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 ICICI Bank Loan Against Property Details 2024

Loan AmountRs. 10 Lakh - Rs. 5 Crores
Rate of interest10.85% - 12.50% p.a.
TenureUp to 15 Years
Age Limit18 - 70 Years
Processing fee0.50% - 2% of the loan amount or Rs. 3,000 (whichever is higher) + applicable taxes

Irrespective of your behaviour with money and finances, there can be times when you need extra money to cover the shortfall. It could be a medical emergency, a wedding, a necessary renovation, tuition fee for higher education etc.

In such cases, availing a loan to fund your requirement is the need of the hour. Banks and financial institutions offer a variety of loans that benefit various customer requirements.

ICICI Bank Ltd, a leading name in the banking and financial services sector, offers various loan facilities that are personalised to suit every individual's need including a Home Loan, Car Loan, Gold Loan, etc., are some of the loan schemes offered by ICICI Bank.

You can also check the procedure of taking Loan Against Property Without Income Proof and ITR.

ICICI Bank Loan Against Property (LAP) Interest Rates and Charges

The ICICI Bank LAP interest rates are very competitive and affordable. The interest rates for salaried and self-employed are different. Following are the current loan against property ICICI Bank interest rates:

Loan AmountSalaried/ Self-Employed (PSL)Self-Employed (Non PSL)
Up to Rs. 50 Lakhs11.35% - 12% p.a.11.85% - 12.50% p.a.
Rs. 50 Lakhs - Rs. 1 Crore11.10% - 11.75% p.a.11.60% - 12.25% p.a.
Above Rs. 1 Crore10.85% - 11.50% p.a.11.35% - 12% p.a.

Apart from the mortgage loan interest rates in ICICI Bank, the following charges will also be applicable on the ICICI LAP:

Charge TypeAmount
Processing fee0.50% - 2% of the loan amount or Rs. 3,000 (whichever is higher) + applicable taxes
Administrative charges0.25% of facility amount or Rs. 5,000 (whichever is lower) + applicable taxes
Commitment charges/ non utilisation fee (for Overdraft Facility)0.5% on the deficit amount if minimum 30% utilization is not maintained. Applicable for non-salaried customers
Part prepayment feesNil
Prepayment charges

· 4% on amount prepaid

· Nil if loan is given to Individual Borrower(s) and the end use of the facility is other than business purpose

Conversion chargesUp to 2% of the principal outstanding + applicable taxes
Cheque/ ECS/ NACH dishonor chargesRs. 500 per bounce/ return/ dishonor of cheques and/or any payment instruction including AD/ ECS/ NEFT/ E-Cheque or such other amount 
Property document retrieval chargesRs. 500 + applicable taxes & other statutory levies, if any
Cheque/ repayment mode swap chargesRs. 500 + applicable taxes & other statutory levies, if any
Cheque reissuance & revalidation/ list of document/ duplicate NOC/ NDCRs. 250 + applicable taxes & other statutory levies, if any
Late payment fees (for Overdraft 
Product)
Rs. 500 + applicable taxes & other statutory levies, if any
Charges for amortisation schedule/ statement of account/ prepayment statementRs. 150 + applicable taxes & other statutory levies, if any (for physical print out)
Charges for non-submission of post disbursement documentsRs. 5,000 + applicable taxes & other statutory levies, if any
Charges for non-collection of property documents post 60 days from loan closureRs. 500 + applicable taxes & other statutory levies, if any
Loan document retrieval chargesRs. 650 + applicable taxes & other statutory levies, if any
EMI cash transaction chargesRs. 100 + applicable taxes & other statutory levies, if any
CIBIL report chargesRs. 50 - Rs. 500 + applicable taxes & other statutory levies, if any
Non-maintenance of mode of payment chargesRs. 800 + applicable taxes & other statutory levies, if any
Charges for auction of repossessed asset/ filing legal suit/ SARFAESI proceedings/ enforcement/ paper advertisement/ professional/ repossession/ security guardAt Actuals

Compare Interest Rates on Loan Against Property for Top Banks & HFCs

Below is the comparison of ICICI Bank property loan interest rate with loans against property interest rates of other lenders. You can compare the interest rates offered by different lenders to choose the best option:

Below is the comparison of SBI LAP loan interest rate with loan against property interest rates of other lenders. You can compare the interest rates offered by different lenders to choose the best option:

Name of the LenderInterest Rate (% p.a.)
ICICI Bank10.85% - 12.50%
State Bank of India10% - 11.55%
IDFC First Bank9.00% - 20.00%
Federal Bank12.60%
Home First 12.80% - 18.50%
HDFC Bank9.50% - 11.00%
Kotak Mahindra Bank9.15% - 10.50%
PNB Housing Finance9.25% - 12.45%
Bank of Baroda10.85% - 16.50%
L&T Housing Finance9.60%
LIC Housing Finance9.70% - 11.55%
Godrej Housing Finance9.75% onwards
Tata Capital10.10%
Bajaj Housing Finance9% - 14%
Axis Bank10.50% - 10.95%

Check Loan Against Property Interest Rate for lowest LAP Interest Rates.

ICICI Loan Against Property Features & Benefits

Following are the benefits offered on mortgage loan in ICICI Bank:

  • The loan can be availed to fund both personal and business needs. 
  • The bank offers loans up to 70% of the market value of the property under Loan Against Property
  • ICICI Bank offers flexible loan repayment tenure of up to 15 years, which helps customers avail the benefit of lower EMIs and extended repayment tenure.
  • ICICI Bank offers the Loan Against Property Balance Transfer facility at attractive interest rate.
  • ICICI Bank Loan Against Property comes with special offers and benefits for doctors. Professional doctors working in a hospital or who run their own clinic can avail of discounted ICICI mortgage loan rates of interest and higher loan amounts.
  • The bank has an option where 90% of the total LAP is offered as an overdraft. It reduces the interest burden as the interest has to be paid only on the amount utilised instead of the entire loan amount.
  • You can avail ICICI Bank personal loan against property as well as an ICICI commercial property loan. Borrowers can pledge any type of property that is registered under their name as collateral.

ICICI Bank Loan Against Property Eligibility Criteria

Following are the detailed ICICI Bank loan against property eligibility criteria:

  • ICICI Bank Loan Against Property is available for salaried as well as self-employed individuals who have their own business or practice.
  • The age of the applicant should be between 25 to 65 years.
  • Medical professionals can also apply for ICICI Bank LAP to meet their needs.
  • Doctors are eligible to get a loan amount of up to 75% of their property value and they can use funds for buying medical equipment, expanding their operations, buying a second home, etc.
  • ICICI LAP is also available for industrial or any other special use properties, for up to 10 years of tenure.

You can also check Loan Against Property Eligibility from Top Banks Online.

Documents Required for ICICI Bank Loan Against Property

To get your application for a Loan Against Property from ICICI Bank approved, you must submit all the required documents. These documents are required to verify and confirm your identity, place of residence, annual income, and your ownership of the property. The required documents might differ from each other depending upon the category of the applicant, i.e., salaried or non-salaried.

The following documents are mandatory when a candidate applies for ICICI Bank LAP:

Required DocumentsSalariedSelf-Employed/ Self-Employed Professional
KYC Documents
  • Duly signed application form with photograph
  • Identity, residence, and age proof
  • Duly signed application form with photograph
  • Identity, residence, and age proof
  • Proof of office address
  • Proof of business existence/ stability
  • Business profile
Income Documents
  • Bank statement of Salary Account for the last 6 months
  • Last 3 months' salary slips
  • Form 16/ITR
  • RTR for existing loans for the last 12 months
  • Bank statement of Current Account for the last 6 months
  • Form 16/ITR
  • Educational qualification certificate
  • Last 3 years' financials:
    • Computation of Income
    • Balance Sheet and P&L Account with schedules, CA audited/ certified
  • RTR for existing loans for the last 12 months
Property DocumentsCopy of title documents of the property being mortgagedCopy of title documents of the property being mortgaged
Other DocumentsProcessing fee chequeProcessing fee cheque

You can also Check the necessary Documents required for Loan Against Property

ICICI Bank Loan Against Property EMI Calculator

You can use the ICICI Bank EMI Calculator to instantly find how much you would be paying. To use the calculator, follow the steps given below:

  • Open Loan Against Property EMI Calculator on the bank’s official website:
  • Enter the required loan amount and click on ‘Next’.
  • Enter the desired repayment tenure and click on ‘Next’.
  • Enter the applicable rate of interest and again click on ‘Next’.
  • You will get the monthly EMI amount to be paid to the bank.

Below is an example using the ICICI Bank Loan Against Property EMI Calculator:

Loan amount to be availed ofRs. 50 Lakhs
Loan tenure opted15 years
Applicable interest rate10.85% - 12.50% p.a.
Monthly EMIRs. 56,359.78

You can also calculate your ICICI loan against property EMI using the formula mentioned below:

EMI amount = [P x R x (1+R) ^N]/[(1+R) ^N-1], which uses three inputs i.e., Principal loan amount (P), tenure (N), and rate of interest (R).

How to Calculate ICICI Bank Loan Against Property EMI?

Loan Against Property is a high-value loan that requires a long-term financial commitment. Therefore, it is important to plan and calculate your EMIs accurately to understand the level of a financial commitment you are about to make. As the loan amount has to be repaid in monthly instalments, you need to plan your EMIs accordingly without hindering your monthly finances.

The Loan Against Property EMI can be calculated using the ICICI Bank Loan Against Property EMI Calculator. All you have to do is click on the EMI Calculator that is situated under the Financial Tools tab, enter the three criteria, i.e., Loan Amount, ICICI loan against property interest rate, and Repayment Tenure, and click on the Calculate button to get the calculated EMI.

The table below shows the ICICI EMI estimation at the different blends of loan amounts and a longer tenure at the ICICI property loan interest rate of 10.85% - 12.50% p.a.

 EMI basis the Loan Tenure
Loan Amount (Rs.)10 Years15 Years20 Years
15,00,000/-Rs. 20,535Rs. 16,908Rs. 15,330
25,00,000/-Rs. 34,155Rs. 28,102Rs. 25,465
40,00,000/-Rs. 54,648Rs. 44,963Rs. 40,744
60,00,000/-Rs. 81,972Rs. 67,444Rs. 61,117

How to Apply for ICICI Bank Loan Against Property?

The process to apply for a loan against property at ICICI Bank is simple. You just have to fill the application form available online or offline by mentioning some basic details about yourself, property details and the purpose of the loan along with KYC.

ICICI Bank Loan Against Property Customer Care

To provide the best user experience and to address all the queries, concerns and complaints of the customers, ICICI Bank offers excellent customer service. You can contact ICICI Bank customer service regarding any queries related to the loan application and documentation. The customer service is available 24 x 7 except for national holidays.

Any complaint regarding your service or any matter related to the loan should be first brought to the notice of the Branch Manager at your concerned branch. If you still feel that the complaint has not been addressed sufficiently, then you can escalate it to the Regional Manager.

Any further assistance regarding the ICICI Bank Loan Against Property (LAP) could be addressed by a callback from the team, that can be arranged by giving a missed call on 8100881008.

Email: customer.care@icicibank.com

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Pre-Approved Loan Against Property @9% p.a 

Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.

ICICI Loan Against Property - FAQs

✅ How does the bank assess the amount of Loan Against Property (LAP) that can be offered?

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The loan amount is assessed by the bank based on your income, financials, credit profile, and, the value of the property.

✅ What type of property can I mortgage for ICICI Bank LAP?

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Both commercial and residential properties can be mortgaged to avail LAP. However, the property should be free from any charge, i.e., there should be no other loan running on the property offered as a security for ICICI Bank LAP.

✅ Can the ICICI Bank LAP be offered as an overdraft?

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Yes, applicants can avail up to 90% of the total ICICI Bank LAP as an overdraft.

✅ What percentage of the property can be availed as a LAP?

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Up to 70% of the property value can be availed as LAP. However, property type and other checks are also factors to calculate the loan amount.

✅ What are the purposes for which one can avail the ICICI Bank LAP?

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One can avail the ICICI Bank LAP for any business and personal uses like Business expansion, Holiday, Higher Education of children.

✅ What is the easy process for application of the loan?

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You can apply for the loan with ease through MyMoneyMantra.

✅ Does ICICI Bank levy any hidden charges from the customer for a Loan Against Property?

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No, the bank levies no hidden charges.

✅ What is the maximum amount of loan offered under ICICI Bank Loan Against Property?

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The maximum amount of loan offered by ICICI Bank against property is Rs. 5 Crores.

✅ What is the interest rate on loan against property in ICICI Bank?

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The interest rate for ICICI Bank loan against property may vary anywhere between 10.85% - 12.50% p.a. depending upon the loan amount, type of the applicant and other eligibility factors.

✅ What is the age limit for ICICI loan against property?

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The age of the applicant should be 25 to 65 years to be eligible for ICICI loan against property.

✅ What is the maximum loan available in loan against property?

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The maximum loan available in ICICI loan against property is up to 75% of your property’s value.

✅ What is the percentage of loan against property?

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The percentage or LTV (loan to value) ratio offered under ICICI LAP is up to 75% of your property’s value.

✅ Which private bank is best for loan against property?

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ICICI Bank, HDFC Bank, Kotak Mahindra Bank, and IDFC First Bank are some of the best private banks that offer loan against property at low interest rates.

✅ What is the processing fee for ICICI loan against property?

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ICICI loan against property processing fee varies between 0.50% and 2% of the loan amount or Rs. 3,000 (whichever is higher) plus applicable taxes.

✅ Can I get loan against property?

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You can avail of an ICICI loan against property if:

  • You are a salaried employee, a self-employed individual who has their own business/ practice, or a medical professional.
  • You are aged 25 to 65 years.
  • ICICI LAP is also available for industrial or any other special-use properties, for up to 10 years of tenure.

✅ How much loan will I get against property?

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The ICICI Bank offers loans against property amount up to 70% of the market value of the property. However, doctors are eligible to get a loan amount of up to 75% of their property value.

✅ Which bank is best for loan against property?

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ICICI Bank, HDFC Bank, SBI, Kotak Mahindra Bank, and IDFC First Bank are some of the best banks to avail of a loan against property at affordable interest rates.

✅ Which type of property can be mortgaged for ICICI Bank’s Loan Against Property?

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ICICI Bank offers loans against property against the mortgage of residential, commercial, or special-use property (owned or rented). In case you own properties like schools, warehouses, industrial or nursing beds with a capacity of 30 beds, then also you are eligible to get the loan.

✅ How much loan can a customer get under ICICI Bank Loan Against Property?

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The ICICI Bank offers loan against property amount up to 70% of the market value of the property. However, doctors are eligible to get a loan amount of up to 75% of their property value.

✅ Are prepayment charges applicable on ICICI Bank loan against property?

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The bank charges zero part prepayment charges. For full prepayment, the following charges will be applied:

  • 4% on the amount prepaid
  • Nil, if the loan is given to Individual Borrower(s) and the end use of the facility, is other than business purpose