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ICICI Bank Lease Rental Discounting Loan in Kanpur

Interest Rate starts from 10.25%

ICICI Bank Lease Rental Discounting Loan Interest rates in Kanpur

Please Find the Detailed ICICI Bank Lease Rental Discounting Loan Interest Rates

Up To 50,00,00050,00,000 Above
Commercial Properties10.25%10.50%

Features of ICICI Bank Lease Rental Discounting Loan Kanpur

Type Features
Processing Feeupto 1.0%
Pre Closure Charges2.0%
Part Payment ChargesAllowed
Min Tenure3 Years
Max Tenure10 Years
Min Age25 Years
Max Age60 Years
Min Loan AmountRs.5,00,000/-
Max Loan AmountRs.20,00,000/-

ICICI Bank Lease Rental Discounting Loan Kanpur Charges

Type Charges
Penal Interest@24% P A
Duplicate Statement ChargesNil
Insurance CoverUpto Loan Amount
Inspection ChargesNil
Legal Opinion Valuation ChargesNil
Bounce Cheque ChargesRs. 500/-
Switch Variable To Fixed0.5% on Loan outstanding
Switch Fixed To Variable0.5% on Loan outstanding
Photocopy DocumentsRs. 500/-
C I B I L Report Issuance ChargesRs. 50/-
Charge For Exchanging E C S MandateRs. 500/-
Repayment Schedule ChargesNil
Loan Re Schedulement ChargesNil
N O C Issuance ChargesNil

Documentation For Lease Rental Discounting

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification
  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)
  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements)
  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
  • Bank statements of latest 2 months
  • 3 months bank passbook
  • Min of 15 years of Link documents of Property
  • Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
  • Property Sanction plan
  • BRS/LRS copies (if required, any)

ICICI Bank Lease Rental Discounting Loan FAQ's

About ICICI Bank

ICICI Bank Limited (the Bank) is a banking company. The Bank is a diversified financial services group offering a range of banking and financial services to corporate and retail customers through a variety of delivery channels. The Bank operates in the segments: retail banking, wholesale banking, treasury, other banking, life insurance, general insurance and others.

The Bank provides a range of commercial banking and project finance products and services, including loan products, fee and commission-based products and services, deposit products and foreign exchange and derivatives products to corporations, middle market companies and small and medium enterprises in India. Its commercial banking operations for retail customers consist of retail lending and deposit taking and distribution of third party investment products. It also offers agricultural and rural banking products.

ICICI Bank Highlights

ICICI Bank was ranked first in ‘The Brand Trust Report, India Study 2016’ done by Trust Research Advisory (TRA) under the BFSI category
‘Best Retail Bank in India’ in Asia Pacific, at the Asian Banker Excellence in Retail Financial Services International Awards 2016.
‘Best Employee Engagement Initiative’ Middle-East and Africa at the Asian Banker Excellence in Retail Financial Services International Awards 2016
IBA Banking Technology Awards 2016 in the category of 'The Best Use of Technology to Enhance Customer Experience'
ICICI Bank won the 'Global Safety Awards 2016' organised by The Energy and Environment Foundation
ICICI Bank won ‘Best Private Sector Bank’ under ‘Global Business’ category at the ‘Dun & Bradstreet Banking Awards 2015

Lease Rental Discounting Can Be Used For Many Purposes Like Below

For Business Expansion

For Construct a New Block

For Construction of a New House

For Future Saving Plans

For Interiors of Home

For Lumsum Amount on Lease Rentals

For Personal Investments

To Renovate Home

Why Lease Rental Discounting?

Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.

Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.

In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.

Expert Advice

Best Practices for Home Loan

Buyer has to ensure sufficient due diligence before finalizing the property. Certain aspects like builder credibility, availability of required approvals, and legal clearance of property to be checked before buying a property. Though it costs little extra it is advisable to get the assistance of experts for buying a property. This will help in avoiding costly mistakes.
Calculate and plan the total expenditure involved in purchasing a property. Apart from the cost of the property there are other related expenses like stamp duty, loan application charges, processing fee, valuation fee, legal fee etc which need to be meet from own funds of the buyer. Property buyer to invest around 20-25% of the total cost apart from loan. It is to be ensured that sufficient cash reserves are available to meet these expenses.
Based on your earning and repaying capacity decide the home loan amount to be taken. The various factors to be taken into consideration include your income, fixed obligations, remaining work experience, future growth prospects, future expenses like children education, marriage etc, other source of income, job related risks etc. This thorough analysis will help in taking right decision. This will help in not making a mistake of taking small loan when your income supports higher loan and taking high loan when your income do not support a huge amount.
Improve your credit history. Clearing of all overdue before applying for home loan will helps to improve the credit score. It is to be noted that your loans will not go into 30-60 or 90 days delinquency which reduce the credit score. Loan dues to be paid before the credit card payments which have higher impact on the credit score then the credit card payment. Prioritize the payments.
Do hold all the documentation required for processing the loan in originals and copies. This will help in easy verification of documents and fast processing. Any change in the employment, changes in pay structure etc during the loan process to be intimated to the concerned officer who helps in avoiding disconnect.
Save the best possible amount from your income. This will help you in having the large down payment. During the tenure of loansave the income, which can be used for prepay of principal amount. Ensure that there are no prepayment charges before making prepayment.

Things not to do for Home Loan

Do not avail any short term loans like vehicle loans, Home Loans, credit cards before going for a home loan. Any additional loan taken will reduce your Home Loan eligibility.
Do not be very optimistic about your future income and make a choice of high loan amount. This will increase your worries and you make feel unsecured.
Do not change your employer without knowing the impact on the approval of your Home loan.
Do not get into a contract with emotions, do proper research before taking a property and ensure it is right fit for you.
Do not jump into a conclusion, do the required homework before applying for home loan.
Do not forget to read the small print, ensure to read all the terms and conditions before signing the agreements.
Do not forget to make the payment of instalments. Ensure sufficient balance in the account to meet the EMI on a monthly basis.
Do not apply for a home loan only just you have eligibility. First select the property get the technical and legal cleared then go for the home loan. In case if you have applied for a home loan and it is sanctioned based on your income, subsequently property is not eligible under Bank norms you will end up losing the processing fee.

Lease Rental Discounting Vs Mortgage Loans

Lease Rental Discounting Mortgage Loan
Home loan can be availed for own/purchase of new property (Home or Flat). Mortgage loans will be provided based on already owned property.
Under Home Loan, loan can be availed only for purchase of new property. There is no restriction on mortgage loan usage. It can be used for any purpose.
Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India.
Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans.
Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines.
Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms.
There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines.
Part pre Payments will be allowed in Housing Loans. There were no part prepayment will be allowed for Mortgage loans.
Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. Mortgage loans also avail with the joint eligibility as company and director or blood relatives.
You can avail max of 80% of the property value as a home loan as per your eligibility criteria. In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property.
You can avail a top loan facility on your home loan. Top up facility will be vary from bank to bank internal guidelines.

About Kanpur

Kanpur is the 12th most populous city in India. It is the second largest industrial town in north India,Kanpur city has a population of 2,701,324. Kanpur is the most important industrial centre in Uttar Pradesh. It lies on the banks of Ganga. It is famous for leather and textile goods of fine quality, and leather industries, cotton, flour and vegetable oil mills, sugar refineries and chemical works.

History of Kanpur Believed to be founded by king Hindu Singh of the erstwhile state of Sachendi, Kanpur was originally known as 'Kanhpur'. Upto the 1st half of the 18th century Kanpur continued to survive as an insignificant village.Kanpur came under the British Rule by the treaty of 1801 with Nawab Saadat Ali Khan of Awadh. This forms a turning point in the history of Kanpur.The three strategic events of the 1857 war at Kanpur were the fight at `wheeler’s entrenchment’, the `massacre at Sati Chaura Ghat’ and the `Bibighar massacre’. Nana Sahib had declared independence on the 7th of June 1857 at Kanpur.

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Places To Be Visited In Kanpur

Green Park

    This is the best and most famous playground of Kanpur. International Cricket matches are held here and it has one of the best pitches in the world.

Allen Forest Zoo

    The Kanpur Zoo was opened in 1971 and ranks among one of the best zoos in the country. It is an ideal place for picnics in picturesque surroundings.

The Kanpur Memorial Church

    This church in Kanpur is popularly known as the All soul's cathedral. It was built in memory of the British who lost their lives in the 1857 revolt. The most attractive feature of this church is that it was built in the Lombardic Gothic style. The cathedral also houses a memorial garden towards its east.

Massacre Ghat

    Massacre Ghat near the bank of river Ganga is situated in the Kanpur Cantonment Area.History has got a lot to talk about this place for this is the location of Revolt of 1857, which is also popularly referred to as the Sepoy Mutiny of 1857 or the first war of Indian Independence took place.

Phool Bagh

    Phool Bagh houses the Ganesh Shanker Vidyarthi Memorial building occupied by the Orthopaedic Rehabilitation Hospital popularly referred as Ganesh Udyan.This bagh is situated on the Mall road which is in the prime heart of the city.

Jain Glass Temple

    This temple is mainly dedicated to Lord Mahavira and the 23 Jain Tirthankaras.Jain Glass Temple is one of the holy places for the Jains in Kanpur.It is located in the in Maheswari Mahal.The temple is known for its glass and enamel works.

Jajmau

    Jajmau known as Siddhapuri is a very ancient mound located towards the east end of the city.This was supposed to the kingdom of Yayati dynasty.Many antiques were got after the excavations of this place in 1957.Now this place is become one of the most important site to be visited by the tourists for Jajmau houses the Siddhnath and Siddha Devi temples and the mausoleum of Makhdum Shah ala-ul-Haq, the famous Sufi saint, built by Firoz Shah Tughlaq in 1358 and a mosque built by Kulich Khan in 1679.

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