ICICI Bank Mortgage Loan Interest rates in Pondicherry
| 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 Pondicherry
| 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 Pondicherry
| 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 Pondicherry 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 Pondicherry
Pondicherry is the capital city and the largest city of the Indian union territory of Puducherry. The city of Pondicherry is situated in Puducherry district of the union territory. It is affectionately known as Pondy, and has been officially known by the alternative name Puducherry in Tamil (New Town) since 2006
The history of the city of Pondicherry is recorded only after the arrival of Dutch, Portuguese, British and French colonialists. By contrast, nearby places such as Arikamedu, Ariyankuppam, Kakayanthoppe, Villianur and Bahur, The Cholas of Thanjavur held it from the 10th to 13th centuries, only to be replaced by the Pandya Kingdom in the 13th century.
The Vijayanagar Empire took control of almost all of the South of India in the 14th century and maintained control until 1638.. Five trading posts were established along the south Indian coast between 1668 and 1674. The town was separated by a canal into the French Quarter and the Indian Quarter.The French control remained until 1954 (de jure 1962), when it was incorporated into the Indian Union along with the rest of French India.
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Places To Be Visited In Pondicherry
Pondicherry Beach
Pondicherry Beach is a paradise for all beach lovers and tourists. It is flanked by a flowing creek on one side and is also known for its tree houses, which are located on the backwaters. The beach is a budget one in South India as it is cheaper to access and accommodation in pondicherry is lesser when compared to other beaches and their resorts or hotels in the country.
Botanical Garden
This Pondicherry Botanical Garden is no different. Providing respite from the heat and hustle-bustle on main roads, this garden serves as one of the delightful places to visit in Pondicherry.it is a reminder of French architecture, providing an insight into how architecture in France developed and how colonization has had an impact on the development of Pondicherry. Built in 1826, the garden was initially laid out in ornate style and the botanical beauty houses around 1500 varieties of plants.
Gingee Fort
The Fort is declared as a National Monument in 1921. Apart from being a unique architectural feat it is one of the few forts in the State.
Auroville
Auroville is the best place for those who seek to learn more about India and its spirituality. It was created to bring progressive harmony aims to transcend creed, culture, politics and nationalities. Visiting here is truly a unique experience.
Manakula Vinayagar Temple
This Hindu temple, located in Pondicherry is dedicated to Lord Ganesha. It is widely considered a popular pilgrimage site. The temple and its antiquity reminds one of how Indian culture and heritage didn’t wither away even after years of colonization. During Dupleix’s tenure, several attempts were made to destroy the temple, but Hindu populations always managed to protect it through protests and threat of Maratha invasion.
French War Memorial
French War Memorial is a popular place of interest. Built on the Goubert Avenue or The Promenade, it serves as a reminder of those valiant soldiers who lost their lives during the World War-I from 1916 to 1919. The memorial, built in 1971, is reminiscent of the fact that war leaves fatalities behind and doesn’t answer any questions or offer any solutions. On the Bastille Day, i.e. 14th July every year, the memorial is illuminated in a beautiful manner, ensuring that locals and travellers can pay homage to courageous martyrs who laid down their lives.