ICICI Bank Lease Rental Discounting Loans (LRD)
ICICI Bank offers lease rental discounting(LRD) loans to salaried and self-employed borrowers having rental income from reputed lessees. Under LRD loans ICICI bank discounts a borrower’s future net rentals to offer a term loan. The loan amount ICICI offers in LRD scheme can go up to eighty times of net monthly rentals, subject to the expiry clauses of lease agreement. ICICI Bank offers a lease discount loan against commercial and industrial type of properties leased for over 1 year with renewable clauses in the rental agreement.
ICICI Bank Commercial Property Purchase Loan
Commercial property buyers can take a commercial property purchase loan from ICICI Bank with a very attractive interest rate, below are the features of ICICI commercial property purchase loans:
- Eligible Borrowers: Salaried, self-employed and a business entity with eligible income.
- Type of Property: the bank offers a commercial property purchase loan only for properties where the stage of construction is more than 80 percent or for ready resale properties.
- Low interest rate: in the range of 9 to 11 percent.
- Tenure: up to 15 years
- Loan amount: from Rs. 15 lakhs to 20 crores
- Processing Fees: 1 percent of the loan amount
- Eligible loan amount: up to 70 percent of the cost of property.
ICICI Mortgage Loan Interest Rate
ICICI Bank LAP rate depends on below mentioned factors:
- Loan amount: the minimum loan amount ICICI bank offers under mortgage loan is Rs. 15 lakhs and maximum loan amount is Rs. 20 crores subject to income eligibility of borrowers and value of collateral security, the bank offers lower interest rate for higher loan amount.
- Income eligibility of applicants: Income eligibility of the loan applicant/s is one of the important factor deciding the interest rate ICICI bank will offer you for mortgage loan. Higher is the loan eligibility lower will be the interest rate.
- CIBIL score: CIBIL score is a build-up of a borrowers repayment track on loans and credit cards, higher CIBIL score will help a mortgage loan borrower to get a better rate from ICICI bank.
- Profile of loan applicants: a borrower’s profession or business profile also plays an important role while deciding the mortgage loan rate from ICICI bank, it is lower for the salaried and self-employed individual and slightly higher or businesses.
- Type of collateral security: rate is lower for residential property and higher for commercial and industrial type of properties.
- Type of loan: bank offers lower interest rate for a term loan and slightly higher rate for an overdraft facility.
ICICI LAP Over Draft Facility
Salaried and Self-employed borrowers taking a loan against property from ICICI bank have an option to take either a term loan or an overdraft(OD) facility, in case of an OD limit the borrower pays interest only on used loan amount and not on entire sanctioned loan amount. Below are the key features of ICICI LAP OD:
- Overdraft facility is available for salaried and self-employed borrowers
- One time sanction of the OD limit for original tenure of the loan and no need to re-new it every year, however the bank reserves the right to re-new the loan every year.
- Interest payable only on used sum of amount and not on sanctioned limit.
- It’s a drop line OD wherein the limit get reduced by some percentage every year.
- The limit can be re-set for actual tenure based on new eligibility of loan applicants after completion of one year of the tenure.
- Annual maintenance fees/charges from 25 to 1 percent of the limit amount.
- ICICI Bank usually charges slightly higher interest rate for over draft limit compared to a term loan
ICICI Bank Mortgage Loan Balance Transfer
ICICI Bank offers mortgage loan balance transfer facility (LAP Transfer) to borrowers having a loan with other lenders, the ICICI bank offers attractive interest rates, processing fees and higher tenure to the customers transferring their mortgage loan to ICICI bank. Below are the reasons to transfer your loan to ICICI Bank:
- Lower rate of interest
- Higher tenure up to 15 years
- Higher loan amount on valuation up to 70%
- Option to convert your term loan to an overdraft facility to save interest on loan
- Faster process
- Doorstep services
ICICI Loan Against Property Eligibility Calculator
ICICI Loan eligibility calculator is a financial tool that helps a borrower to know his/her mortgage loan eligibility for ICICI bank. To calculate and check loan eligibility using the calculator a borrower need to provide his net monthly income, date of birth, other loan obligation details etc.
Check Mortgage Loan Eligibility
ICICI Loan Against Property EMI Calculator
It’s a financial tool that assists a borrower to calculate EMI (Equated monthly Installment) on a proposed or existing LAP loan. To check the EMI an user have to provide loan amount, rate of interest chargeable and applicable tenure to calculate the ICICI Loan against property EMI.
Loan Against Property Icici Bank News & Updates As it Happens
From ICICI to Kotak Mahindra, banks looking to steal a march on wallets
22 November 2017:The 811 — touted to be the first-of-its-kind digital bank — has helped mid-sized private lender Kotak Mahindra Bank take its deposit base to 10.5 million from 8 million within the first six months of the launch. Ambuj Chandna, senior EVP, KMB, said 98% of those using 811 were new customers for the bank. “We’ve basically launched this product for only new customers. While we also made 811 a good experience for existing customers since there was a huge demand, that’s a very small segment, only about 2-3% of the total number of users”. That is the first digital bank which has a good user experience. He also explained about “We are getting a significantly strong proportion of people with good Cibil scores. So, we are building a stack of innovations which will help us cross-sell deeper into space”. Late last week, ICICI Bank said it was teaming up with PayTm to offer short-term instant digital credits on the latter’s e-commerce platform. Änup Bagchi, ED, ICICI Bank, said this was the first time a lender was assessing credit real time. “We are using financial data but we are also using behavioural data of the customers to help us with our credit scoring,” Bagchi said.
Paytm, ICICI Bank jointly launch ‘Paytm-ICICI Bank Postpaid’ offer short-term digital loans up to Rs 20,000 for 45 days
16 November 2017:Paytm has partnered with ICICI Bank, offering interest-free short-term digital loans up to Rs 20,000 for a maximum of 45 days, get access to instant credit for everyday use-cases ranging from movies to bill payments to flights to physical goods. If you go beyond 45 days, the bank will charge a penalty of approx 50 rs and interest rate of 3% per month. This offer only for common customers of Paytm & ICICI banks, for now, will not be available to Paytm Payment Banks or ICICI banks wallet pocket’s customer. According to bank statement “This new offering will enable millions of Paytm customers to get access to instant credit for the first time for everyday use-cases ranging from movies to bill payments to flights to physical goods”. Anup Bagchi, Executive Director, ICICI Bank said, "This can be looked at as a private credit card, there are a lot of impulse purchases that take place. In general, when people purchase, it is by way of existing money or credit. From the credit they choose, a large of it may get paid but there would be some portfolio, which may get rolled over and that’s where we make money. That’s the game."
ICICI Bank Q2 profit down 34% to Rs 2,058 crore, bad loans stable
28 October 2017:ICICI bank on Friday reported a huge decline in September quarter net profit because of a smaller one time gain and said that it is expecting a lower bad loan addition in the current fiscal year. Net profit in the quarter fell 33.7% from a year ago to Rs 2,058.19 crore from Rs 3,102.27 crore. The bank had been expected to post a profit of Rs 2,570.10 crore. In the year-ago quarter, the lender had gained Rs 5,682.03 crore by selling a stake in its life insurance arm. Unlike its rivals Axis Bank and Yes Bank, ICICI bank did not report high bad loans in the three months. Kochhar said ICICI Bank retains its earlier guidance that additions to non-performing assets (NPAs) this fiscal year will be lower than previous years. She forecast domestic loan growth in the financial year to be about 15%, led by as much as a 20% rise in retail loans. At ICICI Bank, gross NPA additions declined to Rs 4,674 crore in the fiscal second quarter from Rs 4,976 crore a quarter ago and Rs8,029 crore a year ago. Gross bad loans rose up by 36.7% at the end of September. The bank said that it has exposure to 18 accounts that are part of the second list of defaulters compiled by RBI.
ICICI Bank- ICICI Bank launches 1% 'cashback' Home Loans
28 September 2017:India’s largest private sector lender ICICI Bank announced a new home loan scheme that offers borrowers the benefit of 1% cashback on every EMI, for the entire tenure of the loan. The offer will be valid for home loans with a minimum tenure of 15 years to both residents as well as NRI borrowers and a maximum tenure of 30 years. Though, the cashback will receive only after a period of 3 years of EMI. ICICI bank declared, "This new home loan empowers borrowers to select their preferred mode of cashback. They can choose to utilise the cashback to prepay the principal outstanding of their home loan or take credit in their bank account."Interest rates of ICICI Bank home loan offer 8.35% for women and 8.40% for rest of the borrowers. Anup Bagchi, Executive Director, ICICI Bank said, "ICICI Bank catalysed the growth of retail lending in the country by making a home, auto and other retail loans widely accessible and affordable. We foresee that a combination of young population and rapid urbanisation will lead to the emergence of growing demand for housing in the country." This new home loans offering flexible cashback accruals methods for the customers. Customers can choose to adjust the cashback against principal outstanding of their home loan. Or, they can get it as direct credit in their bank account. The cashback will start to add from the first EMI itself. It will first get credited to the customer after completion of the 36th EMI. Subsequently, after every 12th EMI, it will get credited to the customer. So if the customer takes a loan of Rs 30 lakhs for a tenure of 30 years and decides to use the 1% cash back to prepay principal outstanding amount then the savings would be Rs 3,24,801. This new offer is also available for other mortgage products like a loan against property, lease-rental discounting and top-ups on existing mortgage loans.
Now, an insurance cover for insolvency professionals
11 August 2017:ICICI Lombard, HDFC Ergo, New India Assurance and National Insurance are among the insurers who will offer a tailored insurance cover soon for insolvency professionals. These are to be available only for company’s top executive and board of directors. However, it wouldn't cover an insolvency professional who would take charge of running a company during bankruptcy proceedings. "As of now, the normal professional indemnity cover can protect them," Said Sanjay Datta, chief underwriting and claims, a t ICICI Lombard differs. "Later on as market need increases we can develop a specialised cover for them." "We will surely be interested in providing cover. First, we need to understand the nuances of the product because to design the product we need to understand the responsibilities and liabilities the IP will have," said G Srinivasan, managing director of New India Assurance. The IP has discretionary power to take decisions on day to day running of the company.
ICICI Bank Launches Instant Credit Card Service
10 August 2017:ICICI bank on Wednesday has announced the launch of Instant Credit Card Service, which will help its savings account customers to get a credit card instantly. This is the first-of-its-kind offering in the Indian banking industry, the private sector lender said in a press release. "The facility significantly improves customer experience as it allows choosing from a suite of credit cards and creating a credit card instantly," ICICI Bank said. Through the Instant Credit Card Service, which is available round-the-clock and on all days, a customer can get a credit card instantly with a credit limit of up to Rs. 4 lakh based on pre-checked bureau scores. To apply for an instant credit card is available through the Bank’s internet banking account where they will be given option for availing a credit card.