I have an existing home loan with ICICI for the last 10 months, however I need to transfer the loan at a lower interest rate. Which is the best option?

I do not think there has been a substantial reduction in home loan interest rates in the last 10 months and hence do not expect other lenders to offer you a much lower rate of interest on your loan. In case you are able to get a rate, which is lower by more than 4 % over your existing loan, it will make sense to pre-close the existing loan and transfer it to the new lender. You will also need to pay pre-closure charges to ICICI bank.