A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • ICICI Bank Loan Against Property

    Property, be it any kind, holds a lot of value in the market, especially with real estate rates appreciating rapidly. But this value is locked in the property, rendering the owner unable to access it when required.

    ICICI Bank’s Loan Against Property provides with the solution to access this value. This multi-purpose loan scheme lets a property owner get liquidity against the property while still occupying it. This allows them to get finance immediately for a number of business and personal needs.

    To avail ICICI Bank’s mortgage loan, both commercial and residential properties can be used as loan collateral.

    Key Features of ICICI Bank Against Property

    • ICICI Bank offers attractive rates of interest for Loans Against Property.
    • The maximum loan tenure for self-employed or salaried individuals seeking loan against property is 15 years.
    • The entire process of getting loan is made easy with faster processing.
    • Loan can be availed against both commercial and residential properties.

    With ICICI Bank Loan Against Property, funds can be availed for the following causes:

    • To start a new business.
    • To acquire working capital for your business for a long term.
    • To fund the higher education of your children.
    • To repay your other debts, especially if those are high interest loans.

    Documents Required to Apply for ICICI Bank Loan Against Property

    • Documents required for Salaried, Self-Employed Professional and Self-Employed Non-professional:

    1. Duly filled Application form.
    2. Passport sized photograph pasted on the form and signed across.
    3. Proof of Identity, age, and residential/business address.
    4. Bank statements of the past 6 months.
    5. Salary slips of the 3 months last worked.
    6. A cheque in favour of ICICI Bank towards the processing fee.
    7. Latest Income Tax Returns or Form 16.
    • Additional Documents Required for Self-Employed Professional and Self-Employed Non-professional:

    1. Certificate of educational qualification.
    2. Proof of existence of the business (registration copy, etc.)
    3. Income Tax Returns of the past 3 years, with Income computation shown.
    4. CA Certificate/Profit and Loss Account and Audited Balance Sheet of the past 3 years.
    • Further Documents Required for Self-Employed Non-professionals only:

    1. Proof of existence of business.
    2. Business profile.
    • Post Closure of Loan, Documents Required for Handover of Original Property Documents:

    1. Power Of Attorney to collect the original documents of the Property.
    2. In event of death of the Loan borrower, the following documents would be required:
    • Letter requesting handover of documents of the Property from the Legal Heir/Nominee/Claimant.
    • Letter relinquishing the right for handover of documents of the Property in favour of Legal Heirs/Surviving Owners/Nominees of Property.
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