If you own a property which has a clear deed, free from any legal or financial encumbrances, then it could well be the magic key to unlock your dreams! Few people realize the potential of their existing property as a valuable and untapped source of funds. You do not need to sell your property to gain access to money, and you can get the loan amount at a relatively reasonable interest rate (compared to a personal loan.)
A mortgage loan could be your answer to funding your child’s higher education or wedding or your business. ICICI Bank’s mortgage loan is a multi-purpose loan that can be used both for your personal or business needs.
Features of ICICI Bank Mortgage Loan
• Attractive interest rates with long tenures ranging up to 15 years
• Speedy approval process and faster processing
• Loan against commercial and residential property
• Multipurpose loan – can be used as funds to start a new business, or for long term working capital, to fund your child’s higher education / marriage, or as a debt consolidation tool.
What is the eligibility criteria?
You need to be either a salaried employee or a self-employed professional/individual and be able to demonstrate a stable income. It is advisable to check the income and age requirements with the bank directly.
What is the loan application process?
• The first step is the sanction process. Once you decide to apply and have submitted all the required documents along with the application form, a credit appraisal is done.
• If you are found creditworthy, your loan request will be approved and the sanction letter delivered to your doorstep. This process typically takes 3 – 5 days upon the receipt of your filled in application along with the complete set of documents. If you are not eligible, you will be informed about the rejection of your loan application.
• Next is the disbursement process. Once your loan amount is sanctioned, the request for disbursal will be received by ICICI. A bank representative will get in touch with you to explain the process and collect the property documents. The documents are legally verified and the disbursement cheque is prepared and delivered to you. This typically takes 5 working days.
You can calculate your EMI using their online EMI calculator and plan your finances accordingly.
Apply for an ICICI Bank Mortgage Loan
You can apply for mortgage loan from ICICI
• by sending an SMS to the number listed on their website
• visiting your nearest ICICI Bank Branch
• calling the toll free number listed on their website
Alternatively, if you think you need help with your loan application and advice on loan eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your profile.