ICICI Bank Loan Against Property

No matter how good you are with your financial management and savings, few situations in life transpire unexpectedly and often can't be avoided. It could be a need for business expansion, a medical emergency, a wedding, and so on.

At this point, you might want to make use of your savings to meet the financial requirement. In many cases, people usually figure out that their savings are not sufficient, and they require more funds to meet the upcoming expenses. Moreover, it is not advisable to empty your savings in one go as that can leave you in trouble for the future. Once, you empty all your savings in one go, and you are back to square one, you'll have to rebuild your finances from scratch, which can be stressful for any individual.

In such cases, availing a loan from any financial institution to fund your requirement at that time might be the best possible solution. Many banks and other financial institutions offer a variety of loans that befit various customer requirements.

Each type of loan has different eligibility criteria, interest rate, loan tenure, and other parameters. Depending upon your financial requirement, you can opt for the best suitable loan. However, if the amount required is in lakhs or crores, and the repayment tenure required is more than 5 years, then a Loan Against Property (LAP) is the right choice for you.

ICICI Bank Limited is a leading name in the banking and financial services sector. Established by the Industrial Credit and Investment Corporation of India in 1994, ICICI Bank offers the perfect solutions to individuals when it comes to banking and insurance sectors.

Apart from the best in class banking solutions, ICICI Bank offers various loan facilities that are personalised to suit every individual's need. Loans like home loan, car loans, gold loan, etc., are some of the loan schemes offered by ICICI Bank.

Features and Benefits of ICICI Bank Loan Against Property

The many benefits offered on ICICI Bank Loan Against Property make it a viable option for borrowers to fund their financial requirements.

Here's a list of some useful features of ICICI Bank Loan Against Property:

  • Funds available for all types of financial needs: The loan can be availed to fund both personal and business needs. ICICI Bank Loan Against Property can be used as working capital for the business or for expanding the existing business. It could be used for purchasing new machinery, etc. You can also avail this loan to fund personal needs.
  • Loan amount: The bank offers loan up to 5 Crores or Loan to value (LTV) ratio of up to 70% of the market value of the property, whichever is less. The considerable loan amount offered on Loan Against Property from ICICI Bank makes it easy for customers seeking high-value loans. This comes in handy for any emergency where the amount required is substantial.
  • Flexible loan tenure: ICICI Bank offers flexibility in terms of loan repayment tenure. The customers can easily repay the loan amount within the maximum loan tenure of up to 15 years. This helps the customers avail the benefit of lower EMIs and extended repayment tenure, along with a reduced risk of failure to repay the loan amount.
  • Transfer of existing loan: ICICI Bank offers the Loan Against Property Balance Transfer facility at attractive interest rates. Borrowers can transfer their existing high-interest loan to ICICI Bank through a quick and hassle-free process and avail attractive interest rate. This benefits the borrowers, especially when their loan amount is substantial and the extended repayment tenure is required.
  • Special offers: 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 ICICI Bank Loan Against Property at attractive interest rates along with special offers designed exclusively for them.
  • Overdraft: ICICI Bank offers Loan Against Property with an option where 90% of the total LAP is offered as an overdraft. This feature is useful for the borrowers when they do not require the entire amount in one go. It also helps reduce the interest burden as the interest has to be paid only on the amount utilised instead of the entire loan amount.
  • Flexible mortgage options: Mortgage of both commercial and residential properties is possible to avail ICICI Bank Loan Against Property. Properties ranging from open plots to warehouses can be pledged as collateral to avail the ICICI Bank Loan Against Property. Borrowers can pledge any type of property that is registered under their name as collateral to avail ICICI Loan Against Property.

ICICI Bank Loan Against Property Interest Rates

When it comes to loans, the interest rate is considered to be a very important factor. Higher is the rate of interest, higher will be the total interest cost, and hence the monthly instalments for loan repayment will be higher. Similarly, with lower interest rates, the interest cost and the EMIs will be lesser and reduce the burden of repayment for the borrower.

Loan Against Property Interest Rates (Salaried / Self Employed)
ProductPSLNon PSL
HL<=  5 Mn8.85%9.10%
HL> 5 Mn & <= 10 Mn8.60%9.05%
HL>  10 Mn8.35%8.75%

Types of ICICI Bank Loan Against Property

Apart from Loan Against Property, ICICI Bank also offers Lease Rental Discounting (LRD). Under this facility, you can avail funds against the future expected rentals of self-owned commercial property. For this loan, the property must be occupied by the Lessee. LRD can be availed for various personal requirements, where the mortgage is not possible.

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

ICICI Bank Loan Against Property (LAP) - Processing Fees and Other charges

Following are the fees and charges for ICICI Bank Loan Against Property (LAP)

Types of ChargesDescription
Processing fees/ renewal charges1% of the total loan amount + applicable taxes
CIBIL report chargesRs. 50 + applicable taxes
Administrative chargesRs, 5,000 + applicable taxes or 0.25% + applicable taxes, whichever is lower
Pre-payment charges
  • Nil for individual borrowers
  • 4% + applicable taxes for non-individual borrowers
Part pre-payment chargesNil
Conversion charges
  • Floating to Floating/ Dual Fixed Rate to Floating/ Floating to Dual Fixed Rate: 0.5 % of the outstanding loan + applicable taxes
  • Lifetime Fixed to Floating: 1.75 % of the outstanding loan + applicable taxes
Charges for swapping repayment modeRs. 500
Charges for documents retrievalRs. 500
Cheque/ ECS/ AD/ Bounce ChargesRs. 500
Charges for duplicate No Objection/ No Due CertificateRs. 100
Charges for revalidation of No Objection CertificateRs. 100

ICICI Bank Loan Against Property (LAP) - 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

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 ICICI Bank Loan Against Property EMI can be calculated using the MyMoneyMantra 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, Interest Rate, and Repayment Tenure, and click on the Calculate button to get the calculated EMI.

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Preapproved ICICI loan against property @8.35% p.a 

ICICI bank loan against property up to 5 crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be 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.