What are the purposes for which you can avail loan against property from ICICI Bank?
A. You can avail a loan from ICICI Bank for your personal reasons or for business activities. The loan can be availed against both commercial and residential property.
Q. What are the loan tenure options available?
A. The loan can be repaid over a period of up to 15 years.
Q. How will ICICI Bank decide the loan amount eligibility?
A. Whether you get a property loan from ICICI Bank or not will be decided based upon your repayment capacity. Besides this bank takes into consideration other factors such as income, age, qualification, number of dependents, spouse’s income, savings history, stability, continuity and number of dependents. However, the eligibility of loan should not exceed 85% of the cost of property.
Q. Who can be the co-applicant when you apply for ICICI Bank property loan?
A. For availing this loan from the bank, you can include your spouse as a co-applicant. You can also add their income details to enlarge the loan amount. However, it is necessary that the co-owners of the property should be co-applicants.
Q. Does the asset have to insured for the mortgage loan to be sanctioned?
A. Most of banks demand that your property should be accordingly and properly insured against fire and other hazardous. This is required by banks to get the assurance of clear and secured property.
Q. How will the loan from ICICI Bank be reassessed if there is a change in status from non-resident Indian to resident Indian?
A. The repayment capacity of the applicant will be amended based on his resident status and a revised repayment schedule will be worked out. Rate of interest will be revised too and it will be as per the currently applicable rate of resident Indian loans (specific for loan products). This amended rate of interest will be relevant on the outstanding balance being converted. A confirmation letter is provided to customer validating the change of status once done.
Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.
Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.
A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.
Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.
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