ICICI Bank Mortgage Loan Interest rates in Tiruchirappali
| 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 Tiruchirappali
| 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 Tiruchirappali
| 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 Tiruchirappali 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 Tiruchirappali
Tiruchirappalli is a city in the Indian state of Tamil Nadu and the administrative headquarters of Tiruchirappalli District. It is the fourth largest municipal corporation and the fourth largest urban agglomeration in the state. The city is an important educational centre in the state of Tamil Nadu, and houses nationally recognised institutions such as the Indian Institute of Management (IIMT), Indian Institute of Information Technology (IIIT) and National Institute of Technology (NITT). Industrial units such as Bharat Heavy Electricals Limited (BHEL), Golden Rock Railway Workshop and Ordnance Factory Tiruchirappalli (OFT) have their factories in Tiruchirappalli. The presence of a large number of energy equipment manufacturing units in and around the city has earned it the title of "Energy Equipment and Fabrication Capital of India".
Tiruchirappalli is internationally known for a brand of cheroot known as the Trichinopoly cigar, which was exported in large quantities to the United Kingdom during the 19th century.Tiruchirappalli is one of the oldest inhabited cities in Tamil Nadu; its earliest settlements date back to the second millennium BC.Uraiyur, the capital of the Early Cholas for 600 years from the 3rd century BC onwards, is a suburb of present-day Tiruchirappalli.The city is referred to as Orthoura by the historian Ptolemy in his 2nd-century work Geography.The world's oldest surviving dam, the Kallanai, was built across the Kaveri River by Karikala Chola in the 2nd century AD.
Places To Be Visited In Tiruchirappali
Kallanai Dam
Kallanai Dam is one of the major attractions in Tamil Nadu which was built nearly 2000 years ago. The Kallanai Dam was built by the Cholas in the 2nd century AD and is one of the oldest functioning water diversion structures in the world which are still in use. The place is located in peaceful and lush green vicinity and is a great picnic spot.
Puliancholai Falls
The Puliyancholai Falls are one of the most amazing picnic spot you can visit in the ancient town of Tiruchirappalli. The falls are a terrace waterfall located in a very serene and calm environment. The calm scenery which can be encountered during your commute is an amazing experience and will refresh your senses for sure.
Government Museum
The Government Museum in Tiruchirappalli is one of the most sought after tourist destinations. It is situated at a distance of 40 km from Trichy near the Pudukkottai station. The museum is home to a unique and interesting collection of objects related to Zoology, Paintings, Geology, Anthropology, Epigraphy and History of the state.
Viralimalai Sanctuary
If you love nature then the Viralimalai Sanctuary is just the right place for you. Viralimalai is a quaint little town located near Tiruchirappalli which is popular for the spectacular Murugan temple and the captivating Peacock Sanctuary. The village attracts tourists and pilgrims from all parts of the country. The sanctuary is simply a treat to the eyes as it promises sights of numerous wild peacocks roaming around and dancing freely.
Rock Fort Temple
The Rockfort or Ucchi Pillayar Koil is one of the most important tourist spots in Trichy. The Rock Fort Temple is located at the top of a huge rock in Trichy. The complex is home to two prominent Hindu temples constructed in the 7th century. One temple is dedicated to Lord Shiva and the other is dedicated to Lord Ganesh. The rock on which this temple complex is situated is believed to be one of the oldest in the world.
Sri Ranganathaswami Temple
The Sri Ranganathaswamy Temple is another significant place of interest in Trichy. It is located in Srirangam which is situated at a distance of 7 km from Tiruchirapalli, Tamil Nadu, India. The temple is a popular Hindu pilgrimage center in India. The temple is one of the foremost abodes of Lord Vishnu. Constructed in true Dravidian style of architecture the temple finds mention in the early medieval literature of the state.
Tiruvanaikkaval or Jambukeswara Temple
The Tiruvanaikkaval is also a marvelous Hindu temple in Trichy. Situated just 2 km from Srirangam the Tiruvanaikkaval temple is dedicated to Lord Shiva. The temple attracts millions of devotees every year on the occasion of Shivratri.