ICICI Loan Against Property

ICICI Limited founded ICICI Bank in 1994 as its fully owned subsidiary. ICICI Bank is the second-largest private sector bank in India, and it offers a wide spectrum of financial products and services to its customers. Along with all other services, ICICI also provides a unique loan scheme wherein you can avail loans against property. ICICI Bank Loan Against Property comes at a low rate of interest and can be used for business or personal financial needs.

Individuals can mortgage either residential or commercial properties to avail the loan. Although you would be applying for a loan against property through ICICI Bank, the amount will be disbursed through ICICI Home Finance Company Limited, registered under National Housing Bank (NHB).

What Kind of Loan Against Property Scheme Does ICICI Bank Offer?

Unlike many other banks, ICICI Bank offers only a general Loan Against Property scheme. The loan can be availed at attractive interest rates and can be repaid over a tenure of 15 years.

Interest Rates and Processing Fees of ICICI Bank Loan Against Property

Interest Rates for Self-Employed and Salaried Professionals

Loan Slab	Floating Interest Rates	Fixed Interest Rates
Upto 50 lakh	10.30%	11.95%
50 lakh to 1 crore	10.25%	11.95%
More than 1 crore	10.20%	11.95%

Interest Rates for ICICI Group/Infosys Employees

Slab		Floating Interest Rates
Upto 50 lakh	9.85%
50 lakh to Rs. 1 crore	9.85%
More than 1 crore	9.85%

Note: The figures mentioned above in the table are indicative and are subjected to change without prior information at ICICI Bank’s or RBI’s discretion.

Processing Fees and Charges

Particulars	Fee & Charges
Loan Processing Charges/Renewal Charges	1.00% of the loan amount
Part Prepayment Charges	Nil
Administrative charges	Rs. 5000 or 0.25% (whichever is lower)
CIBIL Report Charges	Rs. 50 + applicable taxes
Prepayment Charges	4% on the principal outstanding*
Conversion charges	0.5% of principal outstanding for converting from Floating rate to Floating rate  0.5% of principal outstanding for converting Floating rate to Dual fixed rate 0.5% of principal outstanding for converting Dual fixed rate to Floating rate  Converting Lifetime Fixed rate to Floating rate will be charged 1.75% of the principal outstanding amount
Duplicate No Objection Certificate / No Due Certificate	Rs 100
Document Retrieval Charges	Rs 500
Cheque Bounce Charges	Rs 500
Repayment Mode Swap Charges	Rs 500

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

Features of ICICI Bank Loan Against Property

Let’s look at the key benefits and features of ICICI Bank Loan Against Property:

• You can use the loan for both the business and personal needs.

• ICICI offers a maximum loan amount of Rs. 5 crores with a maximum loan tenure of 15 years.

• ICICI Bank offers a balance transfer facility at an attractive interest rates, and also provides special offers to doctors.

• You can mortgage both residential and commercial properties to avail loan against property.

• ICICI Bank also offers upto 90% of the total LAP as overdraft.

Eligibility Criteria to Avail ICICI Bank Loan Against Property

Eligibility for this scheme is evaluated based on your financial health and the value of the property pledged as collateral. Let’s take a look at the prerequisites to apply for the loan:

Eligibility Criteria for ICICI Bank’s Loan Against Property
Profile	Salaried and Self-employed Professionals
Age Limit	25 to 65 (years or retirement age)

Documents Required for Salaried and Self-Employed Individuals

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

Salaried	Self-Employed Individual	Self-Employed Professional
Duly signed application form with 2 copies of photographs	Duly signed application form with 2 copies of photographs	Duly signed application form with 2 copies of photographs
Proof of residence	Proof of residence	Proof of residence
Proof of Identity	Proof of Identity	Proof of Identity
Proof of Age	Proof of Age	Proof of Age
Processing fee cheque	Processing fee cheque	Processing fee cheque
Copy of property documents for the concerned property	Office/ Business address proof	Office/Business address proof
Last six months’ savings account statement	Copy of property documents for the concerned property	Copy of property documents for the concerned property
Last six months’ salary slips	Proof of business stability with business account statements	Proof of business stability with business account statements
ITR copies/Form 16	Business profile	Business profile
Record to Report for existing loans of the last 12 months	Last six months’ current account statement	Last six months’ current account statement
All Educational qualification certificates	ITR copies/Form 16	ITR copies/Form 16
	Record to Report for existing loans of the last 12 months	Record to Report for existing loans of the last 12 months
	All Educational qualification certificates	All Educational qualification certificates
	Last three years’ Financials a) Computation of Income b) Balance Sheet  c)Profit & Loss Account – CA certified or Audited	Last three years’ Financials a) Computation of Income b) Balance Sheet  c) Profit & Loss Account – CA certified or Audited

 

ICICI Bank Loan Against Property EMI Calculator?

ICICI Bank’s Loan Against Property EMI Calculator is an online tool that helps you calculate your monthly installments for repayment towards your Loan. ICICI Bank's EMI Calculator provides an easy way out for everyone to use and give you instant results.

How to Apply for ICICI Bank Loan Against Property

Offline Method

• Visit the nearest ICICI Bank Branch: To apply for an ICICI Bank Loan Against Property, you can visit the nearest bank branch and get in touch with the bank representatives.

• Give a Missed Call: Other than visiting the branch; you can also give a Missed Call on 8100881008 anytime and wait for a bank representative to call back.

Online Method

ICICI bank provides customers with the online loan application facility as well, wherein you need to visit the official website and fill out an application form. After submitting it, a bank executive will get in touch with you within the next 24 hours to guide you.

FAQs

Q. For what purposes can I use the loan against property from ICICI Bank?

You can avail the ICICI Bank Loan Against Property for any personal or business needs.

Q. Which type of property can be mortgaged for loan against property?

You can mortgage both residential and commercial properties to avail loan against property from ICICI Bank. However, the property you are offering as security must be free from any previous obligations.

Q. How much funding can I avail under ICICI Bank Loan Against Property?

You can get a maximum loan amount of Rs. 5 crores under ICICI Bank's Loan Against Property scheme. However, the fund offered by ICICI bank to you will also depend on your financial health and value of the property.

Q. Does ICICI Bank offer LAP as overdraft?

Yes, you can avail upto 90% of the total ICICI Bank's LAP as overdraft.