ICICI Bank Loan Against Property - Frequently Asked Questions

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.

ICICI Bank Loan Against Property in Delhi NCR through LoanMoney

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