ICICI Bank Loan Against Property

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.

Apply for Loan Against Property(LAP)

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ICICI Bank LAP

  • Interest Rate

    10.85% - 12.5%

  • Loan Amount

    ₹10L - ₹5Cr

  • EMI Per Lakh

    ₹2,167 - ₹2,250

  • Processing Fees

    Up to 1% of loan amount
  • Pre-Payment Charges

    Pre-payment charges-4%

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.

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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