Want us to help you with anything?
Request a Call back
Important Notice
- The Service charges applicable to Mortgage Loan have been revised and are effective from May 01, 2024. Please refer the below table for the list of updated service charges:
For all floating (adjustable) rate linked Term Loan to Fixed or Floating (adjustable), ₹ 3,000.
Semi-fixed / Fixed Interest Rate to Adjustable Interest Rate, 2% of the principal outstanding.
For Overdraft , 0.5% of the principal outstanding.
- The RBI through its Circular No. RBI/2023-24/53 dated Aug 18, 2023 on ‘Fair Lending Practice - Penal Charges in Loan Accounts’, has advised banks that penalty if charged, for non-compliance with the material Terms and Conditions of the loan contract will be treated as penal charges and not be levied in the form of penal interest that is added to the rate of interest charged on the loans/ advances. The RBI has further advised that there will be no capitalisation of penal charges i.e. no further interest will be computed on such penal charges. However, the above mentioned shall not affect the normal procedure for compounding of interest in the loan account.
The above guidelines are effective from Apr 01, 2024 and applicable for all fresh loan facilities executed from Apr 01, 2024. In case of an existing loan facility, the switchover to the new penal charges regime shall take place by the next review or renewal date or before Jun 30, 2024, whichever is earlier. The revised charges are as below:
| Types of Charges | Amount |
|---|---|
Conversion charges |
|
Charges for Amortisation Schedule |
₹ 200/- for physical printout at the Branch. |
Charges for Statement of Account |
₹ 200/- for physical printout at the Branch. |
Charges for Prepayment Statement |
₹ 200/- for physical printout at the Branch. |
Penal charges for non-collection of property documents post 60 days from the loan closure date |
₹ 1,000/- every month will be levied till collection of documents. |
Renewal Fees (Applicable for Overdraft Product) |
₹ 5,000/- |
Non-refundable charges under Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) |
₹ 100/- |
*Goods and Services Tax and other government taxes, levies, etc. applicable as per the prevailing rate will be charged over and above the mentioned charges.
| Existing penal interest | Applicable penal charges |
|---|---|
24% per annum |
5% per annum |
*Goods and Services Tax and other government taxes, levies, etc. applicable as per the prevailing rate will be charged over and above the mentioned penal charges.
Click here to know the list of Service Charges.
- In compliance with Rule 9B of the Prevention of Money Laundering (Maintenance of Records) Rules, you must inform us of any changes in your KYC details along with updated documents (i.e. address, contact details, profile, etc.) within a period of 30 days from the date the change was made. Post that, we will make necessary changes in our records. You can update your KYC by visiting any ICICI Bank Loan Servicing Branch.
- For regulatory guidelines on floating rate loans, please click here.
Login to the website to access
Handover of property documents in case of property owner’s death
In case of death of a borrower/co-borrower, who is also the property owner, the Bank will hand over the property documents after the Loan Closure depending on different scenarios listed below.
Handover of documents in cases where the nominee is registered, including cases where the legal heir or nominee is a minor
The original property documents should be handed over in the presence of all surviving owners/legal heirs/nominees of the deceased owner and guardians, in case of minors, subject to the below conditions:
State Co-operative Societies Acts provide property owners with nomination facility. Under such State Acts, in case of death of a society member, the society shall transfer the deceased member’s share or interest to nominee(s). Based on the nomination certificate under the respective state acts, the Bank may return the title documents to the nominee(s).
Handover of documents in cases where no nominee is registered
State Co-operative Societies Acts provide property owners with nomination facility. However, if the property is not situated in co-operative society or if the property is situated in co-operative society and the nominee is not registered, the following documents need to be collected from the claimant for handing over the original property documents after Loan closure.
Documents required in case any of the property owners are missing
As per Section 108 of the Indian Evidence Act, presumption of death can be raised only after a lapse of 7 years from the date a person was reported missing, i.e. the date when the FIR/non-traceable report was lodged. Section 107 deals with presumption of continuance. As such, the nominees/legal heirs have to raise an express presumption of death of the borrower under Section 107/108 of the Indian Evidence Act before a competent court. If the court presumes that the borrower is dead, the claim of a missing person can be settled on the basis of the same.
The below table depicts the scenarios and the types of documents that are to be submitted to process the handover of property documents after Loan closure.
| Requirement type | Types of documents | Scenarios |
|---|---|---|
| Mandatory | Request letter from the claimant/nominee as specified in Annexure 39. | Handover of documents in cases where the nominee is registered Handover of documents in cases where no nominee is registered Where a Will has been left behind by the deceased owner |
| Mandatory | Copy of death certificate: Municipal authorities/ registrar of births and deaths generally issue death certificates. Certificates issued by hospitals should not be accepted as proof of death. In cases where a death has happened abroad, death certificate issued by the government department of the country where the death has occurred is required. The death certificate has to be certified by an Indian Notary or Indian Embassy or under the Hague Convention an apostille certificate should be issued. Photocopy of the death certificate should state very clearly verification of the original death certificate by the branch under the Branch Manager’s full signature. | |
| Mandatory | Self-attested copies of identity and address proof of the legal heirs/nominees as per the applicable KYC norms documented for resident KYC and reKYC | |
| Mandatory | Self-attested copies of bank statements of nominees | |
| Additional documents required | Copy of the FIR and non-traceable report filed with the police – 7 years must have lapsed from the date when the FIR/non-traceable report was lodged. Court order (presuming the death of the missing Loan Account holder (property owner)) - In case the court order is received directly from the court, the branches would process the claim immediately. However, if the court order is brought to the branch by the claimant, the same needs to be verified through the Bank’s panel of advocates | Documents required in case any of the property owners are missing |
| Additional documents required | A certified copy of the nomination certificate issued by the co-operative society | Handover of documents in cases where the nominee is registered |
| Additional documents required | For the state of Maharashtra, the nomination certificate would be in the form of a Nomination Form as provided in Appendix 14 of the Maharashtra State Co-operative Societies Act, 1960. The form shall be signed in triplicate and stamped. In case the person registers a nominee by giving a statement, the same shall be signed by a member of the society and also by 2 witnesses and shall be on a stamp paper. | |
| Additional documents required | For other states, the nomination certificate should be shared with the regional legal team for confirmation. | |
| Additional documents required | If the legal heir(s) or nominee is a minor, the property documents should be handed over to the guardian on behalf of the minor legal heir/nominee after the collection of the following additional documents: Identity proof of guardian as per the existing KYC norms documented for resident KYC and reKYC Declaration from guardian (Annexure 31) In case of a natural guardian, proof of a relationship with the minor as per the existing KYC norms. In other cases, a copy of the Will or other instrument authorised by the court. | |
| Additional documents required | Notarised copy of the Will duly certified (OSV) by the Branch Manager or DBM Notarised copy of the Probate of the Will issued by the High Court of competent jurisdiction duly certified (OSV) by the Branch Manager or DBM. | Where a Will has been left behind by the deceased owner |
| Mandatory | Copy of Letter of Administration or Succession certificate. All legal heirs need to be present at the time of handover of property documents along with other owners. In case any of the legal heirs relinquish their rights in favour of one/more nominee/surviving owners, the following additional documents need to be collected from the claimant. Legal heirs relinquishing their rights need not be present at the time of collection of documents. Letter of relinquishment signed by legal heirs relinquishing their rights in favour of one/more legal heirs/surviving owners (Refer to Annexure 40 for the format of the letter). Self-attested copies of identity proof, address proof and signature verification proof of legal heirs relinquishing their rights also need to be provided. | Where a person dies intestate (i.e. without a Will) |
| Copy of death certificate of the deceased borrower. Indemnity bond executed by a spouse in favour of ICICI Bank and the indemnity bond must be adequately stamped as per applicable stamp duty in respective states as specified in Annexure 6. Consent letter from legal heirs as specified in Annexure 5. Copy of identity proof of the claimant(s) as per KYC documented for resident KYC and reKYC for Loan Accounts | Where a person dies intestate (i.e. without a Will) If the spouse is co-owner/co-applicant (but not the owner) of the property and his/her wife/husband has died intestate (i.e. without a Will) | |
| Mandatory | Copy of the death certificate of the deceased borrower. Indemnity bond executed by all legal heirs in favour of ICICI Bank and the indemnity bond must be adequately stamped as per applicable stamp duty in respective states as specified in Annexure 6. Consent letter from legal heirs as specified in Annexure 5 Copy of identity proof of the claimant(s) as per KYC documented for resident KYC and reKYC for Loan Accounts. Certified copy of the legal heir certificates. | Where a person dies intestate (i.e. without a Will) If the owner of the property is other than a spouse |
Note:
- For any further information, the claimant(s) need/s to visit the branch with the applicable documents to initiate the process
- All the mentioned Annexures are available at branches.
Conversion options for the interest rate reduction
Popular FAQs
Pre-payment: What do you mean by Pre-payment of a Loan?
Pre-payment is a facility available to the customers to pre-close a Loan, anytime during the Loan tenure, before the normal maturity of the Loan, by paying the principal outstanding plus applicable charges, as on the customer request date.
Foreclosure: If I foreclose the Loan, how will you return the original property documents to me?
Property documents will be dispatched to the branch where you have submitted the closure request or to the preferred branch, as confirmed by you. All the property owners have to visit the branch with a valid ID proof to collect the documents. If the property owners are not available to collect the documents, the Power Of Attorney (POA) holder can collect the original documents personally. The POA holder must carry his ID proof. PAN Card issued in India is no longer considered a valid proof of identity.
Foreclosure: Can I sell the property during the tenure of the Loan?
Yes, you can sell the property, even if the Loan is running.
Important Notice
In compliance with Rule 9B of the Prevention of Money Laundering (Maintenance of Records) Rules, you must inform us of any changes in your KYC details along with updated documents (i.e. address, contact details, profile, etc.) within a period of 30 days from the date the change was made. Post that, we will make necessary changes in our records. You can update your KYC by visiting any ICICI Bank Loan Servicing Branch.
