Purpose – It is a loan against the mortgage of self occupied property provided for the fulfilment of various needs such as educational expenses, business expenses, purchase of property, improvement of property, marriage expenses etc.
Eligibility – Self employed resident Indians as well as salaried Non resident Indians are eligible for this loan.
Paperwork – documents required for sanction: Application form, photograph, photo identity proof, signature verification proof, address proof, and property documents as required.
– Documents specific to salaried employees: Last 3 months salary slip, Form 16, last 6 months bank statement from salary account, loan closure statement or details of existing loans.
– Documents specific to self employed individuals: Income Tax Return / Computation of Total Income / Auditors Report / Balance Sheet / Profit & Loss Account certified by Chartered Accountant for last 2 years (3 years for Home Equity) (both for business and personal of partners/directors), Bank Statement for last 6 month from operating account, Repayment details on existing loans / Loan closure letter, Board Resolution in case of a company, Proof of existence of the business entity, Office Address Proof, Photo Identity Proof, Residence Address Proof, Signature Verification is required to be provided for all the main partners / directors.
Service charges – o.5% of loan amount
Other features – The security of the property ensures competitive rate of interest.
– The interest component of the EMI paid by SEP / SENP can be booked as expenses in their P & L.
Checklist before you opt for your ICICI Home equity loan
- Calculate your EMI to understand how it will affect your monthly budget
- Understand your home equity loan eligibility before you apply for a loan
- Compare the interest rates of various bank offers
- Evaluate the total loan cost (processing fee + service charges + total interest outflow) you would pay for each offer and zero in on the offer that gives you the least total interest outflow.