ICICI Bank Mortgage Loan Interest rates in Cuddalore
| 50,00,000 Above | upto To 50,00,000 | |
|---|---|---|
| Commercial Properties | 9.75% | 9.50% |
| Industrial Properties | 10.50% | 10.25% |
| Residential Properties | 9.25% | 9.05% |
Loan To Value (LTV) For ICICI Bank Mortgage Loan in Cuddalore
| 50,00,000 Above | upto To 50,00,000 | |
|---|---|---|
| Commercial Properties | 55.00% | 55.00% |
| Industrial Properties | 50.00% | 45.00% |
| Residential Properties | 75.00% | 70.00% |
Features of ICICI Bank Mortgage Loan Cuddalore
| Type | Features |
|---|---|
| Processing Fee | Upto 1.0% |
| Pre Closure Charges | 2.0% |
| Part Payment Charges | Allowed |
| Min Tenure | 5 Years |
| Max Tenure | 15 Years |
| Min Age | 23 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.15,00,000/- |
| Max Loan Amount | Rs.30,00,00,000/- |
ICICI Bank Mortgage Loan Cuddalore Charges
| Type | Charges |
|---|---|
| Penal Interest | 2% Per Month |
| Duplicate Statement Charges | Nil |
| Insurance Cover | Upto Loan Amount |
| Bounce Cheque Charges | Rs.500/- |
| Switch Variable To Fixed | 0.5% of the principal outstanding |
| Switch Fixed To Variable | 0.5% of the principal outstanding |
| Photocopy Documents | Rs.500/- |
| C I B I L Report Issuance Charges | Rs.50/- |
| Charge For Exchanging E C S Mandate | Rs. 500/- |
| Repayment Schedule Charges | Rs.500/- |
| Loan Re Schedulement Charges | Nil |
| N O C Issuance Charges | Rs.100/- |
Documentation For Mortgage Loan
For Salaried Persons
- 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
For Self Employed/Professionals
- 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
Identity Proof For Mortgage Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Mortgage Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Address Proof For Mortgage Loan
- 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)
Income Proof For Mortgage Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Job Continuity Proof
- 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
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
About Other Banks
Bajaj Finserv
Axis Bank
HDFC Bank
Magma Fincorp
DHFL
Citi Bank
Dcb Bank
IDBI Bank
IndusInd Bank
Kotak Mahindra Bank
RBL Bank
State Bank of India
Standard Chartered Bank
Avanse
LIC Housing Finance
Fullerton
TATA Capital
Credila
HDFC Limited
Aditya Birla Housing Finance
Capital First
Edelweiss
Indiabulls Housing Finance
Religare Finvest
Yes Bank
Canara Bank
Bank of Baroda
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
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
Expert Advice
Best Practices for Mortgage Loan
Things not to do for Mortgage Loan
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 Cuddalore
Cuddalore is a city which is the headquarters of the Cuddalore District in the south Indian state of Tamil Nadu. Scholars believe the name Cuddalore is derived from Koodalur, meaning confluence in Tamil. While the early history of this district remains unclear, the town first rose to prominence during the reign of Pallavas and Medieval Cholas. After the fall of Cholas, the town was ruled by various dynasties like Pandyas, Vijayanagar Empire, Madurai Nayaks, Thanjavur Nayaks, Thajavur Marathas, Tipu Sultan, French and the British Empire. Cuddalore was the scene of Seven Years' War and the Battle of Cuddalore in 1758 between the French and British.
It has been a part of independent India since 1947. During the 2004 Indian Ocean earthquake,it had been subject to a number of foreign powers including the Netherlands, Portugal, France and more recently, the British. In the early 17th century the Dutch obtained permission from the ruler of Cuddalore to build a fort there, but political pressure from their Portuguese rivals forced them to abandon it. Later, the French and English came to Cuddalore for trade and business.
Places To Be Visited In Cuddalore
Padaleeswarar Temple
Padaleeswarar Temple, which is dedicated to Lord Shiva, who was also named as Padaleeswarar, is situated in Cuddalore. This temple was built during the medieval Chola and Pallava periods. It is believed that Saivism was adopted by the Saivite saint Appar at this temple.
Sea Port
Sea Port is located at the confluence of Paravanar and Gadilam rivers, which is also known as Cuddalore Port. Various ships anchor in the mid stream at a distance of about 1.6 km from the shore and the cargo is discharged and loaded through lighters.
Fort St. David
Fort St. David, located in the town of Cuddalore, was a British Fort. This fort was bought from the Marathas in 1690 by the British East India Company. The fort became the British headquarters for Southern India in 1746, and in 1756, Robert Clive was the governor of Fort St. David.
Silver Beach
Silver Beach, in Devanampattinam, is situated in the eastern side of Cuddalore and is visited by a number of travellers. The beach provides tourists an opportunity to indulge in various activities such as horse riding and boating. Moreover, the beach also houses a boat house and a children's play area. It is the second long beach on Coromandel Coast and is considered to be one of the longest sea beaches in Asia.
Natrajar Temple
Natrajar Temple is dedicated to Lord Shiva Nataraja and Lord Govindaraja Perumal and is spread over 40 acres of land. The temple showcases the Dravidian style of architecture and has beautiful sculptures engraved on the walls. It also has a gopuram, out of which the east gopuram is the oldest. One of the major attractions of the temple is the Hall of Dance. The temple was reconstructed by the Pallava king, Simhavarman.
Pichavaram Mangrove Forest
Pichavaram Mangrove Forest, which is located in Pichavaram in the Cuddalore District, is the second largest Mangrove forest in the world. It is situated around 14 km from Chidambaram and comprises 177 species of birds belonging to 41 families and 15 orders. Tourists can spot local, residents, true migrants and migrant birds in this forest including watersnips, egrets, herons, cormorants, pelicans and others.