ICICI Bank

Balance Transfer Loan Against Commercial Property Loan & Top Up


This BALANCE TRANSFER loan is provided against commercial property OR loan against property or lease rental discounting Feeling the interest burden of your existing loan? Relax! Transfer your loan to icici at a lower interest rate with a Balance Transfer loan. Further, you also have the option of a Top-Up loan over and above the balance you transfer which should be approved by local municipal authorities . While providing loan , the bank verifies the type of commercial property, its usage and occupancy. Most banks offer loan only if the commercial property is self occupied. The loan could be used for meeting any personal requirements of the borrower such as business expansion ,marriage.

Product features:
• Max funding- 50% to 60% of market value
• Tenure – 1 to 15 years
• Interest rate – As applicable . Interest rate keeps on changing.
• Age limit - max 65 years or retirement age whichever is earlier for salaried and 70 years for self employed.
• Loan foreclosure penalty - Means paying off the complete loan at one go. Mostly bank charges 2 to 3% of principal outstanding.
• No income tax benefit is there
• Loan foreclosure penalty - Means paying off the complete loan at one go.Most bank charges 2 to 3% of principal outstanding as penalty .
• part payment - means paying some part of loan.Most bank don't charge any penalty.
• Co-applicant - Most of the banks ask for co-applicant .Co-applicant in case of
      • Individual - spouse,parents
      • Director - spouse , parents , pvt ltd company , other directors .
      • Partner - spouse , parents , partners
      • Co-owners of property need to be co-applicants in loan

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ADDRESS
504, 5th Floor Suchita Business Park,
Raigad Chowk, Station Road, Ghatkopar (E), Mumbai 400 077
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