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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.

For regulatory guidelines on floating rate loans, please click here.

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.

Handover of documents, where the deceased owner has left behind a Will

If the borrower has executed the Will, the title documents must be handed over to the executors as mentioned in the Will, after his/her death.

Handover of documents where a person dies intestate (i.e. without a Will)

When a person dies intestate i.e. without a Will, the original property documents can be handed over on the basis of documents mentioned in the table below that are taken from the legal heir/s in addition to the common documents.

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

Mortgage Loan Conversion Options

You can reduce the existing rate of interest of your Mortgage Loan by availing our conversion option. By exercising this option, you can either convert your existing margin to the applicable prevailing margin or you can switch from a floating rate to a fixed rate or vice versa.

You can avail the benefit of the conversion facility by paying a conversion fee of 0.5%* plus applicable GST on your outstanding Loan amount, if prepayment charges are applicable on the Loan. If prepayment charges are not applicable on the Loan, Rs. 1,000 plus applicable GST will be charged as the conversion fee. Under the conversion facility, you also have the option of either reducing your monthly instalment (EMI)** and/or the Loan tenure**.

Contact Options for Mortgage Loan Conversion

Call our Customer Care to know more about the conversion facility and the applicable rate/scheme options. 

You can also visit any Loan Servicing Branch with the following documents, to avail the conversion facility:

  • Conversion Request Letter. Click here to download the document
  • Cheque/Cash for payment of conversion fees
  • Identity proof of applicant and co-applicant (if applicable)

Please note that the signatures of the applicant and co-applicant (wherever applicable) are required on all pages of the conversion document.

*With respect to an under construction case, for the partially disbursed Loan amount, the conversion fees shall be calculated on the outstanding Loan amount (original Loan amount less Loan amount repaid)

**T&Cs.

 

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.

Part Payment: Can I make part payment of my Mortgage Loan?

Yes, you can make a part payment of your Loan.

IT Certificate: Where can I get the Interest Certificate?

You can get the Interest Certificate through ICICI Bank Internet Banking, iMobile Pay or by visiting the nearest Loan Servicing Branch.

General: What is the last instalment date?

The date on which the last instalment is payable, based on the current monthly instalment amount.