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ICICI Bank Mortgage Loan in Karnal

Interest Rate starts from 9.05%

ICICI Bank Mortgage Loan Interest rates in Karnal

Please Find the Detailed ICICI Bank Mortgage Loan Interest Rates

50,00,000 Aboveupto To 50,00,000
Commercial Properties9.75%9.50%
Industrial Properties10.50%10.25%
Residential Properties9.25%9.05%

Loan To Value (LTV) For ICICI Bank Mortgage Loan in Karnal

Please Find the Detailed Margin Money Details For ICICI Bank Mortgage Loan
50,00,000 Aboveupto To 50,00,000
Commercial Properties55.00%55.00%
Industrial Properties50.00%45.00%
Residential Properties75.00%70.00%

Features of ICICI Bank Mortgage Loan Karnal

Type Features
Processing FeeUpto 1.0%
Pre Closure Charges2.0%
Part Payment ChargesAllowed
Min Tenure5 Years
Max Tenure15 Years
Min Age23 Years
Max Age60 Years
Min Loan AmountRs.15,00,000/-
Max Loan AmountRs.30,00,00,000/-

ICICI Bank Mortgage Loan Karnal Charges

Type Charges
Penal Interest2% Per Month
Duplicate Statement ChargesNil
Insurance CoverUpto Loan Amount
Bounce Cheque ChargesRs.500/-
Switch Variable To Fixed0.5% of the principal outstanding
Switch Fixed To Variable0.5% of the principal outstanding
Photocopy DocumentsRs.500/-
C I B I L Report Issuance ChargesRs.50/-
Charge For Exchanging E C S MandateRs. 500/-
Repayment Schedule ChargesRs.500/-
Loan Re Schedulement ChargesNil
N O C Issuance ChargesRs.100/-

Documentation For Mortgage Loan

  • 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)

ICICI Bank Mortgage 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

Mortgage Loan Can Be Used For Many Purposes Like Below

For Business Expansion

Accelerate the Business Growth

For Acquiring New Technology

For Construct a New Block

for setting up a new Factory

Setting up a new branch

To Pay off the other Loans

To Procure the More Stock

Things Keep In Mind While Avail a Mortgage Loan

A mortgage is actually made up of several parts – the collateral you used to secure the loan, your principal and interest payments and insurance.

Since most mortgages last 10 to 15 years of monthly payments, you should understand the how exactly it will works for you.

Type of Collateral You Are Offering

1) Residential Properties:
Properties are used for the residence purpose usually called as residential properties. Independent houses, flats, villas are commonly considered as residential properties. Financial institutions like these properties and offer more LTV (loan to value) offer to the borrower. Since at the time of loan default, residential properties are easy to liquidate in the market and recover the loan amount.
2) Commercial Properties
Properties using for commercial purpose called as commercial properties. Shopping malls, Market area properties and other properties which is located in commercial area is considered as commercial properties. After residential properties, banks will give preference to the commercial properties for loansanction to a borrower. Compare to residential properties, commercial properties are little difficult to liquidate in the market. Hence the LTV of the commercial properties are will in the range of 50%-60% of the property value.
3) Industrial Properties
Properties are located in the govt declared industrial area like SEZ, Industrial zone etc., and a property is having huge infrastructure setup like machinery, which can be used for the business trading, manufacturing or storage of goods considered as industrial properties. Industrial properties liquidity in the market is low, hence the banks provide LTV to these properties are 40%-50% based on the property amenities.

Principal And Interest

The principal is simply the sum of money you borrowed on mortgage.

Interest is what the lender charges you to use the money you borrowed, usually expressed as a percentage called the interest rate.

Principal and interest comprise your monthly payments in a process called amortization, which reduces your debt over a fixed period of time. With amortization, your monthly payments largely go toward paying off the interest in the early years, and gradually reduce the principal later on.

Factors That Affect your Loan Interest Rates

1) Type of Property offered as Mortgage:

Your property will decide the interest rate on your loan. A residential property will attract lesser rate of Interest compare to the Commercial and Industrial properties. Industrial properties will have comparatively higher rate of interest. This is due to the liquidity of the property, when default occurs.

2) Property Legal and Technical Clearance:

Banks will not finance all properties. Banks look into various aspects like locality, usage etc. Property must satisfied by the lender internal policies criteria. For example, sometimes commercial properties built by the borrower basis on the residential approvals from the govt authorities, however actual usage is for commercial purpose. This is a deviation from the lender perspective. These factors will have impact on your loan approvals.

3) Bank-Customer relationship:

If you approach the bank where you already have a bank account and you are a valued customer then banks may give you certain leeway. This mean you can negotiate with the bank for a cheaper interest rate. Most banks agree to give a concession of 0.5-1% on the interest rate.

4) Credit/CIBIL History:

If you have good credit/CIBIL record then banks will definitely award you with a better rate of interest. This means that if you have taken a loan previously and managed to pay it off without defaulting then you will have a high credit/CIBIL score. Apart from the loan the banks also take into account payment of your credit card bill record.

Expert Advice

Best Practices for Mortgage Loan

Try to get a mortgage first, if there are going to be multiple financial obligations popping up in the near future. If you are going to be applying for new credit cards, the inquiry alone can affect your credit score. This will affect your loan processing.
Search in the Market:Before applying the mortgage loan, search for the best lender as per your requirement such as low interest rate, maximum loan tenure and higher LTV etc., this can help you to avoid crucial time and money for the mortgage loan processing.
Get Clarified:Get Clarified on the all the mortgage terms and conditions before put up the application, few of the lender will provide additional option like “Nil Charges” for Pre/Part payments and few Lenders provide the top up on your existing loan based on the good loan track. Get this information clarified from your lender.
Make Timely Payments: Make timely payment on all current debt obligations, including any current mortgage, car, credit card and other bills on time, particularly around the months leading up to the time you get ready to apply for a mortgage. This will ensure that your credit score is at the best mark, scoring you an ideal loan!

Tell the Truth: It may seem unnecessary to be reminded of this, but be as thorough as possible on the loan application. An in-depth analysis of your history will take place during the loan process. Failing to report a debt or misrepresenting your income will raise red flags.
Maintain Your Credit Score: Make on-time payments and make sure your credit score is above average. For mortgage loan the optimum credit score is 720. If you doubt on your credit score, get it online and get rectified before applying for Mortgage Loan.
Be Prepare with the Property Documents: Make sure all the original documents and related link documents of the property to be available to you, this can help the loan processing faster. If anything is missing try to arrange the same before applying the loan. Since Mortgage loan process will happen only after the initial fee prescribed.

Continue to make your mortgage or rent payments on time.

Things not to do for Mortgage Loan

Don’t accept any mortgage documents until you are given a breakdown on costs associated with your mortgage and understand the terms of your loan.
Don’t assume that all mortgage products are the same.
Don’t borrow more than you can afford even if you qualify for more.
Don’t- Close or open any asset accounts or transfer funds between accounts without receiving the correct documentation required for your loan.
Don’t - Change your legal name if you are a self employed.
Don’t - Alter any documents in any way.
Don’t change the bank accounts or banks unless advised

Mortgage Loans Vs Lease Rental Discounting

Lease Rental Discounting Mortgage Loan
Lease Rental Discounting (LRD) will be based on the actual rental you are receiving on the property. Mortgage loans will be provided based on already owned property.
There is no restriction on LRD loan usage. It can be used for any purpose. There is no restriction on mortgage loan usage. It can be used for any purpose.
Lease Rental Discounting (LRD) will be provided for max of 10 years, However it depends on the rental agreement Tenure. Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India.
Interest rate will be very from 11.00% to max of 15.00% based on the bank to bank. Generally Lease Rental Discounting (LRD) will be fixed interest loans. Interest rate will be very from 10.5 % to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans.
The money received from the LRD will be used for any purpose. There is no end use restriction on the amount. 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.
Loan can be availed up to max of Rs. 20.0 Cr under Lease Rental Discounting (LRD). Mortgage Loans can be avail up to Rs. 30.0 Cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms.
There will be pre payment changes will be applicable for Lease Rental Discounting (LRD). This will be vary from 1% to 4% as per bank internal guidelines. 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 based on the internal policies of the banks for Lease Rental Discounting (LRD). Part/Prepayment will be allowed as per bank internal policies for Mortgage loans.
Lease Rental Discounting (LRD) eligibility depends on the type of tenant and credibility of tenant. Mortgage loans also avail with the joint eligibility as company and director or blood relatives.
Banks can consider 90% of the Lease Rental value as repayment for loan under the Lease Rental Discounting (LRD) . 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 Lease Rental Discounting (LRD). Top up facility will be varying from bank to bank internal guidelines.

About Karnal

Karnal is an important city located in the state of Haryana. The city accounts for a major share of the country’s agricultural implements and shares. It is also well known for being the starting point of Liberty shoes manufacturing. Liberty shoes have one of the biggest manufacturing facilities in Karnal. According to Hindu mythology, Karnal is believed to have been founded by Karna, a character from the epic, Mahabharata.

Historically, Kot Mohalla is a fort, is inhabited by the Ror clan. They are credited with building the present Karnal.Karnal’s significant period in history started in 1739 with the Battle of Karnal. In this battle, the Mughal Emperor Muhammad Shah was defeated by Nadir Shah and took over the city. In the subsequent years, Karnal came to be ruled by Raja Gopal Singh, the Marathas, the Sikhs and the British.Karnal is also the birthplace of Pakistan’s first Prime Minister, Liaquat Ali Khan, who was born here on 1st October, 1895. Other people of note who were born in Karnal include Kalpana Chawla and ID Swami. Kalpana Chawla was an astronaut and the first Indian woman to go to outer space.

Places To Be Visited In Karnal

Pukka Pul

    The Pukka Pul is located at a distance of 7 Kms from the Karnal city. This beautiful place is also known as the Sayad’s Shrine and is situated near the Mughal Bridge. The tomb is considered to have mythological powers of sending away the ghosts and curing disease.

Karnal Fort

    The Karnal Fort is an old fort situated in the district of Karnal. This fort was constructed by Raja Gajpat Singh of Jind in 1764 AD. However, now this fort has been turned into an accommodation for official and residential purposes of the Tehsildar.

Cantonment Church Tower

    Cantonment Church Tower is an ancient tower which is located in the city itself. The height of the tower is 35 meters and is bordered by a big cross. This Church has been named after St. James. In 1841 AD, it was demolished after the shifting of the cantonment to Ambala.

Alamgir Miran Sahib's Tomb

    The tomb of Alamgir Miran Sahib is situated in the southern part of Karnal town. This tomb was built in the memory and honour of a saint Sayad Mohammed. Sayad Mohammed died in 899 AD while rescuing a Brahmin girl from the custody of a Raja in a pitched battle. The premises of this tomb also have a small mosque along with cemeteries of several members of the Mandal family.

Kalander Shah's Tomb

    The tomb of Kalander Shah is situated at a few km from the district of Karnal. This tomb was built by Ghias-ud-din, who was the emperor of Delhi, in the memory of Bo-Ali-Qualander Shah, who was a famous Muslim sage. There is a grave placed inside this tomb, which is made out of marble and decorated with carved sculptures. Just outside this tomb, there is a mosque with a fountain and reservoir in its premises. This mosque was built by Emperor Alamgir.

Karnal Lake

    Just 10 Kms from Karnal, Karnal Lake is basically an artificial lake having an island in centre. It is a dwelling place for many birds like geese, kingfishers, swans and ducks etc. The exotic and refreshing surrounding nearby lake lures.

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