Urban Money

ICICI Bank Loan Against Property

ICICI Bank
4.5

ICICI Bank offers loans against property to both salaried and self employed individuals. With a competitive and affordable ICICI Bank Loan Against Property interest rate that starts from 8.35% per annum, the customers can avail several benefits through the repayment tenure that can be extended up to 15 years. LAP is available on both residential and commercial properties in addition to quick processing and fund disbursal.

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Loan Against Property Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Quick Approvals
ICICI Bank Loan Against Property Interest Rate

8.35% - 10.9%

Up to 1%

₹10L - ₹5Cr

Tenure(Up to 15 Years)

Details

Features & Benefits

Some features and benefits of ICICI Bank loan against property are as follows:

  • Offers high loan amount (up to ₹5 crores).
  • No restrictions on the use of funds (can be used for both business and personal purposes).
  • Both residential and commercial properties can be mortgaged.
  • Up to 90% of the total LAP can be offered as an overdraft.
  • Provides flexible loan repayment tenure.
  • Balance transfer facility of loan transfer from one financial institution to another.
  • Special offers for the medical representatives and doctors.
  • Competitive and affordable ICICI Bank loan against property interest rate.

ICICI Bank Loan Against Property Eligibility Criteria

The ICICI Bank Loan Against Property Eligibility set by the bank for the applicants are mentioned in the table below:

Age of the applicant Minimum age: 25 Years Maximum age: 65 Years or retirement age, whichever is earlier
Eligible applicant’s profiles Salaried and Self-Employed
Repayment Tenure Up until 15 Years
End-use of the Loan Amount Business expansion, Long Term Working Capital, Debt Consolidation, equipment purchase, medical exigency, education/marriage of children, holiday, etc.

ICICI Bank Loan Against Property Overview

Customers can apply for a loan by mortgaging both business and residential assets. Customers can apply for a Loan Against Property via ICICI Bank but the money will be released by ICICI Home Finance Company Limited, a distinct organisation of the ICICI Group that is licensed with the National Housing Bank (NHB), the housing finance industry's governing body.

ICICI Bank offers loans against property to both salaried and self-employed individuals. With a competitive and affordable ICICI Bank Loan Against Property interest rate that starts from 8.35% per annum, the customers can avail several benefits through the repayment tenure that can be extended up to 15 years. 

  • LAP is available on both residential and commercial properties.
  • Fixed interest rate on loan against property.
  • Quick processing and disbursal of funds.

ICICI Bank LAP Miscellaneous Fees and Charges

While certain fees are set in stone, others will fluctuate based on the amount you request. The ICICI LAP fees and charges are listed in the table below:

Type of Loan Loan against property
Charges for Loan Processing  1% + other applicable taxes onwards
Charges for CIBIL Report  ₹ 50 + other applicable taxes*
Administrative Charges ₹ 5,000 + other applicable taxes * or 0.25% + other applicable taxes (whichever is lower)
ICICI Group NIL

Pre-Payment Charges

Types of Pre-Payment Charges Charges
Floating Interest Rate 4% + other charges that apply
Fixed Interest Rate  4% + other charges that apply
Overdraft facilities 4% + other charges that apply

Conversion Charges

Floating to Floating Dual Fixed Rate to Floating Floating to Dual Fixed Rate Lifetime Fixed to Floating
0.5 % of the Outstanding + other applicable taxes 0.5 % of the outstanding + other applicable taxes 0.5 % of the outstanding + other applicable taxes 1.75 % of the outstanding + other applicable taxes

Other Charges

Charges for Repayment Mode Swap  ₹ 500
Charges for Documents Retrieval  ₹ 500
Charges for Cheque / AD / ECS / Bounce  ₹ 500
Charges for Duplicate No Objection Certificate / No Due Certificate ₹ 100
Charges for Revalidation of No Objection Certificate ₹ 100
Charges for Late payment chargers – Home Loan 2 % Per Month

Note:

  • The above-mentioned prepayment citations are applicable only if the loan is fully repaid.
  • Prepayment penalties will be assessed based on the principle owed at the time the loan is closed.
  • If the borrower/s makes a full prepayment within one year of making a partial prepayment, the full prepayment fees will apply to the amount prepaid to foreclose the loan as well as all amounts made available by the borrower/s towards the loan prepayment of the facility during the previous one year from the date of final prepayment.
  • Administrative fees are one-time fees charged for the purpose of assessing the value and legal verification of property in order to determine eligibility for collecting funds, and they are paid regardless of the conclusion or result of the assessment. Please keep in mind that the administrative fees are due at the time the loan is disbursed.
  • All funds presented by the borrower for prepayment of the Facilities during the previous year to the final date of prepayment are included in the current principle outstanding.

ICICI Bank Loan Against Property Interest Rate

The bank offers affordable ICICI Bank Loan Against Property interest rate to the customers. The different ICICI Bank Loan Against Property interest rate for different loan amounts are mentioned in the table.   
Loan Amount Slab Priority Sector LAP Lending Non-priority Sector LAP Lending
Less than or equal to 50 lakhs 8.35% per annum to 9.00% 8.85% per annum to 9.50%
The amount between 50-100 lakhs 8.10% per annum to 8.75% per annum  8.60% per annum to 9.25%
More than 100 lakhs 7.85% per annum to 8.50% 8.35% per annum to 9.00%

Factors Affecting ICICI Bank Loan Against Property Interest Rate

  • The most crucial factor that affects interest rates on a LAP loan is the CIBIL or credit score of the applicant.
  • The ICICI Bank Loan Against Property interest rate is directly proportional to the loan amount requested.
  • The interest rate they are charged is influenced by their age, whether they are salaried or self-employed, where they reside, their monthly income, and other factors.

Documents Required for ICICI Bank Loan Against Property

Documents required for ICICI Bank Loan Against Property application procedure are different for salaried and self-employed individuals. The required documents are mentioned below.

ICICI Bank Loan Against Property Requirements for Salaried Individuals:

  • Duly signed application form and include a photograph.
  • Proof of Identity
  • Proof of Residence
  • Age Proof
  • The cheque for Processing Fees
  • A copy of the mortgaged property's title paperwork
  • Statement from your savings account for the previous six months
  • Salary slips from the previous three months
  • Income Tax Returns (Form 16)
  • For the previous 12 months, RTR for existing loans
  • Certificate of educational attainment

ICICI Bank Loan Against Property Requirements for Self-employed Professionals:

  • Duly signed application form and include a photograph.
  • Proof of Identity
  • Proof of Residence
  • Age Proof
  • The cheque for Processing Fees
  • Office Address Proof
  • a copy of the mortgaged property's title paperwork
  • Proof of the company's existence/stability
  • Profile of a company
  • Current account statement over the last six months
  • Income Tax Returns (Form 16)
  • Certificate of educational attainment
  • Financial Statements from the previous three years 
    • a) Income Calculation
    • b) Audited or CA certified balance sheet and profit and loss account (including schedules and audit report)
  • For the previous 12 months, RTR for existing loans

ICICI Bank Loan Against Property Requirements for Self-Employed Individuals:

  • Duly signed application form and include a photograph.
  • Proof of Identity
  • Proof of Residence
  • Age Proof
  • The cheque for Processing Fees
  • Office Address Proof
  • a copy of the mortgaged property's title paperwork
  • Proof of the company's existence/stability
  • Profile of a company
  • Current account statement over the last six months
  • Income Tax Returns (Form 16)
  • Certificate of educational attainment
  • Financial Statements from the previous three years 
    • a) Income Calculation
    • b) Audited or CA certified balance sheet and profit and loss account (including schedules and audit report)
  • For the previous 12 months, RTR for existing loans

How Does the EMI Calculation Work for ICICI Bank Loan Against Property?

The ICICI Bank Loan Against Property EMI calculation is based upon three factors – Loan Amount, Loan Tenure, and The ICICI Bank Loan Against Property Interest Rate.

ICICI LAP can be availed up to 70% of the property's market value for a consumer. If it's a mortgage of residential or commercial property, the Loan for the Property might last up to 15 years. The maximum tenure for industrial or other special use properties is up to ten years. The ICICI Bank Loan Against Property interest rate is determined by the borrower's eligibility, loan amount, duration, and other factors.

ICICI Bank Loan Against Property Customer Care Number

To contact ICICI Bank with queries and to find more details, contact them on their customer care number:

Personal Banking – 1860 120 7777

Wealth / Private Banking – 1800 103 8181

Corporate / Business/ Retail Institutional Banking – 1860 120 6699

Or give a missed call on 9022499400, or mail them on customer.care@icicibank.com

FAQs

From refinancing to reducing your interest, we have the answers right here.

What is the maximum loan amount that I can avail myself against the property?

ICICI Bank offers loan amounts up to Rs. 5 crores against the mortgaged property. However, the loan amount depends upon the market value of the property.  

Can I get a loan against the plot?

Yes, you can avail loan against the plot, but for that, you need to discuss with the ICICI Bank representative to understand the procedure and other requirements.

Does ICICI Bank have a fixed rate of interest on a loan against property?

Yes, the bank offers a fixed ICICI Bank loan against roperty interest rate, which starts from 8.35% per annum.

How to check loan against property Status in ICICI Bank?

The loan against property application status can be checked via the official website, by calling the customer care service or by visiting the nearest ICICI Bank. The reference number and loan application number are important details that will be required to check the status. 

Does ICICI Bank Checks for CIBIL Score for loan against property?

CIBIL score/credit score is an important aspect of lending a loan. Hence, it is a significant factor that the bank checks for lending a LAP.

What is the maximum and minimum loan against the property amount I can get from ICICI Bank?

The minimum loan amount that can be availed against property is Rs. 10 lakhs and the maximum amount is Rs. 5 crores.

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