ICICI Bank Mortgage Loan Interest rates in Kakinada
| 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 Kakinada
| 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 Kakinada
| 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 Kakinada 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
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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 Kakinada
Kakinada, which is the Headquarters of The East Godavari District, is known as rice bowl of Andhra Pradesh and has since long beckoned and enchanted tourists with its lush paddy fields and coconut groves swaying in the breeze which appear to dance in a celebration to life. It is where soulful bhajans and holy shlokas herald the dawn, where the chirping birds and gurgling streams invite you to its beautiful lakes and rivers and wild life sanctuaries.
It is a place of rich tradition, breathtaking natural beauty, historical significance, holy pilgrimage center, beautiful virgin beaches, hillocks, stunning landscapes, soothing rivers, amidst picturesque setting. Apart from these, it has a rich historical past. It dates back to the epic age and was an integral part Chalukyan and Mauryan kingdoms.
Places To Be Visited In Kakinada
Coringa Sanctuary
It is located near kakinada port around 20 km from Kakinada. Rich in flora and fauna. Dynamic ecosystem of this sanctuary constitutes of dense mangroves and lush vegetation makes this place evergreen forest. Excellent place for fishing and bird watching. One can get to see salt water crocodiles, Pelicans, sea guils and other several species of animals.
Annavaram
Annavaram village is located on the bank of river Pampa, 48 km from Kakinada. Shrine Sri Veera Venkata Sathyanarayana Swamy on the hill top is the most distinctive feature of this village, one of the reputed pilgrimage.Next to Tirupati Temple, this temple is gaining more importance and popularity among devotees and tourists. Festivals are celebrated in a grand manner round the year and makes this place pomp and gaiety. Spectacular surrounding and serene atmosphere of this temple will captivate everyone in no time.
Draksharama Bheemeshwara Swamy Temple
It is one of the 'Pancharamas' temple located in Draksharamam village at a distance of 28 km from Kakinada. Crystal Lingam is the unique feature of this temple. This temple is ancient and holy and most reputed pilgrim attracts thousands of devotees and tourists throughout the year. It is a protected monument under the archeological department.
Antarvedi
Antarvedi is referred as 'South Kashi' or Drakshina Kashi. It is famous for its unique feature of having the important tributary of river Godhavari meets the sea which is called 'Sagara Sangamam' . There is a lighthouse at the meeting point and temple of Lord Lakshmi Narasimha Swamy located almost nearer to the bank of Godhavari, Lord Shiva temple and Varshitha Sevashramam are remains major attractions. A beautiful tiny Island is located on the other bank of Godhavari.
Sri Bhavanarayana Swamy Temple:
Sri Bhavanarayana Swamy Temple, located 3 km from Kakinada known for its harmonious architectural blend of Chola and Chalukya styles. Pitahapuram one of the oldest pilgrim consists of several small temples. kakinada port is located in the east coast of India. This all weather lighter-age port debveloped in naturally sheltered 'Godhavari Sand Spit' are the other major attractions of Kakinada.