgage, and provide us with a registered mortgage on your new property to secure it.
• The sale of your original property must be in good faith and an ‘arms-length’ sale.
• The term of the new mortgage loan must be equal to the remaining term of the original mortgage.
• On the date of the sale of the original property, the mortgage loan amount must be paid in full, along with applicable prepayment charges and reinvestment fee. If the new mortgage loan is advanced to you within 90 days of the payout, both the prepayment charges and reinvestment fee will be refunded back, unless the principal amount of the new mortgage loan is less than the outstanding principal amount at the time of payout (see below if principal amount is lesser than original outstanding principal amount)
• If the principal amount of the new mortgage is the same as the principal amount still owing on the original mortgage on the date of prepayment, the interest rate applicable to the original mortgage loan will apply to the new mortgage loan.
• If the principal amount of the new mortgage is the greater than the principal amount still owing on the original mortgage on the date of prepayment, a blended interest rate may apply to combine the two mortgages, provided the amortization remains the same, and both mortgages are either Insured or Uninsured. Otherwise, additional funds will be advanced as a second mortgage at the then applicable interest rate based on the term and amortization selected by the borrower.
• If the principal amount of the new mortgage is the less than the principal amount still owing on the original mortgage on the date of prepayment, the interest rate applicable to the original mortgage loan will apply to the new mortgage loan along with prepayment charges applicable to differential principal amount. The reinvestment fee will be fully refunded back.
• You will be responsible for paying all applicable setup fee, mortgage insurance premiums, legal and appraisal fees, and other expenses incurred for the new mortgage.