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ICICI Loan Against Property

ICICI Bank offers Loan Against Property for Business expansion, Get loan up to 5 crores. Avail loan up to 60% of property value. Balance transfer & Top-up.
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ICICI Bank is known to be the leading private bank in India, if you are a residential or commercial property owner & looking for funds? ICICI loan against property is a best way to secure money. ICICI loan against property interest rate begins from 7.50% Onwards. Loan against property in ICICI Bank charges a nominal processing fee of 1% on loan amount. For residential property up to 60% of property value & for commercial property up to 50% of property value funded with considering other factors. Loan against property in ICICI Bank property offers customized loan products to its customers. 

Features  

  • ICICI loan against property for personal & business needs 
  • Avail loan up to 70% of property value 
  • Maximum repayment period up to 15 Years 
  • Balance transfer facility offered by ICICI 
  • Quick & hassle-free processing 

 ICICI Loan Against Property Interest Rate & Details 2021 

Interest Rate 7.50% onwards
Loan Amount Max Loan up to Rs.2Crores
Repayment Period up to 20 years

 Compare ICICI Loan Against Property Interest Rate with Top Banks 

Bank Name Interest Rate
HDFC Bank 7.25% Onwards
SBI Bank 8.45% Onwards 
Axis Bank 7.50% Onwards 
IDFC First Bank 7.50% Onwards
ICICI Bank  8.50% Onwards
Yes Bank 8.00% Onwards
PNB Bank 9.00% Onwards
Kotak Mahindra Bank 7.25% Onwards 

 Factors Affecting ICICI Loan Against Property Interest Rate 

It has several factors that affect ICICI Loan Against Property as mentioned in following: - 

CIBIL Score: - ICICI Loan Against Property interest rate is determined on borrowers CIBIL score, if the CIBIL score range is below 700 chances of getting loan at low interest will be lowered & a higher interest rate will be applicable while if the score is above 750, lowest interest rate offered by ICICI Bank. 

Borrower’s Profile: - Borrower’s profile can impact loan against property interest rate if borrower have less debt-to-income ratio can enjoy lower interest rate while borrower with higher debt burden will be facing higher rates.  

Type of Property: - Lender consider the type of property pledged by borrowers, it includes property age, condition & location wisely to know whether the property have good value in market or not. However, it helps to evaluate the risk owned by property if seems higher eventually the rate will be higher while if the property is in prime location obviously the ICICI will offer lowest loan against property interest rate due to the risk coverage opportunity. 

 Also Read:-HDFC Used Car Loan

 ICICI Loan Against Property Products 2021 

Loan against property ICICI has designed varied types of customized loan products to its customers. Some of the most popular products are listed below: - 

Home Overdraft: - 

  • ICICI loan against property allows borrowers to withdraw amount from the sanctioned limit 
  • It will be a long-term dropline limit that shall be renewed each year 
  • Interest applicable only on withdraw/utilized amount 
  • For salaried loan up to Rs.1 Crore 
  • For self-employed loan up to Rs.5 Crore 

 LAP for Doctors:- 

  • ICICI Bank offers a special loan product for medical professionals Lap for doctors 
  • Convert clinic into nursing home or invest for any other financial requirement 
  • Avail 70% of property value as a maximum loan amount 
  • Get maximum repayment period up to 15 years  

 LAP Top-up: - 

  • If you are facing storage of funds! ICICI LAP Top-up is the ideal facility 
  • Avail 100% Top-up facility on your existing loan against property 
  • Easy & minimal documentation  

 ICICI Balance Transfer: - 

  • Lower your existing EMIs  
  • Balance transfers your existing loan against property to ICICI Bank 
  • Make your loan repayment even more convenient 

 Other charges 

Apart from Interest rates, there are few other charges levied by PNB it includes the followings: - 

Processing Fee Up to 1% on loan amount plus taxes as applicable
Cheque Dishonour Charges Rs.500 plus taxes as applicable 
CIBIL Report Charges ICICI Charges Rs.50 for each report generating
Administrative Charges  After loan sanction administrative charges will be applicable of Rs.5000 or 0.25 whichever lower plus taxes
Payment Swap Mode  Whether borrowers want to change fixed rates to floating or floating rate for fixed interest rate, ICICI charge  upto 1.75% on remaining loan amount plus taxes 

ICICI Bank Loan Against Property EMI Calculator 

ICICI Bank loan against property EMI calculator helps to estimate borrowers eligibility on loans. To estimate loan eligibility various factors are evaluated such as applicant age, required loan amount, loan tenure & income stability.

Also Read:-HDFC Bank Home Loan

Eligibility Criteria 

To avail Loan Against Property in ICICI bank borrowers are required to meet following criteria: - 

  • Applicant age group should fall between 25 – 65 years 
  • For salaried, minimum income should be at least Rs.25,000/- p.m. 
  • At least 3 years of work experience 
  • Business must have minimum 2 years of existence 
  • Minimum 3 years of business continuity required for business  
  • Last 6 months bank statement 
  • Credit score needs to be above 700 

ICICI Bank Loan Against Property Documents Required 

Certain documents required to process borrowers application which are listed below: - 

  1. Duly filled application form with 2 passport sized photographs 
  2. Proof of Identity: - Aadhar Card/ Pan Card or Voter ID 
  3. Residence Proof: - Utility Bill/ Aadhar Card/ Passport/ Driving License or Bank Statement 
  4. Property documents: - Previous chain of document of earlier property owner, sale deeds. 
  5. Income proof 
  6. Last 6 month of bank statement 

 How to Apply ICICI Loan Against Property Online via Financeseva? 

To avail ICICI LAP via Financeseva, you are required to follow few simple steps: - 

  • Financeseva offers you to compare Kotak business loan with other banks at single platform. 
  • Get a detailed comparison of business loan schemes, benefits, interest rates, EMI calculator offered by banks. 
  • Click on Get Quote & fill required details to submit the form, shortly concern representative will get in touch with you for further formalities. 

 FAQs 

What are the schemes offered by ICICI loan against property? 

Loan against property in ICICI Bank offer 3 types of loan as listed below: - 

  • Homse Overdraft 
  • LAP for Doctors 
  • LAP Top-up 
  • ICICI Balance Transfer 

What is the purpose of ICICI loan against property? 

This type of credit facility availed for children’s higher education/marriage, business expansion, debt consolidation, working capital, purchasing inventory etc. 

Does ICICI allows to close loan tenure earlier? 

Yes, ICICI Bank allows borrowers to close loan tenure earlier to actual loan period opt. 

What is the maximum repayment provided given by ICICI Bank in loan against property? 

Borrowers can get flexible repayment period up to 15 years to repay borrowed amount. 

What is ICICI Loan Against Property Interest rate? 

ICICI Loan Against Property interest rate begins from 8.50% Onwards per annum. 

Who can avail ICICI LAP? 

Any residential or commercial property owner can avail this type of credit facility to meet financial requirements. 

Is there any processing fee charge by ICICI Bank? 

Yes, generally a 1% of processing fee charged on amount of overdue instalment. 

What is the maximum loan amount offered by ICICI bank on loan against property? 

Salaried can get loan up to Rs.1 Crore while self-employed loan amount can goes up to Rs.5 Crore, but eligible loan amount depends on credit profile, income stability property value & evaluation of property done by ICICI Bank. 

Does ICICI offer LAP Top-up? 

Yes, LAP offered by ICICI Bank to get additional fund to cover up shortage of fund as per requirement on existing loan against property 

How can I improve my Eligibility on ICICI Loan Against Property? 

To improve Eligibility, borrower can add their earning family member as a co-applicant to increase loan Eligibility. 

Is there any Loan Against Property tax benefit offered by ICICI Bank? 

Yes, under LAP tax benefits borrowers can get tax deduction up to Rs.2 lakh. Tax benefit under 24(B) & tax benefit under section 37 (1) where one can claim to get these types of benefits. 

What Should be my minimum salary to get Loan Against Property in ICICI Bank? 

For salaried borrowers, make sure you earn minimum Rs.25,000 per month to get ICICI LAP product. 

How can I get Loan Against Property without income proof? 

If you don’t have essential income proof but want to get a loan against property, the entire process will be longer as compared to in normal cases. It will require additional documents & certain methods include adding earning co-applicant, building relationships with bankers & opt for lower loan amount. 

How can I get Top-up on my existing Loan against property? 

To avail Top-up facility on your existing LAP, you should not done any default in existing LAP repayment period to secure Top-up at low interest rate ranges between 0.25% - 1% to get additional funds.  

ICICI Loan Against Property Customer Care Number 

For any queries, complaints and feedback regarding the loan, the bank has offered 24/7 customer service.  

 Leave your details or give missed call to below number and we will get back to you 

Missed call number 9022499400 

Email us : customer.care@icicibank.com 

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