ICICI Loan Against Property

The key benefits and features of ICICI Bank Loan Against Property are:

• The loan can be used for both business and personal use
• The maximum loan amount offered is Rs. 5 crore
• Maximum loan tenure is 15 years
• Offers balance transfer facility at an attractive interest rate
• Offers special offers for doctors
• Can mortgage both residential and commercial properties
• Offers upto 90% of the total LAP as an overdraft

Interest Rates for Salaried & Self Employed Professionals

Note: The ICICI Bank LAP interest rate is as updated on the bank’s website. The figures given in the table are indicative and are subject to change at the bank’s or RBI’s discretion without prior information.

Interest Rates for ICICI Group/Infosys Employees

Note: The ICICI Bank LAP interest rate is as updated on the bank’s website. The figures given in the table are indicative and are subject to change at the bank’s or RBI’s discretion without prior information.

Factors that Affect Loan Against Property Interest Rate

Some of the factors that affect Loan Against Property Interest Rates are:

• Loan tenure:Home loans involve a big sum of money; therefore, they have longer loan tenure, usually stretching upto 10-15 years. The shorter the loan tenure, the higher will be the EMIs and vice-versa. The ICICI Bank might levy a little higher interest rate if the loan is availed for shorter loan tenure. Some lenders might levy a slightly higher interest rate if the loan is availed for shorter loan tenure.
• Type of property: ICICI Bank LAP is easier to get as it accepts both residential and commercial properties as a mortgage. However, the interest rate given on them might differ because of the difference in their value. The age of the property and location are also influencing factors.
• Borrower’s profile:The borrower’s details such as their age, occupation, city of residence, income, etc. reflect their repayment capacity; thus, affecting the interest rate levied by the lender. The ICICI Bank LAP interest rates will be higher for an individual nearing retirement. Also, usually, the interest rate levied for salaried professionals is lower than the interest rates offered to self-employed professionals. This is because the income of salaried individuals is regular. And the income of the self-employed professionals is not regular or depends on their business. The lender may charge
• Credit score: Your CIBIL Score or credit score reflects how responsibly you can handle your debts. Usually, consumers with higher credit scores get a loan at lower interest rates than consumers with lower credit scores.

The eligibility for ICICI Bank Loan Against Property is evaluated on the basis of the financials of the customer and the value of the property being pledged as collateral. Other important prerequisites required to apply for the loan are:

Some of the common documents required for ICICI Bank Loan Against Property are:

* The prepayment charges are applicable only for non-individual borrowers including Private Ltd., Public Ltd., Partnership Firms, Proprietorship firms, HUFs, etc.

Note:

• The prepayment charges mentioned above are applicable on full repayment of the loan
• The applicable prepayment charges will be calculated on the principal outstanding on the loan closure date
• If the borrower/s makes full prepayment within one year of part prepayment, the full prepayment fees shall be applicable on the amount prepaid to foreclose the loan and on all amounts tendered by the borrower/s towards the prepayment of the facility during the last one year from the date of final prepayment
• Current principal outstanding and all amounts tendered by the borrower towards prepayment of the Facility during the last one year from the date of final prepayment
• Administrative charges are one-time charges levied for the purpose of appraising the valuation and legal verification of property to ascertain suitability of accepting collected and the same is independent of the outcome/result of such appraisal. Please note that the administrative charges are payable at the time of disbursement of the loan facility
• The GST and other charges applicable on the basis of the prevailing rate will be levied over and above on the charges given in the table

The figures given in the table are indicative and are subject to change at the banks’ discretion without prior information.

An EMI calculator is an online tool that helps you calculate your monthly instalments for repayment towards your Loan Against Property. Paisabazaar.com provides the facility of Loan Against Property EMI Calculator for free. It is easy for anyone to use. While manual calculation takes time, the online EMI calculator provides instant results.

The steps to use Paisabazaar’s Loan Against Property EMI Calculator are given as follows:

• Visit the Paisabazaar’s Loan Against Property EMI Calculator page
• Enter the following details:
• Loan Amount: The principal amount that you wish to apply for
• Rate of Interest: The rate of interest that the ICICI Bank is offering you for your desired amount
• Loan Tenure: The tenure over which you would like to repay the amount borrowed

The moment you enter the above details, the calculator will show result.

Apply for ICICI Bank Loan Against Property – Offline

Visit the Nearest Bank Branch: To apply for ICICI Bank Loan Against Property, customers can visit their nearest bank branch and get in touch with the representatives to take you through the application process.

Give a Missed Call: The bank also provides a Missed Call facility to its customers. Interested individuals can give a missed on this toll-free number – 8100881008 anytime and wait for the bank executive to call them back. When they receive the call, the bank executive will ask for a few details and then process the loan request.

Apply for ICICI Bank Loan Against Property – Online

ICICI bank provides an online loan application facility to its customers. They can avail this facility through the bank’s website where they will need to fill out a form. On successful submission, the bank will get in touch with the concerned person within the next 24 hours to take the process further.

Customers can also apply for the loan through online marketplaces like Paisabazaar.com. Applying for a loan through an online marketplace improves the chances of getting best loan rates and quick disbursal.

To apply for ICICI Bank Loan Against Property at Paisazbaar.com, follow these steps:

• Visit the Paisabazaar’s Loan Against Property
• Fill out the form and accept terms and conditions to proceed.
• You will receive an OTP via SMS on your mobile number.
• Enter the OTP.
• Provide more details.
• View offers for which you are eligible and apply.

Within 24 hours, the bank’s relationship manager will get in touch with you to take the process forward.

Q. Loan Against Property from ICICI Bank can be used for which purpose?

Customers can avail ICICI Bank Loan Against Property for any personal or business purposes such as expanding a business, children’s higher education, purchase of expensive equipment, etc.

Q. Which type of property can be mortgaged for ICICI Bank’s Loan Against Property?

Both residential and commercial properties can be pledged as a mortgage to avail Loan Against Property. However, the property customers will offer as a security must be free from any charges.

Q. How much loan can a customer get under ICICI Bank Loan Against Property?

The maximum loan amount that a customer can get bank under ICICI Bank Loan Against Property is Rs. 5 crore. However, the loan amount offered by the bank to a customer will depend on his/her financials and also the value of the property.

Q. How much amount will the ICICI Bank be able to finance against a property?

The amount which the bank will grant you a loan depends on the customer’s repayment capacity, property type and the market value of the concerned property. The bank can give customers a loan of upto 70% of the market value of the property. The market value of the property will be appraised by the bank’s team of Valuers.

Q. Does ICICI Bank offer Loan Against Property as an overdraft?

Yes, customers can avail upto 90% of the total LAP as an overdraft.