Too many financial requirements, but falling short of funds? Worry not! Loan Against Property from ICICI Bank is here to help you. Business scaling, child’s education, wedding, or medical emergency, Loan Against Property will take care of all your financial worries. So, why wait, apply for Loan Against Property on Finserv MARKETS now!
ICICI Bank Loan Against Property: Features & Benefits
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Loan Amount
Apply for a Loan Against Property of up to Rs. 5 Crores on Finserv MARKETS and get the required financial assistance.
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Flexible Repayment Options
The repayment tenure can go as high as 180 months for both salaried and self-employed applicants, making the repayment process very convenient.
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Balance Transfer Options
Balance transfer facility is also available with LAP, which will help reduce your rate of interest.
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Nominal Rates of Interest
Interest rates are competitive and start from 9.15% p.a.
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High Loan-to-Value Ratio
You can avail the loan amount up to 60% of the property value.
Why Choose Finserv MARKETS
How to Apply for ICICI Loan Against Property on Finserv MARKETS
Here are the simple steps.
Eligibility Criteria for ICICI Loan Against Property
Following criteria must be fulfilled to be eligible for Loan Against Property:
- The applicant’s age must be between 23-60 years, if salaried and 23-65 years if self-employed.
- The income of the salaried applicant must be above Rs. 25,000 per month.
- For self-employed applicants, minimum Profit After Tax (PAT) must be Rs. 25,000 per month.
- The salaried applicant must have a work experience of at least 1 year.
- Business vintage of minimum 2 years is required for self-employed applicants.
Documents Required for ICICI Loan Against Property
- 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
- Property Documents
- Passport-sized photo
ICICI Bank Loan Against Property Interest Rates
Interest Rate |
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Associated Charges |
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Loan Repayment Tenure |
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*The charges are subject to policy changes of ICICI Bank, from time to time.
Calculate Your ICICI LAP EMI
You can calculate your Loan Against Property EMI using EMI Calculator on Finserv MARKETS. Enter the principal amount, repayment tenure, and rate of interest and get the EMI amount in a jiffy. The tool helps you save a lot of time and help you manage your finances in a better way.
ICICI Bank Loan Against Property Prepayment
It is possible to close the loan before the set tenure ends. The charges for prepayment are 4% plus applicable charges.
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Frequently Asked Questions
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✔️How does lender assess what amount of Loan Against Property (LAP) can be funded?
The lender assesses various factors like property value, income, age, work experience, CIBIL score, to determine the amount that you can avail.
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✔️Can I take LAP as an overdraft?
Yes, you can take an overdraft up to 90% of the total LAP amount.
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✔️What are the purposes of LAP loan?
LAP can be used for business expansion, wedding expenses, travel, education.
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✔️What is the difference between Home Loan & Loan Against Property?
Home Loan is taken to purchase a house, while Loan against property is availed to fulfill the requirement by mortgaging the property that is owned.
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✔️ Is it mandatory to take all the property owners as co-applicant in the loan?
Yes, it is mandatory to take all the property owners as a co-applicant in the loan.
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✔️ What security do I need to provide?
As a security or collateral, you need to provide either residential or commercial property, to avail the loan.
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✔️ Are prepayment charges applicable on ICICI Bank Loan Against Property?
Yes, the prepayment charges on Loan Against Property is 4% plus applicable charges.
