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FAQs
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Why Should I consider ICICI Bank?
- Attractive Interest Rates
- No fee on part prepayment
- Insurance options at attractive premium
- Doorstep Service
- Simplified Documentation
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What is the eligibility criteria to get a Loan Against Property?
You are eligible for a Loan Against Property, if you are
- A minimum age of 21 years
- Employed or self-employed with a regular income
- Owner of a self-occupied property
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How much loan can I get?
- You can get a loan of upto Rs 3 Crores
- You can get upto 75% of the value of the property, subject to a minimum valuation criteria. The amount varies depending on the nature of the property and term of the loan that you need
- Your repayment capacity as determined by ICICI Bank, taking into account your age, income, qualification, number of dependents, assets, liabilities, stability/ continuity of your employment/ business and the co-applicant's income.
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Can I take a loan against another property if I have a home loan with ICICI Bank ?
Yes, you can take a loan against any other property. To know more about loans against property, please contact an ICICI Bank Counselor
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How do I approach ICICI Bank for a Loan Against property?
You can approach us in any of the following ways
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Can I avail of fixed or floating rate loan?
You can opt for either the fixed or floating rate loan. In the fixed rate loan, the interest rate is constant throughout the tenure of the loan.
In case of floating rate loan, the interest rate is adjusted with changes in the ICICI Bank Floating Reference Rate (FRR).
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Over how many years can I repay the loan?
You have the option of selecting a term you are comfortable withdrawing
- Upto 15 years for salaried and self-employed professionals
- Upto 15 years for other self employed individuals
The term does not extend beyond your retirement age, or your reaching 65 years years whichever is earlier.
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How would the value of my property be determined?
The value of your property would be determined through a valuation conducted by ICICI Bank.
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How do I repay the loan?
Please click here for information on repayment.
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Do I need to open an account with ICICI Bank for availing and/ or servicing the loan?
We will encourage you to start a banking relationship with us so that we will be able to offer host of other value added services, which are complementary to the loan, however opening an account with us is not mandatory.
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What are the stages involved in taking a loan?
There are three main stages -
1. Application – Whereby you submit a completely filled in application with all necessary documents.
2. Sanction - Whereby you get an approval for a specific loan amount based on the value of your property and repayment capabilities.
3. Disbursement – Whereby the loan amount is transferred.
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What are the various products under LAP that ICICI Bank provides?
- LAP – Residential
- LAP – Commercial
Other products offered with property collateral
- Property Overdraft
- Lease Rental Discounting
- Home Equity - Plot
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What is a Monthly Reducing balance?
An Equated Monthly Installment (EMI) has 2 components, interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in a significant saving for the customer over the tenure of the loan.
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What is an Annual Reducing balance?
An Equated Monthly Installment (EMI) has 2 components, interest and principal. When the interest is calculated on annual rests, the principal reduces only at the end of the year. Therefore, you continue to pay interest on a portion of the principal that you have already actually paid back to the lending company.
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When will the loan be disbursed?
Your loan will be disbursed on:
- Submission of the completed application form with a copy of all the documents.
- Legal and technical clearance of the property
- Sanction of the loan amount
- Request for disbursal
- Collection of original property documents
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What is an amortization schedule?
An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the breakup of every EMI towards repayment interest and outstanding principal of your loan.
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How can I foreclose the loan?
The Loan can be foreclosed by approaching our ICICI Bank Home Loans branch representative, who will give you the working of your foreclosure. Then issue a cheque favoring ICICI Bank, upon clearance of which the documents will be released for that loan.
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How long will the whole process of foreclosure take? When will I get my PDCs and documents back after I foreclose the loan?
The whole process from taking the cheque to releasing the documents will take approximately 2 weeks.
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What are the charges on foreclosure?
The charges will be as per the rates mentioned in your agreement.
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