ICICI Bank Loan Against Property
About Loan against Property
Borrowing an amount of money from any financial institution or bank in lieu of Property or their ownership is known as ‘Loan against Property’. Loan Against prosperity is quite similar with other loans as it charges interest or other charges against their sum of money.
Loan against Property is considered for the personal needs or business needs , however the Loan will assure when the mortgage of property would be considered by bank name of the security.Loan against property means consider Loan but by mortgaging the property to the bank.
Loan against property provides you the benefit of easy loans with basic terms and conditions.Loan Against property means not to share the reason of accruing loan and redeem the needed finance.
Reason of Loan Against Property
- To Pay off debts.
- To secure the savings or fd’s a/c for the sudden issues.
- To save from exploitation of high money lenders.
- To save the property paper.
- Lower interest rate.
- Maximum or Long tenure period.
- Consider any property phase in India.
ICICI Bank Loan against property
ICICI Bank Loan against property consider slogan of ‘Fulfill your Personal and Business dreams’. ICICI Bank slogan means by assuring loans make your dreams into implementation whether they are related to personal and business terms.
ICICI Bank had introduced a new and beneficial financial policy for their customer called ‘Loan Against the property’.ICICI Bank Loan Against property to their customers only , which focused the other people to associate with ICICI Bank and use the financial service of Loan giant property.
ICICI Bank Loan against the property means to provide the sum of value but in lieu of that they had to mortgage their property to the Bank.ICICI Bank Loan Against Property to provide security to the Bank by considering them property and redeem the sum of amount needed for.
ICICI Bank Loan against property consider both residential and commercial property which favour for the sum of money. ICICI Bank Loan against Property service to their customer easy and comfortable emi’s for the repaying.
Necessary information about Loan Against Property in ICICI
- ICICI Bank assures the Loan against the Property from Rs.5 Lakh upto Rs.5 crore.
- ICICI Bank doesn’t have any other charges such as security , processing etc.
- ICICI Bank Provides Loan on base of the property assured by the borrower to the bank against the sum of money.
Calculation of Interest Charges
As the Loan against the property is type of loan which charge their service inform of interest charges , calculation are as follows :
- ICICI Bank charges Interest rate 8.90% on Loan amount of Loan against property.
- ICICI Bank interest rate on tenure period/period of repayment , as the bank charges affordable interest rate with long tenure period for the benefit of their customer and self.
- ICICI Bank doesn’t charge any other rates because the mortgage of property fill all their services charges.
Benefits of Loan Against Property in ICICI Bank
- Type of secured loan.
- Provide easy finance service.
- Not to show portal for Loan
- Easy availability.
- Easy to transfer sum over India.
- Minimum interest rate.
- Maximum tenure period, availability upto 15 years.
- Any property whether of residential or business.
- Special offers for doctors.
- High rates of ensuring loan upto 5 crores.
- At attractive rates and fees.
- Loans consider 70% of market value , which increases the chances of an increased amount.
- Flexibility of payment as tenure period is adjustable according to our demand.
- Basic terms and conditions , no boundation.
- Service at online or offline mode.
- Other high charges not applicable.
- Saves from high interest rates and terms and conditions of money lenders or marketers.
Eligibility of Loan against property ICICI Bank
Eligibility conditions are as follows for considering Loan against Property in ICICI :
- Should be Indian citizen or resident of India.
- Should be Salaried or self employed.
- Should be Equal or above 25 years upto 65 years.
- Should be particular and authorized with property documents.
- Should have an authorised ICICI Bank account.
Documents required for Loan against property
Documents required by ICICI Bank for Loaning against the property , they are as follows :
- KYC Documents.
- Income statement for 1 years.
- Authorised paper of property with necessary attachments of registration etc.
- Proof of identity.
- Proof of address (borrower) and property (in case of land).
- Copy of bank passbook of 6 months.
Registration of Loan Against Property in ICICI Bank
For registering of Loan against Property in ICICI Bank , please follow these basic steps :
- Visit nearby ICICI Bank , ask for Loan against Property .
- Then Fill the form of Loan against Property.
- Provide them necessary details and paper of property.
- Signed terms and conditions of Loan.
After that Loan against property will be approved soon , you are liable to the Bank.
- Visit official website of ICICI Bank ‘https://www.icicibank.com/Personal-Banking/loans/home-loan/loan-against-property/index.page’.
- Then , you see the form
- Fill the form with necessary required details.
- And click on the submit button.
After that your registration will be analysed by ICICI Bank team and approved within 24 hrs.
Repayment of Loan Against Property in ICICI Bank
- Repayment in the form of EMI should be considered on a fixed date with fixed value.
- In case of late repayment , late fee plus their gst charges include EMI.
- Repayment within the tenure period releases your property from the bank.
- Repayment in particular form as mentioned in terms of loan.
- Repayment can be considered online or offline.
- Repay can be commended in the name of the borrower.
ICICI Bank offers many types of loans, for example ICICI Bank Business Loan, ICICI Bank Personal Loan, ICICI Bank Student Loan, ICICI Bank Car Loan, ICICI Home Finance Apna Ghar Home Loan, ICICI Bank Loan Against Securities, ICICI Bank Wedding Loan and ICICI Bank Gold Loan etc.
After the Repayment of Loan , the Bond between the loaner and you become ended. Your mortgage of property will be released by ICICI Bank , after that you are not liable to the bank for any case of sum of borrowings.