ICICI Bank, one of India's leading private sector banks, offers a range of financial solutions to individuals seeking monetary assistance. One of their most popular services is the loan against property balance transfer, which can help you transfer your existing LAP from other financial institutions to ICICI Bank.
This service offers several benefits that include the following:
Lower interest rates
Option to avail top-up loans
You can now transfer your existing loan against the property balance at a low interest rate and minimal documentation when you opt for the ICICI Bank loan against the property balance transfer facility on Bajaj Markets.
The ICICI Bank loan against property balance transfer interest rates and charges applicable for the loan have been mentioned below:
Starts from 10.85% p.a.
0.50% of the loan amount + Applicable taxes
₹5,000 + Applicable taxes or 0.25% of the loan amount + Applicable taxes, (whichever is lower)
Disclaimer: The charges are subject to policy changes of ICICI Bank.
Using the ICICI Bank loan against property balance transfer EMI calculator online is your best bet to calculate the interest payable. It is quick and intuitive and offers accurate results.
Here is a tabulated comparison of ICICI Bank loan against property balance transfer interest rates with top lending partners of Bajaj Markets. Compare the interest rates and choose a lender that best fits your requirements.
Minimum Interest Rate
Disclaimer: Interest rates are subject to change per the financial institution’s policies.
When availing the loan against property balance transfer, ICICI Bank offers the following features and benefits:
The ICICI Bank loan against property balance transfer eligibility criteria are as follows:
You must be between 23-60 years if you are salaried
You need to be in between 23-65 years if you are a self-employed applicant
Your monthly income must be above ₹25,000
Your minimum monthly Profit After Tax (PAT) must be ₹25,000 if you are self-employed
You must have a minimum work experience of 1 year as a salaried professional
You must have a business vintage of at least 2 years if you are self-employed
Here are some essential documents required for an ICICI Bank loan against property balance transfer:
Identity proof: PAN/Voter ID/Aadhaar card
Address proof: Aadhaar card/Passport/Driving licence
Bank statements for the last six months
Salary slips of the previous three months (applicable for salaried applicants)
Certificate & Proof of business existence (applicable for self-employed applicants)
Form 16 / Income Tax Returns
Apply for the balance transfer through these simple steps on Bajaj Markets:
Visit the LAPBT webpage, click on “APPLY NOW” and enter your personal details to check for an offer.
Select ICICI Bank from the list of lending partners.
Find out the loan amount you can avail.
Enter the loan amount you need, along with the property details.
Find out your loan details, associated charges and net disbursal amount.
Post this, a loan expert will connect with you to process your application further.
ICICI property loans can be adjusted according to the financial capacity of the borrower or in the event of a floating interest rate provided by the lender.
Remember that the loan against property EMI remains typically unchanged unless the customer demands a modification and, according to its eligibility conditions, the same is approved by ICICI Bank.
Usually, if the floating interest rate on your loan rises, ICICI Bank will retain the EMI constant but extend the tenure of the loan. So, you will pay the same EMI for an extended period.
However, if interest rates increase such that the revised tenure of the loan is greater than the maximum allowable by ICICI Bank, your EMI amount may be increased by the bank.
The loan against property also provides a prepayment facility, equivalent to other loans. So, the unpaid principal balance on your real estate loan decreases when you make a prepayment.
You may opt to either retain the EMI the same and reduce the tenure of the loan or decrease the EMI and keep the tenure of the loan unchanged. As you pay less interest to the bank in this alternative, retaining the EMI constant and reducing the loan tenure is advantageous.
Remember that, except for floating-rate property loans approved by individuals, ICICI Bank can levy prepayment fees.
Your EMI is calculated using three factors: your loan amount, the tenure of the loan and the interest rate.
ICICI Bank provides a loan against property at interest rates starting from 10.85% to salaried and self-employed applicants. If you already pay a higher interest rate than the ICICI Bank rate, you can opt for an ICICI Bank loan balance transfer.
You can make your spouse or family member the co-applicant for your loan. Combining both your earnings would allow you to increase your credit eligibility.
Yes, you can claim tax benefits on your loan balance transfer loan, if you avail a top-up loan. Here, you need to use the funds for expenses that qualify for tax benefits.
ICICI Bank provides a maximum repayment period of 15 years to repay your loan.
Yes, ICICI LAP balance transfer loans can provide additional tax benefits to the borrower. The interest paid on the LAP balance transfer loan can be claimed as a deduction from your taxable income under Section 37(1) of the Income Tax Act, 1961 if the amount has been utilised for business purposes.
Furthermore, you can claim tax benefits under Section 24(b) if you are a salaried individual utilising borrowed funds for purchasing another residential property. Note that these sections apply only to the interest component and not the principal amount repaid.