ICICI bank loan against property allows you to meet your financial needs to fulfill your personal and business goals. In this type of ICICI bank home loans, you offer residential or commercial property as collateral and raise finances. The loan amount offered ranges up to Rs 5 crore at interest rates starting from 8.75%. The bank offers loan repayment tenure for up to 15 years.
|
Loan Amount |
Up to 5 crore |
|
Interest Charges |
Starts from 8.75% |
|
Processing Fees |
1% of loan amount plus applicable taxes |
|
Repayment Tenure |
Up to 15 years |
|
Part Prepayment |
4% of the outstanding principal plus applicable taxes |
Here are the noteworthy checkpoints about ICICI bank loan against property:
You can apply for an ICICI bank mortgage loan in order to meet financial requirements for business or personal goals. The bank accepts both commercial and residential property as collateral to avail you the funds.
The bank offers loan amounts starting from Rs 10 lacs and ranging up to Rs 5 crore. The loan amount also depends on the eligibility profile of the loan applicant.
ICICI bank loan against property interest rates start from 8.75% per annum.
ICICI bank mortgage loan repayment tenure ranges up to 15 years.
The bank allows you to transfer your existing loan to the ICICI bank. With ICICI bank home loan balance transfer facility, you move your high-interest-rate loan from a bank to ICICI bank loan at lower interest and save up the cost of loan.
The bank enables you to make prepayment and part prepayment of your ICICI mortgage loan. The bank charges a prepayment fee of 4% of the outstanding principal plus applicable taxes. You will not be charged any fees on part-prepayment of the loan.
Here are the ICICI bank loan against property eligibility requirements that you must meet in order to get the loan successfully:
|
Documents |
Salaried Applicants |
Self Employed Applicants |
|
Identity Proof |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
|
Address Proof |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
|
Income Proof |
Salary Slips, Bank Statements, Form 16 |
Balance sheet and profit and loss account, IT Returns, Business Proof |
|
Other Documents |
Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank |
Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank |
|
BANKS |
INTEREST RATE |
|
Starts at 11.25% |
|
|
Starts at 10.85% |
|
|
Starts at 10.50% |
|
|
Starts at 11.25% |
|
|
10.65% to 16.25% |
|
|
Starts at 8.60% |
|
|
Starts at 9.00% |
It is best to know the payable ICICI bank loan against property EMI, provided that it allows you to plan your monthly finances accordingly. You can use the ICICI LAP calculator in order to calculate the amount of your monthly loan instalments.
Here is how to use ICICI Loan Against Property EMI calculator:
You can now view the payable amount of your ICICI LAP EMI.
To calculate the loan against property EMI quickly, you can use the BankSathi loan calculator where you only need to enter the loan amount, tenure in years and applicable rate of interest. Click “Calculate” and then you can view the monthly as well as the yearly calculation of your loan.
Here is how to apply for ICICI bank loan against property:
Go to the nearest branch of the bank in order to apply for ICICI mortgage loan offline. Make sure you have all the required documents that you have to submit for the loan application.
Here is how to apply for ICICI mortgage loan online:
Once your loan against property application is submitted to the bank, you will soon hear from the bank representative for the further steps regarding the loan.
For more assistance with the ICICI bank loan against property, you can contact the customer support of the bank.
Here is the ICICI bank loan customer care number: 1860 120 7777
The ICICI bank loan against property interest rates start from 8.75% per annum.
The bank charges a processing fee of 1% of the loan amount for ICICI bank loan against property.
You can reach out to the nearest branch of the bank to apply for the ICICI home loan balance transfer offline.
To apply for the ICICI bank home loan balance transfer online, you can visit the official website of the bank.
Yes, you can make prepayment and part-prepayment for your ICICI bank loan against property.
Last Updated on : 01/May/2021Know More About
You're eligible for a Icici Bank Loan Against Property if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Loans Against Properties is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Icici Bank Loan Against Property Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 8.75% - 0% |
| Processing Fees | 1% |
| Loan Tenure | 1 year to 15 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Loans Against Properties EMI Calculator