ICICI Bank Mortgage Loan Interest rates in Lucknow
| 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 Lucknow
| 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 Lucknow
| 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 Lucknow 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 Lucknow
Lucknow is the Second largest and capital city of the Indian state of Uttar Pradesh. A major metropolitan city of India, Lucknow is the administrative headquarters of the eponymous District and Division and the capital of the state of Uttar Pradesh.
The history of Lucknow can be traced back to the ancient times of the Suryavanshi Dynasty. It is said that Lakshmana, who was the brother of Lord Rama, laid the foundation of the ancient city. This was near the Gomti River on an elevated piece of land. It was then called Lakshmanpur. During in 18th Century, the year 1720 when the great Mughal emperors began to appoint Nawabs in order to ensure smooth administration in the province. In the year 1732, Mohammad Amir Saadat Khan was appointed as the viceroyal of Awadh, in which Lucknow was a major province. It was then that the powerful dynasty of the Nawabs, which changed the history of this unknown place. Under the rule of the Nawabs, Lucknow flourished like never before. After 1755, Lucknow grew by leaps and bounds under the rule of the fourth Nawab Asaf-ud-Daula. It was when the British came to India that Lucknow was made into an administrative capital.
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Places To Be Visited In Lucknow
Bara Imambara
The Bara Imambara was built in the year 1784 by the fourth Nawab of Awadh known as Asaf-ud-Daula. It was built as a part of a relief project for a major famine that took place in the year 1784.
British Residency Lucknow
The British Residency of Lucknow is a famous historical landmark of this place. It is now in ruins and has been declared a protected monument by the Archaeological Survey of India.
Chattar Manzil
:One of the imposing structures built by the Nawabs of Lucknow, Chattar Manzil is a very famous tourist attraction of Lucknow. The most unique thing about the Chattar Manzil of Lucknow is the strikingly different architecture.
Hussainabad Imambara
The Hussainabad Imambara is a major tourist attraction of Lucknow. The monument was built by Mohammed Ali Shah in the year 1837. The tombs of Mohammed Ali Shah and his mother are located over here. The walls of the monument are decorated with Arabic verses that have been carved beautifully by efficient craftsmen. The structure has an imposing white colored dome and many pillars or minarets. The interiors of the monument are worth seeing. They have been decorated beautifully with elaborate chandeliers, mirrors with gold frames, the majestic throne of the King. There are small miniatures of the Taj Mahal on either side of the monument. The Hussainabad Imambara is beautifully decorated during the festival of Moharrum. The whole structure is bordered with thousands of little bulbs, which give it a royal look when illuminated in the evening.
Lakshmana
Tila It is said that the original site of the town was actually at Lakshmana Tila. The story goes back to ancient times when the brother of Lord Rama, Lakshmana laid the foundation of the city of modern Lucknow. It was known as Lakshmanpur then. This place is supposed to be one of the earliest sites of human settlements in Lucknow.
Clock Tower
Between the Bara Imambara and Chhota Imambara is the Clock Tower of Lucknow. This huge tower was constructed by Nawab Nasir-ud-Din Haider in the year 1880. The Clock Tower in Lucknow reaches upto a staggering height of 221 feet and is the tallest Clock Tower in India. The Clock tower also has the biggest fitted clock that cost the government around Rs. 1.75 lakhs at that time.