In instances where you have urgent financial requirements, but you are falling short of funds, there is no need to stress. You can get financing via a loan against property (LAP) from ICICI Bank. This is a secured offering, wherein you get access to a sizable sanction on affordable terms.
Be it for scaling your business, paying for a child’s education, wedding, or medical emergency, an ICICI loan against property will cover all your financial emergencies. Best of all, you can apply for an ICICI Bank loan against property on Bajaj Markets! Read on to understand more features and benefits of the ICICI LAP.
Interest Rate |
10.85% p.a. onwards |
Processing Fees |
0.25% of the loan amount + applicable taxes |
Administrative Charges |
₹5,000 + Applicable Taxes or 0.25% of the loan amount + Applicable Taxes, (whichever is lower) |
Prepayment Charges |
4% + applicable taxes |
Disclaimer: The charges are subject to policy changes of ICICI Bank.
Here is a table comparing the ICICI Bank loan against property interest rates with various other lending partners on Bajaj Markets.
Name of the Partner |
Interest Rate (% p.a.) |
10.10% p.a. |
|
14.00% p.a. |
|
10.85% p.a. |
|
9.45% p.a. |
|
9.25% p.a. |
|
12.50% p.a. |
|
13.90% p.a. |
Disclaimer: The interest rates can vary for each lending partner and are subject to change at the financial institution’s discretion.
You can compute your EMI using the ICICI LAP EMI calculator on Bajaj Markets. Enter the principal amount, repayment tenure, and the applicable loan against the property interest rate at ICICI Bank.
That’s all, and you get the EMI amount in a jiffy. The tool saves a lot of time and helps you manage your finances in a better way. Furthermore, you can tweak specific parameters of the ICICI LAP calculator to arrive at the right EMI amount.
You need to meet the following ICICI Bank loan against property eligibility criteria to get a loan approval:
Your age must be between 23-60 years if salaried and 23-65 years if self-employed
Your monthly income must be above ₹25,000
The minimum Profit After Tax (PAT) must be ₹25,000 per month if you are self-employed
You must have a work experience of at least one year as a salaried professional
Business vintage of minimum two years is required if you are self-employed
Meeting all these loan against the property eligibility criteria of ICICI Bank can ease your loan approval process and provide funds during financial emergencies. Additionally, you can use the ICICI Bank LAP EMI calculator to calculate your loan EMIs before availing a loan from ICICI Bank.
Here are the essential documents required for an ICICI Bank loan against property:
Identity proof: PAN/Voter ID/Aadhaar card
Address proof: Aadhaar card/Passport/Driving licence
Bank statements of the last six months
Salary slips of the last three months (applicable for salaried applicants)
Certificate & Proof of business existence (applicable for self-employed applicants)
Form 16 / Income Tax Returns
Property documents
Passport-size photos
Here is the simple process to apply for an ICICI home loan on Bajaj Markets:
Fill in Your Personal and Income Details
Choose the loan type and enter your personal information to check your offer.
Choose your Lending Partner
Choose ICICI Bank from the list of lending partners.
Estimate Borrowing Power
Know the loan amount you can avail.
Mention the Requirement & Property Details
Fill in the required loan amount & details of the property.
Unlock Final Details
Find out your loan details, associated charges and net disbursal amount. Post this, a loan expert will then connect with you to process your application further.
Yes, the prepayment charges on loan against property are 4% plus applicable taxes.
The ICICI LAP EMI remains constant throughout the loan tenure.
The interest rate is decided at the start of the loan tenure. So, when you avail a LAP at the current interest rate of 10.85% p.a., this remains unchanged throughout the tenure.
An ICICI LAP EMI calculator considers the loan amount, applicable interest rates and tenure when calculating EMIs.
You can get a maximum amount of up to ₹5 Crores.
Your age, income, property value, existing credit obligations and credit score must match the parameters ICICI Bank sets to get a hassle-free loan approval.
As a salaried applicant, you must earn a monthly income of ₹25,000.
You must be between 23 and 60 years if you are a salaried professional and between 23-65 years in the case of self-employed individuals.
The maximum tenure of an ICICI Bank LAP is 15 years.