Some mortgage terms you should know

• Conventional mortgage
• High ratio mortgage
• Closed mortgage
• Variable rate mortgage
• Fixed rate mortgage

Conventional mortgage: If you have a large down payment and need a mortgage for 80% or less of the purchase price or the appraised value of the property your buying, ICICI Bank Canada can offer you a conventional mortgage.

High ratio mortgage: If you have a small down payment and need a mortgage up to 95% of the purchase price, ICICI Bank Canada can offer a high ratio mortgage. Since such mortgages must be insured, an insurance premium is calculated as a percentage of your mortgage.

Closed mortgage: If you want low rates with excellent repayment options, select ICICI Bank Canada's closed mortgage. While your repayment schedule is fixed for the term of the mortgage, once a year you can pay up to an extra 20% of the mortgage principal with no additional interest or extra charges

*Note: Any early payout of the full mortgage amount will be subject to a penalty of either three months' interest or the bank's interest rate differential. Contact a Mortgage Specialist at an ICICI Bank Canada branch.

Variable rate mortgage: If you want to save money on your interest payments, select ICICI Bank Canada's variable rate mortgage, in which the interest rate fluctuates with the Bank's Prime Rate. When interest rates are decreasing, it allows you to take advantage of declining interest rates.

Fixed rate mortgage: If you want predictable payments and control over interest rates, opt for ICICI Bank Canada's fixed rate mortgage, where the rate is fixed for a term of one to five years.