Published On: Fri, Aug 28th, 2009

ICICI

ICICI
Relaxable conditions ( on a case – to – case basis)
Maximum Age of Building : 35 yrs
Business was profitable for the last : No yrs
Additional Conditions
Security required : 1st mortgage/pari passu
Collateral required : No
Free Personal Accident cover : Provided by company
Free Personal Property Insurance : Not Provided by company
Days taken to process/disburse loan : 15 working days
Other Comments
Other Benefit : Co-applicant is compulsory. You can make prepayments of the loan only thrice in a year and each prepayment must amount to atleast 3 months EMI. Free accident cover for owner.
Documents which need to be submitted along with the application form are:
Personal documents
· Duly completed application form along with the signatures of all the applicants.
· Latest passport size photographs of each of the applicants.
· Photocopies of updated bank statements of all the applicants for the last six months of both the operating and the salary accounts (if they are separate accounts.)
· Proof of age and residence. The documents which could be submitted for the same are – Passport, Drivers License, Election ID, PAN Card, Ration card, LIC policy, School leaving certificate (can only be age proof)
· Signature verification from the current banker as per the format provided by ICICI Ltd.
· Details of all other obligations and loans taken along with proof of the original loan amount, outstanding balance, EMI and repayment record.
Financial documents
For salaried individuals :
· Latest Salary slip / certificate with deductions
· Employment details for the last year
For self employed individuals :
· Last three years profit and loss accounts and balance sheets for individual and/or company/firm as applicable, duly certified by a Chartered Accountant.
· Last three years income tax acknowledgments, both personal and business.
· Advance tax challans if available
· Profile of the business/es on the letterhead. The profile should contain the date of incorporation of the firm/company, partners/directors, if any, nature of business, list of suppliers and clients.
· Partnership deed, memorandum of association and articles of association as applicable.
· Bank statement for the last six months of the operating business account.
· Documents of the place of business such as ownership documents like the sale agreement for the place of business if it is owned, Lease agreement for the office if the property is leasehold, in case the property is a shop, registered documents giving proof of ownership under the Shops and Establishments Act or Sales Tax / Excise Duty certificate.

List of the property documents to be submitted by the borrowers :
PLEASE NOTE –
1) You must retain photocopies of all original documents being submitted by you for your own future reference.
2) You may be asked to submit further legal documents if required by the ICICI or their approved lawyers.

Documents common for all cases
· Original stamped receipts for the payments already made to the builder / seller, till date.
· 37 I Clearance from the appropriate Income Tax authorities if, applicable.
· List of additional amenities from builder where applicable.
Documents for specific cases
1) Underconstruction / Direct from Builder
· Original Agreement with the builder, duly stamped and registered (if the same has been received from the Sub-registrar’s office) and the original money receipt issued by the Sub-registrar, for the registration fee paid by the applicant.
OR
Pending Registration, following documents to be obtained :

· Certified true copy of the agreement with the builder.
· Original money receipt issued by the Sub-Registrar.
· Acknowledged copy of the authority letter, addressed by the applicant to the Sub-Registrar (Draft 1 attached).
· Copy of the letter acknowledged by the builder/reseller in case he or his representative did not accompany applicant to Sub-Registrar’s office to admit registration (To be taken if applicable) (Draft 6 attached).
· No Objection Certificate from the builder on his letterhead. (Draft 2 attached).
· Letter from the builder/architect indicating the latest progress of construction for under construction cases.

2) Directly in Registered Co-operative Housing Society
· Original Allotment letter from society specifying the flat number and cost of the flat allotted.
· No Objection Certificate from the society, on their letterhead, (Draft 3 attached).
· Original share certificate issued by the society (if issued)
3) Purchased in resale –
1) where society has not been registered
2) In a registered co-operative society :
· Previous chain of Sale Agreements, (original / copies).
· Present Agreement in original, between the vendor and purchaser duly stamped and registered.
OR
Pending registration – following documents to be obtained:

o Certified true copy of the agreement between the vendor and the purchaser.
o Original money receipt issued by the Sub-Registrar.
o Acknowledged copy of the authority letter, addressed to the Sub-Registrar, (Draft 1 attached).
o Copy of the letter acknowledged by the builder/reseller in case he or his representative did not accompany applicant to Sub-Registrar’s office to admit registration (To be taken if applicable) (Draft 6 attached).
· No Objection certificate from the builder/society, (Drafts 4 and 5 attached)
· Original share certificate issued by the society (copy of original not yet transferred).

4) Directly from any Development Authority
· Original allotment letter from the Development Authority.
· No objection certificate from the Development Authority (as per their own format).
· Original receipts, issued by the Development Authority, for the payments made for the flat.
5) Construction of house on a separate plot of land
· Original registered Sale deed / Lease deed / Partition deed / Gift deed under which the plot of land has been acquired by you
OR
· Pending Registration, following documents to be obtained
o Certified true copy of the agreement with the builder/seller.
o Original money receipt issued by the Sub-Registrar.
o Acknowledged copy of the authority letter addressed by the applicant to the sub-Registrar (Draft 1 attached).
o Copy of the letter acknowledged by the builder/reseller in case he or his representative did not accompany applicant to Sub-Registrar’s office to admit registration (To be taken if applicable) (Draft 6 attached).
· Original receipts for the payment made for the plot, if separately available.
· All previous documents of title in respect of the plot in your possession.
· 7/12 extract of Property card as applicable for the property along with the record of rights in Form No. 6.
· Index II
· N. A. permission & latest N. A. tax receipt.
· Title report for the property under consideration.
· Detailed estimate of the cost of the project.
· Approved building plans.
Any other legal document required by ICICI or ICICI’s approved lawyers in order to certify a clear title.
Company Profile

The Industrial Credit and Investment Corporation of India Limited (ICICI) was founded by the World Bank, the Government of India and representatives of private industry on January 5, 1955 to encourage and assist industrial development and investment in India. Over the years, ICICI has evolved into a diversified financial institution. ICICI’s principal business activities include medium-term and long-term project financing for the infrastructure and manufacturing sectors, corporate finance to meet the treasury requirements of Indian companies, lease finance as well as a comprehensive range of financial and advisory services.The liberalisation of the Indian economy in the 1990s offered ICICI an opportunity to provide a wider range of financial services. For regulatory and strategic reasons, ICICI set up specialised subsidiaries in the areas of commercial banking, investment banking, non-banking finance, investor servicing, broking, venture capital financing and state-level infrastructure financing.
Products:
Home loans to both Indian and NRI customers at floating and fixed rate of interest.
· Loans to construct / buy a new home
· Loans for home extension
· Loans against mortgage of property

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