ICICI Bank

ICICI Bank Loan Against Property

Apply ICICI Bank Loan Against Property @ 9.75%
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Interest Rate

9.75%-10%

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Processing fee

Upto 0.75%

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Loan Tenure upto

15 years

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LTV (Loan to value)

75% to 90% of property value

About 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.

The most popular loan scheme among them is the ICICI Loan Against Property. ICICI Bank offers Loan Against Property to individuals who need funds to meet their personal and business requirements. Both commercial and personal property can be mortgaged to avail the loan. While the application for the Loan Against Property can be submitted through ICICI Bank, the disbursement of funds will be through ICICI Home Finance Company Limited - a separate entity of the ICICI group registered under National Housing Bank (NHB), a regulatory authority for the Housing Finance Companies.

Why ICICI Bank Loan Against Property?

Whether it's a dream of taking your existing business to another level or helping your child get a master's degree, possession of funds at your disposal is not always possible. Loan Against Property is one of the easy ways of acquiring the funds required for your personal and business needs by mortgaging your residential or commercial property as collateral to the bank.

ICICI Bank is the second-largest banks in India. ICICI Bank offers for high-value Loan Against Property with a flexible repayment tenure. Its features make ICICI Bank stand out from its competitors.

Here's what makes ICICI Loan Against Property stand out from others:

  • High loan amount
  • Low processing fee
  • Easy and minimal documentation
  • Fast application process
  • Flexible equated monthly instalments or EMIs with extended repayment tenure
  • Funds available for personal as well business-related needs
  • Loan Against Property Balance Transfer from another bank/financial institution to ICICI Bank available.
  • Special offer available for doctors
  • Loan available for salaried as well as self-employed people
  • ICICI Bank has a vast network of 4800+ branches in India
  • ICICI Bank is one of the four biggest banks in India and is a renowned name in the banking industry.

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.

ICICI Bank Loan Against Property is famous for the attractive interest rates it offers. Borrowers can avail the ICICI Bank Loan Against Property at an attractive interest rate.

ICICI Loan Against Property Interest rates for salaried, self-employed, and ICICI/ Infosys employees are as follows: 

Type of Borrower Loan Amount Floating Rate of Interest Fixed Rate of Interest (3/5/10 Years)

Salaried Employees

Up to 50 Lakhs

10.25%

11.90%

Between 50 Lakhs - 1 Crore

10.20%

11.90%

More than 1 Crore

10.15%

11.90%

Self-employed

Up to 50 Lakhs

10.30%

11.90%

Between 50 Lakhs - 1 Crore

10.25%

11.90%

More than 1 Crore

10.20%

11.90%

ICICI/ Infosys Employees

Up to 50 Lakhs

9.80%

 

Between 50 Lakhs - 1 Crore

9.80%

More than 1 Crore

9.80%

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 Documents Salaried Self-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 Documents

Copy of title documents of the property being mortgaged

Copy of title documents of the property being mortgaged

Other Documents

Processing fee cheque

Processing fee cheque

Why Apply for ICICI Loan Against Property on MyMoneyMantra?

If you wish to apply for ICICI Bank Loan Against Property, you can use the benefits of MyMoneyMantra's online platform. You will be guided through the entire loan process of application, documents collection and submission, approval, and disbursal of funds by our mortgage specialists.

With rich experience in the industry and partnership with over 90 banks and other financial institutions, we help you in all possible ways. You can also determine your eligibility before applying for the loan, using our EMI Calculator. The entire process of a loan application on MyMoneyMantra is convenient and instant.

How to Apply for ICICI Bank Loan Against Property?

If you're worried about how to apply for ICICI Bank Loan Against Property, then you'd be glad to hear that ICICI Bank Loan Against Property can be applied through different platforms, such as:

  • Online through ICICI Bank's website
  • Visiting ICICI Bank's nearest branch
  • Calling the bank's helpline or customer care number
  • Through MyMoneyMantra's online lending marketplace

How to Apply for ICICI Bank Loan Against Property via MyMoneyMantra?

Our primary focus at MyMoneyMantra is to make the process of availing ICICI Bank Loan Against Property convenient and hassle-free for you. Complete assistance will be provided in the application process apart from guiding you to the scheme that is best suited for your requirements.

Here's a step-by-step process of applying for ICICI Loan Against Property through MyMoneyMantra:

  • Click on the Home Loan section under Loans tab on the homepage
  • Fill in the details required
  • Submit your application
  • Then you need to enter the OTP received on your registered mobile number
  • You will soon receive a call from our representatives to guide you further

Other Products by ICICI Bank

Apart from the Loan Against Property (LPA), ICICI Bank also offers other products as given below:

Home Loan

ICICI Bank Extraa Home Loans

ICICI Bank Pragati Home Loans

Pradhan Mantri Awas Yojna

Balance Transfer

Top Up Loan linked to Home loan

Balance Transfer and Top Up

ICICI Bank Saral Rural Housing Loan

Home Improvement Loan

Office Premises Loan (Non Residential Property)

Land Loan

 

 

Home Loans for Non Resident Indians

Car Loan

Car Loans For Existing ICICI Bank Customers

New Car Loan

Pre-Owned (Used Car) Loan

Loan against Car

Loan against Car Refinance

Loan against Car Top Up

Two Wheeler Loan

Wedding Loan

Holiday Loan

Home Renovation

Top Up Loan

Fresher Funding

Gold Loan

Loan Against Securities

Flexicash-Main

Pre-qualified Loans

Online Loans

Salary Overdraft

Education Loan

Commercial Business Loans

Construction Equipment Loans

Commercial Vehicle Loans

Pradhan Mantri Mudra Yojana

Stand-Up India Scheme - Finance for Women or SC/ST

Loan for sure

Credit Card

Debit Cards

Prepaid Cards

Travel Cards

Commercial Cards

Unifare Metro Cards

Merchant Services

Life Insurance

General Insurance

Heart and Cancer Insurance

Pradhan Mantri Social Security Schemes

Agri Corporates

Mid Cap Credit

Agri Investment Banking Solutions

Forex & Derivatives

Factoring

Privilege Delights

Savings Accounts

Current Account

Salary Account

3-in-1 Account

Pension Accounts

PayLater by ICICI Bank

Other Accounts

Fixed Deposit

Recurring Deposit

FD Xtra

Recurring Deposit with Monthly Income Option

Fixed Deposit with Monthly Income option

Fixed Deposit (without premature withdrawal facility)

iWish flexible RD

Tax Saving FD (Fixed Deposit)

Money Multiplier Fixed Deposit

Security Deposits

Value Added Products

Investment Options

Forex Services

Personal Finance Management

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.

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 Charges

Description

Processing fees/ renewal charges

1% of the total loan amount + applicable taxes

CIBIL report charges

50 + applicable taxes

Administrative charges

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 charges

Nil

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 mode

500

Charges for documents retrieval

500

Cheque/ ECS/ AD/ Bounce Charges

500

Charges for duplicate No Objection/ No Due Certificate

100

Charges for revalidation of No Objection Certificate

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

FAQs

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

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?

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?

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?

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?

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?

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?

No, the bank levies no hidden charges.

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

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

Latest News Snippets

24.07.19: ICICI Bank opens its 50thbranch in Ahmedabad

ICICI Bank has a network of close to 350 branches and over 850 ATMs in Gujarat. A new branch at Hebatpur Road in Ahmedabad was inaugurated by Mr. Kantibhai Patel, Managing Director, Awadh Infrastructure Private Limited and Mr. Shashikant Patel, Partner - Matrubhumi Developers which makes it the 50thbranch in the city. It is backed with an ATM that is available 24*7. The branch will offer an extensive range of accounts, deposits, and loans including savings and current accounts, car loans, home loans, etc. It also offers locker facilities.

17.07.19: ICICI Bank launches 'InstaBIZ', a comprehensive digital banking platform for MSMEs, for the first time in India.

ICICI Bank's InstaBIZ provides over 115 banking products and services for businesses in one single place, available as a mobile application on the web. Instant online overdraft facility up to 15 Lakhs can be availed by any MSME (account holder or not) through the mobile application. It is the first mobile application to enable instant payment of GST. It provides a complete overview of the account activity, including sales, cash available, bills paid, invoices collected ensuring hassle-free and timely business decisions 24x7. Features like 'auto reconciliation' enable MSMEs to raise invoices, make payments and collections from the platform itself.

13.05.19 ICICI launches co-branded travel card in collaboration with GoIbibo

ICICI Bank announced the launch of a co-branded multicurrency travel card with Goibibo, a leading online travel booking company, to offer many monetary benefits as well as convenience to the increasing group of International travel enthusiasts of the country. Anyone travelling abroad, irrespective of being ICICI Bank's savings account customer or not can apply for the 'Goibibo ICICI Bank Travel Card' to avail the benefits on spends during their travel.

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