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ICICI Bank Loan Against Property 

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. 

ICICI Loan Against Property Interest Rates 2021

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

ICICI Bank Mortgage Loan Features & Benefits

Here are the noteworthy checkpoints about ICICI bank loan against property:

  • Purpose

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.

  • Loan Amount

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. 

  • Rate of Interest 

ICICI bank loan against property interest rates start from 8.75% per annum.

  • Loan Repayment Tenure 

ICICI bank mortgage loan repayment tenure ranges up to 15 years. 

  • Balance Transfer 

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.

  • Prepayment 

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.

Eligibility for ICICI Bank Loan Against Property

Here are the ICICI bank loan against property eligibility requirements that you must meet in order to get the loan successfully:

  • Salaried and self employed individuals are eligible for this loan.
  • Your minimum age should be 21 years at the time of loan sanction.
  • Your maximum age should be 65 years when the loan tenure ends.

Documents Required for ICICI Bank Loan Against Property (LAP)

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

Compare other bank loan against property interest rate

BANKS

INTEREST RATE 

AXIS Bank Loan Against Property

Starts at 11.25% 

SBI Bank Loan Against Property

Starts at 10.85%

YES Bank Loan Against Property

Starts at 10.50%

IDBI Bank Loan Against Property

Starts at 11.25%

RBL Bank Loan Against Property

10.65% to 16.25%

HSBC Bank Loan Against Property

Starts at 8.60%

Indusind Loan Against Property

Starts at 9.00%

ICICI Bank Loan Against Property EMI Calculator 

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:

  • Visit the official website of ICICI bank.
  • Go to the “Loans” menu in the “Personal” section.
  • Now click the “Home Loans” option in the “Popular Loans” section.
  • Find and click the “Loan Against Property” option.
  • Click the “LAP Calculator”.
  • Enter the loan amount, tenure in years and applicable rate of interest.

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.

How to Apply for ICICI Bank Loan Against Property (LAP)?

Here is how to apply for ICICI bank loan against property:

  • Apply for ICICI loan against property offline

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.

  • Apply for ICICI loan against property online

Here is how to apply for ICICI mortgage loan online:

  • Visit the official website of ICICI bank.
  • Go to the “Loans” menu in the “Personal” section.
  • Now click the “Home Loans” option in the “Popular Loans” section.
  • Find and click the “Loan Against Property” option.
  • Click the “Apply Now” button.
  • Input the details that are required in the loan application form.
  • Submit your application.

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.

ICICI Bank Loan Customer Care Number 

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

Other Products Offered by the ICICI Bank

FAQs On ICICI Bank Loan Against Property

Q.1 What is the interest rate for ICICI bank loan against property? 

The ICICI bank loan against property interest rates start from 8.75% per annum.

Q.2 What is the processing fee for ICICI bank loan against property? 

The bank charges a processing fee of 1% of the loan amount for ICICI bank loan against property.

Q.3 How do I apply for ICICI bank home loan balance transfer?

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.

Q.4 Can I prepay my ICICI bank loan against property? 

Yes, you can make prepayment and part-prepayment for your ICICI bank loan against property.

Last Updated on : 01/May/2021

Know More About

Icici Bank Loan Against Property

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

Icici Bank Loan Against Property Interest Rates

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

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959