ICICI Bank Ltd has decreased its loan against property interest rates by 0.10%, or 10 basis points with effect from Wednesday, January 01, 2020. This interest rate cut will reduce the cost for those people who want to avail loan against mortgage of their immovable property.
New Delhi (Delhi, India), January 16, 2020
The ICICI Bank Limited has decreased its loan against property interest rates by 0.10 percent, or 10 basis points with effect from Wednesday, January 01, 2020.
ICICI Bank Limited has revised its minimum loan against property interest rate from 10.40 percent to 10.30 percent per annum (Repo Rate 5.15% + 5.15%) for the self-occupied residential property for the loan against property amount up to ₹50,00,000.
The loan against property interest rate of ICICI Bank Ltd is benchmarked or linked to Reserve Bank of India’s Repo Rate (RR). Reserve Bank of India’s current Repo Rate, which is also called RR, is 5.15 percent per annum with effect from Friday, October 04, 2019.
ICICI Bank Limited’s current interest rate cut will reduce the cost of funds for those people who want to avail loan against mortgage of their immovable property.
ICICI Bank Loan Against Mortgage of Residential Property Interest Rate for Loan Amount up to ₹50,00,000: 10.30% Per Annum (Repo Rate 5.15% + 5.15%)
ICICI Bank Loan Against Mortgage of Residential Property Interest Rate for Loan Amount ₹50,00,001 to ₹1,00,00,000: 10.25% Per Annum (Repo Rate 5.15% + 5.10%)
ICICI Bank Loan Against Mortgage of Residential Property Interest Rate above ₹1,00,00,000: 10.20% Per Annum (Repo Rate 5.15% + 5.05%)
ICICI Bank Loan Against Mortgage of Commercial Property Interest Rate for Loan Amount up to ₹50,00,000: 10.30% Per Annum (Repo Rate 5.15% + 5.15%)
ICICI Bank Loan Against Mortgage of Commercial Property Interest Rate for Loan Amount ₹50,00,001 to ₹1,00,00,000: 10.25% Per Annum (Repo Rate 5.15% + 5.10%)
ICICI Bank Loan Against Mortgage of Commercial Property Interest Rate above ₹1,00,00,000: 10.20% Per Annum (Repo Rate 5.15% + 5.05%)
ICICI Bank Loan Against Mortgage of Residential Property Interest Rate for Loan Amount up to ₹50,00,000: 10.40% Per Annum (Repo Rate 5.15% + 5.25%)
ICICI Bank Loan Against Mortgage of Residential Property Interest Rate for Loan Amount ₹50,00,001 to ₹1,00,00,000: 10.35% Per Annum (Repo Rate 5.15% + 5.20%)
ICICI Bank Loan Against Mortgage of Residential Property Interest Rate above ₹1,00,00,000: 10.30% Per Annum (Repo Rate 5.15% + 5.15%)
ICICI Bank Loan Against Mortgage of Commercial Property Interest Rate for Loan Amount up to ₹50,00,000: 10.40% Per Annum (Repo Rate 5.15% + 5.25%)
ICICI Bank Loan Against Mortgage of Commercial Property Interest Rate for Loan Amount ₹50,00,001 to ₹1,00,00,000: 10.35% Per Annum (Repo Rate 5.15% + 5.20%)
ICICI Bank Loan Against Mortgage of Commercial Property Interest Rate above ₹1,00,00,000: 10.30% Per Annum (Repo Rate 5.15% + 5.15%)
ICICI Bank Loan Against Property Minimum Borrowing Amount: Minimum Loan Against Property Amount is ₹10,00,000
ICICI Bank Loan Against Property Maximum Borrowing Amount: Maximum Loan Against Property Amount is ₹5,00,00,000
ICICI Bank Loan Against Property Rate of Interest is Floating or Fixed: Floating Rate of Interest (Reset Period 1 Year)
Minimum Age Limit for Getting the ICICI Bank Loan Against Property Sanctioned: Minimum Age 25 Years at the Time of Loan Commencement
Maximum Age Limit for Getting the ICICI Bank Loan Against Property Sanctioned: Maximum Age 60 Years for Salaried Applicants and 65 Years for Self-Employed Applicants at the Time of Loan Maturity
Minimum Tenure for the ICICI Bank Loan Against Property: Minimum Home Loan Tenure is 3 Years (36 Months)
Maximum Tenure for the ICICI Bank Loan Against Property: Maximum Home Loan Tenure is 15 Years (180 Months)
ICICI Bank Loan Against Mortgage of Immovable Property Processing Fee and Documentation Charges: 1.00% of the Loan Amount plus applicable GST
ICICI Bank Loan Against Mortgage of Immovable Property Administrative Charges: 0.25% of the Loan Amount plus applicable GST (Maximum Amount ₹5,000 plus GST)
Charges for ICICI Bank Loan Against Property EMI Late Payment: Minimum 2% Per Month of the ICICI Bank Loan EMI Outstanding Amount plus applicable GST
ICICI Bank Loan Against Property Pre Closure Charges: 4.00% of the Foreclosed Amount plus GST (Charges will be calculated on the principal outstanding on the loan closure date)
ICICI Bank Loan Against Property Part Prepayment Penalty: Nil Charges
ICICI Bank Loan Against Property EMI Cheque, SI, or ECS Bounce Charges: ₹500 plus GST
ICICI Bank Loan Against Property CIBIL Report Charges: ₹50 plus GST
Different Options for Making ICICI Bank Loan Against Property EMI Payments: The four options for making EMI payments are Internet Banking, Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Guarantor Requirement for the ICICI Bank Loan Against Property: No Guarantor is Required
ICICI Bank Loan Against Property Margin Amount: Minimum 30% to 40% for Loan Against Residential or Commercial Property
The Purposes for Which You can Avail ICICI Bank Loan Against Property: You can avail ICICI Bank Loan Against Property for any business or personal use like business expansion, long-term working capital, education of children, purchase of equipment, or holiday.
Guarantor Requirement for the ICICI Bank Loan Against Property: No Guarantor is Required