Reviewed on Apr 30, 2016
Interest Rate starts from
Possessing a valuable property that can be mortgaged for your needs? Check out the Mortgage Loan offers from ApnaLoanBazaar provided by various bank across India and enjoy our support till the Loan closure.
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.
Interest Rate (Monthly reducing balance): 13.00% to 19.00%
Processing Fees: 0.5% to 2.5% of Loan Amount
Loan Tenure: 1 year to 5 years
Pre-closure Charges: 4% of pre-closed amount
Guarantor Requirement: No guarantor required
Minimum income required: Rs.12,000 per month
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
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.
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.
|Lease Rental Discounting||ICICI Bank 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).||ICICI Bank 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 ICICI Bank 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.|
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