ICICI Loan Against Property is suitable for borrowers of real estate properties that are residential or commercial. The Loan Against Property available on Finserv MARKETS offers ease and convenience. Other important features include flexible repayment tenure, safe payment options, and clear fees.
ICICI provides property loans to individuals who need funds to satisfy their businesses as well as personal needs against the mortgage of their current property. There are the following advantages to taking a loan from ICICI:
Pay lesser EMIs for a longer duration of up to 15 years.
Attractive and cost-effective interest rates.
Avail a loan for both business and personal needs against property.
All the fees and charges applicable for the loan are below.
Starts from 10.75% p.a.
*The charges are subject to policy changes of ICICI Bank, from time to time.
To measure loan EMIs, you can use the online ICICI Bank Loan Against Property EMI Calculator on Finserv MARKETS. EMI is a fixed amount that you are expected to pay every month before the end of your term to repay your loan.
EMI calculator allows you to measure your monthly EMI at different interest rates and also search and compare the lowest EMI on LAP per lakh.
The higher the amount of the loan, the greater the EMI frequency. You should equate the expected EMI with your monthly repayment ability to assess the amount of EMI that you can service comfortably without creating a financial burden.
Loan tenure matters equally, as your EMI is reduced by higher loan tenure.
The interest rate on the loan is another aspect that impacts your EMI. The lower the interest rate, the higher the EMI would be. However, relative to a short tenure loan, the cumulative interest performance would be considerably high in a longer tenure loan. Comparison of the loan against the property interest rate of various banks would allow you to choose the cheapest loan and thus boost your eligibility.
Identity Proof: PAN/Voter ID/Aadhaar Card
Address proof: Aadhaar Card/Passport/Driving License
Bank statements of last 6 months
Salary slips of last 3 months (applicable for salaried applicants)
Certificate & Proof of business existence (applicable for self-employed applicants)
Form 16 / Income Tax Returns
Passport size photo
ICICI Bank provides a Loan Against Property at a rate of 10.75% to salaried and self-employed applicants. If you are already paying a higher interest rate than the ICICI Bank rate, you can opt for an ICICI Bank loan balance transfer.
You will make your spouse or family member the co-applicant for your loan if your spouse or family member is earning well. The combination of both of your earnings would allow you to increase your credit eligibility.
No tax incentives are available for property loans.
To repay your loan, ICICI Bank provides a cumulative term of 15 years.