ICICI Bank Loan Against Property

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, a tuition fee for higher education etc.

In such cases, availing a loan to fund your requirements 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 needs including a Home Loan, Car Loans, Gold Loans, etc., are some of the loan schemes offered by ICICI Bank.

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

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:

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:

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

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.

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.

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:

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:

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).

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 10.60% - 12.25% p.a.

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.

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